2012-03-23T16:31:00-05:00 2011-06-30 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2010-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 ROY S MACDOWELL JR 7812359300 2012-03-17 1 MARK J CONKLIN CPA 6173386800 2012-03-17 2010 2016-02-24 21:20:13Z THOMAS P OLVERSON 333 WINTER STREET WESTON MA 024931040 27742176 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 27 541 474 163497 -78196 10465938 3134836 18676679 19963245 1378159 847479 414999 432619 30935775 24378179 3166582 3756211 0 0 11844019 12333604 20632 16493 1012069 7181392 7493042 22212625 23599350 8723150 778829 59604275 64835057 23364420 26890825 36239855 37944232 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 15437615 3158611 15205600 SCHOOL PROGRAM - THE INSTRUCTION OF 458 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2108338 2133870 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 1003899 1417902 SUMMER CAMP PROGRAMS - THE INSTRUCTION AND SUPERVISION OF 860 TOTAL CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 1650476 1323578 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 1650476 1323578 20200328 1 1 0 0 0 0 0 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 1 0 0 0 0 0 0 0 0 1 85 1 1 541 1 1 1 1 CJ 0 0 0 0 0 0 0 0 X 27 27 0 0 1 0 0 0 0 1 1 0 0 1 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 0 0 0 KAREN L DANIELS 0.80 X 0 0 0 HOWARD G DAVIS 0.50 X 0 0 0 MARIA D FURMAN 0.50 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 PATRICIA A MORDAS 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 0.50 X 0 0 0 MARK S SCHUSTER 0.50 X 0 0 0 STEVEN J SNIDER 1.30 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 14348 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 288084 0 41269 BRUCE T AMSBARY 60.00 X 171344 0 36452 JEAN I MOUZAR 37.50 X 60927 0 14966 JANICE H HICINBOTHEM 55.00 X 158020 0 32899 JAMES M LONG 50.00 X 117126 0 31398 MARIAN F HUPPER 40.00 X 123713 0 75033 PAUL KARASCH 45.00 X 103739 0 27011 JONATHAN D WASSERMAN 50.00 X 103476 0 26472 DAVID J TIERNEY 50.00 X 103015 0 10987 1243792 0 296487 12 0 1 0 BOWDOIN CONSTRUCTION CORPORATION 220-1 RESERVOIR STREET NEEDHAM MA 02494 GENERAL CONTRACTOR 2218211 FLIK INDEPENDENT SCHOOLS BY CHARTWELLS PO BOX 91337 CHICAGO IL 60693 FOOD SERVICE PROVIDER 722671 DARIO DESIGNS INC 29 BARTLETT STREET MARLBORO MA 01752 ARCHITECT 633225 SIGNATURE PRINTING AND CONSULTING 800 W CUMMINGS PARK WOBURN MA 01801 PRINTING 180736 GOLDMAN ENVIRONMENTAL CONSULTANTS INC 60 BROOKS DRIVE BRAINTREE MA 02184 WASTE WATER TREATMENT CONSULTANTS 168930 11 77982 3056854 921327 3134836 TUITION INCOME 900099 15205600 15205600 MUSIC SCHOOL 900099 2133870 2133870 SUMMER CAMPS 900099 1417902 1417902 SCHOOL ACTIVITIES 900099 1205873 1205873 19963245 365090 365090 62146 76016 -13870 -13870 -13870 3381312 2898923 482389 482389 482389 263793 77982 114954 148839 148839 26270 9822 16448 16448 294744 264282 30462 30462 ATHLETIC FACILITY RENT 713990 163497 163497 MISC. INCOME 900099 40504 40504 INSURANCE REFUND 900099 26940 26940 19799 19799 250740 24378179 20080950 163497 998896 3756211 3756211 778932 587536 191396 9461451 8010283 1022243 428925 599612 449709 89942 59961 764675 573506 114701 76468 728934 546701 109340 72893 13813 13813 68150 68150 16493 16493 402 402 47871 46201 1002 668 91476 39940 46211 5325 211711 158783 31757 21171 14560 1261 13299 70124 70124 730766 730766 1649805 1567315 82490 177654 168771 8883 OTHER SCHOOL ACTIVITIES 1014201 1014201 REPAIRS & MAINTENANCE 670207 636697 33510 LUNCH PROGRAM 491622 491622 ATHLETIC DEPT. 425880 425880 DAYCAMP EXPENSES 335384 335384 1479416 1247097 93550 138769 23599350 20200328 2386953 1012069 5810775 6182429 1201555 530591 7766564 6087521 81865 109876 52313 52313 44443 113019 374624 446169 49136878 16611049 27429147 32525829 8413438 11347498 8188104 7057666 241447 382146 59604275 64835057 984451 1597031 6960112 8005008 13270000 12885000 