2012-11-08T09:33:46-06:00 2012-06-30 061009205 BLUM SHAPIRO & COMPANY PC 1001 HINGHAM STREET ROCKLAND MA 02370 990 2011-07-01 042108347 BELMONT DAY SCHOOL INC BELM 6174843078 55 DAY SCHOOL LANE BELMONT MA 02478 ANNETTE RAPHEL 6174843078 2012-11-05 1 MICHELLE Y HATCH P01222458 7819821001 2012-11-05 2011 2016-02-24 21:20:13Z ANNETTE RAPHEL 55 DAY SCHOOL LANE BELMONT MA 02478 10029709 0 X BELMONTDAY.ORG X 1927 MA SCHEDULE O 29 26 221 75 0 0 1010974 642192 8855104 9091890 199026 225710 -49363 23317 10015741 9983109 860479 899675 0 0 5931169 6075194 0 0 264195 2955666 2852386 9747314 9827255 268427 155854 32633727 31506992 15588772 14981098 17044955 16525894 X SEE SCHEDULE O 0 0 7165666 830005 7432335 WINTER SESSION - THE SCHOOL EDUCATES APPROXIMATELY 273 CHILDREN FROM PRE-KINDERGARTEN THROUGH THE EIGHTH GRADE. ITS CURRICULUM INCLUDES READING, WRITING, MATHEMATICS, SCIENCE, ART, MUSIC, FRENCH, SPANISH, AND PHYSICAL EDUCATION. 777733 6530 1338776 SUMMER SESSION - THE SCHOOL OPERATES A SUMMER SESSION AND SWIM AND TENNIS CLUB DURING THE VARIOUS WEEKS OF THE SUMMER. APPROXIMATELY 674 CHILDREN ATTEND SUMMER SESSION. 278585 63140 344096 THE EXTERNAL PROGRAMS PROVIDE APPROXIMATELY 118 CHILDREN WITH A SAFE, STRUCTURED ENVIRONMENT AFTER THE SCHOOL DAY, WITH PROGRAMS THAT SUPPORT AND CHALLENGE THE INTELLECTUAL, SOCIAL, EMOTIONAL, CREATIVE AND PHYSICAL GROWTH OF EACH CHILD. 8221984 1 1 0 0 0 0 1 0 0 1 1 1 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 62 0 221 1 0 0 0 0 0 0 0 0 0 0 X 29 26 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 0 1 1 0 MA X LUCILLE KOOYOOMJIAN 6174843078 BELMONT DAY SCHOOL 55 DAY SCHOOL BELMONT MA 02478 ERICA CARERE 1.00 X 0 0 0 DIANA CHIGAS 1.00 X 0 0 0 JENNIFER JONES CLARK 1.00 X 0 0 0 STACIE CLAYTON 1.00 X 0 0 0 CONNAUGHT COLBERT 1.00 X 0 0 0 ANDREW COMPAINE 1.00 X 0 0 0 STEPHEN DADAGIAN 1.00 X 0 0 0 MARK DOLNY 1.00 X 0 0 0 BRUCE DONALD 1.00 X 0 0 0 EDWARD FOLEY 1.00 X 0 0 0 LESLIE JENG 1.00 X 0 0 0 MARGARET RAMSEY MCCLUSKEY 1.00 X 0 0 0 WILLIAM PAINE 1.00 X 0 0 0 SUSAN LOCONTO PENTA 1.00 X 0 0 0 CHARLES STYRON 1.00 X 0 0 0 ANDREA SUSSMAN 1.00 X 0 0 0 CAROLINE THIES 1.00 X 0 0 0 RICHARD THOMPSON 1.00 X 0 0 0 ELSPETH MCCANN 1.00 X 0 0 0 THOMAS HANCOCK 1.00 X 0 0 0 BRIT DEWEY 1.00 X 0 0 0 KRISTEN LEWIS 1.00 X 0 0 0 LANA HOLMAN 40.00 X 70260 0 5574 BETTY CHU PRYOR 40.00 X 70753 0 5016 MARGARET WADE 1.00 X X 0 0 0 KAREN LIESCHING 1.00 X X 0 0 0 NICHOLAS NOMICOS 1.00 X X 0 0 0 LUIS VICEIRA 1.00 X X 0 0 0 ANNETTE RAPHEL 40.00 X X 151860 0 8633 LUCILLE R KOOYOOMJIAN 40.00 X 132890 0 17403 LENESA LEANA 40.00 X 162172 0 17444 587935 0 54070 3 1 1 0 KENNETH VONA CONSTRUCTION 11 FOX ROAD WALTHAM MA 02451 CONSTRUCTION SERVICES 162061 SANTORO ASSOCIATES 151 LANCASTER TERRACE BROOKLINE MA 02446 CONSULTANTS 127188 PREFERRED CONTRACTORS 