2013-05-14T10:11:41-05:00 2012-06-30 PricewaterhouseCoopers LLP 300 Madison Avenue New York NY 10017 990 2011-07-01 200247649 YESHIVA UNIVERSITY HIGH SCHOOLS % J MICHAEL GOWER YESH 2129605470 2540 AMSTERDAM AVENUE NEW YORK NY 10033 J MICHAEL GOWER 2013-05-13 true 6464713000 2011 2016-02-24 21:20:13Z J MICHAEL GOWER 2540 AMSTERDAM AVENUE NEW YORK NY 10033 17794422 false X YUHSB.ORG AND YUHSG.ORG X 2003 NY THE PRIMARY MISSION OF THE YESHIVA UNIVERSITY HIGH SCHOOLS IS TO TEACH AND PERPETUATE THE VALUES OF TORAH AND SECULAR STUDIES. 16 16 151 16 -11502 -11502 2271223 1699534 11860183 11804963 540077 674388 -89430 -82419 14582053 14096466 3519242 3742065 0 0 8899827 9144960 0 0 275258 6728775 6183452 19147844 19070477 -4565791 -4974011 18346861 17138126 1922801 1865033 16424060 15273093 X THE YESHIVA UNIVERSITY HIGH SCHOOLS HAS AS ITS EDUCATIONAL MISSION TO TEACH AND PERPETUATE THE VALUES OF TORAH AND SECULAR STUDIES. WE ARE THUS DEDICATED TO PREPARING OUR STUDENTS FOR ADULTHOOD (SEE SCH O) false false 17386533 3742065 11804963 YESHIVA UNIVERSITY HIGH SCHOOLS ("THE HIGH SCHOOLS") IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTIONS 501(C)(3) OF THE INTERNAL REVENUE CODE. THE HIGH SCHOOLS, WHICH CONSISTS OF THE MARSHA STERN TALMUDICAL ACADEMY YESHIVA UNIVERSITY HIGH SCHOOL FOR BOYS AND THE SAMUEL H. WANG YESHIVA UNIVERSITY HIGH SCHOOL FOR GIRLS, MAINTAINS SEPARATE SECONDARY SCHOOL PROGRAMS FOR BOYS AND GIRLS. INSTRUCTION IS PROVIDED TO APPROXIMATELY 528 HIGH SCHOOL STUDENTS. THE HIGH SCHOOLS OFFER COLLEGE PREPARATORY PROGRAMS AND COMPREHENSIVE JEWISH STUDIES PROGRAMS LEADING TO A NEW YORK STATE REGENTS DIPLOMA. THE SCHOOLS ARE ACCREDITED BY BOTH THE NEW YORK STATE BOARD OF REGENTS AND THE MIDDLE STATES COMMISSION ON SECONDARY EDUCATION. 17386533 true true false false false false false false false true true true false false false false true false true false true false false false true false false false true true false false false false false false false false false false false false false true false false false false true 51 0 true 151 true true true false false false false true true false false false false X 16 16 true false false false false false false true true false false true true true true true true true true false X J MICHAEL GOWER 2129605470 YESHIVA UNIVERSITY 500 WEST 185TH S NY NY 10033 RICHARD M JOEL 1.0 X X 0 0 0 RABBI JOSH JOSEPH 1.0 X X 0 0 0 MIRIAM P GOLDBERG 1.0 X 0 JUDITH HECHT BERMAN 1.0 X 0 DR FELIX L GLAUBACH 1.0 X 0 ALAN E GOLDBERG 1.0 X 0 ALISSA HORN 1.0 X 0 MICHAEL JESSELSON 1.0 X 0 RABBI E SAMUEL KLIBANOFF 