2015-03-02T15:08:21-06:00 2014-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2013-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 STEVEN J SNIDER TREASURER 7812359300 2015-02-17 1 MARK J CONKLIN CPA P01454073 6173386800 2015-02-17 2013 2016-02-25 16:41:14Z EDWARD V PARSONS 333 WINTER STREET WESTON MA 024931040 42999881 0 X WWW.RIVERS.ORG X 1924 MA THE RIVERS SCHOOL IS A COED COLLEGE PREPARATORY DAY SCHOOL FOR GRADES 6 THROUGH 12. RIVERS CHALLENGES STUDENTS TO ATTAIN THEIR HIGHEST LEVELS OF EXCELLENCE IN ACADEMICS, ARTS, AND ATHLETICS. WE SET HIGH STANDARDS AND EXPECT STUDENTS TO PARTICIPATE ACTIVELY IN THEIR LEARNING. WE CULTIVATE A CARING, RESPECTFUL, AND COLLABORATIVE ENVIRONMENT THAT ENCOURAGES STUDENT PERFORMANCE, INCLUDING DEMONSTRATION OF LOGICAL THOUGHT, INFORMED AND ARTICULATE VOICE, CREATIVE VISION, AND INTEGRITY. RIVERS IS DEDICATED TO PREPARING ITS STUDENTS FOR LEADERSHIP IN A WORLD THAT NEEDS THEIR TALENTS, IMAGINATION, INTELLECT, AND COMPASSION. 27 27 497 464 241221 -87807 3354459 2663787 22355883 23303733 675587 766022 525037 365347 26910966 27098889 4575395 4712009 0 0 13634867 13980732 17556 19721 1115687 7828011 8609025 26055829 27321487 855137 -222598 64964464 67407803 26793710 27421169 38170754 39986634 X THE RIVERS SCHOOL IS A COED COLLEGE PREPARATORY DAY SCHOOL FOR GRADES 6 THROUGH 12. RIVERS CHALLENGES STUDENTS TO ATTAIN THEIR HIGHEST LEVELS OF EXCELLENCE IN ACADEMICS, ARTS, AND ATHLETICS. WE SET HIGH STANDARDS AND EXPECT STUDENTS TO PARTICIPATE ACTIVELY IN THEIR LEARNING. WE CULTIVATE A CARING, RESPECTFUL, AND COLLABORATIVE ENVIRONMENT THAT ENCOURAGES STUDENT PERFORMANCE, INCLUDING DEMONSTRATION OF LOGICAL THOUGHT, INFORMED AND ARTICULATE VOICE, CREATIVE VISION, AND INTEGRITY. RIVERS IS DEDICATED TO PREPARING ITS STUDENTS FOR LEADERSHIP IN A WORLD THAT NEEDS THEIR TALENTS, IMAGINATION, INTELLECT, AND COMPASSION. 0 0 19047590 4471940 18128020 SCHOOL PROGRAM - THE INSTRUCTION OF 482 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2301738 171854 2407130 MUSIC CONSERVATORY - OFFERS PREMIER CLASSICAL AND JAZZ MUSIC EDUCATION AND PERFORMANCE PROGRAMS THAT DEVELOP THE HIGHEST LEVELS OF ARTISTIC AND TECHNICAL ACHIEVEMENT IN STUDENT MUSICIANS OF ALL AGES 786242 1145828 SUMMER CAMP PROGRAMS - THE INSTRUCTION AND SUPERVISION OF 665 TOTAL CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 1131046 68215 1692647 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 1131046 68215 1692647 23266616 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 99 0 1 497 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 X 27 27 0 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X BRUCE T AMSBARY 7812359300 THE RIVERS SCHOOL 333 WINTER STREET WESTON MA 02493 ALAN D ROSE JR CLERK - EFFECTIVE 6/5/14 0.80 X X 0 0 0 DEBORAH H MCANENY CLERK THRU 6/5/14, 1ST VP - EFFECTIVE 6/5/14 0.80 X X 0 0 0 ROBERT E BUONATO OFFICER 2.00 X X 0 0 0 ROBERT J DAVIS PRESIDENT - EFFECTIVE 6/5/14 0.80 X X 0 0 0 CLINTON P HARRIS PRESIDENT THRU 6/5/14, 2ND VP - EFFECTIVE 6/5/14 1.30 X X 0 0 0 STEVEN J SNIDER TREASURER 1.30 X X 0 0 0 TODD A DAGRES TRUSTEE 0.50 X 0 0 0 BENJAMIN BLOOMSTONE TRUSTEE 1.30 X 0 0 0 BARBARA V LIGON TRUSTEE 0.50 X 0 0 0 BEN D FISCHMAN TRUSTEE 0.50 X 0 0 0 DANIEL A KRAFT TRUSTEE 0.80 X 0 0 0 ERIC M WOLF TRUSTEE 0.80 X 0 0 0 HONGMEI LI TRUSTEE 0.50 X 0 0 0 HOWARD G DAVIS TRUSTEE 0.50 X 0 0 0 LAURIE SCHOEN TRUSTEE 1.30 X 0 0 0 LOUISE CUMMINGS TRUSTEE 0.50 X 0 0 0 MARK R FLORENCE TRUSTEE 0.50 X 0 0 0 MARK S SCHUSTER TRUSTEE 0.50 X 0 0 0 MICHAEL P STANSKY TRUSTEE 0.50 X 0 0 0 RICHARD L SMITH TRUSTEE 0.50 X 0 0 0 SOLOMON B ROTH TRUSTEE 1.30 X 0 0 0 STEVEN M JENNINGS TRUSTEE 0.50 X 0 0 0 LAURIE SLIFKA TRUSTEE 0.50 X 0 0 0 ANDREW P SLIFKA TRUSTEE 0.50 X 0 0 0 DANIEL R REVERS TRUSTEE 0.50 X 0 0 0 DENNIS BALDWIN TRUSTEE 0.50 X 0 0 0 JAMES F CARLIN TRUSTEE 0.50 X 0 0 0 ANDREW N JAFFE TRUSTEE - EXPIRED 6/5/14 0.50 X 0 0 0 KAREN DANIELS TRUSTEE - EXPIRED 6/5/14 0.80 X 0 0 0 JAMES C MULLEN TRUSTEE EXPIRED 6/5/14 0.50 X 0 0 0 JEAN I MOUZAR ASSIST CLRK/ADMIN ASST HEAD 37.50 X 66137 0 16223 BRUCE T AMSBARY DIR FIN & OPER/ASST TREAS 60.00 X 183494 0 34680 THOMAS P OLVERSON HEAD OF SCHOOL 60.00 X 364230 0 40462 JANICE H HICINBOTHEM DIRECTOR OF ADVANCEMENT 55.00 X 168596 0 32256 JONATHAN D WASSERMAN ASSOCIATE DIR OF FIN & OPE 50.00 X 126830 0 51048 JAMES M LONG ASST HEAD SCH/DEAN OF STUD 50.00 X 121462 0 71108 SUSAN MCGEE HEAD OF MIDDLE SCHOOL 50.00 X 108614 0 18977 PATRICIA CARBERY HEAD OF UPPER SCHOOL 50.00 X 120055 0 27573 DAVID TIERNEY DIR. OF MUSIC CONSERVATORY 50.00 X 112691 0 12326 1372109 0 304653 14 0 1 0 CHARTWELLS (COMPASS GROUP USA INC) 2400 YORKMONT ROAD CHARLOTTE NC 28217 FOOD SERVICE PROVIDER 879724 LOCAL MOTION OF BOSTON 66B ROCSAM PARK ROAD BRAINTREE MA 02184 TRANSPORTATION 413521 DARIO DESIGNS INC 318 MAIN STREET SUITE 210 NORTHBOROUGH MA 01532 ARCHITECTURE 154284 SSI (US) INC DBA SPENCER STUART 353 NORTH CLARK STREET SUITE 2500 CHICAGO IL 60654 SEARCH FIRM 138828 AMPM FACILITY SERVICES 295 WESTON STREET WALTHAM MA 02453 CLEANING SERVICES 137081 5 109515 2554272 540540 2663787 TUITION INCOME 900099 18128020 18128020 RIVERS SCHOOL CONSERVATORY 900099 2407130 2407130 SCHOOL ACTIVITIES 900099 1622755 1622755 SUMMER CAMPS 900099 1145828 1145828 23303733 639073 639073 72294 132015 -59721 -59721 -59721 15705184 15578235 126949 126949 126949 189112 109515 82552 106560 106560 13450 6055 7395 7395 116659 102135 14524 14524 ATHLETIC FACILITY RENTS 713990 241221 241221 MISC. INCOME 900099 32448 32448 NEXTEL RENTAL 900002 22920 22920 296589 27098889 23373625 241221 820256 X 4712009 4712009 862546 663029 199517 10661573 9165240 1011714 484619 721752 541314 108263 72175 922501 691876 138375 92250 812360 609270 121854 81236 18240 18240 72806 72806 19721 19721 619 619 40050 40050 199786 149839 29968 19979 405 405 63928 63928 612254 612254 2023287 