223 CENTER STREET PEMBROKE MA 02359 HVAC HEATING PLANT INSTALLATION 107404 3 642192 31200 642192 TUITION & FEES-WINTER 611600 7367018 7367018 TUITION & FEES-SUMMER 611600 1338776 1338776 TUITION & FEES-EXT. PR 611600 280300 280300 TUITION & FEES-OTHER P 611600 105796 105796 9091890 203441 203441 68869 46600 22269 22269 22269 MISCELLANEOUS 611600 23317 23317 23317 9983109 9115207 0 225710 899675 899675 635058 150474 468506 16078 4442276 3863030 393100 186146 196521 168511 20926 7084 432824 404190 23775 4859 368515 294976 58627 14912 26325 26325 31300 31300 11432 11432 68347 66772 1575 58165 24164 25889 8112 387299 349314 13039 24946 111085 111085 403297 400639 2096 562 56512 56512 424829 422029 2208 592 648477 644203 3370 904 80595 1860 78735 FOOD & KITCHEN 178696 178696 MISCELLANEOUS 129289 66394 62895 PRINTING & PUBLICATIONS 124835 15540 109295 ATHLETICS 50285 50285 61618 53635 7983 9827255 8221984 1341076 264195 602376 3142047 3786870 2614082 1091987 1016995 35836 15667 219570 351362 21863113 7648346 14292198 14214767 5738919 6939190 6763251 3094144 102720 118738 32633727 31506992 689139 791749 3959253 3587166 10940380 10602183 15588772 14981098 X 11152789 10921574 2338247 1998870 3553919 3605450 17044955 16525894 32633727 31506992 X 155854 -674915 X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 1 0 0.00 0 12693980 534508 -540958 477035 12210495 9080529 2214547 1812904 414000 12693980 7872588 457009 895977 145045 9080529 7905268 1414788 -1236788 210680 7872588 0.65680 0.29140 0.05180 0 0 1117580 1117580 17468010 5614556 11853454 1975497 1487127 488370 1302026 546663 755363 14214767 COMMONFUND INVESTMENTS 2329458 F NYES LEDGE CAPITAL OFFSHORE FUND 764686 F 3094144 9983109 9827255 155854 -741361 66446 -674915 -519061 9150179 -810661 -810661 9960840 22269 22269 9983109 9669240 753092 753092 8916148 11432 899675 911107 9827255 DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS: PART II, LINE 9: THE SCHOOL PURCHASED A PARCEL OF LAND ON MARCH 28, 2001, WHICH IS SUBJECT TO A CONSERVATION EASEMENT REQUIRING THAT IT BE PRESERVED AS OPEN SPACE. THIS PARCEL IS INCLUDED IN PROPERTY AND EQUIPMENT ON THE STATEMENT OF FINANCIAL POSITION AND THE SCHOOL'S MANAGEMENT AND BUILDINGS AND GROUNDS STAFF IS AWARE OF THE PRESERVATION REQUIREMENT AND ENSURES IT IS FOLLOWED. THE LAND IS ADJACENT TO THE SCHOOL GROUNDS AND HAS BEEN USED AS A PLAYING FIELD FOR PHYSICAL EDUCATION AND ATHLETIC PROGRAMS. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE SCHOOL'S ENDOWMENT INCLUDES BOTH DONOR AND BOARD-RESTRICTED FUNDS. THESE AMOUNTS ARE HELD IN VARIOUS INVESTMENT VEHICLES SO THAT THE RELATED INCOME CAN BE USED TO PROVIDE FINANCIAL AID TO FAMILIES AND TO FUND VARIOUS PROGRAMS. PART XI, LINE 8 - OTHER ADJUSTMENTS: LOSS ON DONATION RECEIVABLE -34,000. CHANGE IN SPLIT INTEREST AGREEMENT 117,425. LOSS ON FIXED ASSET DISPOSAL -16,979. TOTAL TO SCHEDULE D, PART XI, LINE 8: 66,446. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -899,675. CHANGE IN SPLIT INTEREST AGREEMENT 117,425. INVESTMENT FEES -11,432. LOSS ON FIXED ASSET DISPOSAL -16,979. PART XII, LINE 4B - OTHER ADJUSTMENTS: REALIZED GAINS 22,269. PART XIII, LINE 2D - OTHER ADJUSTMENTS: REALIZED GAINS -22,269. UNREALIZED LOSSES 741,361. LOSS ON CONTRIBUTION RECEIVABLE 34,000. PART XIII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 899,675. 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 APPEARS IN NEWSPAPER WITH LARGEST CIRCULATION IN THE AREA 1 FINANCIAL AID 53 899675 FAMILIES WISHING TO APPLY FOR FINANCIAL AID MUST FIRST SUBMIT A LETTER OF INTENT TO APPLY FOR AID TO THE SCHOOL. THE SCHOOL THEN PROVIDES THESE FAMILIES WITH AN APPLICATION WHICH IS COMPLETED AND SENT TO AN INDEPENDENT THIRD PARTY WHO COMPILES STATISTICAL ANALYSIS THE SCHOOL CAN USE TO DETERMINE AWARDS. THE ANALYSIS ALONG WITH RECENT TAX DOCUMENTS WHICH THE FAMILIES ARE REQUIRED TO SUBMIT DIRECTLY TO THE SCHOOL ARE REVIEWED BY THE SCHOOL'S FINANCIAL AID COMMITTEE. THE COMMITTEE DETERMINES WHICH FAMILES QUALIFY FOR AWARDS AND THE AMOUNT OF EACH AWARD. THE SCHOOL'S BUSINESS OFFICE PERSONNEL ENSURE THE AWARDS ARE PROPERLY APPLIED TO THE RECIPIENTS' TUITION ACCOUNT AND THE BUSINESS MANAGER MONITORS ALL STUDENT ACCOUNT ACTIVITY. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 ANNETTE RAPHEL 151860 0 0 0 0 0 7500 0 1133 0 160493 0 0 0 LUCILLE R KOOYOOMJIAN 132890 0 0 0 0 0 7207 0 10196 0 150293 0 0 0 LENESA LEANA 162172 0 0 0 0 0 8144 0 9300 0 179616 0 0 0 PART I, LINE 1A THE HEAD OF SCHOOL, IN ACCORDANCE WITH HER EMPLOYMENT CONTRACT, HAS AN AUTOMOBILE ALLOWANCE, WHICH IS INCLUDED IN HER W-2 COMPENSATION. THE FORMER HEAD OF SCHOOL RECEIVED A MONTHLY HOUSING ALLOWANCE AND USE OF A SCHOOL LEASED AUTOMOBILE IN ACCORDANCE WITH HER EMPLOYMENT CONTRACT. ANY PERSONAL USE OF THE VEHICLE WAS DOCUMENTED AND REPORTED AS TAXABLE INCOME TO THE FORMER HEAD OF SCHOOL. MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043438140 2011-05-03 11000000 TO PAY OFF 2001 BONDS AND VARIOUS SCHOOL PROJECTS, INCLUDING AN HVAC SYSTEM. 0 0 0 397817 11000000 1324160 103820 341473 9230547 1 0 0 1 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 0 SCHEDULE K, PART V: PROCEDURES TO UNDERTAKE CORRECTIVE ACTION A WRITTEN MEMO ON PROCEDURES REGARDING POST ISSUANCE COMPLIANCE ISSUES, WHICH INCLUDES THE AWARENESS OF CORRECTION THROUGH THE USE OF THE VOLUNTARY CLOSING AGREEMENT PROGRAM IF SELF-REMEDIATION IS NOT AVAILABLE, WAS NOT IN PLACE AS OF JUNE 30, 2012. HOWEVER, A WRITTEN MEMO WAS DRAFTED AND EFFECTIVELY IN PLACE AS OF OCTOBER 3, 2012 FOR THE JUNE 30, 2013 FISCAL YEAR. DISCLOSURE