1.0 X 0 DR RAMA KOSLOWE 1.0 X 0 DR HENRY KRESSEL 1.0 X 0 ELIOT LAUER 1.0 X 0 DAVID B SCHWARTZ 1.0 X 0 MONICA SHAPIRO 1.0 X 0 LOUIS TUCHMAN 1.0 X 0 HARVEY WRUBEL 1.0 X 0 J MICHAEL GOWER 1.0 X 0 ANDREW LAUER 1.0 X 0 0 0 CHAYA NEUGROSCHL 35.0 X 249128 0 18062 MICHAEL TAUBES 35.0 X 17053 0 66308 RABBI STEVEN RICHTER 35.0 X 71890 0 94055 RABBI GARY BEITLER 35.0 X 90771 0 85291 SETH TAYLOR 35.0 X 116391 0 33450 RABBI SHIMON SCHENKER 35.0 X 30969 0 96176 ADAM DOBRICK 35.0 X 115369 0 13690 RABBI MARK GOTTLIEB-THROUGH 63011 35.0 X 139742 0 42511 JOEL SKLAR 35.0 X 102483 0 6249 933796 0 455792 12 true true true 0 342348 160143 1197043 0 1699534 STUDENT TUITION & FEES 900099 11484135 11484135 STUDENT DORM/FOOD/TRANSPORTATION 900099 210828 210828 PTACH PROGRAM FOR CHILDREN WITH DISABILITIES 900099 110000 110000 11804963 149805 -11502 161307 0 0 4120450 3595867 524583 524583 524583 19670 342348 102089 -82419 -82419 0 0 0 14096466 11804963 -11502 603471 0 3742065 3742065 0 0 451743 451743 0 6807650 6751108 56542 237396 235453 1943 1079701 1070864 8837 568470 563817 4653 0 6753 6753 68744 68744 0 0 0 46309 46309 47096 47096 402533 348529 128 53876 79468 79468 0 118822 118822 1302157 1299031 3126 0 3063 2560 503 0 0 186211 186211 13150 11653 1497 ALLOCATED EXPENSES 1298767 814654 484113 SECURITY 683078 271433 411645 TUITION WRITEOFF/BAD DEBT 841340 841340 STUDENT ACTIVITY 525403 383442 141961 560558 400551 156190 3817 19070477 17386533 1408686 275258 0 0 0 0 1379848 1439725 569792 127960 213255 0 0 0 0 0 0 0 0 0 5201452 2227729 3140782 2973723 6969917 6975479 6073267 5621239 0 0 0 0 0 0 18346861 17138126 1922801 1865033 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1922801 1865033 X 1643251 718820 5839703 5567467 8941106 8986806 16424060 15273093 18346861 17138126 X -4974011 3823044 X false true true X false X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 12589169 57260 130210 305313 329197 0 12142129 12314450 51800 1915684 818252 874513 0 12589169 11597554 502800 924408 416816 293496 0 12314450 15407036 503650 -3081147 412215 819770 0 11597554 0.05410 0.22880 0.71710 true false 435000 435000 4495881 2106299 2389582 270571 121430 149141 2973723 F ALTERNATIVE INVESTMENTS 5621239 F 5621239 14096466 19070477 -4974011 -400216 4223260 3823044 -1150967 14282018 -400216 4223260 3823044 10458974 3637492 3637492 14096466 15432985 102089 102089 15330896 3739581 3739581 19070477 INTENDED USE OF ENDOWMENT FUNDS FORM 990, SCHEDULE D, PART V, LINE 4 THE HIGH SCHOOLS' ENDOWMENT FUNDS ARE INTENDED FOR STUDENT SCHOLARSHIPS AND PRIZES, INSTRUCTION AND