2013-05-13T11:35:12-07:00 2012-06-30 Ryan & McDonald LLP 913 Blanco Circle Salinas CA 93901 990 2011-07-01 941218745 ROBERT LOUIS STEVENSON SCHOOL ROBE 8316258300 3152 FOREST LAKE ROAD PEBBLE BEACH CA 93953 EDWARD DIYANNI 2013-05-13 true Jonathan D Ryan 8317846000 2011 2016-02-24 21:20:13Z EDWARD DIYANNI 3152 FOREST LAKE ROAD PEBBLE BEACH CA 93953 59942006 false false X www.stevensonschool.org X 1952 CA FORMAL EDUCATION 24 23 288 40 23809 -8612 5255449 2425645 23628130 25115756 885400 1010151 723521 659255 30492500 29210807 3790089 4165044 0 13495973 14210830 269473 277793 1621891 8967301 10455346 26522836 29109013 3969664 101794 110128074 111568175 39998647 41716531 70129427 69851644 FORMAL EDUCATION false false 16616518 26743818 GRADE LEVELS - PRE-K THROUGH 12 16616518 true true false false false false false true false true true false false true true false true false true false false false true true false false false false true true true false false false false false true false false false false true false false false false false false false false false true 91 0 true 288 true true true false false false false false false false false false 0 false false false false false false false false false false false X 24 23 false false false false false false false true true false false false true true true true true true true true false false X ROBERT LOUIS STEVENSON SCHOOL 8316258300 3152 FOREST LAKE PEBBLE BEACH CA 93953 THOMAS F MORAN 0.00 X 0 0 0 THEODORE J DAY 0.00 X 0 0 0 DAVID D COLBURN 0.00 X 0 0 0 CHRISTOPHER P BAUMGART 0.00 X 0 0 0 RICHARD MING HSING TSAI 0.00 X 0 0 0 STEVEN A MERKSAMER 0.00 X 0 0 0 VINCENT W H MA 0.00 X 0 0 0 JAMES M FLAGG 0.00 X 0 0 0 W BREWSTER ELY IV 0.00 X 0 0 0 STEPHEN F EIMER 0.00 X 0 0 0 DAVID J BENJAMIN III 0.00 X 0 0 0 DAVID S ROSEN 0.00 X 0 0 0 DR MICHAEL L JACKSON 0.00 X 0 0 0 TED BALESTRERI 0.00 X 0 0 0 MARY K ABERCROMBIE 0.00 X 0 0 0 GEORGE R WALKER 0.00 X 0 0 0 DON L DORMER 0.00 X 0 0 0 DR KLAUS J PORZIG 0.00 X 0 0 0 DAVIS J FACTOR JR 0.00 X 0 0 0 MARK R HORNBERGER 0.00 X 0 0 0 CYNTHIA B CHAPMAN 0.00 X 0 0 0 STEVEN C ZAHM 0.00 X 0 0 0 DOUG OTTO 0.00 X 0 0 0 JOSEPH E WANDKE 40.00 X X 464477 0 199550 EDWARD DIYANNI 40.00 X 190756 0 91684 JEFFREY CLARK 40.00 X 154498 0 140112 MICHELE GROGAN 40.00 X 138948 0 118870 DAVE MILLER 40.00 X 116772 0 19172 THOMAS SHEPPARD 40.00 X 122249 0 114384 MOLLY BOZZO 40.00 X 134131 0 90485 RON HERBIG 40.00 X 169466 0 576 1491297 774833 10 false true false SAVORY SERVICES 3152 FOREST LAKE ROAD PEBBLE BEACH CA 93953 FOOD SERVICES 1832305 ROBERT E CARTER 400 MADISON DRIVE SARASOTA FL 34236 FUNDRAISING 247000 PLANT CONSTRUCTION COMPANY LP 300 NEWHALL STREET SAN FRANCISCO CA 941241426 CONSTRUCTION 2607410 ME SOUZA CONSTRUCTION INC PO BOX 1882 MONTEREY CA 93942 CONSTRUCTION 849069 AVILA CONSTRUCTION COMPANY 12 THOMAS OWENS WAY SUITE 200 MONTEREY CA 93940 CONSTRUCTION 662254 11 2425645 102208 2425645 TUITION, ROOM, & BOARD 25115756 25115756 25115756 860684 859129 1555 0 187 187 233380 127882 105498 105498 88075 -112 17535 30693219 59565 30544290 59027 148929 538 149467 126814 22653 0 0 0 TRANSPORTATION 174031 174031 SUMMER SESSION 164678 164678 MISCELLANEOUS 89162 89162 125699 126173 -474 553570 29210807 26743818 23809 17535 X 0 3991294 3991294 173750 173750 0 1241076 938412 302664 0 9360686 6380049 2437467 543170 1071598 677974 326875 66749 1797956 