2012-05-11T15:41:07-05:00 2011-06-30 BENNETT THRASHER PC 3625 CUMBERLAND BOULEVARD 1000 ATLANTA GA 30339 990 2010-07-01 580619038 THE LOVETT SCHOOL LOVE 4042623032 4075 PACES FERRY ROAD NW ATLANTA GA 303273099 WILLIAM S PEEBLES IV 4042623032 2012-05-04 1 TIFFANY SCALES 7703962200 2012-04-24 2010 2016-02-24 21:20:13Z WILLIAM S PEEBLES IV 45946904 0 X WWW.LOVETT.ORG X 1926 GA THE LOVETT SCHOOL IS A K-12 SCHOOL FOR FAMILIES SEEKING EXCELLENCE IN LEARNING. 30 30 842 1500 0 0 17161037 7838334 32856305 34232225 3025984 1593891 540025 304746 53583351 43969196 2324298 2576489 0 0 27444756 27976369 0 0 2013837 13921810 15252529 43690864 45805387 9892487 -1836191 203349691 198538931 72044543 59092934 131305148 139445997 X THE LOVETT SCHOOL IS AN ATLANTA INDEPENDENT SCHOOL FOR FAMILIES SEEKING EXCELLENCE IN LEARNING, CHARACTER, AND COMMUNITY IN AN ENVIRONMENT THAT DEVELOPS THE WHOLE CHILD. OUR MISSION IS TO PREPARE STUDENTS IN K THROUGH GRADE 12 FOR COLLEGE AND FOR LIFE. WE SUPPORT THIS MISSION THROUGH RIGOROUS ACADEMICS, COMPLEMENTED BY ARTS, ATHLETICS, AND OPPORTUNITIES FOR SERVICE AND FAITH. 0 0 35099718 32841110 THE LOVETT SCHOOL WAS FOUNDED IN 1926 BY EVA EDWARDS LOVETT AND RETAINS HER EMPHASIS ON THE DEVELOPMENT OF THE WHOLE CHILD. LOVETT BELIEVES THAT IT IS THE SCHOOL'S RESPONSIBILITY TO DEVELOP FUNDAMENTAL SKILLS, A LOVE OF LEARNING, AND THE APPLICATION OF GOOD JUDGMENT TO WHAT IS LEARNED. DISTINCTIVE FEATURES OF THE CURRICULUM INCLUDE EXPERIENTIAL EDUCATION AND INTERDISCIPLINARY STUDIES. COMPREHENSIVE FINE ARTS PROGRAMS ARE OFFERED IN EACH SCHOOL DIVISION AND A FULL ATHLETIC PROGRAM PROVIDES EACH STUDENT AN OPPORTUNITY TO EXPERIENCE THE VALUE OF TEAM EFFORT AND SPORTSMANSHIP. STUDENTS PARTICIPATE IN A VARIETY OF COMMUNITY SERVICE ACTIVITIES, AND NONDENOMINATIONAL CHAPEL SERVICES ARE HELD WEEKLY IN ALL SCHOOL DIVISIONS. LOVETT SEEKS STUDENTS FROM ALL ETHNIC, CULTURAL, RACIAL, AND RELIGIOUS BACKGROUNDS WHO CAN BENEFIT FROM A CHALLENGING ACADEMIC PROGRAM. THE STUDENT BODY IS APPROXIMATELY 1,500. 1775974 1274515 LOVETT OFFERS AFTER-SCHOOL ACTIVITIES, EXTENDED DAY PROGRAMS, SUMMER SCHOOL COURSES, SUMMER CAMPS AND OTHER ENRICHMENT OPPORTUNITIES TO STUDENTS INCLUDING TUTORIAL PROGRAMS IN ALL ACADEMIC SUBJECTS AND THE ARTS. 794122 116600 OTHER UNIQUE PROGRAMS INCLUDE BREAKTHROUGH ATLANTA WHICH IS A SIX-WEEK, ACADEMIC AND LEADERSHIP DEVELOPMENT PROGRAM THAT MATCHES HIGH SCHOOL AND COLLEGE-AGED VOLUNTEERS AND ASPIRING TEACHERS WITH UNDERSERVED MIDDLE SCHOOL STUDENTS FROM ATLANTA'S PUBLIC SCHOOLS. THE PROGRAM TEACHES COLLEGE PREPARATORY AND PERSONAL SKILLS THAT INCREASE THESE STUDENT'S CHANCES OF COLLEGE ADMISSION. AT THE SAME TIME, THE PROGRAM INSPIRES AND NURTURES A FUTURE GENERATION OF YOUNG TEACHERS. LOVETT'S SIEMPRE VERDE IS A PROTECTED PRESERVE OF CLOUD FOREST PROPERTY IN ECUADOR OWNED AND SUPPORTED BY LOVETT TO PROMOTE TROPICAL CONSERVATION EDUCATION. THE EDUCATIONAL INSTITUTION OFFERS STUDENTS AN OPPORTUNITY TO LEARN CONSERVATION METHODS THROUGH RESEARCH AND THE EXCHANGE OF IDEAS. 