TRAINING. RECONCILIATION TO AUDITED FINANCIAL STATEMENTS FORM 990, SCHEDULE D, PART XI, XII, AND XIII SCHEDULE D, PART XI, LINE 8: FORGIVENESS OF DEBT INCOME: $4,234,820 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS: (11,560) ------------- TOTAL $4,223,260 SCHEDULE D, PART XII, LINE 2D: FORGIVENESS OF DEBT INCOME: $4,234,820 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS: (11,560) ----------- TOTAL $4,223,260 SCHEDULE D, PART XII, LINE 4B: RECLASS OF SCHOLARSHIP EXPENSES: $3,739,581 RECLASS OF SPECIAL EVENT EXPENSES: (102,089) ----------- TOTAL $3,637,492 SCHEDULE D, PART XIII, LINE 2D: RECLASS OF SPECIAL EVENT EXPENSES: $102,089 SCHEDULE D, PART XIII, LINE 4B: RECLASS OF SCHOLARSHIP EXPENSES: $3,739,581 FORGIVENESS OF DEBT INCOME - YESHIVA UNIVERSITY ACTS AS AGENT FOR THE HIGH SCHOOLS, PROVIDING ACCOUNTING, TREASURY, HUMAN RESOURCES, PROCUREMENT AND OTHER ADMINISTRATIVE SERVICES AS WELL AS FACILITIES MAINTENANCE AT COST. IN ADDITION, THE UNIVERSITY HAS SUBSIDIZED THE HIGH SCHOOLS' CASH DEFICITS. SINCE THE HIGH SCHOOLS DOES NOT MAINTAIN SUFFICIENT LIQUIDITY TO FUND THEIR OPERATIONS, YESHIVA UNIVERSITY HAS DECIDED TO FORGIVE THE ALLOCATED EXPENSES AND OPERATING DEFICITS. FIN 48 EFFECTIVE JULY 1, 2007, THE HIGH SCHOOLS ADOPTED THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, AN INTERPRETATION OF FASB STATEMENT NO. 109 (FIN 48). FIN 48 CLARIFIED THE ACCOUNTING FOR UNCERTAIN INCOME TAXES RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. FIN 48 ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE, AND TRANSITION. THERE WAS NO MATERIAL IMPACT TO THE HIGH SCHOOL'S FINANCIAL STATEMENTS AS A RESULT OF THE ADOPTION OF FIN 48 IN THE YEAR OF ADOPTION OR IN THIS REPORTING YEAR. THEREFORE, NO FIN 48 FOOTNOTE WAS INCLUDED IN THE FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2012. INVESTMENTS SCHEDULE D, PART VII THE HIGH SCHOOLS' ALTERNATIVE INVESTMENTS AND PUBLICLY TRADED SECURITIES PRIMARILY REPRESENT OWNERSHIP INTERESTS IN THE YESHIVA UNIVERSITY CONSOLIDATED INVESTMENT POOL. true true true true true true true false false false false false false false false true false true SCHEDULE E - PART I LINE 3 ALL RECRUITMENT ADVERTISEMENTS CONTAIN THE HIGH SCHOOLS' NON-DISCRIMINATION POLICY SCHEDULE E - PART I LINE 6 YESHIVA UNIVERSITY HIGH SCHOOLS RECEIVED FUNDS FROM THE NEW YORK STATE EDUCATION DEPARTMENT IN THE AMOUNT OF $160,143. THE HIGH SCHOOLS' RIGHT TO SUCH AID HAS NEVER BEEN REVOKED OR SUSPENDED. Middle East and North Africa 5 Program Services EDUCATION 67007 5 5 67007 67007 false false false false false