2013-02-15T14:09:27-06:00 2012-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2011-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 CLINTON P HARRIS 7812359300 2013-02-11 1 MARK J CONKLIN CPA P01454073 6173386800 2013-02-11 2011 2016-03-07 17:11:31Z THOMAS P OLVERSON 333 WINTER STREET WESTON MA 024931040 27891225 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 27 503 491 218736 -21199 3134836 2379420 19963245 21148891 847479 516153 432619 473498 24378179 24517962 3756211 4170476 0 0 12333604 12854384 16493 17916 1122055 7493042 9014950 23599350 26057726 778829 -1539764 64835057 64071458 26890825 29831494 37944232 34239964 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 16705484 3414462 16275365 SCHOOL PROGRAM - THE INSTRUCTION OF 469 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2116261 132224 2121776 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 1062890 1418378 SUMMER CAMP PROGRAMS - THE INSTRUCTION AND SUPERVISION OF 861 TOTAL CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 1714065 1459177 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 1714065 1459177 21598700 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 85 0 1 503 1 1 1 1 CJ 0 0 0 0 0 0 0 0 X 27 27 0 0 0 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 ROY S MACDOWELL JR 1.30 X X 0 0 0 CLINTON P HARRIS 1.30 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 MICHAEL A BELL 0.50 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 D 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 THOMAS P OLVERSON 60.00 X 288073 0 42230 BRUCE T AMSBARY 60.00 X 176017 0 36776 JEAN I MOUZAR 37.50 X 62617 0 15767 JANICE H HICINBOTHEM 55.00 X 161036 0 34182 JAMES M LONG 50.00 X 113831 0 32666 MARIAN F HUPPER 40.00 X 126233 0 76376 SUSAN MCGEE 50.00 X 111405 0 19138 JONATHAN D WASSERMAN 50.00 X 115182 0 34554 DAVID J TIERNEY 50.00 X 108244 0 11886 1262638 0 303575 12 0 1 0 BOWDOIN CONSTRUCTION CORPORATION 220-1 RESERVOIR STREET NEEDHAM MA 02494 GENERAL CONTRACTOR 5340614 FLIK INDEPENDENT SCHOOLS BY CHARTWELLS ( 2400 YORKMONT ROAD CHARLOTTE NC 28217 FOOD SERVICE PROVIDER 911180 BOSTON SHOWCASE COMPANY 66 WINCHESTER STREET NEWTON HIGHLANDS MA 02461 KITCHEN EQUIPMENT 506533 LOCAL MOTION OF BOSTON 66B ROCSAM PARK ROAD BRAINTREE MA 02184 TRANSPORTATION 343702 GOLDMAN ENVIRONMENTAL CONSULTANTS INC 60 BROOKS DRIVE BRAINTREE MA 02184 WASTE WATER TREATMENT CONSULTANTS 142934 5 77020 2302400 761870 2379420 TUITION INCOME 900099 16275365 16275365 MUSIC SCHOOL 900099 2121776 2121776 SUMMER CAMPS 900099 1418378 1418378 SCHOOL ACTIVITIES 900099 1333372 1333372 21148891 485421 485421 73598 100787 -27189 -27189 -27189 3125066 3094334 30732 30732 30732 262417 77020 126581 135836 135836 21390 1080 20310 20310 70843 50481 20362 20362 ATHLETIC FACILITY RENT 713990 218736 218736 MISC. INCOME 900099 61574 61574 INSURANCE REFUND 900099 23080 23080 20789 20789 324179 24517962 21274696 218736 645110 4170476 4170476 790564 595469 195095 9850406 8374832 956667 518907 652208 489156 97831 65221 818875 614156 122831 81888 742331 556748 111350 74233 63613 63613 84342 84342 17916 17916 358 358 43572 42517 633 422 99276 44343 49021 5912 215373 161530 32306 21537 40374 1573 38801 71437 71437 764733 764733 1860457 1767434 93023 197874 187980 9894 ALLOWANCE FOR UNCOLLECT 886540 886540 OTHER SCHOOL ACTIVITIES 886285 886285 LUNCH PROGRAM 740694 740694 REPAIRS & MAINTENANCE 686631 652299 34332 2373391 2143944 88523 140924 26057726 21598700 3336971 1122055 6182429 6537557 530591 1457457 6087521 3362859 109876 98452 52313 52313 113019 74182 446169 303895 52249471 18450556 32525829 33798915 11347498 12949918 7057666 5050315 382146 385595 64835057 64071458 1597031 1309428 8005008 8369253 12885000 12485000 