37669814 1 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 73 0 1 842 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 X 30 30 1 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 GA X ANGIE CARRANO 4042623032 4075 PACES FERRY ROAD NW ATLANTA GA 303273099 PINNEY L ALLEN 0.50 X 0 0 0 BRIAN MJ BOUTTE 0.50 X 0 0 0 GORDON A BUCHMILLER JR 0.50 X 0 0 0 SALLIE ADAMS DANIEL 0.50 X 0 0 0 MARGARET DENNY DOZIER 0.50 X 0 0 0 DEBORAH HARRISON 0.50 X 0 0 0 WILLIAM F HENAGAN 0.50 X 0 0 0 JEFFREY F HINES 0.50 X 0 0 0 JOHN R HOLDER 0.50 X 0 0 0 DABNEY MANN HOLLIS 0.50 X 0 0 0 CLAYTON F JACKSON 0.50 X 0 0 0 DAVID B KAHN 0.50 X 0 0 0 JOHN O KNOX JR 0.50 X 0 0 0 AMY R KREISLER 0.50 X 0 0 0 KATHRYN MCCAIN LEE 0.50 X 0 0 0 ROBERT C LOUDERMILK 0.50 X 0 0 0 JANE KERR MATHEWS 0.50 X 0 0 0 JAMES M MCINTYRE 0.50 X 0 0 0 ELIZABETH D POPE 0.50 X 0 0 0 JEFFREY L PORTMAN 0.50 X 0 0 0 FRANCES G ROGERS 0.50 X 0 0 0 ARTHUR W ROLLINS 0.50 X 0 0 0 LAWRENCE M SCHALL 0.50 X 0 0 0 F BLAIR SCHMIDT-FELLNER 0.50 X 0 0 0 CHRISTIAN B SCHOEN 0.50 X 0 0 0 RICHARD F SMITH 0.50 X 0 0 0 JOHN R WELLS 0.50 X 0 0 0 ELIZABETH B WEST 0.50 X 0 0 0 GERALD J WILKINS 0.50 X 0 0 0 FRANK L WILSON III 0.50 X 0 0 0 DAVID F APPLE JR 0.50 X 0 0 0 CHARLES R ARP 0.50 X 0 0 0 THOMAS A AVERY 0.50 X 0 0 0 C DUNCAN BEARD 0.50 X 0 0 0 AVRIL BECKFORD 0.50 X 0 0 0 J DONALD CHILDRESS 0.50 X 0 0 0 BRADLEY CURREY JR 0.50 X 0 0 0 JOHN M DARDEN III 0.50 X 0 0 0 JOHN M DEBORDE III 0.50 X 0 0 0 RICHARD A DENNY JR 0.50 X 0 0 0 BRUCE L DICK 0.50 X 0 0 0 DANIEL M DUPREE 0.50 X 0 0 0 WILLIAM H FOX 0.50 X 0 0 0 RUSSELL R FRENCH 0.50 X 0 0 0 WILLIAM B FRYER 0.50 X 0 0 0 THOMAS C GALLAGHER 0.50 X 0 0 0 WILLIAM B GEORGE 0.50 X 0 0 0 ROBERT J GLENN 0.50 X 0 0 0 JOHN T GLOVER 0.50 X 0 0 0 JH HILSMAN III 0.50 X 0 0 0 DOROTHY SMITH KNOX HINES 0.50 X 0 0 0 W BARRETT HOWELL 0.50 X 0 0 0 EMILY HUIE 0.50 X 0 0 0 HARRISON JONES II 0.50 X 0 0 0 DONALD R KEOUGH 0.50 X 0 0 0 MICHAEL L KEOUGH 0.50 X 0 0 0 FRANK KINNETT 0.50 X 0 0 0 WILTON D LOONEY 0.50 X 0 0 0 C KNOX MASSEY JR 0.50 X 0 0 0 W HAMPTON MORRIS 0.50 X 0 0 0 CV NALLEY III 0.50 X 0 0 0 ROBERT E PETERSON 0.50 X 0 0 0 MARK C POPE IV 0.50 X 0 0 0 JAN N PORTMAN 0.50 X 0 0 0 ALFRED R ROACH JR 0.50 X 0 0 0 WILLIAM H ROGERS JR 0.50 X 0 0 0 ROBERT E SETTLE 0.50 X 0 0 0 CHARLES U SLICK 0.50 X 0 0 0 RICHARD W SORENSON 0.50 X 0 0 0 JOHN A WILLIAMS 0.50 X 0 0 0 WILLIAM S PEEBLES IV 40.00 X 341248 0 160147 DAVID MERIWETHER JR 40.00 X 199495 0 26764 STEVE ALLEN 40.00 X 162011 0 23715 WILLIAM P DUNKEL 40.00 X 158370 0 24455 ANDREW SPENCER 40.00 X 134087 0 27066 STEVE