false DETAILS OF ACTIVITIES OUTSIDE THE U.S. FORM 990, SCHEDULE F, PART I, LINE 3 ISRAEL EXCHANGE PROGRAM: A SELECT GROUP OF OUTSTANDING 10TH GRADERS FROM THE YESHIVA UNIVERSITY HIGH SCHOOL FOR BOYS/MARSHA STERN TALMUDICAL ACADEMY (YUHSB)AND FROM THE SAMUEL H. WANG YESHIVA UNIVERSITY HIGH SCHOOL FOR GIRLS(YUHSG)PARTICIPATE IN A SIX-WEEK STUDENT EXCHANGE PROGRAM WITH ISRAELI HIGH SCHOOLS. THIS PROGRAM PROVIDES AN OPPORTUNITY FOR YUHSB AND YUHSG STUDENTS TO OBTAIN AN EXPERIENTIAL APPRECIATION FOR THE TORAH OF ERETZ ISRAEL AND PROVIDES THE STUDENTS WITH SERIOUS RELIGIOUS AND INTELLECTUAL GROWTH. DINNER 362018 342348 19670 0 1018 3574 65799 30998 700 NONE 0 362018 342348 19670 0 1018 3574 65799 30998 700 102089 -82419 true STUDENT SCHOLARSHIPS 429 3742065 SUPPLEMENTAL INFORMATION FORM 990, SCHEDULE I, PART I & III THE HIGH SCHOOLS OFFERS ASSISTANCE TO ITS STUDENTS THROUGH MERIT BASED SCHOLARSHIPS AND NEED BASED FINANCIAL AID. MERIT BASED SCHOLARSHIPS ARE AWARDED BASED ON THE DECISIONS OF A COMMITTEE COMPRISED OF FACULTY AND EDUCATION LEADERSHIP BASED ON A VARIETY OF CHARACTER BASED ACADEMIC CRITERIA. NEED BASED FINANCIAL AID IS AWARDED BY THE OFFICE OF STUDENT FINANCE BASED BOTH ON THE RECOMMENDATION OF THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND THE HIGH SCHOOLS' OWN INDEPENDENT ASSESSMENT OF A FAMILY'S ABILITY TO PAY. X true true X X X X X X false false false false false false false false false RABBI MARK GOTTLIEB-THROUGH 630 112497 0 0 0 27245 0 0 0 42511 0 182253 0 0 0 JOEL SKLAR 81678 0 0 0 20805 0 5738 0 511 0 108732 0 0 0 RABBI STEVEN RICHTER 71384 0 0 0 506 0 9497 0 84558 0 165945 0 0 0 RABBI GARY BEITLER 90644 0 0 0 127 0 9825 0 75466 0 176062 0 0 0 CHAYA NEUGROSCHL 249020 0 0 0 108 0 16500 0 1562 0 267190 0 0 0 FORM 990, SCHEDULE J, PART II - DETAILS OF COMPENSATION RABBI MARK GOTTLIEB - COLUMN B, PART (III) INCLUDES THE PAYOUT OF RABBI GOTTLIEB'S ACCRUED VACATION IN CONNECTION WITH HIS DEPARTURE. COLUMN D INCLUDES THE FOLLOWING NON-TAXABLE BENEFITS; MEDICAL BENEFITS, THE USE OF AN EMPLOYER PROVIDED CELLULAR PHONE, AND THE PORTION OF RABBI GOTTLIEB'S SALARY DESIGNATED AS NON-TAXABLE PARSONAGE. RABBI GOTTLIEB'S EMPLOYMENT WITH THE HIGH SCHOOLS ENDED IN JUNE OF 2011. THE AMOUNTS REPORTED REFLECT COMPENSATION AND BENEFITS EARNED IN CALENDAR YEAR 2011. THE OUTSTANDING BALANCE OF THE PREVIOUSLY REPORTED LOAN TO RABBI GOTTLIEB WAS REPAID IN FULL BY A THIRD PARTY. JOEL SKLAR - COLUMN B, PART (III) INCLUDES THE PAYOUT OF MR. SKLAR'S ACCRUED VACATION IN CONNECTION WITH HIS RETIREMENT. COLUMN C INCLUDES EMPLOYER CONTRIBUTIONS