2014-02-14T13:15:56-06:00 2013-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2012-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 STEVEN J SNIDER 7812359300 2014-02-14 1 MARK J CONKLIN CPA P01454073 6173386800 2014-02-14 2012 2015-11-30 17:44:51Z THOMAS P OLVERSON 333 WINTER STREET WESTON MA 024931040 33504629 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. 28 28 494 476 223295 -57450 2379420 3354459 21148891 22355883 516153 675587 473498 525037 24517962 26910966 4170476 4575395 0 0 12854384 13634867 17916 17556 1140490 9014950 7828011 26057726 26055829 -1539764 855137 64071458 64964464 29831494 26793710 34239964 38170754 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 17913178 4351569 17386200 SCHOOL PROGRAM - THE INSTRUCTION OF 480 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2167959 164295 2179413 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 980692 1329795 SUMMER CAMP PROGRAMS - THE INSTRUCTION AND SUPERVISION OF 683 TOTAL CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 1473586 59531 1564612 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 1473586 59531 1564612 22535415 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 0 1 0 0 0 0 0 0 0 0 1 108 0 1 494 1 1 1 1 CJ 0 0 0 1 1 0 0 0 0 X 28 28 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 CLINTON P HARRIS 1.50 X X 0 0 0 ROBERT J DAVIS 0.80 X X 0 0 0 GEOFFREY S REHNERT 0.80 X X 0 0 0 BENJAMIN BLOOMSTONE 1.30 X 0 0 0 ROBERT E BUONATO 2.00 X X 0 0 0 BEN D FISCHMAN 0.50 X 0 0 0 HOWARD G DAVIS 0.50 X 0 0 0 KAREN DANIELS 0.80 X 0 0 0 ANDREW N JAFFE 0.50 X 0 0 0 DANIEL A KRAFT 0.80 X 0 0 0 FRANK H LAUKIEN 0.50 X 0 0 0 DEBORAH H MCANENY 0.80 X X 0 0 0 MICHAEL E MCGUINNESS 0.50 X 0 0 0 STEVEN M JENNINGS 0.50 X 0 0 0 JAMES C MULLEN 0.50 X 0 0 0 ALAN D ROSE JR 0.80 X 0 0 0 SOLOMON B ROTH 1.30 X 0 0 0 LAURIE SCHOEN 1.30 X 0 0 0 MARK S SCHUSTER 0.50 X 0 0 0 STEVEN J SNIDER 1.30 X X 0 0 0 MICHAEL P STANSKY 0.50 X 0 0 0 ERIC M WOLF 0.80 X 0 0 0 LOUISE CUMMINGS 0.50 X 0 0 0 BARBARA V LIGON 0.50 X 0 0 0 RICHARD L SMITH 0.50 X 0 0 0 MARK R FLORENCE 0.50 X 0 0 0 HONGMEI LI 0.50 X 0 0 0 DENNIS BALDWIN 0.50 X 0 0 0 JAMES F CARLIN 0.50 X 0 0 0 DANIEL R REVERS 0.50 X 0 0 0 ANDREW P SLIFKA 0.50 X 0 0 0 LAURIE SLIFKA 0.50 X 0 0 0 THOMAS P OLVERSON 60.00 X 333345 0 42608 BRUCE T AMSBARY 60.00 X 179734 0 37391 JEAN I MOUZAR 37.50 X 64780 0 16101 JANICE H HICINBOTHEM 55.00 X 164780 0 34890 JAMES M LONG 50.00 X 115380 0 68717 MARIAN F HUPPER 40.00 X 128816 0 80156 SUSAN MCGEE 50.00 X 112789 0 19280 JONATHAN D WASSERMAN 50.00 X 123320 0 47880 PATRICIA CARBERY 50.00 X 116039 0 30122 1338983 0 377145 13 0 1 0 FLIK INDEPENDENT SCHOOLS BY CHARTWELLS ( PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE PROVIDER 905056 LOCAL MOTION OF BOSTON 66B ROCSAM PARK ROAD BRAINTREE MA 02184 TRANSPORTATION 409967 SUFFOLK CONSTRUCTION COMPANY INC 65 ALLERTON STREET BOSTON MA 02119 GENERAL CONTRACTOR 150000 AMPM FACILITY SERVICES 295 WESTON STREET WALTHAM MA 02453 CLEANING SERVICES 148245 GOLDMAN ENVIRONMENTAL CONSULTANTS INC 60 BROOKS DRIVE BRAINTREE MA 02184 WASTE WATER TREATMENT OPERATOR 108999 5 98334 3256125 698482 3354459 TUITION INCOME 900099 17386200 17386200 MUSIC SCHOOL 900099 2179413 2179413 SCHOOL ACTIVITIES 900099 1460475 1460475 SUMMER CAMPS 900099 1329795 1329795 22355883 592444 592444 87166 58722 28444 28444 28444 6383849 6300706 83143 83143 83143 287676 98334 130219 157457 157457 13900 2196 11704 11704 102698 101820 878 878 ATHLETIC FACILITY RENTS 713990 223295 223295 MISC. INCOME 900099 61085 61085 NEXTEL RENTAL 900002 21828 21828 20346 20346 326554 26910966 22460020 223295 873192 4575395 4575395 890101 691233 198868 10443362 9066000 842606 534756 658046 493534 98707 65805 858496 643872 128774 85850 784862 588647 117729 78486 13104 13104 74277 74277 17556 17556 7738 7738 42945 42945 92795 39253 48308 5234 202279 151709 30342 20228 19911 2119 17792 67125 67125 660027 660027 2079782 1975793 103989 174347 165630 8717 OTHER SCHOOL ACTIVITIES 833481 833481 LUNCH PROGRAM 675152 675152 REPAIRS & MAINTENANCE 672972 639323 33649 DAYCAMP EXPENSES 351643 351643 1860433 1630892 95834 133707 26055829 22535415 2379924 1140490 6537557 2374589 1457457 2401815 3362859 