FRANKS 40.00 X 129708 0 23843 RANDY MURPHY 40.00 X 116795 0 18084 1241714 0 304074 15 0 1 0 BRASFIELD & GORRIE 729 30TH STREET SOUTH BIRMINGHAM AL 35233 CONTRACTOR 8941428 GAY CONSTRUCTION 2907 LOG CABIN DRIVE SMYRNA GA 30080 CONTRACTOR 874607 MANN MECHANICAL 100 PINE STREET AVONDALE ESTATES GA 30002 MECHANICAL CONTRACTOR 393662 HENDERSON ELECTRIC COMPANY 4641 STONEGATE IND BLVD STONE MOUNTAIN GA 300862168 ELECTRICAL CONTRACTOR 265219 MCKENNY'S INC 1056 MORELAND INDUSTRIAL BLVD ATLANTA GA 30316 MECHANICAL CONTRACTOR 260660 10 63960 142860 7631514 1567445 7838334 TUITION 611110 31043818 31043818 FEES 611110 1607612 1607612 PROGRAMS 611110 1400933 1400933 ATHLETICS 611110 179862 179862 34232225 1595978 1595978 103827 171208 -67381 -67381 -67381 2087 -2087 -2087 -2087 264466 142860 285401 -20935 -20935 7990 7990 7990 1754982 1519012 235970 235970 OTHER INCOME 611110 78687 78687 DUES 611110 70415 70415 149102 43969196 34381327 0 1749535 2576489 2576489 690088 690088 21221923 18182810 2058000 981113 1683447 1552543 47131 83773 2803595 2421611 251318 130666 1577316 1336585 169734 70997 18909 18909 68429 68429 157690 157690 642078 35617 578545 27916 81680 1127 52243 28310 1887764 1369845 254160 263759 990845 630435 360410 1375295 1216668 109960 48667 177510 141707 29385 6418 135615 87016 30214 18385 1253440 1115822 92985 44633 6319137 5483356 616447 219334 446549 446549 STUDENT TRIPS/ACTIVITIE 1201662 1201662 MEALS & ENTERTAINMENT 204013 96888 24308 82817 DUES/MEMBERSHIPS 119953 78845 35471 5637 MISCELLANEOUS 105608 74943 29253 1412 TESTING 66352 65845 507 45805387 37669814 6121736 2013837 1741 1740 26375510 8503989 19895881 14939132 162040 184407 64999 49895 62887 39463 330725 284030 940599 749200 145826201 44231386 101946742 101594815 49915521 68280627 972722 1302100 2680324 2609533 203349691 198538931 6574267 6447228 10611098 10230702 50000000 38500000 4859178 3915004 72044543 59092934 X 88915929 95459390 20540547 19923802 21848672 24062805 131305148 139445997 203349691 198538931 X -1836191 9977040 X X 0 1 1 X 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 67736462 10533481 10687030 17803304 95366 71058302 54813003 17252268 4881735 9117057 93488 67736462 58439646 9936493 -9140869 4326388 95879 54813003 0.56000 0.34000 0.10000 0 0 2288512 2288512 107161056 24872344 82288712 23062603 11326155 11736448 6125397 4318045 1807352 7188633 3714842 3473791 101594815 INTEREST RATE SWAP PAYABLE 3915004 3915004 43969196 45805387 -1836191 9219634 757406 9977040 8140849 53704940 9219634 516110 9735744 43969196 0 43969196 45564092 -241295 -241295 45805387 0 45805387 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE PRIMARY FINANCIAL OBJECTIVE OF THE ENDOWMENT IS TO SUPPORT THE CURRENT AND FUTURE OPERATIONS OF THE LOVETT SCHOOL. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE SCHOOL HAS BEEN GRANTED TAX-EXEMPT STATUS UNDER SECTION 501(A)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AS ORGANIZATIONS DESCRIBED IN SECTION 501(C)(3) WHEREBY ONLY UNRELATED BUSINESS INCOME, AS DEFINED BY SECTION 512(A)(1) OF THE CODE, IS SUBJECT TO FEDERAL INCOME TAX. THE SCHOOL HAD NO SIGNIFICANT UNRELATED BUSINESS TAXABLE INCOME DURING 2011 AND 2010; ACCORDINGLY, NO PROVISION OR BENEFIT FOR INCOME TAXES HAS BEEN INCLUDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL ADOPTED THE PROVISIONS OF FASB ASC ON INCOME TAXES. THIS ASC REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A "MORE-LIKELY-THAN-NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE IMPLEMENTATION OF THIS ASC HAD NO IMPACT ON THE SCHOOL'S STATEMENTS OF FINANCIAL POSITION OR STATEMENTS OF ACTIVITIES. THE SCHOOL DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 8 - OTHER ADJUSTMENTS: INCREASE IN ALLOWANCE FOR UNCOLLECTIBLE PLEDGES -168,670. BAD DEBT - TUITION -17,844. UNREALIZED LOSS ON REAL ESTATE -255. GAIN ON SWAP 944,175. PART XII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -2,576,489. RENTAL EXPENSES 171,208. COST OF GOODS SOLD 1,519,012. SPECIAL EVENT EXPENSES 285,401. GAIN ON SWAP 944,174. FOOD SERVICE CROSS CHARGES 92,315. CAPITAL EXPENDITURES 80,489. PART XIII, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -2,576,489. CAPITAL EXPENDITURES 80,489. RENTAL EXPENSES 171,208. COST OF GOODS SOLD 1,519,012. SPECIAL EVENT EXPENSES 285,401. INCREASE IN ALLOWANCE FOR UNCOLLECTIBLE PLEDGES 168,670. BAD DEBT 17,844. UNREALIZED LOSSES - REAL ESTATE 255. FOOD SERVICE CROSS CHARGES 92,315. 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 THE LOVETT SCHOOL'S NONDISCRIMINATORY POLICY IS DISCLOSED IN ALL SCHOOL HANDBOOKS AND POLICY MANUALS, PRINTED MATERIALS PROVIDED TO PROSPECTIVE STUDENTS, FAMILIES AND EMPLOYEES, AND ON THE SCHOOL'S WEBSITE. ANNUALLY THE SCHOOL PUBLISHES AN ADVERTISEMENT IN THE LOCAL NEWSPAPER COMMUNICATING THE POLICY. 1 SOUTH AMERICA 1 1 EDUCATION AND RESEARCH SIEMPRE VERDE PROVIDES TROPICAL CONSERVATION EDUCATION OPPORTUNITIES FOR STUDENTSSIEMPRE VERDE IS A PROTECTED PRESERVE OF CLOUD FOREST PROPERTY IN ECUADOR OWNED AND SUPPORTED BY LOVETT TO PROMOTE TROPICAL CONSERVATION EDUCATION. THE EDUCATIONAL INSTITUTION OFFERS STUDENTS AN OPPORTUNITY TO LEARN CONSERVATION METHODS THROUGH RESEARCH AND THE EXCHANGE OF IDEAS. 