TO A SECTION 403(B) RETIREMENT PLAN. COLUMN D INCLUDES THE FOLLOWING NON-TAXABLE BENEFITS; TRANSPORTATION AND THE USE OF AN EMPLOYER PROVIDED CELLULAR PHONE. MR. SKLAR RETIRED FROM THE HIGH SCHOOLS IN JUNE OF 2011. THE AMOUNTS REPORTED REFLECT COMPENSATION AND BENEFITS EARNED IN CALENDAR YEAR 2011. RABBI STEVEN RICHTER - COLUMN C INCLUDES EMPLOYER CONTRIBUTIONS TO A SECTION 403(B) RETIREMENT PLAN. COLUMN D INCLUDES NON-TAXABLE TUITION BENEFITS AND THE PORTION OF RABBI RICHTER'S SALARY THAT IS DESIGNATED AS NON-TAXABLE PARSONAGE. RABBI GARY BEITLER - COLUMN C INCLUDES EMPLOYER CONTRIBUTIONS TO A SECTION 403(B) RETIREMENT PLAN. COLUMN D INCLUDES THE FOLLOWING NON-TAXABLE BENEFITS; MEDICAL BENEFITS AND THE PORTION OF RABBI BEITLER'S SALARY THAT IS DESIGNATED AS NON-TAXABLE PARSONAGE. A PORTION OF RABBI BEITLER'S TOTAL COMPENSATION IS EARNED FROM SERVICES PERFORMED FOR YESHIVA UNIVERSITY, AN AFFILIATED, BUT UNRELATED ORGANIZATION FOR FORM 990 PURPOSES, OF THE HIGH SCHOOLS. CHAYA NEUGROSCHL - COLUMN C INCLUDES EMPLOYER CONTRIBUTIONS TO A SECTION 403(B) RETIREMENT PLAN. COLUMN D INCLUDES NON-TAXABLE MEDICAL BENEFITS. IN THE 2010 FORM 990, MS. NEUGROSCHL'S COMPENSATION REPRESENTED A PARTIAL YEAR AND WAS NOT INCLUDED IN SCHEDULE J BECAUSE THE TOTAL DID NOT MEET THE REPORTING THRESHOLD. THE COMPENSATION AND BENEFITS REPORTED IN THIS 2011 FORM 990 REPRESENTS A FULL CALENDAR YEAR. RABBI MICHAEL TAUBES' COMPENSATION AND BENEFITS ARE NOT INCLUDED IN SCHEDULE J BECAUSE HIS PARTIAL YEAR 2011 CALENDAR YEAR COMPENSATION DID NOT MEET THE REQUIRED THRESHOLD AMOUNT, BUT WILL BE REPORTED IN NEXT YEARS 2012 FORM 990. COMPENSATION FROM UNRELATED ORGANIZATION FORM 990, PART VII, LINE 5 AND SCHEDULE J THE HIGH SCHOOLS' PRESIDENT, VICE PRESIDENT, VP FOR BUSINESS AFFAIRS, AND VP FOR LEGAL AFFAIRS ARE ALSO OFFICERS OF YESHIVA UNIVERSITY, AN AFFILIATED BUT UNRELATED ORGANIZATION FOR FORM 990 REPORTING PURPOSES. THE UNIVERSITY PROVIDES CERTAIN FINANCIAL, ADMINISTRATIVE, LEGAL, FACILITIES AND HUMAN RESOURCE SERVICES TO THE HIGH SCHOOLS. THESE OFFICERS ARE PAID SOLELY BY YESHIVA UNIVERSITY THROUGH THE UNIVERSITY'S PAYROLL SYSTEM AND THEIR FULL COMPENSATION AND BENEFITS ARE REPORTED ON YESHIVA UNIVERSITY'S FORM 990. FORM 990, SCHEDULE J, PART I PART 1, LINE 1A - THE HOUSING ALLOWANCE REFERS TO THE PARSONAGE SALARY DESIGNATION RECEIVED BY CERTAIN EMPLOYEES LISTED IN PART VII. ORGANIZATION'S MISSION CORE FORM 990, PART III, LINE 1 BOTH AS KNOWLEDGEABLE AND COMMITTED JEWS AND AS BROADLY EDUCATED, INTELLECTUALLY CURIOUS, AND CARING MEMBERS OF THE GENERAL SOCIETY. THE