2598812 98452 201859 52313 52313 74182 64059 303895 413719 52924679 20530338 33798915 32394341 12949918 18987274 5050315 5030459 385595 445224 64071458 64964464 1309428 1282870 8369253 7819868 12485000 12280000 4214126 3304500 3453687 2106472 29831494 26793710 X 22830706 26401729 5806664 6093962 5602594 5675063 34239964 38170754 64071458 64964464 X 855137 1665453 1410200 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 358540 X 0 18389441 137060 2110389 851221 19785669 18629796 273773 66996 581124 18389441 17265455 303069 1993304 932032 18629796 16497560 196783 1418810 847698 17265455 19591478 674176 -2881154 886940 16497560 0.61690 0.28680 0.09630 0 0 1488704 1488704 46777948 17990093 28787855 2876831 1769250 1107581 1781196 770995 1010201 32394341 MONEY MARKET FUNDS 797215 F FUND OF FUNDS 4113115 F PRIVATE EQUITY FUND 120129 F 5030459 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 2043987 OTHER LIABILITIES 62485 2106472 X 24370747 1665453 2098 227446 1894997 22475750 7738 4427478 4435216 26910966 21850157 2098 227446 229544 21620613 7738 4427478 4435216 26055829 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. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: 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. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: 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 ATHLETIC FACILITY 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 58,722. COGS REPORTED ON PART VIII LINE 10B 101,820. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 66,904. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,427,478. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 58,722. COGS REPORTED ON PART VIII LINE 10B 101,820. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 66,904. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,427,478. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 NOTICE OF NON-DISCRIMINATION POLICY AS TO STUDENTS APPEARED IN THE BOSTON SUNDAY GLOBE ON DECEMBER 2, 2012. CAYMAN ISLANDS 0 0 INVESTMENTS 4113115 0 0 0 0 0 0 4113115 0 4113115 0 0 0 0 0 0 X X X X X X 1 RUSSELL BUCKLEY 82 COUNTY ROAD PMB 60 MATTAPOISETT MA 02739 CAP CAMPAIGN FEASABILITY STUDY 0 409861 17556 392305 409861 17556 392305 MA PARENT LEAGUE AUCTION 165560 14878 150682 6501 16362 GOLF TOURNAMENT 131534 52971 78563 400 7715 16417 11078 3 79785 28695 51090 3183 31747 15654 376879 96544 280335 400 10898 54665 43094 109057 171278 1 FINANCIAL AID 121 3650900 TUITION REMISSION 21 760200 RIVERS CONSERVATORY FINANCIAL AID 101 164295 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 THOMAS P OLVERSON 281138 0 0 0 52207 0 24500 0 18576 0 376421 0 0 0 BRUCE T AMSBARY 161586 0 0 0 18148 0 18397 0 19284 0 217415 0 0 0 JANICE H HICINBOTHEM 163286 0 0 0 1494 0 16782 0 18373 0 199935 0 0 0 JAMES M LONG 115151 0 0 0 229 0 12167 0 56743 0 184290 0 0 0 MARIAN F HUPPER 128709 0 0 0 107 0 8992 0 71367 0 209175 0 0 0 JONATHAN D WASSERMAN 123220 0 0 0 100 0 12298 0 35777 0 171395 0 0 0 SUPPLEMENTAL INFORMATION PART III 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 205000 12485000 2003 1 0 1 1 A 0 0 0 1 1 0 0 0 0 PART IV-LINE 2C COMPUTATION DATE-8/3/14 REFLECTING ACTIVITY THROUGH 7/31/13 PART IV-LINE 7 THE SCHOOL IS IN THE PROCESS OF ESTABLISHING WRITTEN PROCEDURES TO MONITOR AND ENSURE COMPLIANCE WITH THE REQUIREMENTS OF SECTION 148. X 25 627264 VALUE AT DONATION DATE X EVENT SUPPLIES 2 3796 FAIR MARKET VALUE X PIANO 1 65000 FAIR MARKET VALUE X SCHOOL EQUIPMENT 2 2422 FAIR MARKET VALUE 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): AMOUNTS ARE BASED ON THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART VI, SECTION A, LINE 4 THE SCHOOL AT THE NOVEMBER 2012 BOARD OF TRUSTEES MEETING VOTED TO RMOVE ARTICLE VIII, SECTION 16, WHICH OUTLINED THE RESPONSIBILITY OF AN ENRICHMENT COMMITTEE AND RENUMBER SECTION 17 AND 18 DUE TO THIS ELIMINATION. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 1,409,700. GAIN ON DISPOSAL OF EQUIPMENT 500. FORM 990, PART XI, LINE 2C THE BOARD OF TRUSTEES HAS AN AUDIT COMMITTEE THAT IS COMPRISED OF 3 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 2013, 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 $3,441,295 AS OF JUNE 30, 2013.