2014-11-12T13:23:41-06:00 2014-06-30 020327524 NATHAN WECHSLER & COMPANY PA 70 COMMERCIAL STREET SUITE 401 CONCORD NH 03301 990 2013-07-01 020222239 TILTON SCHOOL TILT 6032864342 30 SCHOOL STREET TILTON NH 03276 PETER SALIBA HEAD OF SCHOOL 6032864342 2014-11-11 1 KELLI D'AMORE CPA P01402985 6032245357 2013 2015-11-30 17:44:51Z PETER SALIBA 30 SCHOOL STREET TILTON NH 03276 12893483 0 X WWW.TILTONSCHOOL.ORG X 1845 NH TILTON SCHOOL IS AN INDEPENDENT, COEDUCATIONAL, COLLEGE PREPARATORY SCHOOL SERVING STUDENTS FROM 9TH TO 12TH GRADE AND POST-GRADUATES. TILTON'S STUDENT BODY OF 231 CONSISTS OF 59 DAY STUDENTS AND 172 BOARDING STUDENTS FROM 15 STATES AND 13 COUNTRIES. ALTHOUGH THE TILTON EXPERIENCE IS DIFFERENT FOR EVERY STUDENT, IT CHALLENGES ALL STUDENTS TO TRY NEW THINGS, LEARN NEW SKILLS, AND SET NEW GOALS.TILTON SCHOOL FOR OVER 160 YEARS HAS BELIEVED IN AND SEEN THE POWER OF POTENTIAL - THE IDEA THAT EVERY STUDENT HAS THE ABILITY TO ACHIEVE, TO EXCEL, TO UNCOVER THEIR INNATE SKILLS AND DEVELOP NEW ONES. THE POWER OF POTENTIAL IS ABOUT BOTH THE OUTCOME AND PROCESS - A PROCESS OF DISCOVERY, OF CHALLENGE, OF YOUNG ADULTS STRETCHING AND ACCOMPLISHING BEYOND THEIR IMAGINATION OR PRECONCEIVED NOTION OF THEIR CAPABILITIES. STUDENTS LEAVE TILTON WITH THE SKILLS, KNOWLEDGE, AND VALUES ESSENTIAL TO A LIFE OF PERSONAL AND PROFESSIONAL SUCCESS AND WITH A COMMITMENT TO SERVE OTHERS. 23 21 129 125 0 0 2661963 1584076 11489204 11102364 200477 207043 0 0 14351644 12893483 2430973 2826700 0 0 5265785 5117014 0 0 564372 5622958 5782880 13319716 13726594 1031928 -833111 38888470 40559791 21178337 21532480 17710133 19027311 X TILTON SCHOOL IS AN INDEPENDENT, COEDUCATIONAL, COLLEGE PREPARATORY SCHOOL SERVING STUDENTS FROM 9TH TO 12TH GRADE AND POST-GRADUATES. TILTON'S STUDENT BODY OF 231 CONSISTS OF 59 DAY STUDENTS AND 172 BOARDING STUDENTS FROM 15 STATES AND 13 COUNTRIES. ALTHOUGH THE TILTON EXPERIENCE IS DIFFERENT FOR EVERY STUDENT, IT CHALLENGES ALL STUDENTS TO TRY NEW THINGS, LEARN NEW SKILLS, AND SET NEW GOALS.FOR OVER 160 YEARS TILTON SCHOOL HAS BELIEVED IN AND SEEN THE POWER OF POTENTIAL - THE IDEA THAT EVERY STUDENT HAS THE ABILITY TO ACHIEVE, TO EXCEL, TO UNCOVER THEIR INNATE SKILLS AND DEVELOP NEW ONES. THE POWER OF POTENTIAL IS ABOUT BOTH THE OUTCOME AND PROCESS - A PROCESS OF DISCOVERY, OF CHALLENGE, OF YOUNG ADULTS STRETCHING AND ACCOMPLISHING BEYOND THEIR IMAGINATION OR PRECONCEIVED NOTION OF THEIR CAPABILITIES. STUDENTS LEAVE TILTON WITH THE SKILLS, KNOWLEDGE, AND VALUES ESSENTIAL TO A LIFE OF PERSONAL AND PROFESSIONAL SUCCESS AND WITH A COMMITMENT TO SERVE OTHERS. 0 0 9572684 2826700 11102364 PRIVATE SECONDARY SCHOOL WHICH SERVICED 231 STUDENTS DURING THE LAST YEAR, TEACHING SUBJECTS SIMILAR TO THOSE TAUGHT IN PUBLIC SCHOOLS. 