NOT REQUIRED SEE PART V 48700 NEED BASED ASSIST. SEE PART V PART III COLUMN B GRANTS OR ASSISTANCE BENEFITING INTERESTED PERSONS ON OCCASION, THE SCHOOL HAS OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES OR SUBSTANTIAL CONTRIBUTORS WHO ARE AWARDED A GRANT OR OTHER ASSISTANCE (FINANCIAL AID). THESE INDIVIDUALS ARE REQUIRED TO FOLLOW THE SAME PROCEDURES AS ALL OTHER FAMILIES AT THE SCHOOL WHEN APPLYING FOR A GRANT OR OTHER ASSISTANCE (SEE THE PROCESS STATEMENT ON SCHEDULE I, PART IV). PART III COLUMN C GRANTS OR ASSISTANCE BENEFITING INTERESTED PERSONS AMOUNT OF GRANTS BENEFITING INTERESTED PERSONS REPRESENTS 5.4% OF TOTAL GRANTS AWARDED FOR THE YEAR. X 5 31200 FMV AT DONATION 0 0 1 0 ORGANIZATION'S MISSION OR MOST SIGNIFICANT ACTIVITIES FORM 990, PART I, LINE 1: BELMONT DAY SCHOOL WAS FOUNDED IN 1927 BY A GROUP OF PARENTS COMMITTED TO PROVIDING CHILDREN WITH A STRONG ACADEMIC FOUNDATION AND MANY OPPORTUNITIES FOR CREATIVE EXPRESSION. TODAY, AS THEN, THE SCHOOL'S PROGRAM GUIDES AND CHALLENGES THE INTELLECTUAL, SOCIAL, EMOTIONAL, MORAL, ARTISTIC, AND PHYSICAL GROWTH OF EACH CHILD. BELMONT DAY SCHOOL STRIVES TO BE A DIVERSE COMMUNITY DEDICATED TO ACADEMIC EXCELLENCE AND INTELLECTUAL DISCIPLINE WHERE STUDENTS FEEL SECURE, EXPERIENCE THE JOYS OF LEARNING, AND KNOW THEIR ACCOMPLISHMENTS ARE VALUED. AT BELMONT DAY SCHOOL WE VIEW EDUCATION AS A PROCESS BY WHICH CHILDREN BECOME SELF-MOTIVATED, LIFE-LONG LEARNERS WHO TAKE RESPONSIBILITY FOR THEMSELVES, EACH OTHER AND THE WORLD AROUND THEM. THE CURRICULUM IS DYNAMIC AND RIGOROUS AND REFLECTS AN UNDERSTANDING OF THE MANY WAYS CHILDREN DEVELOP AND LEARN. IN EVERY GRADE, NEW CONCEPTS ARE INTRODUCED, REINFORCED AND MASTERED THROUGH A RANGE OF CONCRETE EXPERIENCES AND OPPORTUNITIES THAT DEVELOP ABSTRACT REASONING. TEACHERS GUIDE AND INSTRUCT STUDENTS INDIVIDUALLY AND IN SMALL GROUPS WHILE PROVIDING TIME FOR STUDENTS TO LEARN FROM ONE ANOTHER. THE FACULTY PURSUES ONGOING PROFESSIONAL DEVELOPMENT, AND REGULARLY EVALUATES CURRICULUM IN LIGHT OF THE BEST EDUCATIONAL THEORY AND PRACTICE. THE SCHOOL AND ALL ITS MEMBERS COMMIT TO AND PRACTICE SIX CORE VALUES: RESPECT, HONESTY, RESPONSIBILITY, CARING, JOY AND EXCELLENCE. FACULTY, STUDENTS, PARENTS AND ADMINISTRATORS INTEGRATE THESE VALUES INTO CURRICULAR CHOICES, WORKING RELATIONSHIPS, COMMUNITY SERVICE AND ALL OTHER ASPECTS OF SCHOOL LIFE. IT IS THIS VISION OF EDUCATION THAT GUIDES THE SCHOOL NOW AND HAS CHARACTERIZED THE SCHOOL SINCE ITS FOUNDING. ORGANIZATION'S MISSION FORM 990, PART III, LINE 1: BELMONT DAY SCHOOL WAS FOUNDED IN 1927 BY A GROUP OF PARENTS COMMITTED TO PROVIDING CHILDREN WITH A STRONG ACADEMIC FOUNDATION AND MANY OPPORTUNITIES FOR CREATIVE EXPRESSION. TODAY, AS THEN, THE SCHOOL'S PROGRAM GUIDES AND CHALLENGES THE