HIGH SCHOOLS PROVIDES A CHALLENGING ACADEMIC PROGRAM IN AN ATMOSPHERE THAT ENCOURAGES ADHERENCE TO THE TRADITIONAL IDEALS AND PRACTICES OF JUDAISM. IT IS DESIGNED TO MOTIVATE TORAH LIVING-STRIVING TO BECOME EVER MORE DEVOTED TO G-D, TORAH LEARNING, PERSONAL INTEGRITY AND ETHICAL BEHAVIOR BASIC TO JEWISH LIFE AND PARTICIPATION IN CONTEMPORARY SOCIETY. GENUINE CONCERN FOR THE WELFARE OF OTHERS, OBSERVANCE OF THE MITZVOT, LOVE OF THE JEWISH PEOPLE, AND PRIDE IN OUR JEWISH HERITAGE AND VALUES SHOULD CHARACTERIZE THE INTELLECTUAL GOALS AND THE DAILY BEHAVIOR OF OUR STUDENTS. WE EXPECT EACH STUDENT TO IDENTIFY WHOLEHEARTEDLY WITH THE DESTINY OF OUR FELLOW JEWS THROUGHOUT THE WORLD, TO EXHIBIT LOYALTY TO ERETZ YISRAEL, AND RECOGNIZE THE MODERN STATE OF ISRAEL AS THE FULFILLMENT OF A RELIGIOUS ZIONIST VISION AND AS THE SPIRITUAL HOMELAND OF THE JEWISH PEOPLE. THE CREATION OF THE STATE OF ISRAEL IS ONE OF THE SEMINAL EVENTS IN JEWISH HISTORY. RECOGNIZING THE SIGNIFICANCE OF THE STATE AND ITS NATIONAL INSTITUTIONS, WE SEEK TO INSTILL IN OUR STUDENTS AN ATTACHMENT TO THE STATE OF ISRAEL AND ITS PEOPLE AS WELL AS A SENSE OF RESPONSIBILITY FOR THEIR WELFARE. MOREOVER, STUDENTS ARE EXPECTED TO BE LOYAL, LAW ABIDING CITIZENS OF THE UNITED STATES OF AMERICA. OUR COMMITMENT TO TORAH U'MADDA REQUIRES STUDENTS TO PURSUE ALL ACADEMIC STUDIES WITH THE INTENT OF BECOMING MORE UNDERSTANDING OF THE WORLD AND ITS MYSTERIES, TO WORK HARD AT PERSONAL ACADEMIC ACHIEVEMENT AND TO MAXIMIZE INTELLECTUAL POTENTIAL. IT IS OUR HOPE THAT EACH STUDENT WILL SEEK TO ENRICH THE HIGH SCHOOL EXPERIENCE BY INVOLVEMENT IN CO-CURRICULAR ACTIVITIES BOTH AT SCHOOL AND THROUGH COMMUNAL PARTICIPATION. THE PROGRAMS, BOTH ACADEMIC AND EXTRACURRICULAR, REFLECT THE PRIMACY OF TORAH, AS WELL AS THE IMPORTANCE OF SECULAR STUDIES, AND STRIVE TO ENABLE OUR STUDENTS TO GAIN ACCEPTANCE TO THE BEST UNIVERSITIES. BOARD REVIEW OF FORM 990 FORM 990, PART VI, SECTION A, LINE 11A THE YESHIVA UNIVERSITY HIGH SCHOOLS' FORM 990 WAS REVIEWED AND SIGNED BY AN INDEPENDENT ACCOUNTING FIRM BASED ON A DRAFT RETURN PREPARED BY THE HIGH SCHOOLS' FINANCE STAFF AND DIRECTOR OF TAX. THE DRAFT RETURN WAS REVIEWED BY THE HIGH SCHOOLS' VICE PRESIDENT, CHIEF FINANCIAL OFFICER AND GENERAL COUNSEL. THE FINAL VERSION OF THE FORM 990 WAS MADE AVAILABLE TO THE BOARD OF TRUSTEES VIA A SECURE WEB SITE PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. THE FORM 990, AS FILED, IS MADE AVAILABLE TO THE PUBLIC IN ACCORDANCE WITH INTERNAL REVENUE SERVICE RULES AND REGULATIONS. CONFLICT OF INTEREST POLICY FORM 