9572684 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 55 0 1 129 1 0 0 0 0 0 0 0 0 0 0 X 23 21 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 NH X X ELIZABETH SHEEHAN 6032861722 TILTON SCHOOL 30 SCHOOL STREET TILTON NH 03276 KIRK WHEALE BOARD CHAIR 25.00 X X 0 0 0 SARAH BIRD FIRST VICE CHAIR 10.00 X X 0 0 0 PETER SALIBA HEAD OF SCHOOL 40.00 X X 235371 0 29231 PATRICK MCNULTY ALUMNI PRESIDENT 20.00 X 0 0 0 MARK MCAULIFFE SECRETARY 10.00 X X 0 0 0 JAMIE ROME TREASURER 10.00 X X 0 0 0 ELLEN H FINN TRUSTEE 1.00 X 0 0 0 SHARON SPANOS TRUSTEE 1.00 X 0 0 0 JOHN MORTON TRUSTEE 1.00 X 0 0 0 LAWRENCE O'ROURKE TRUSTEE 1.00 X 0 0 0 SHARI ROBINSON TRUSTEE 1.00 X 0 0 0 ATTY MARK S RUDD TRUSTEE 1.00 X 0 0 0 DR ROBERT WILSON TRUSTEE 2.00 X 0 0 0 DAN GARVEY FACULTY TRUSTEE 1.00 X 28875 0 15858 ROBERT GRAHAM TRUSTEE 2.00 X 0 0 0 ROBERT RORISTON TRUSTEE 3.00 X 0 0 0 DENNIS GAUDET TRUSTEE 1.00 X 0 0 0 CHARLES PATTEN TRUSTEE 3.00 X 0 0 0 KATHLEEN BOUCHER TRUSTEE 1.00 X 0 0 0 STEPHEN ANDERSON TRUSTEE 1.00 X 0 0 0 MICHAEL MAYO TRUSTEE 1.00 X 0 0 0 J TERRILL JUDD SECOND VICE CHAIR 10.00 X X 0 0 0 LARRY BARTELL TRUSTEE 1.00 X 0 0 0 ELIZABETH SHEEHAN DIRECTOR OF FINANCE AND OPERATIONS 40.00 X 114688 0 12308 STEPHEN POIROT ASST. HEAD OF SCHOOL 40.00 X 101308 0 6201 KATHERINE SAUNDERS DIRECTOR OF ADMISSIONS 40.00 X 101624 0 13345 581866 0 76943 4 0 1 0 0 1584076 78040 1584076 TUITION AND FEES 900099 10614702 10614702 ANCILLARY SERVICES 900099 438603 438603 SUMMER PROGRAMS 900099 49059 49059 11102364 207043 207043 12893483 11102364 0 207043 2826700 2826700 255187 63797 89315 102075 3908984 2347216 1338536 223232 188405 109537 64592 14276 472261 286291 160277 25693 292177 169869 100169 22139 18487 18487 44076 44076 139048 139048 3500 3500 691960 691960 1163311 1163311 63059 63059 OPRTN & MAINT. OF PLANT 1107498 1107498 ANCILLARY SERVICES 945710 945710 ADMINISTRATIVE & OTHER 576704 576704 INSTRUCTIONAL 226885 226885 802642 325870 299815 176957 13726594 9572684 3589538 564372 1121930 1038965 3253950 2525843 46815 41774 62486 28930 290754 244617 43766 43264 225516 223889 33002700 11549062 20888329 21453638 4624194 5700941 7884011 8845132 446719 412798 38888470 40559791 779450 1277666 1739458 2090246 15395000 15025000 89615 63969 3174814 3075599 21178337 21532480 X 7916621 9424504 5328266 5100265 4465246 4502542 17710133 19027311 38888470 40559791 X -833111 2121476 28813 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14960404 30478 2199393 219676 553799 139048 16277752 13954717 398978 1477735 213755 541372 115899 14960404 14575170 238205 -8614 214672 528047 107325 13954717 14570289 197011 632188 219683 526655 77980 14575170 