1069891 641705 86360 739514 457574 227258 54682 0 0 0 0 277793 277793 0 41148 41148 0 0 0 0 0 29017 29017 0 0 485890 485890 0 2315119 2315119 576436 576436 UTILITIES 593363 593363 OTHER PLANT EXPENSE 762438 762438 INSTRUCTIONAL 1216713 1216713 FOOD SERVICES 1518369 1518369 2916853 537541 2117856 261456 29109013 16616518 10870604 1621891 0 10388201 1609608 2732646 2839554 804444 265760 231970 155023 0 0 0 2612933 2420347 80083987 23560318 47736979 56523669 36818337 38332416 3634355 3797713 0 0 5168209 5624085 110128074 111568175 942348 1924956 28300000 28300000 10756299 11491575 39998647 41716531 X 50167309 51124470 10804972 8960347 9157146 9766827 70129427 69851644 110128074 111568175 X 101794 -379577 X X false true true X false false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X false 15392385 186625 442660 412263 15609407 12934717 203661 2674517 420510 15392385 11554143 134226 1686277 439929 12934717 0.00290 0.37140 0.62570 true false false 6638792 6638792 49763829 16544196 33219633 3553728 1691023 1862705 4736947 3303217 1433730 15390691 2021882 13368809 56523669 INTEREST IN CHARITABLE REMAINDER TRUST 3058573 5624085 SALARIES & RELATED EXP'S. 91212 Rounding 1 DEPOSITS 4995365 DEFERRED INCOME 489674 DEFERRED COMPENSATION LIABILITY 5532276 AGENCY FUNDS 383047 11491575 29210807 29109013 101794 -379577 -379577 -277783 29036036 -574018 423056 -150962 29186998 23809 23809 29210807 29313819 233369 233369 29080450 28563 28563 29109013 Part XIII, Line 4b Part XIII, Line 4b: Other revenue amounts included on 990 but not included in F/S EXPENSES RELATED TO UNRELATED BUS INCOME $28563 Part XIII, Line 2d Part XIII, Line 2d: Other expenses and losses per audited F/S ALLOWANCE FOR DOUBTFUL ACCOUNTS $36000 NONQUALIFIED DEFERRED COMP EXPENSE $197369 Part XII, Line 4b Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S TAX TO BOOK DIFF-VIA VI SCH K-1 $24447 TAX TO BOOK DIFF-VIA VII SCH K-1 $-536 TAX TO BOOK DIFF-BRENTWOOD GARDENS $-102 Part XII, Line 2d Part XII, Line 2d: Other revenue amounts included in F/S but not included on form 990 UNREALIZED GAIN IN CHARITABLE REM TRUST $423056 Part XI, Line 8 Part XI, Line 8: Other Changes in Net Assets or Fund Balances NET UNREALIZED GAIN ON INVESTMENTS $0 UNREALIZED GAIN IN CHARITABLE REMAINDER TRUST $423056 ALLOWANCE FOR DOUBTFUL ACCOUNTS $0 TAX TO BOOK DIFF FROM K-1 $4754 NONQUALIFIED DEFERRED COMP EXPENSE $ -197369 TAX TO BOOK DIFF FROM K-1 $ -0 NET UNREALIZED LOSS ON INVESTMENTS $ -574018 ALLOWANCE FOR DOUBTFUL ACCOUNTS $ -36000 Part V, Line 4 Part V, Line 4: Intended uses of the endowment fund. THE SCHOOL'S ENDOWMENT CONSISTS OF INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES, INCLUDING FINANCIAL AID, FACULTY ENRICHMENT, AND GENERAL OPERATIONS. Part III, Line 1a Part III, Line 1a: If organization elected under SFAS 116 to not report are, historical treasures, o THE ART AND RARE BOOKS COLLECTION IS USED FOR DECORATION IN KEY BUILDINGS AROUND CAMPUS AND TO FURTHER STUDENTS AND THE COMMUNITY'S KNOWLEDGE AND APPRECIATION OF THE CULTURE, HISTORY AND TRADITIONS OF THE SCHOOL, ITS NAMESAKE AND THE GEOGRAPHIC AREA IN WHICH IT IS LOCATED. true true true true true true true false false false false false false false false false false true true X NONCASH FINANCIAL AID TURKEY 1 15000 REDUCTION IN TUITION BOOK NONCASH FINANCIAL AID MEXICO 1 26000 REDUCTION IN TUITION