INTELLECTUAL, SOCIAL, EMOTIONAL, MORAL, ARTISTIC, AND PHYSICAL GROWTH OF EACH CHILD. BELMONT DAY SCHOOL STRIVES TO BE A DIVERSE COMMUNITY DEDICATED TO ACADEMIC EXCELLENCE AND INTELLECTUAL DISCIPLINE WHERE STUDENTS FEEL SECURE, EXPERIENCE THE JOYS OF LEARNING, AND KNOW THEIR ACCOMPLISHMENTS ARE VALUED. AT BELMONT DAY SCHOOL WE VIEW EDUCATION AS A PROCESS BY WHICH CHILDREN BECOME SELF-MOTIVATED, LIFE-LONG LEARNERS WHO TAKE RESPONSIBILITY FOR THEMSELVES, EACH OTHER AND THE WORLD AROUND THEM. THE CURRICULUM IS DYNAMIC AND RIGOROUS AND REFLECTS AN UNDERSTANDING OF THE MANY WAYS CHILDREN DEVELOP AND LEARN. IN EVERY GRADE, NEW CONCEPTS ARE INTRODUCED, REINFORCED AND MASTERED THROUGH A RANGE OF CONCRETE EXPERIENCES AND OPPORTUNITIES THAT DEVELOP ABSTRACT REASONING. TEACHERS GUIDE AND INSTRUCT STUDENTS INDIVIDUALLY AND IN SMALL GROUPS WHILE PROVIDING TIME FOR STUDENTS TO LEARN FROM ONE ANOTHER. THE FACULTY PURSUES ONGOING PROFESSIONAL DEVELOPMENT, AND REGULARLY EVALUATES CURRICULUM IN LIGHT OF THE BEST EDUCATIONAL THEORY AND PRACTICE. THE SCHOOL AND ALL ITS MEMBERS COMMIT TO AND PRACTICE SIX CORE VALUES: RESPECT, HONESTY, RESPONSIBILITY, CARING, JOY AND EXCELLENCE. FACULTY, STUDENTS, PARENTS AND ADMINISTRATORS INTEGRATE THESE VALUES INTO CURRICULAR CHOICES, WORKING RELATIONSHIPS, COMMUNITY SERVICE AND ALL OTHER ASPECTS OF SCHOOL LIFE. IT IS THIS VISION OF EDUCATION THAT GUIDES THE SCHOOL NOW AND HAS CHARACTERIZED THE SCHOOL SINCE ITS FOUNDING. FORM 990, PART VI, SECTION A, LINE 4 THE CHANGES TO THE BY-LAWS OF BELMONT DAY SCHOOL INCLUDE THE FOLLOWING: ARTICLE II, SECTIONS 4 AND 5. CHANGES MADE TO ARTICLE II ARE MINIMAL, MEANT TO UPDATE THE PROVISIONS FOR VOTING BY THE BOARD OF TRUSTEES TO INCLUDE ELECTRONIC MAIL AND OTHER REMOTE ITEMS. ARTICLE III, SECTIONS 1, 2, 5, 7, 8, AND 11. MINOR CHANGES HAVE BEEN MADE TO THIS ARTICLE. LANGUAGE PROVIDING GREATER CLARITY ABOUT THE POWERS AND RESPONSIBILITIES OF THE BOARD OF TRUSTEES HAS BEEN INSERTED IN SECTION 1. IN ADDITION, SECTION 2 HAS BEEN AMENDED TO PROVIDE FOR A "REPRESENTATIVE," RATHER THAN THE PRESIDENT, OF THE ALUMNI AND FRIENDS ASSOCIATION TO SERVE ON THE BOARD. THE LATTER AMENDMENT INCREASES THE OPTIONS FOR THE AFA TO ELECT AN APPROPRIATE REPRESENTATIVE WHO ALSO HAS THE TIME AND IS WILLING TO SERVE ON THE BOARD. ARTICLE IV, SECTIONS 1, 4 AND 5, AND ADDING NEW SECTIONS 6 AND 7. SUBSTANTIAL CHANGES HAVE BEEN MADE TO THE PROVISIONS ON STANDING COMMITTEES OF THE BOARD OF TRUSTEES. MOST OF THE CHANGES DO NOT CHANGE CURRENT PRACTICE, BUT REVISE THE LANGUAGE TO REFLECT THE CURRENT PRACTICE OF THE BOARD. IN THIS REGARD, TWO STANDING COMMITTEES, AUDIT AND COMPENSATION, HAVE BEEN ADDED TO THE BY-LAWS (SECTIONS 6 AND 7). THESE TWO COMMITTEES HAVE ALREADY BEEN OPERATING FOR A NUMBER OF YEARS. THEY ARE IMPORTANT ENOUGH THAT BY-LAW PROVISIONS