13892434 1205511 272471 216217 561713 22197 14570289 0.48410 0.26260 0.25330 0 0 4315110 4315110 23717569 10910175 12807394 3812881 638887 3173994 1157140 1157140 21453638 CHARITABLE TRUST 175256 F CHARITABLE GIFT ANNUITIES 759386 F HSBC - PARTNERS CAPITAL 2667884 F TIFF INVESTMENTS 1415708 F HIGH VISTA INVESTMENTS 3826898 F 8845132 PRESENT VALUE OBLIGATION OF CHARITABLE GIFT ANNUITIES 316936 INTEREST RATE SWAP CONTRACT 2758663 3075599 X 12087524 2121476 9500 28813 2159789 9927735 139048 2826700 2965748 12893483 10770346 9500 9500 10760846 139048 2826700 2965748 13726594 PART V, LINE 4: FOR GENERATIONS, TILTON SCHOOL HAS MAINTAINED A STABLE ENDOWMENT THROUGH THE GENEROSITY OF GRATEFUL ALUMNI AND ALUMNAE, FRIENDS AND BENEFACTORS THAT HAVE BELIEVED IN THE MISSION OF THE SCHOOL TO ADVANCE THE PASSIONATE PURSUIT OF LIFELONG LEARNING. THE ENDOWMENT HELPS SUSTAIN THE SCHOOL ANNUALLY WITH A DRAW BASED ON A SPENDING POLICY IN LINE WITH UPMIFA TO LEND SUPPORT TO THE OPERATING BUDGET. IN ORDER FOR THE ENDOWMENT FUNDS TO BE AVAILABLE FOR PERPETUITY, THE FUNDS ARE INVESTED WITH APPROPRIATE ASSET ALLOCATIONS THAT ARE REVIEWED THROUGHOUT THE YEAR BASED ON CLEAR GUIDELINES AND OBJECTIVES FOR PRESERVATION OF CAPITAL AND GROWTH FOR LONG TERM VIABILITY, BALANCING ITS POSITIVE IMPACT ON TILTON SCHOOL STUDENTS TODAY AND IN THE FUTURE. WITH CAREFUL STEWARDSHIP, THE ENDOWMENT FUNDS ARE SPENT IN ACCORDANCE WITH DONOR INTENTS AND HAVE ENABLED THE SCHOOL WITH ASSISTANCE FOR A BROAD ARRAY OF ACTIVITIES SUCH AS FINANCIAL AID, MERIT SCHOLARSHIPS, ENRICHMENT PROGRAMS FOR FACULTY, CONTINUED EDUCATION FOR FACULTY, THEATRE, ARTS, ATHLETICS AND ENHANCEMENTS TO BUILDINGS EACH YEAR. PART X, LINE 2: THE SCHOOL IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE SCHOOL IS ALSO EXEMPT FROM STATE INCOME TAXES BY VIRTUE OF ITS ONGOING EXEMPTION FROM FEDERAL INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN RECORDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL HAS ADOPTED THE PROVISIONS OF FASB INTERPRETATION NO.48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ASC 740). ACCORDINGLY, MANAGEMENT HAS EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THE SCHOOL HAD MAINTAINED ITS TAX-EXEMPT STATUS, DOES NOT HAVE ANY SIGNIFICANT UNRELATED BUSINESS INCOME AND HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT OR DISCLOSURE IN THE FINANCIAL STATEMENTS. WITH FEW EXCEPTIONS, THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL OR STATE TAX AUTHORITIES FOR TAX YEARS BEFORE 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN CASH SURRENDER VALUE OF LIFE INSURANCE 175. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 45,609. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENT -16,971. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID TO STUDENTS (TUITION IS SHOWN NET ON FINANCIAL REPORT) 2,826,700. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID (NET WITH TUITION ON FINANCIAL REPORT) 2,826,700. PART VI, LINE 1B: THE COSTS BASIS AND ACCUMULATED DEPRECIATION FOR BUILDINGS INCLUDES BOTH BUILDINGS AND BUILDING IMPROVEMENTS. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S NON-DISCRIMINATION POLICY IS CLEARLY STATED IN ITS PROMOTIONAL CATALOG AND IS AVAILABLE ON THE WEBSITE. 1 136 STUDENTS WERE AWARDED FINANCIAL AID AND SCHOLARSHIPS FOR THE YEAR. 136 2826700 FMV TUITION REDUCTION PART I, LINE 2: SCHOLARSHIPS AND FINANCIAL AID PROVIDE ASSISTANCE TO STUDENTS WHO COULD NOT OTHERWISE AFFORD TO ATTEND THE SCHOOL. FINANCIAL AID IS BASED ON FINANCIAL NEED. SCHOLARSHIPS AND FINANCIAL AID ALSO INCLUDES 15 STUDENTS WHO RECEIVED MERIT BASED SCHOLARSHIPS AND 35 STUDENTS WHO RECEIVED BOTH MERIT BASED SCHOLARSHIPS AND NEED BASED AID. SCHOLARSHIPS AND FINANCIAL AID ARE OFFERED AS A TUITION REDUCTION ONLY AND ARE NON-REFUNDABLE. X X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 PETER SALIBA HEAD OF SCHOOL 235371 0 0 0 0 0 0 0 29231 0 264602 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL AS CHIEF EXECUTIVE OFFICER IS REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT FOR A BOARDING SCHOOL. THE SCHOOL PROVIDES A HOME FOR THE HEAD OF SCHOOL AND HIS FAMILY AS PART OF HIS SALARY ARRANGEMENT. THE VALUATION OF THE HOUSING BENEFIT IS DETERMINED THROUGH DATA COMPARISON WITH SIMILAR SCHOOLS IN THE INDEPENDENT SCHOOLS ASSOCIATION OF NORTHERN NEW ENGLAND OF WHICH TILTON SCHOOL IS A MEMBER. THE SCHOOL DOES PROVIDE PERSONAL MAID SERVICE FOR THE HOME OF THE HEAD OF SCHOOL. AS THE HOME IS OFTEN USED FOR MEETINGS AND FUNDRAISING ACTIVITIES, CLEANING SERVICES ARE PROVIDED THROUGH THE SCHOOL'S HOUSEKEEPING DIVISION. THE VALUATION OF THIS SERVICE HAS BEEN COMPUTED BY DETERMINING THE NUMBER OF PERSONNEL ASSIGNED TO THIS TASK AND THE HOURS PER WEEK. A NEW HAMPSHIRE HEALTH AND EDUCATION FACILITIES AUTHORITY - SERIES 2006 020279866 644614NX3 2006-02-23 17000000 TO REFINANCE 1999 BOND ISSUE AND FOR CAPITAL EXPENSES RELATED TO BUILDINGS 0 0 0 A 1975000 17000000 2499326 234283 14260522 5869 2007 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 1 0 0 A 0 0 0 0 1 1 SOVEREIGN BANK 30.000000000000 0 0 1 CITIGROUP FINANCIAL 1.830000000000 1 0 0 X 11 63664 FMV X BUILDING MATE 2 13396 FMV X EVENT HOSTING 1 500 FMV X ATHLETIC EQUI 2 480 FMV 0 1 0 FORM 990, PART I, LINE 1 TILTON SCHOOL CHALLENGES STUDENTS TO EMBRACE AND NAVIGATE A WORLD MARKED BY DIVERSITY AND CHANGE. THROUGH THE QUALITY OF HUMAN RELATIONSHIPS, THE TILTON SCHOOL COMMUNITY CULTIVATES IN