BOOK NONCASH FINANCIAL AID EAST ASIA/PACIFIC 6 132750 REDUCTION IN TUITION BOOK false false false false false false Grantmaker's Description of How Grants are Used in Foreign Country FINANCIAL AID IS AVAILABLE TO ALL STUDENTS WHO ATTEND STEVENSON SCHOOL. FINANCIAL AID GRANTS ARE AWARDED ON THE BASIS OF FINANCIAL NEED. THE SCHOOL'S DIRECTOR OF ADMISSION WORKS CLOSELY WITH THE DIRECTOR OF FINANCIAL AID TO ENSURE ALL FINANCIAL AID GRANTS, WHETHER TO STUDENTS LIVING WITHIN OR OUTSIDE THE U.S., ARE AWARDED IN A FAIR AND EQUITABLE MANNER. CAREFUL REVIEW OF RELEVANT AND AVAILABLE FINANCIAL RECORDS AND DOCUMENTS IS AN INTEGRAL PART OF THIS PROCESS. IN THE FISCAL YEAR ENDING JUNE 30, 2012, EIGHT STUDENTS LIVING OUTSIDE OF THE U.S. WERE AWARDED FINANCIAL AID TOTALING $173,750 OR APPROXIMATELY 6% OF THE TOTAL AMOUNT AWARDED OF $2.8 MILLION. THE SCHOOL'S CHIEF FINANCIAL OFFICER ALSO MONITORS FINANCIAL AID AWARDS BY REGION AND IN TOTAL FOR REASONABLENESS AND CONSISTENCY WITH THE SCHOOL'S OPERATING BUDGET. X X X X X true CHANGING OUR WO 220 E 42ND ST NEW YORK NY 10017 FUNDRAISING false 105188 ROBERT E CARTER 400 MADISON DR SARASOTA FL 34236 FUNDRAISING false 164221 269409 true X 0 0 FINANCIAL AID 170 3991294 FMV FINANCIAL AID X X true true X X X X X X false true false false false false false false false false THOMAS SHEPPARD 108433 13816 14806 99578 236633 RON HERBIG 147300 22166 576 170042 MOLLY BOZZO 134131 14300 76185 224616 MICHELE GROGAN 122448 16500 22200 96670 257818 JOSEPH E WANDKE 325035 30000 109442 108000 91550 664027 JEFFREY CLARK 132498 22000 17930 122182 294610 EDWARD DIYANNI 190756 29250 62434 282440 Sch J, Part I, Line 1a Part I, Line 1a: Relevant information in regards to selections on 1a. CA ENTERPRISE DEVELOP AUT 352273601 13067RBL6 2011-03-10 15300000 CONSTRUCTION PROJECTS false false false 15300000 288477 13545024 932977 false false false true false false false false true false true false false false false X JOSEPH WANDKE PURCHASE RESIDENCE X 750000 155023 false true true 155023 X 147 FMV X 12 117842 FMV X 1 18471 X 1 2894 FMV X STEEL FOR BLDG 1 18471 FMV X MISC. SUPPLIES 18 8464 FMV X DIGITAL FILES 1 1275 FMV false true true Part I, Line 32, Hire and Use of Third Parties THE SCHOOL USES A STOCKBROKER TO SELL NON-CASH CONTRIBUTIONS OF STOCK CONTRIBUTED TO THE SCHOOL. Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses UNEMPLOYMENT CLAIMS: Column (A) - Total = $32325; Column (B) - Program Services = $0; Column (C) - Management & General = $32325; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses TRUSTEE EXPENSES: Column (A) - Total = $17127; Column (B) - Program Services = $0; Column (C) - Management & General = $17127; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses TRANSPORTATION: Column (A) - Total = $137819; Column (B) - Program Services = $0; Column (C) - Management & General = $137819; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses TELEPHONE: Column (A) - Total = $32800; Column (B) - Program Services = $0; Column (C) - Management & General = $32800; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses SUPPLIES: Column (A) - Total = $149068; Column (B) - Program Services = $0; Column (C) - Management & General = $143148; Column (D) - Fundraising = $5920 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses STAFF ENRICHMENT: Column (A) - Total = $11219; Column (B) - Program Services = $0; Column (C) - Management & General = $11219; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses SOFTWARE: Column (A) - Total = $32258; Column (B) - Program Services = $16926; Column (C) - Management & General = $3003; Column (D) - Fundraising = $12329 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses SECURITY: Column (A) - Total = $191198; Column (B) - Program Services = $0; Column (C) - Management & General = $191198; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses SCHOOL ACTIVITIES: Column (A) - Total = $165015; Column (B) - Program Services = $87143; Column (C) - Management & General = $0; Column (D) - Fundraising = $77872 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses ROYALTY EXPENSES-K-1: Column (A) - Total = $43; Column (B) - Program Services = $0; Column (C) - Management & General = $43; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses PUBLIC RELATIONS: Column (A) - Total = $9933; Column (B) - Program Services = $0; Column (C) - Management & General = $9933; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses PROPERTY TAXES: Column (A) - Total = $44558; Column (B) - Program Services = $0; Column (C) - Management & General = $44558; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses PROFESSIONAL DEVELOPMENT: Column (A) - Total = $7782; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $7782 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses Printing and Publications: Column (A) - Total = $170612; Column (B) - Program Services = $0; Column (C) - Management & General = $20965; Column (D) - Fundraising = $149647 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses PRES OFFICE OPERATIONAL EXP: Column (A) - Total = $185937; Column (B) - Program Services = $0; Column (C) - Management & General = $185937; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses Postage and Shipping: Column (A) - Total = $18986; Column (B) - Program Services = $0; Column (C) - Management & General = $11080; Column (D) - Fundraising = $7906 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses PORTFOLIO EXPENSES - K1: Column (A) - Total = $28520; Column (B) - Program Services = $0; Column (C) - Management & General = $28520; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses MUMFORD ANNUITY EXP: Column (A) - Total = $69996; Column (B) - Program Services = $69996; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses MISCELLANEOUS: Column (A) - Total = $91015; Column (B) - Program Services = $0; Column (C) - Management & General = $91015; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses LEGAL AND ACCOUNTING: Column (A) - Total = $277209; Column (B) - Program Services = $0; Column (C) - Management & General = $277209; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses LANDSCAPING: Column (A) - Total = $43888; Column (B) - Program Services = $0; Column (C) - Management & General = $43888; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses INFIRMARY SUPPLIES: Column (A) - Total = $6823; Column (B) - Program Services = $6823; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses HIRING: Column (A) - Total = $50088; Column (B) - Program Services = $0; Column (C) - Management & General = $50088; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses EQUIPMENT EXPENSE: Column (A) - Total = $222411; Column (B) - Program Services = $0; Column (C) - Management & General = $222411; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses DUES & SUBSCRIPTIONS: Column (A) - Total = $15539; Column (B) - Program Services = $0; Column (C) - Management & General = $15539; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses CONTRACT SERVICES: Column (A) - Total = $171484; Column (B) - Program Services = $5583; Column (C) - Management & General = $165901; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses BENBOW EXPENSES: Column (A) - Total = $10534; Column (B) - Program Services = $0; Column (C) - Management & General = $10534; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses BANK FEES: Column (A) - Total = $29841; Column (B) - Program Services = $0; Column (C) - Management & General = $29841; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses BAD DEBT: Column (A) - Total = $39000; Column (B) - Program Services = $0; Column (C) - Management & General = $39000; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses ATHLETICS: Column (A) - Total = $351070; Column (B) - Program Services = $351070; Column (C) - Management & General = $0; Column (D) - Fundraising = $0 Form 990, Part IX, Line 24e Form 990, Part IX, Line 24e: Other Expenses ADMISSIONS: Column (A) - Total = $302755; Column (B) - Program Services = $0; Column (C) - Management & General = $302755; Column (D) - Fundraising = $0 Form 990, Part VI, Line 19 Form 990, Part VI, Line 19: Other Organization Documents Publicly Available THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH THE FORM 990. NO OTHER DOCUMENTS OR POLICIES ARE DISCLOSED. Form 990, Part VI, Line 15b Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees 15A. THE COMPENSATION OF THE SCHOOL'S PRESIDENT IS REVIEWED ANNUALLY BY THE BOARD'S COMPENSATION COMMITTEE AND SUBMITTED FOR APPROVAL TO THE BOARD OF TRUSTEES. IN THIS REGARD, THE COMMITTEE REVIEWS THE SCHOOL'S PERFORMANCE IN KEY OPERATING AREAS AGAINST ESTABLISHED GOALS AND OBJECTIVES AND DISCUSSES THE RESULTS WITH THE SCHOOL'S CHIEF FINANCIAL OFFICER. IN ADDITION, THE COMMITTEE RECEIVES A "SAFE HARBOR LETTER" FROM AN INDEPENDENT AND HIGHLY REGARDED COMPENSATION EXPERT WHOSE DATABASE OF INFORMATION INCLUDES APPLICABLE COMPARABILITY DATA FOR OTHER PEER SCHOOLS. THE COMMITTEE ANALYZES AND DISCUSSES THIS DATA AS WELL AS THE SCHOOL'S OPERATING PERFORMANCE, DOCUMENTS THEIR CONCLUSIONS AND MAKES A RECOMMENDATION TO THE FULL BOARD AS TO THE PROPER LEVEL OF COMPENSATION FOR THE PRESIDENT.15B. COMPENSATION OF THE SCHOOL'S OTHER KEY EMPLOYEES (E.G. CHIEF FINANCIAL OFFICER, DIRECTOR OF ADVANCEMENT, DIRECTOR OF ADMISSION, HEADS OF UPPER AND LOWER SCHOOLS, ETC.,) IS DETERMINED BY THE SCHOOL PRESIDENT. IN MAKING HIS DECISION ON COMPENSATION, THE PRESIDENT UTILIZES BENCHMARK COMPENSATION DATA RECEIVED FROM INDEPENDENT ORGANIZATIONS SUCH AS THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS, CALIFORNIA ASSOCIATION OF INDEPENDENT SCHOOLS, ETC. HE THEN REVIEWS EACH EMPLOYEES PERFORMANCE AND MAKES A FINAL DETERMINATION. THE PRESIDENT ALSO REVIEWS COMPENSATION DATA FOR KEY SCHOOL EMPLOYEES WITH THE BOARD OF TRUSTEES. Form 990, Part VI, Line 12c Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts THE AMENDED AND RESTATED BYLAWS OF THE CORPORATION (APPROVED 10/10/2008) AT ARTICLE IX, SECTION 4 PROVIDE: "NO TRUSTEE OF THIS CORPORATION NOR ANY OTHER