990, PART VI, SECTION B, LINE 12C THE OFFICERS AND BOARD MEMBERS OF THE YESHIVA UNIVERSITY HIGH SCHOOLS ARE SUBJECT TO THE FOLLOWING CONFLICT OF INTEREST POLICY AND PROCEDURES: THE POLICY APPLIES TO ALL MEMBERS OF THE HIGH SCHOOLS' BOARD OF TRUSTEES AND BOARD COMMITTEES, OFFICERS AND KEY EMPLOYEES OF THE HIGH SCHOOL AND SELECT EMPLOYEES AS DESIGNATED BY THE GENERAL COUNSEL (COLLECTIVELY, THE "COVERED PERSONS"). THE POLICY PROVIDES THAT COVERED PERSONS ARE TO ACT AT ALL TIMES IN A MANNER CONSISTENT WITH THEIR RESPONSIBILITIES TO THE HIGH SCHOOL AND AVOID CIRCUMSTANCES IN WHICH THEIR FINANCIAL OR OTHER TIES TO OUTSIDE ENTITIES COULD PRESENT AN ACTUAL, POTENTIAL OR APPARENT CONFLICT OF INTEREST OR IMPAIR THE HIGH SCHOOLS' REPUTATION. FURTHER, ALL COVERED PERSONS ARE NOT TO ENGAGE IN BUSINESS WITH THE HIGH SCHOOL. IN THE CASE OF A RARE EXCEPTION, A CONFLICT WAIVER COMMITTEE HAS BEEN ESTABLISHED TO REVIEW THE FACTS AND, IF IT IS IN THE HIGH SCHOOLS' BEST INTERESTS, APPROVE SUCH EXCEPTIONS. CONFLICT WAIVER REQUESTS CONSIDERED BY THE COMMITTEE, WHETHER OR NOT APPROVED, ARE REPORTED TO THE BOARD OF TRUSTEES. QUESTIONS AS TO WHETHER A TRANSACTION CONSTITUTES AN INTERESTED TRANSACTION WITH RESPECT TO COVERED PERSONS ARE RESOLVED BY THE CONFLICTS WAIVER COMMITTEE AND THE PRESIDENT IN CONSULTATION WITH THE GENERAL COUNSEL. COVERED PERSONS ARE REQUIRED TO COMPLETE, SIGN AND SUBMIT TO THE GENERAL COUNSEL AN ANNUAL DISCLOSURE STATEMENT; TO PROMPTLY NOTIFY THE GENERAL COUNSEL OF ANY CHANGE IN THE INFORMATION PREVIOUSLY REPORTED ON SUCH PERSON'S DISCLOSURE STATEMENT; AND TO FURNISH SUPPLEMENTAL INFORMATION AND/OR CONFIRM THE CONTINUED ACCURACY OF THE CURRENT DISCLOSURE STATEMENT, IF REQUESTED BY THE GENERAL COUNSEL. IN ADDITION, A COVERED PERSON WHO BELIEVES A CURRENT, PENDING OR PROPOSED TRANSACTION WOULD CONSTITUTE AN "INTERESTED TRANSACTION" OR OTHERWISE CONSTITUTE AN ACTUAL, POTENTIAL OR APPARENT CONFLICT OF INTEREST, IS REQUIRED TO PROMPTLY DISCLOSE TO THE GENERAL COUNSEL AND TO THE CHAIR OF EACH BOARD AND COMMITTEE OF WHICH THE COVERED PERSON IS A MEMBER, THE EXISTENCE OF THE CONFLICT (OR APPEARANCE OF CONFLICT) AND OTHER MATERIAL INFORMATION THAT THE COVERED PERSON MAY HAVE REGARDING THE TRANSACTION. NEW COVERED PERSONS ARE PROVIDED WITH A COPY OF THE CONFLICT OF INTEREST POLICY AND DISCLOSURE STATEMENT. THE DETAILS OF THE POLICY AND ITS REQUIREMENTS ARE REVIEWED WITH THEM. THE GENERAL COUNSEL MAINTAINS A DATABASE OF INTERESTS OF COVERED PERSONS AND A SYSTEM FOR MONITORING CURRENT, PENDING AND PROPOSED TRANSACTIONS FOR POTENTIAL INTERESTED