2608023 2149857 1795763 23364420 26890825 X 19405947 23520917 11686770 9050588 5147138 5372727 36239855 37944232 59604275 64835057 X 778829 925548 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 128000 358540 X 0 14061507 275495 509342 243263 14603081 13706575 178465 370575 194108 14061507 14155244 639889 -406083 682475 13706575 0.63210 0.36790 0 0 1294453 1294453 24347731 7244412 17103319 23494694 9366637 14128057 32525829 MONEY MARKET FUNDS 1551182 F FUND OF FUNDS 4502858 F PRIVATE EQUITY FUND 179294 F CERTIFICATES OF DEPOSIT 824332 F 7057666 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 1795763 1795763 24378179 23599350 778829 1435688 -510140 925548 1704377 22499984 1435688 25190 417540 1878418 20621566 402 3756211 3756613 24378179 20285467 25190 417540 442730 19842737 402 3756211 3756613 23599350 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 354,094. LOSS ON DISPOSAL OF BUILDING -864,234. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 76,016. COGS REPORTED ON PART VIII LINE 10B 264,282. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 77,242. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 3,756,211. PART XIII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 76,016. COGS REPORTED ON PART VIII LINE 10B 264,282. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 77,242. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 3,756,211. 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 5, 2010. 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 882037 16493 865544 882037 16493 865544 MA PARENT LEAGUE AUCTION 165501 24636 140865 6398 16858 GOLF TOURNAMENT 111200 52885 58315 6092 17561 2628 4 65074 461 64613 3652 13581 12842 35342 341775 77982 263793 6092 3652 37540 12842 54828 114954 148839 26270 8480 1342 0 26270 8480 1342 9822 16448 MA 1 0 1 0 1.00000 BRUCE T AMSBARY 333 WINTER STREET WESTON MA 02493 0 BRUCE T AMSBARY 0 BOOKKEEPING AND TAX FILINGS X 0 1 FINANCIAL AID 120 3158611 TUITION REMISSION 18 597600 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 288084 0 0 0 0 0 4490 0 36779 0 329353 0 0 0 BRUCE T AMSBARY 171344 0 0 0 0 0 6490 0 29962 0 207796 0 0 0 JANICE H HICINBOTHEM 158020 0 0 0 0 0 4490 0 28409 0 190919 0 0 0 MARIAN F HUPPER 123713 0 0 0 0 0 0 0 75033 0 198746 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 17 768137 VALUE AT DONATION DATE X FOOD AND BEVERAGE 2 1075 FAIR MARKET VALUE X EVENT SUPPLIES 7 12420 FAIR MARKET VALUE X MUSICAL INSTRUMENT RENTAL 1 695 FAIR MARKET VALUE X SCHOOL EQUIPMENT 1 11000 FAIR MARKET VALUE X DINOSAUR BONE COLLECTION 1 128000 APPRAISAL 1 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 THE SCHOOL'S BY-LAWS HAVE BEEN REVISED AS FOLLOWS: REGULAR MEETINGS OF THE BOARD OF TRUSTEES SHALL BE HELD NO FEWER THAN FOUR TIMES EACH YEAR (INCLUDING THE ANNUAL MEETING) AT SUCH TIME AND PLACE AS THE PRESIDENT OF THE BOARD OF TRUSTEES OR THE BOARD OF TRUSTEES MAY FROM TIME TO TIME PRESCRIBE. THE BOARD OF TRUSTEES MAY TAKE ACTION BASED UPON WRITTEN CONSENT OF THE MAJORITY OF THE MEMBERS OF THE BOARD OF TRUSTEES IN LIEU OF A MEETING OF THE BOARD OF TRUSTEES, EXCEPT AS MAY BE REQUIRED BY LAW, THE RESTATED ARTICLES OF ORGANIZATION OR BY THESE BY-LAWS. WRITTEN CONSENT CAN BE GIVEN IN PERSON, BY MAIL, BY FACSIMILE, OR ANY OTHER ELECTRONIC MEANS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 IS ELECTRONICALLY DISTRIBUTED TO ALL TRUSTEES PRIOR TO THE BOARD OF TRUSTEES MEETING. THE FORM 990 IS APPROVED BY THE TRUSTEES OR RETURNED FOR ADDITIONAL PREPARATION. 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 GAINS ON INVESTMENTS: 1,435,688. CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 354,094. LOSS ON DISPOSAL OF BUILDING -864,234. TOTAL TO FORM 990, PART XI, LINE 5: 925,548. 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 2011, 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 $3,132,714 AS OF JUNE 30, 2011.