1922123 101164 183435 174263 9172 REPAIRS & MAINTENANCE 715939 680142 35797 LUNCH PROGRAM 686817 686817 OTHER SCHOOL ACTIVITIES 516264 516264 UNCOLLECTIBLE PLEDGES 425000 425000 3050195 2764750 139255 146190 27321487 23266616 2939184 1115687 2374589 3551317 2401815 1322021 2598812 1394453 201859 138138 52313 52313 64059 90394 413719 485224 54247736 22417644 32394341 31830092 18987274 21021721 5030459 7032822 445224 489308 64964464 67407803 1282870 1557328 7819868 8590137 12280000 12065000 3304500 2983578 2106472 2225126 26793710 27421169 X 26401729 28404351 6093962 5615979 5675063 5966304 38170754 39986634 64964464 67407803 X -222598 2267021 -228543 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1 0 0 1 0 358540 X 0 19785669 242154 2696780 711873 22012730 18389441 137060 2110389 851221 19785669 18629796 273773 66996 581124 18389441 17265455 303069 1993304 932032 18629796 16497560 196783 1418810 847698 17265455 0.61410 0.27100 0.11490 0 0 1488704 1488704 46801099 19559023 27242076 2963344 2010650 952694 2994589 847971 2146618 31830092 MONEY MARKET FUNDS 1086001 F FUND OF FUNDS 5359220 F PRIVATE EQUITY FUND 85490 F CERTIFICATES OF DEPOSIT 502111 F 7032822 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 2117695 OTHER LIABILITIES 107431 2225126 X 24687719 2267021 5109 299229 2571359 22116360 619 4981910 4982529 27098889 22643296 5109 299229 304338 22338958 619 4981910 4982529 27321487 PART III, LINE 4: THE SCHOOL'S RECORDING COLLECTION CONTAINS ONE OF THE MOST EXTENSIVE COLLECTIONS OF OPERA RECORDINGS IN THE UNITED STATES. THESE RECORDINGS, COMBINED WITH THOUSANDS OF OTHER INSTRUMENTAL AND VOCAL RECORDINGS WILL PROVIDE A HISTORICAL AND EDUCATIONAL LISTENING RESOURCE FOR STUDENTS AND FACULTY AT THE RIVERS SCHOOL CONSERVATORY AND THE SCHOOL. THE SCHOOL'S DINOSAUR FOSSIL COLLECTION WILL SERVE AS A HISTORICAL AND SCIENTIFIC RESOURCE AND AS AN EDUCATIONAL EXHIBIT FOR STUDENTS AND FACULTY. PART V, LINE 4: THE ENDOWMENT SUPPORTS THE EDUCATIONAL MISSION OF THE SCHOOL BY PROVIDING SUPPORT FOR FINANCIAL AID FOR STUDENTS, FACULTY RELATED EXPENSES, SCHOOL PROGRAMS, SCHOOL FACILITIES, AS WELL AS GENERAL SUPPORT FOR SCHOOL OPERATIONS. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE SCHOOL HAS IDENTIFIED ITS TAX STATUS AS A TAX-EXEMPT ENTITY AND THE UNRELATED BUSINESS INCOME GENERATED FROM THE RENTAL OF THE SCHOOL'S CAMPUS FACILITIES AS TAX POSITIONS. HOWEVER, THE SCHOOL HAS DETERMINED THAT SUCH TAX POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE SCHOOL IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE SCHOOL'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 132,015. COGS REPORTED ON PART VIII LINE 10B 102,135. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 65,079. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,539,080. UNCOLLECTIBE PLEDGES 425,000. PARENT LEAGUE EXPENSES 17,830. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 132,015. COGS REPORTED ON PART VIII LINE 10B 102,135. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 65,079. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,539,080. UNCOLLECTIBLE PLEDGES 425,000. PARENT LEAGUE EXPENSES 17,830. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICE OF NON-DISCRIMINATION POLICY AS TO STUDENTS APPEARED IN THE BOSTON SUNDAY GLOBE ON DECEMBER 1, 2013. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A GRANT FOR $12,560 FROM THE MASSACHUSETTS CULTURAL COUNCIL TO SUPPORT THE RIVERS SCHOOL CONSERVATORY. CAYMAN ISLANDS 0 0 INVESTMENTS 4335050 0 0 0 0 0 0 4335050 0 4335050 0 0 0 0 0 0 X X X X X X X 1 MARTS AND LUNDY 1200 WALL STREET WEST LYNDHURST NJ 07071 CAMPAIGN READINESS ASSESSMENT. COMMUNICATION/YIELD ANALYTICS 0 0 16821 -16821 16821 -16821 MA PARENT LEAGUE AUCTION 139529 20864 118665 7249 15915 GOLF TOURNAMENT 113508 57090 56418 7429 14056 5412 2 41000 30810 10190 3441 4959 294037 108764 185273 7429 24746 26286 58461 126812 1 FINANCIAL AID 119 3712735 TUITION REMISSION 22 827420 RIVERS CONSERVATORY FINANCIAL AID 101 171854 PART I, LINE 2: THE SCHOOL AWARDS FINANCIAL AID BASED UPON FINANCIAL NEED IN AN OBJECTIVE AND NON-DISCRIMINATORY MANNER. THE SCHOOL MAINTAINS FILES ON EACH SUCCESSFUL CANDIDATE FOR NEED BASED FINANCIAL AID WHICH INCLUDES A COMPLETED "PARENT FINANCIAL STATEMENT"(PFS) PROVIDED BY THE SCHOOL AND STUDENT SERVICES FOR FINANCIAL AID (SSS) FORMS AND COPIES OF THE MOST RECENT FILING OF THE PARENTS' 1040 FEDERAL TAX RETURN. THE SCHOOL USES THE INFORMATION PROVIDED BY THE ANALYSIS OF THE PFS BY SSS TO HELP MAKE AWARD DETERMINATIONS. AWARDS ARE ALSO ADJUSTED, AS NECESSARY, TO REFLECT SUPPLEMENTAL INFORMATION PROVIDED BY THE PARENTS. X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 BRUCE T AMSBARY DIR FIN & OPER/ASST TREAS 182318 0 0 0 1176 0 18764 0 16295 0 218553 0 0 0 THOMAS P OLVERSON HEAD OF SCHOOL 328250 0 0 0 35980 0 25500 0 15513 0 405243 0 0 0 JANICE H HICINBOTHEM DIRECTOR OF ADVANCEMENT 166584 0 0 0 2012 0 17117 0 15569 0 201282 0 0 0 JONATHAN D WASSERMAN ASSOCIATE DIR OF FIN & OPE 126727 0 0 0 103 0 12544 0 38719 0 178093 0 0 0 JAMES M LONG ASST HEAD SCH/DEAN OF STUD 121215 0 0 0 247 0 12902 0 58438 0 192802 0 0 0 SCHEDULE J PART II INCLUDED IN THE HEAD OF SCHOOLS' TAXABLE EARNINGS IS $25,000 REPRESENTING THE TAXABLE BENEFIT OF LIVING IN A SCHOOL OWNED HOME. IN ADDITION TO BEING THE PERSONAL RESIDENCE OF THE HEAD OF SCHOOL, THE HOME IS USED FOR SCHOOL RELATED MEETINGS AND ENTERTAINMENT EVENTS. THE SCHOOL ALSO PAYS $9,000 ANNUALLY TO COVER THE FEDERAL AND STATE INCOME TAXES ON THE VALUE OF THE HOUSING BENEFIT ON BEHALF OF THE HEAD OF SCHOOL. THE HEAD OF SCHOOL HAS ACCESS TO A DISCRETIONARY SPENDING ACCOUNT TO COVER EXPENSES RELATED TO TRAVEL, CONFERENCES, AND OTHER UNBUDGETED SCHOOL RELATED EXPENSES. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2012-03-06 12485000 REFUNDING OF BONDS ORIGINALLY ISSUED 5/12/02 AND REFUNDED 8/3/09 0 0 0 A 215000 12485000 2003 1 0 1 1 A 0 0 0 1 1 0 0 0 1 PART IV-LINE 2C COMPUTATION DATE-8/3/14 REFLECTING ACTIVITY THROUGH 8/3/14 PART IV-LINE 7 EFFECTIVE AS OF 6/30/14, THE SCHOOL ESTABLISHED WRITTEN PROCEDURES TO MONITOR AND ENSURE COMPLIANCE WITH THE REQUIREMENTS OF SECTION 148. ROBERT E BUONATO TRUSTEE 828610 MR. BUONATO IS A TRUSTEE OF THE SCHOOL. HE IS ALSO A PRINCIPAL OF A COMPANY IN WHICH THE SCHOOL INCURRED CONSTRUCTION COSTS ASSOCIATED WITH THE BUILDING OF A HOUSE FOR THE HEAD OF SCHOOL. THE TOTAL CONTRACT PRICE IS $1,491,528. THE SCHOOL HAD AN OUTSTANDING AMOUNT OF $238,709 PAYABLE TO THE COMPANY AT JUNE 30, 2014. 0 X 22 537841 VALUE AT DONATION DATE X EVENT SUPPLIE 2 2599 FAIR MARKET VALUE X EQUIPMENT 1 100 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED ITS BYLAWS, ARTICLE VI, SECTION 6 WAS AMENDED WHEREBY REMOVING THE WORDS "ITS PRESIDENT" AND REPLACING THEM WITH "THE EXECUTIVE COMMITTEE" IN REFERENCE TO ENTERING AN EMPLOYMENT CONTRACT WITH THE HEAD OF SCHOOL. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990, ABSENT SCHEDULE B, IS ELECTRONICALLY DISTRIBUTED TO ALL TRUSTEES PRIOR TO THE BOARD OF TRUSTEES MEETING. DUE TO THE CONFIDENTIAL NATURE OF DONOR INFORMATION PROVIDED ON SCHEDULE B, AND SINCE SCHEDULE B IS NOT OPEN TO PUBLIC INSPECTION, THE SCHOOL HAS DECIDED THAT IT WILL NOT DISCLOSE THE DETAILED DONOR INFORMATION PROVIDED ON SCHEDULE B TO MEMBERS OF THE BOARD OF TRUSTEES BEFORE FILING THE RETURN WITH THE IRS. ALL OTHER FORMS AND SCHEDULES THAT ARE ULTIMATELY FILED WITH THE IRS ARE PROVIDED TO THE BOARD OF TRUSTEES FOR REVIEW IN ADVANCE OF FILING. THE FORM 990 IS APPROVED BY THE BOARD OF TRUSTEES OR RETURNED FOR ADDITIONAL PREPARATION AND THEN APPROVED PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL ANNUALLY DISTRIBUTES TO ALL TRUSTEES, KEY EMPLOYEES AND OTHER COMMITTEE MEMBERS AN ELECTRONIC CONFLICT OF INTEREST SURVEY/QUESTIONNAIRE. THE RETURNED QUESTIONNAIRES ARE REVIEWED AND COMPILED BY THE SCHOOL'S FINANCIAL OFFICE AND THE RESULTS ARE PRESENTED TO THE SCHOOL'S AUDIT COMMITTEE. ANY ISSUES FOUND THAT THE AUDIT COMMITTEE BELIEVES ARE OF A CONCERN ARE FORWARDED TO THE SCHOOL'S COMMITTEE ON TRUSTEES FOR FURTHER ACTION. THE COMPLETED QUESTIONNAIRES ARE MAINTAINED AS PART OF THE SCHOOL'S CORPORATE RECORDS BY THE ASSISTANT CLERK. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD, MAKES UP THE SCHOOL'S COMPENSATION COMMITTEE. THE COMMITTEE RELIES ON COMPARATIVE DATA FROM SURVEYS CONDUCTED BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND COMPARABLE DATA PROVIDED BY OTHER SCHOOLS ON THEIR IRS FORM 990 IN SETTING THE SALARY FOR THE HEAD OF SCHOOL. DOCUMENTATION OF THE BASIS OF DETERMINATION OF THE SALARY IS KEPT IN MINUTES PREPARED BY THE FIRST VICE PRESIDENT OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE HAS DELEGATED THE AUTHORIZATION OF THE SALARIES OF ALL EMPLOYEES, INCLUDING KEY EMPLOYEES, TO THE HEAD