2608023 4214126 1795763 3453687 26890825 29831494 X 23520917 22830706 9050588 5806664 5372727 5602594 37944232 34239964 64835057 64071458 X -1539764 -2164504 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 358540 X 0 18629796 273773 66996 581124 18389441 17265455 303069 1993304 932032 18629796 16497560 196783 1418810 847698 17265455 19591478 674176 -2881154 886940 16497560 0.61100 0.30470 0.08430 0 0 1488704 1488704 34315271 8180398 26134873 16445496 10270158 6175338 33798915 MONEY MARKET FUNDS 893531 F FUND OF FUNDS 3815327 F PRIVATE EQUITY FUND 140078 F CERTIFICATES OF DEPOSIT 201379 F 5050315 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 3453687 3453687 24517962 26057726 -1539764 -514580 -1649924 -2164504 -3704268 19305506 -514580 3280 -662546 -1173846 20479352 358 4038252 4038610 24517962 21359850 3280 223994 227274 21132576 358 4924792 4925150 26057726 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: 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 8 - OTHER ADJUSTMENTS: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT -1,657,924. GAIN ON DISPOSAL OF EQUIPMENT 8,000. TOTAL TO SCHEDULE D, PART XI, LINE 8: -1,649,924. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 100,787. COGS REPORTED ON PART VIII LINE 10B 50,481. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 72,726. ALLOWANCE FOR UNCOLLECTED PLEDGES RECEIVABLE -886,540. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,038,252. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 100,787. COGS REPORTED ON PART VIII LINE 10B 50,481. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 72,726. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,038,252. ALLOWANCE FOR UNCOLLECTED PLEDGES RECEIVABLE 886,540. 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 4, 2011. X X X X X X 1 RUSSELL BUCKLEY 82 COUNTY ROAD PMB 60 MATTAPOISETT MA 02739 CAP CAMPAIGN FEASABILITY STUDY & CONSULT TO MAJOR GIFT COMM 0 194138 17916 176222 194138 17916 176222 MA PARENT LEAGUE AUCTION 158450 21760 136690 9362 15446 GOLF TOURNAMENT 116935 55085 61850 6670 18329 7948 5 64052 175 63877 2950 2009 27439 36428 339437 77020 262417 2950 8679 55130 59822 126581 135836 21390 1080 0 21390 1080 1080 20310 MA 1 0 1 0 0.67000 0.33000 BRUCE T AMSBARY 333 WINTER STREET WESTON MA 02493 0 BRUCE T AMSBARY 0 BOOKKEEPING AND TAX FILINGS X 0 1 FINANCIAL AID 124 3414462 TUITION REMISSION 18 623790 RIVERS CONSERVATORY FINANCIAL AID 89 132224 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 288073 0 0 0 0 0 4730 0 37500 0 330303 0 0 0 BRUCE T AMSBARY 176017 0 0 0 0 0 5740 0 31036 0 212793 0 0 0 JANICE H HICINBOTHEM 161036 0 0 0 0 0 4730 0 29452 0 195218 0 0 0 MARIAN F HUPPER 126233 0 0 0 0 0 0 0 76376 0 202609 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 SCHOOLS, 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 SCHOOLS. THE HEAD OF SCHOOLS HAS ACCESS TO A DISCRETIONARY SPENDING ACCOUNT TO COVER EXPENSES RELATED TO TRAVEL, CONFERENCES, AND OTHER UNBUDGETED SCHOOL RELATED EXPENSES. X 19 750295 VALUE AT DONATION DATE X EVENT SUPPLIES 5 7675 FAIR MARKET VALUE X MUSICAL INSTRUMENT RENTAL 1 3700 FAIR MARKET VALUE X SCHOOL EQUIPMENT 1 200 FAIR MARKET VALUE 1 0 1 0 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 SCHOOLS. 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 SCHOOLS 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 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -514,580. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT -1,657,924. GAIN ON DISPOSAL OF EQUIPMENT 8,000. TOTAL TO FORM 990, PART XI, LINE 5: -2,164,504. 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 2012, 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 $2,950,198 AS OF JUNE 30, 2012.