FORMALIZING BOTH THE PROCESS FOR SELECTION OF COMMITTEE MEMBERS, AND THEIR FUNCTIONS, WERE DEEMED APPROPRIATE. IN ADDITION, THE PROVISIONS REGARDING THE COMMITTEE ON TRUSTEES HAVE BEEN CHANGED SIGNIFICANTLY. IN THE CURRENT BY-LAWS, THERE IS A PROVISION SPECIFYING A NOMINATING COMMITTEE TO FULFILL DUTIES THAT, IN PRACTICE, HAVE ALWAYS BEEN FULFILLED BY THE COMMITTEE ON TRUSTEES. CONSISTENT WITH PEER SCHOOL PRACTICE, BELMONT DAY SCHOOL'S COMMITTEE ON TRUSTEES HAS FULFILLED THE RESPONSIBILITIES OF THE NOMINATING COMMITTEE DESCRIBED IN THE CURRENT BY-LAWS, IN ADDITION TO REVIEWING OVERALL GOVERNANCE ISSUES AND MANAGING THE EVALUATION OF THE HEAD OF SCHOOL AND THE BOARD. THIS PRACTICE HAS BEEN FORMALIZED IN THE AMENDED LANGUAGE, AND BRINGS BDS IN LINE WITH MOST OF OUR PEER SCHOOLS IN THIS REGARD. THE NOMINATING PROCESS HAS ALSO BEEN STREAMLINED AND SIMPLIFIED. THE STREAMLINED PROCESS PROVIDES FOR THE COT TO PRESENT NOMINEES TO THE FULL BOARD OF TRUSTEES FOR APPROVAL, AND FOR THE BOARD IN TURN TO REPORT ITS PROPOSAL OF NOMINEES TO THE CORPORATION MEMBERS AT LEAST 20 DAYS PRIOR TO THE ANNUAL MEETING. NOMINATIONS CONTINUE TO BE SOLICITED FROM THE ENTIRE MEMBERSHIP, AND THE ELECTION OF TRUSTEES STILL TAKES PLACE AT THE ANNUAL MEETING. ARTICLE V, SECTIONS 1, 2, AND 3. THERE HAS BEEN ONE SUBSTANTIAL CHANGE TO THE PROVISIONS OF THE BY-LAWS CONCERNING OFFICERS OF THE CORPORATION IN SECTION 3(D), REGARDING THE RESPONSIBILITIES OF THE TREASURER. THE DESCRIPTION OF THE RESPONSIBILITIES HAS BEEN AMENDED TO REFLECT THE REAL DUTIES OF THE TREASURER OF THE BOARD OF TRUSTEES AND TO AVOID CONFUSION WITH THE RESPONSIBILITIES OF THE BUSINESS MANAGER. IN ADDITION, LANGUAGE HAS BEEN ADDED TO SECTION 2 REGARDING TERMS OF OFFICERS THAT MAKES EXPLICIT THE PRACTICE THAT THE BDS BOARD OF TRUSTEES HAS FOLLOWED FOR MANY YEARS. ARTICLE IX (NEW). FINALLY, A NEW ARTICLE IX CONCERNING CONFLICT OF INTEREST HAS BEEN ADDED TO THE BY-LAWS. BDS HAS A CONFLICT OF INTEREST POLICY, WHICH TRUSTEES AND AD HOC MEMBERS OF BOARD COMMITTEES SIGN EVERY YEAR. THE INCLUSION OF PROVISIONS ON CONFLICT OF INTEREST FORMALIZES THE BASIC ELEMENTS OF THE POLICY. FORM 990, PART VI, SECTION A, LINE 6 THE SCHOOL'S MEMBERS CONSIST OF PARENTS, STEP-PARENTS AND LEGALLY APPOINTED GUARDIANS OF STUDENTS AT THE SCHOOL, ELECTED TRUSTEES WHO ARE NOT OTHERWISE MEMBERS AND CERTAIN OTHER PERSONS AS DEFINED IN THE SCHOOL'S BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS (SEE SCHEDULE O RESPONSE TO FORM 990, PART VI, SECTION A, LINE 6) CAN ELECT, REMOVE AND SUSPEND TRUSTEES. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS MUST APPROVE ANY CHANGES THAT ARE MADE TO THE ORGANIZATION'S BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11 THE FORM 990 AND ALL REQUIRED SCHEDULES WERE REVIEWED COMPLETELY BY THE AUDIT COMMITTEE OF THE BOARD, THE DIRECTOR OF FINANCE AND OPERATIONS, AND THE HEAD OF SCHOOL PRIOR TO ITS FILING. THE FINAL FORM 990 WAS FILED IN THE OFFICE OF THE DIRECTOR OF FINANCE AND OPERATIONS SUBSEQUENT TO ITS FILING WITH THE IRS AND IS AVAILABLE FOR ALL MEMBERS OF THE BOARD OF TRUSTEES TO REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL'S CONFLICT OF INTEREST POLICY SPECIFICALLY COVERS ALL MEMBERS OF THE BOARD OF TRUSTEES. THE BOARD ALSO REQUIRES THE DIRECTOR OF FINANCE AND OPERATIONS TO BE COVERED BY THE POLICY. ON AN ANNUAL BASIS THESE INDIVIDUALS MUST REVIEW THE POLICY AND DISCLOSE ANY POTENTIAL CONFLICTS. IN ADDITION, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, THE COMMITTEE ON TRUSTEES, THE FINANCE COMMITTEE, AND THE BOARD OF TRUSTEES AS A WHOLE REVIEW EVERY SUBSTANTIVE TRANSACTION THAT MIGHT GIVE RISE TO A REAL OR PERCEIVED CONFLICT IN ACCORDANCE WITH THE CONFLICT OF INTEREST POLICY. IF A CONFLICT IS DETERMINED TO EXIST, AT ANY BOARD MEETING IN WHICH A PROPOSED TRANSACTION OR DECISION INVOLVING A CONFLICT IS CONSIDERED, THE INDIVIDUAL WITH A PERSONAL INTEREST SHALL MAKE A FULL STATEMENT OF FACTS REGARDING THE MATTER AND THE SCOPE OF HIS OR HER INTEREST, WHICH DISCLOSURE SHALL BE MADE IN THE MINUTES OF THE MEETING. THE INDIVIDUAL SHALL THEN RECUSE HIMSELF OR HERSELF FROM THE BOARD'S DELIBERATIONS AND VOTING ON THE PROPOSED TRANSACTION OR DECISION. FORM 990, PART VI, SECTION B, LINE 15 TO DETERMINE COMPENSATION FOR THE HEAD OF SCHOOL AND DIRECTOR OF FINANCE AND OPERATIONS, THE SCHOOL FOLLOWS THE GUIDELINES FOR THE REBUTTABLE PRESUMPTION OF REASONABLENESS AS SET FORTH IN THE GENERAL INSTRUCTIONS OF THE 990. THESE GUIDELINES WERE MOST RECENTLY FOLLOWED TO ESTABLISH THE COMPENSATION FOR BOTH THE HEAD OF SCHOOL AND THE DIRECTOR OF FINANCE AND OPERATIONS FOR FISCAL 2012. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND OUR AUDITED FINANCIAL STATEMENTS ARE AVAILABLE IN THE OFFICE OF THE DIRECTOR OF FINANCE AND OPERATIONS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -741,361. LOSS ON DONATION RECEIVABLE -34,000. CHANGE IN SPLIT INTEREST AGREEMENT 117,425. LOSS ON FIXED ASSET DISPOSAL -16,979. TOTAL TO FORM 990, PART XI, LINE 5: -674,915. DOCUMENT RETENTION AND DESTRUCTION POLICY FORM 990, PART VI, LINE 14: THE SCHOOL DID NOT HAVE A FORMAL DOCUMENT RETENTION AND DESTRUCTION POLICY FOR FISCAL YEAR 2012. THE SCHOOL RETAINED ALL FINANCIAL DOCUMENTS FOR SEVEN YEARS AND ALL PERSONNEL AND STUDENT RECORDS FROM THE TIME THEY WERE FIRST FILED IN THE FILE STORAGE ROOM. IN ADDITION, THE SCHOOL'S POLICY WAS THAT NO DOCUMENTS WOULD BE DESTROYED OR FALSIFIED TO PREVENT THEIR USE IN LITIGATION OR OFFICIAL PROCEEDINGS. THE SCHOOL IS CURRENTLY WORKING ON ADOPTING A FORMAL DOCUMENT RENTENTION AND DESTRUCTION POLICY.