ITS STUDENTS THE CURIOSITY, THE SKILLS, THE KNOWLEDGE AND UNDERSTANDING, THE CHARACTER AND THE INTEGRITY REQUISITE FOR THE PASSIONATE PURSUIT OF LIFELONG PERSONAL SUCCESS AND SERVICE. FORM 990, PART III, LINE 1 TILTON SCHOOL CHALLENGES STUDENTS TO EMBRACE AND NAVIGATE A WORLD MARKED BY DIVERSITY AND CHANGE. THROUGH THE QUALITY OF HUMAN RELATIONSHIPS, THE TILTON SCHOOL COMMUNITY CULTIVATES IN ITS STUDENTS THE CURIOSITY, THE SKILLS, THE KNOWLEDGE AND UNDERSTANDING, THE CHARACTER AND THE INTEGRITY REQUISITE FOR THE PASSIONATE PURSUIT OF LIFELONG PERSONAL SUCCESS AND SERVICE. FORM 990, PART VI, SECTION A, LINE 2 BOARD MEMBERS SARAH BIRD AND ROBERT RORISTON HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11 POLICY: TILTON SCHOOL RECOGNIZES THAT THE GOVERNANCE ROLE OF ITS BOARD OF TRUSTEES INCLUDES THE ANNUAL REVIEW OF FORM 990(RETURN OF ORGANIZATIONS EXEMPT FROM TAXATION). ACCORDINGLY, TILTON SCHOOL REQUIRES REVIEW OF THE FORM 990 BY THE BOARD OF TRUSTEES PRIOR TO ITS FILING ON AN ANNUAL BASIS. SCHEDULE B IS RECEIVED BY THE AUDIT COMMITTEE ONLY. THIS COMMITTEE RECOMMENDS APPROVAL TO THE FULL BOARD. PROCEDURES: 1. SENIOR MANAGEMENT OF TILTON SCHOOL IS RESPONSIBLE FOR THE TIMELY PREPARATION OF FORM 990. 2. THE COMPLETED FORM 990 WILL BE PROVIDED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES SUFFICIENTLY IN ADVANCE OF THE FILING DEADLINE TO ENABLE A DETAILED AND CONSCIENTIOUS REVIEW BY ALL MEMBERS OF THE COMMITTEE. ALL QUESTIONS, CONCERNS, ETC. OF THE AUDIT COMMITTEE WILL BE ADDRESSED BY THE DIRECTOR OF FINANCE & OPERATIONS AND INCORPORATED INTO THE FORM 990 AS APPROPRIATE. 3. ALL MEMBERS OF THE BOARD OF TRUSTEES WILL BE INVITED TO REVIEW THE COMPLETED FORM 990 IN ADVANCE OF FILING DEADLINE VIA THE TRUSTEE PORTAL OF THE SCHOOL'S WEBSITE AT WWW.TILTONSCHOOL.ORG. SHOULD A TRUSTEE NOT HAVE WEBSITE ACCESS, THEY MAY REQUEST AN ELECTRONIC COPY VIA EMAIL OR HARD COPY VIA US MAIL TO REVIEW. ALL QUESTIONS, CONCERNS, ETC. OF THE MEMBERS OF THE BOARD OF TRUSTEES WILL BE ADDRESSED BY THE DIRECTOR OF FINANCE & OPERATIONS AND INCORPORATED INTO THE FORM 990 AS APPROPRIATE. 4. AFTER ALL OF THE INPUT FROM THE BOARD OF TRUSTEES AND THE AUDIT COMMITTEE HAS BEEN APPROPRIATELY ADDRESSED, SENIOR MANAGEMENT OF TILTON SCHOOL WILL FILE THE FINAL FORM 990 AS REQUIRED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF TRUSTEES REVIEW AND EXECUTE A CONFLICT OF INTEREST POLICY ANNUALLY. THE BOARD CHAIR IS CHARGED WITH ENSURING COMPLIANCE. FORM 990, PART VI, SECTION B, LINE 15 THE POLICY ON THE PROCESS OF DETERMINING COMPENSATION OF TILTON SCHOOL APPLIES TO THE COMPENSATION OF THE FOLLOWING PERSONS EMPLOYED BY TILTON SCHOOL: 1. TILTON SCHOOL EMPLOYED EXECUTIVE BY TITLE: HEAD OF SCHOOL 