OF SCHOOL AND IS BASED ON COMPARABLE INFORMATION OBTAINED FROM SOURCES SUCH AS THE IRS FORM 990 OF OTHER SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL RELIES ON THE WEBSITE OF THE MASSACHUSETTS' ATTORNEY GENERAL'S OFFICE OF PUBLIC CHARITIES DIVISION IN ORDER FOR THE PUBLIC TO ACCESS A COPY OF THE SCHOOL'S AUDITED FINANCIAL STATEMENTS AND FORM 990. THE SCHOOL RELIES ON GUIDESTAR TO POST THE FORM 990. THE SCHOOL RELIES ON THE WEBSITE OF THE MASSACHUSETTS' SECRETARY OF STATE'S OFFICE FOR PUBLIC ACCESS TO THE SCHOOL'S GOVERNING DOCUMENTS. THE SCHOOL'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE SCHOOL'S BY-LAWS ARE MADE AVAILABLE ON THE MASSACHUSETTS' ATTORNEY GENERAL'S OFFICE OF PUBLIC CHARITIES DIVISION WEBSITE. FORM 990, PART IX, LINE 24E CONSERVATORY SCHOOL: PROGRAM SERVICE EXPENSES 405,703. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 405,703. ELECTRICITY: PROGRAM SERVICE EXPENSES 303,228. MANAGEMENT AND GENERAL EXPENSES 15,959. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 319,187. DAYCAMP EXPENSES: PROGRAM SERVICE EXPENSES 269,204. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 269,204. TRANSPORTATION: PROGRAM SERVICE EXPENSES 242,406. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 242,406. ATHLETIC DEPT.: PROGRAM SERVICE EXPENSES 234,427. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 234,427. EXPENDITURES FOR RESTRICTED PURPOSES: PROGRAM SERVICE EXPENSES 215,827. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 215,827. ACADEMIC DEPARTMENTS: PROGRAM SERVICE EXPENSES 204,139. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 204,139. DEVELOPMENT OFFICE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 141,078. TOTAL EXPENSES 141,078. FUEL: PROGRAM SERVICE EXPENSES 129,928. MANAGEMENT AND GENERAL EXPENSES 6,838. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 136,766. ADMISSIONS: PROGRAM SERVICE EXPENSES 129,785. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 129,785. NATUAL GAS: PROGRAM SERVICE EXPENSES 106,182. MANAGEMENT AND GENERAL EXPENSES 5,589. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 111,771. WASTE WATER TREATMENT PLANT: PROGRAM SERVICE EXPENSES 102,554. MANAGEMENT AND GENERAL EXPENSES 5,398. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 107,952. STUDENT ACTIVITIES & CLUBS: PROGRAM SERVICE EXPENSES 105,185. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 105,185. HEAD OF SCHOOL TRANSITION EXPENSE: PROGRAM SERVICE EXPENSES 79,800. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 79,800. RINK - BOARD/TURF MOVING/STORAGE: PROGRAM SERVICE EXPENSES 63,972. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 63,972. VEHICLE EXPENSES: PROGRAM SERVICE EXPENSES 38,406. MANAGEMENT AND GENERAL EXPENSES 2,021. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 40,427. EMPLOYMENT FEES: PROGRAM SERVICE EXPENSES 39,575. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 39,575. SUPPLIES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 38,877. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 38,877. WATER: PROGRAM SERVICE EXPENSES 36,870. MANAGEMENT AND GENERAL EXPENSES 1,941. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 38,811. TELEPHONE: PROGRAM SERVICE EXPENSES 19,535. MANAGEMENT AND GENERAL EXPENSES 3,907. FUNDRAISING EXPENSES 2,605. TOTAL EXPENSES 26,047. POSTAGE: PROGRAM SERVICE EXPENSES 18,806. MANAGEMENT AND GENERAL EXPENSES 3,761. FUNDRAISING EXPENSES 2,507. TOTAL EXPENSES 25,074. ASSOC/MEMBERSHIP: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 24,349. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 24,349. HEALTH CENTER: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 15,491. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 15,491. LIBRARY: PROGRAM SERVICE EXPENSES 9,552. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 9,552. BAD DEBTS: PROGRAM SERVICE EXPENSES 6,966. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,966. PAYROLL SVCS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 6,846. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,846. HEAD DISCRETIONARY: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 4,776. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,776. STRATEGIC CONSULTANT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 3,502. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,502. IN KIND EXPENSE: PROGRAM SERVICE EXPENSES 2,700. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,700. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT -73,708. LOSS ON DISPOSAL OF PROPERTY -154,835. FORM 990, PART XII, LINE 2C THE BOARD OF TRUSTEES HAS AN AUDIT COMMITTEE THAT IS COMPRISED OF 5 MEMBERS, ONE OF WHICH IS A TRUSTEE, THAT IS RESPONSIBLE FOR THE SELECTION OF AN INDEPENDENT ACCOUNTING FIRM TO CONDUCT THE ANNUAL AUDIT, FOR MEETING WITH THE SELECTED AUDITORS PRIOR TO AND AT THE COMPLETION OF THE AUDIT, AND FOR REVIEWING ACCOUNTING POLICIES AND PROCEDURES. FORM 990, PART VII SECTION A AS A BENEFIT TO EMPLOYEES, THE SCHOOL PAYS THE HEALTH INSURANCE DEDUCTIBLE UP TO $750 FOR SINGLE COVERAGE AND $1,500 PER FAMILY FOR FAMILY COVERAGE. INCLUDED IN COLUMN F IS THE MAXIMUM POTENTIAL OBLIGATION OF THE SCHOOL OF $750 FOR EMPLOYEES THAT SUBSCRIBE TO SINGLE COVERAGE HEALTH INSURANCE AND $1,500 FOR EMPLOYEES THAT SUBSCRIBE TO FAMILY COVERAGE. NO BENEFIT IS INCLUDED IN COLUMN F FOR EMPLOYEES THAT DO NOT RECEIVE HEALTH INSURANCE THROUGH THE SCHOOL. FORM 990 PART IV LINE 28C THE SCHOOL MAINTAINS AN INVESTMENT IN A FOREIGN REGISTERED MUTUAL FUND OF WHICH A TRUSTEE IS A CO-FOUNDER. AS THE SCHOOL DID NOT MAKE ANY ADDITIONAL DEPOSITS TO THE FUND DURING FISCAL YEAR 2014, THE SCHOOL'S INVESTMENT IN THE FUND HAS NOT BEEN DISCLOSED ON SCHEDULE L AS A BUSINESS TRANSACTION INVOLVING INTERESTED PERSONS. THE VALUE OF THE SCHOOL'S INVESTMENT IN THE FUND IS $3,990,052 AS OF JUNE 30, 2014.