CORPORATION, FIRM, ASSOCIATION, OR OTHER ENTITY IN WHICH ONE OR MORE OF THIS CORPORATION'S TRUSTEES ARE DIRECTORS, OFFICERS OR HAVE A MATERIAL FINANCIAL INTEREST, SHALL BE INTERESTED, DIRECTLY OR INDIRECTLY, IN ANY CONTRACT OR TRANSACTION WITH THIS CORPORATION, UNLESS (A) THE MATERIAL FACTS REGARDING THAT TRUSTEE'S FINANCIAL INTEREST IN SUCH CONTRACT OR TRANSACTION OR REGARDING SUCH COMMON DIRECTOR RELATIONSHIP OR OFFICER RELATIONSHIP ARE FULLY DISCLOSED IN GOOD FAITH AND NOTED IN THE MINUTES, OR ARE KNOWN TO ALL MEMBERS OF THE BOARD PRIOR TO THE BOARD'S CONSIDERATION OF SUCH CONTRACT OR TRANSACTION; (B) SUCH CONTRACT OR TRANSACTION IS AUTHORIZED IN GOOD FAITH BY A MAJORITY OF THE BOARD BY A VOTE SUFFICIENT FOR THAT PURPOSE WITHOUT COUNTING THE VOTES OF THE INTERESTED TRUSTEES; (C) BEFORE AUTHORIZING OR APPROVING THE TRANSACTION, THE BOARD CONSIDERS AND IN GOOD FAITH DECIDES AFTER REASONABLE INVESTIGATION THAT THE CORPORATION COULD NOT OBTAIN A MORE ADVANTAGEOUS ARRANGEMENT WITH REASONABLE EFFORT UNDER THE CIRCUMSTANCES; AND (D) THE CORPORATION FOR ITS OWN BENEFIT ENTERS INTO THE TRANSACTION, WHICH IS FAIR AND REASONABLE TO THE CORPORATION AT THE TIME THE TRANSACTION IS ENTERED INTO."EACH OF THE REQUIREMENTS RELATED TO BOARD DISCLOSURE, AUTHORIZATION, INVESTIGATION AND BENEFIT ANALYSIS AS DESCRIBED IN THE FOREGOING BYLAW PROVISION ARE COMPLIED WITH IN ALL INSTANCES REGARDING CONFLICTS OF INTEREST AND PERMANENTLY NOTED IN THE MINUTES OF THE BOARD OF TRUSTEES. THE BUSINESS OFFICE MONITORS KEY PRINCIPALS AND PERSONNEL INVOLVED IN ALL CONTRACTS AND TRANSACTIONS ENTERED INTO BY THE SCHOOL. ANY SITUATIONS WHICH ARE OR MIGHT BE CONSIDERED A CONFLICT OF INTEREST ARE BROUGHT TO THE ATTENTION OF THE SCHOOL PRESIDENT, BOARD CHAIRMAN AND GENERAL COUNSEL FOR APPROPRIATE CONSIDERATION, DISPOSITION, DISCLOSURE AND APPROVAL IN ACCORDANCE WITH THE SCHOOL'S POLICIES AND PROCEDURES. EFFECTIVE FEBRUARY 18, 2011, THE BOARD OF TRUSTEES OF THE SCHOOL APPROVED A RESOLUTION PROHIBITING THE SCHOOL FROM ENTERING INTO ANY NEW TRANSACTIONS WITH TRUSTEES THEN SERVING IN OFFICE (AND CONCLUDING EXISTING TRANSACTIONS WITH TRUSTEES PRIOR TO 6-30-11) IN WHICH A TRUSTEE HOLDS ANY MATERIAL FINANCIAL INTEREST EXCEPT FOR COMPENSATION CONTRACTS AND TRANSACTIONS IN THE ORDINARY COURSE OF BUSINESS WITH EMPLOYEES OF THE SCHOOL WHO ARE ALSO TRUSTEES, CONTRACTS AND TRANSACTIONS IN WHICH SERVICES ARE PROVIDED TO THE SCHOOL WITHOUT ANY FEE PAID OR ECONOMIC BENEFIT PROVIDED IN RETURN AND PURCHASE AND LEASE AGREEMENTS FOR GOODS OR PROPERTY PROVIDED TO THE SCHOOL AT OR BELOW FAIR MARKET VALUE. Form 990, Part VI, Line 11 Form 990, Part VI, Line 11: Form 990 Review Process THE ORGANIZATION'S FORM 990 WAS PREPARED BY PROFESSIONAL, INDEPENDENT ACCOUNTANTS. THE BOARD OF TRUSTEES DELEGATED THE REVIEW OF FORM 990 TO THE AUDIT COMMITTEE, MEMBERS OF WHICH HAVE PRACTICAL AND/OR PROFESSIONAL EXPERTISE IN NONPROFIT MANAGEMENT, ACCOUNTING, AND FEDERAL TAX LAW GOVERNING EXEMPT ORGANIZATIONS. THIS COMMITTEE REVIEWED THE FORM 990 PREPARED BY THE ORGANIZATION'S PROFESSIONAL, INDEPENDENT ACCOUNTANTS. PRIOR TO THE ORGANIZATION SUBMITTING FORM 990 TO THE IRS, THE COMMITTEE REPORTED TO THE BOARD OF TRUSTEES THAT THE COMMITTEE HAD, TO THE BEST OF ITS ABILITY, DETERMINED THAT THE FORM 990 WAS COMPLETE, ACCURATE AND CORRECT, AND A COPY OF THE RETURN WAS PROVIDED FOR EACH BOARD MEMBER.