2. OTHER OFFICERS OR KEY EMPLOYEES OF TILTON SCHOOL BY TITLE: (N/A) THE PROCESS OF DETERMINING COMPENSATION INCLUDES THE FOLLOWING ELEMENTS: (1) REVIEW AND APPROVAL BY THE BOARD OF TRUSTEES AS RECOMMENDED BY THE COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES; (2) USE OF INDUSTRY DATA AS TO COMPARABLE COMPENSATION; (3) REVIEW AND APPROVAL BY AN INDEPENDENT COMPENSATION SPECIALIST; (4) CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING. 1. REVIEW AND APPROVAL: THE COMPENSATION OF THE PERSON IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES AS RECOMMENDED AND PRESENTED BY THE COMPENSATION COMMITTEE. ANY BOARD MEMBER WITH A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT IS NOT INVOLVED IN THIS REVIEW AND APPROVAL. 2. USE OF INDUSTRY DATA AS TO COMPARABLE COMPENSATION: ANNUALLY THE COMPENSATION COMMITTEE REQUESTS INDUSTRY DATA ON COMPARABLE SALARY THAT IS PROVIDED BY THE DIRECTOR OF FINANCE AND OPERATIONS. THE SCHOOL PARTICIPATES IN SALARY SURVEYS OF ITS NATIONAL AND LOCAL INDEPENDENT SCHOOL ASSOCIATIONS ANNUALLY IN ORDER TO OBTAIN COMPARABLE DATA AND REMAIN CURRENT IN THE INDUSTRY TRENDS. 3. REVIEW AND APPROVAL BY AN INDEPENDENT COMPENSATION SPECIALIST: THE BOARD OF TRUSTEES FROM TIME-TO-TIME MAY HIRE AN INDEPENDENT COMPENSATION SPECIALIST TO REVIEW AND APPROVE THE COMPENSATION PACKAGE OF THE CHIEF EMPLOYED EXECUTIVE (HEAD OF SCHOOL) AND OTHER KEY EMPLOYEES WHEN APPROPRIATE AND NOT REQUIRED ANNUALLY. THIS REVIEW HELPS TO ENSURE THAT APPROPRIATE COMPARABLE DATA IS USED AND THE WRITTEN SALARY ARRANGEMENT IS PROPERLY MANAGED BY THE SCHOOL. 4. CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING: THERE IS CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING BY THE BOARD OF TRUSTEES WITH RESPECT TO MEETINGS, CONVERSATIONS, DELIBERATIONS AND DECISIONS REGARDING THE COMPENSATION ARRANGEMENT. THE COMPENSATION ARRANGEMENT DOES RESULT IN A WRITTEN, FORMAL CONTRACT SIGNED BY THE CHAIR OF THE BOARD OF TRUSTEES AND THE CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION C, LINE 19 TILTON SCHOOL'S 990 IS AVAILABLE ON-LINE AT WWW.GUIDESTAR.ORG. GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS AND THE FORM 990 ARE AVAILABLE FOR INSPECTION AT THE SCHOOL. FORM 990, PART XI, LINE 9: CURRENT YEAR INCREASE IN CSV OF LIFE INSURANCE 175. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT 45,609. CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENT -16,971. FORM 990, PART XI, LINE 2C THE SCHOOL'S AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT AND RECOMMENDS THE INDEPENDENT AUDITOR. THE FULL BOARD OF TRUSTEES VOTES TO ACCEPT THE AUDIT AND THE INDEPENDENT AUDITOR. THERE HAVE BEEN NO CHANGES IN THIS PROCESS FROM THE PRIOR YEAR.