TRANSACTIONS BASED ON THE DISCLOSURES MADE IN EACH COVERED PERSON'S ANNUAL DISCLOSURE STATEMENT AND ANY PERIODIC UPDATES SUBMITTED PURSUANT TO THE POLICY. IN ADDITION TO THE CONFLICT OF INTEREST POLICY ABOVE FOR COVERED PERSONS, HIGH SCHOOL EMPLOYEES ARE ALSO SUBJECT TO ADDITIONAL CONFLICT OF INTEREST REPORTING REQUIREMENTS AS SET FORTH IN THE EMPLOYEE HANDBOOK. COMPENSATION REVIEW FORM 990, PART VI, SECTION B, LINE 15A AND 15B THE COMPENSATION OF ALL EMPLOYEES EARNING IN EXCESS OF A SPECIFIED THRESHOLD SALARY LEVEL, AS WELL AS ALL OF THE HIGH SCHOOLS' OFFICERS AND KEY EMPLOYEES, IS REVIEWED ANNUALLY BY YESHIVA UNIVERSITY'S AND THE HIGH SCHOOLS' COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES. THE INDEPENDENT MEMBERS OF THE COMMITTEE CONDUCT A DETAILED REVIEW AND APPROVAL OF SUCH COMPENSATION UTILIZING COMPARABILITY DATA FROM THIRD PARTY SALARY SURVEYS, FORM 990 SALARY DISCLOSURES FROM OTHER ORGANIZATIONS, AND/OR COMPENSATION STUDIES PREPARED BY AN INDEPENDENT THIRD PARTY CONSULTING FIRM. CONTEMPORANEOUS DOCUMENTATION OF THE COMMITTEE'S DELIBERATION AND DECISIONS ARE MADE A PART OF THE COMMITTEE'S WRITTEN MINUTES. PUBLIC DISCLOSURE FORM 990, PART VI, SECTION C, LINE 19 THE HIGH SCHOOLS DOES NOT CURRENTLY MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY OR AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. THE HIGH SCHOOLS DOES MAKE ITS FORM 990 AND 990-T AVAILABLE TO THE PUBLIC IN ACCORDANCE WITH INTERNAL REVENUE SERVICE RULES AND REGULATIONS. BOARD - OFFICER RELATIONSHIPS FORM 990, PART VI, LINE 2 ANDREW LAUER (OFFICER) AND HARVEY WRUBEL (TRUSTEE) HAVE A FAMILY RELATIONSHIP. MIRIAM GOLDBERG (TRUSTEE) AND ALAN GOLDBERG (TRUSTEE) HAVE A FAMILY RELATIONSHIP. VOLUNTEERS FORM 990, PART I, LINE 6 IN ADDITION TO THE BOARD MEMBERS WHO SERVE WITHOUT COMPENSATION, THE HIGH SCHOOLS UTILIZES MANY VOLUNTEERS IN THE CONDUCT OF ITS ACTIVITIES, HOWEVER, IT DOES NOT TRACK THE NUMBER OF THESE ADDITIONAL VOLUNTEERS. FORM 990, PART XI - OTHER CHANGES IN NET ASSETS FORM 990, PART XI, LINE 5 FORGIVENESS OF DEBT - $4,234,820 CHANGE IN UNREALIZED VALUE OF TRUST $ (11,560) UNREALIZED LOSSES $ (400,216) TOTAL $3,823,044 AVERAGE HOURS PER WEEK FORM 990 PART VII THE AVERAGE HOURS PER WEEK LISTED FOR THE KEY EMPLOYEES AND HIGHEST PAID EMPLOYEES REPRESENT THE HIGH SCHOOLS' OFFICIAL WORK WEEK. HOWEVER, IN PRACTICE, SUCH INDIVIDUALS WORK SIGNIFICANTLY MORE HOURS PER WEEK AND ARE EXPECTED TO BE AVAILABLE FOR HIGH SCHOOLS BUSINESS AT ALL TIMES OTHER THAN THE SABBATH AND JEWISH HOLIDAYS. CHARITABLE REMAINDER TRUST - 1 FUNDRAISING NY NA T 0 0 0.00000