199469 CENTRAL AMERICA & THE CARIBBEAN 0 0 PROGRAM SERVICES STUDENT MISSION TRIP 180586 1 1 0 0 1 1 380055 0 380055 PAYMENT FOR SERVICES PROVIDED FOR UPKEEP OF FACILITIES SOUTH AMERICA 3 82763 WIRE TRANSFER PAYMENT FOR COOKING SERVICES SOUTH AMERICA 6 3657 CASH PAYMENT 0 0 0 0 0 0 PROCEDURE FOR MONITORING GRANTS OUTSIDE THE U.S.: SCHEDULE F, PART I, LINE 2: PAYMENTS TO FOREIGN INDIVIDUALS ARE MADE AFTER PROGRAM DIRECTOR HAS VERIFIED PERFORMANCE OF REQUIRED MAINTENANCE AND COOKING SERVICES. PROGRAM DIRECTOR MAKES PERIODIC TRIPS TO THE REGION AND VERIFIES USE OF FUNDS TRANSFERRED AND OBTAINS DOCUMENTATION (I.E. RECEIPTS) WHEN POSSIBLE. LOVETT PARENT ASSOCIATION 38760 8124 30636 22430 LOVETT LIONBACKERS BOOSTER CLUB 229544 52916 176628 9899 30810 109830 2 139022 81820 57202 5723 106708 407326 142860 264466 9899 36533 238968 285400 -20934 1 FINANCIAL AID FOR TUITION AND FEES 214 2576489 0 BOOK NOT APPLICABLE PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE SCHOOL PROVIDES FINANCIAL AID TO QUALIFYING STUDENTS THAT ATTEND THE SCHOOL. THE GRANTS ARE TREATED AS A REDUCTION OF REVENUE AND ARE APPLIED DIRECTLY TO TUITION BY THE SCHOOL. SINCE THE SCHOOL, NOT THE RECIPIENTS, MAINTAIN CONTROL OF THE FUNDS, NO FORMAL MONITORING PROCESS IS NECESSARY. X X X 0 1 X X X X 0 1 0 0 0 1 0 0 0 WILLIAM S PEEBLES IV 301500 0 35000 0 4748 0 65000 0 97224 0 503472 0 0 0 DAVID MERIWETHER JR 199495 0 0 0 0 0 0 0 28817 0 228312 0 0 0 STEVE ALLEN 136981 0 0 0 25030 0 0 0 25656 0 187667 0 0 0 WILLIAM P DUNKEL 158195 0 0 0 175 0 0 0 26454 0 184824 0 0 0 ANDREW SPENCER 132437 0 0 0 1650 0 0 0 29010 0 163097 0 0 0 STEVE FRANKS 128868 0 0 0 840 0 0 0 25777 0 155485 0 0 0 PART I, LINE 1A WILLIAM S. PEEBLES, IV - RESIDENCE FOR PERSONAL USE, AND CUSTODIAL SERVICES AND TAX INDEMNIFICATION AND GROSS UP PAYMENTS FOR LONG-TERM DISABILITY. DAVID MERIWETHER - TAX INDEMNIFICATION AND GROSS UP PAYMENTS FOR LONG-TERM DISABILITY. PART I, LINE 1B THE HEADMASTER HAS AN EMPLOYMENT AGREEMENT THAT REQUIRES THE HEADMASTER TO USE THE RESIDENCE AT THE SCHOOL WHICH INCLUDES NECESSARY AND REASONABLE MAINTENANCE. PART I, LINE 4B PURSUANT TO AN EMPLOYMENT AGREEMENT, THE SCHOOL CONTRIBUTED TO A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN ON BEHALF OF THE HEADMASTER. AMOUNTS CONTRIBUTED FOR THE CALENDAR YEAR 2010 TOTALED $65,000. PART I, LINE 6 PURSUANT TO AN EMPLOYMENT AGREEMENT, THE BOARD MAY APPROVE COMPENSATION TO THE HEADMASTER BASED ON REACHING CERTAIN FINANCIAL AND NON-FINANCIAL GOALS. DEVELOPMENT AUTHORITY OF FULTON COUNTY 581506878 359900YS0 2009-08-05 40000000 SCHOOL BUILDINGS & ATHLETIC FACILITIES 0 0 0 1500000 40745954 1359731 379564 39006660 2010 0 0 1 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 1 SCHEDULE K, PART II, PROCEEDS: LINE 3 TOTAL PROCEEDS ARE DIFFERENT FROM THE ISSUE PRICE DUE TO INVESTMENT EARNINGS. STEVE ALLEN HOME MORTGAGE X 100000 48705 0 1 1 STEVE ALLEN COMPUTER LOAN X 1360 460 0 1 1 ANDY SPENCER COMPUTER LOAN X 786 730 0 1 1 49895 WILLIAM H ROGERS JR TRUSTEE 1700509 FEES AND INTEREST EXPENSE TO SUNTRUST BANK 0 ROBERT E PETERSON TRUSTEE 155432 FEES TO CARTER & ASSOCIATES REGARDING CONSTRUCTION MANAGEMENT SERVICES. 0 GORDON JONES FAMILY MEMBER OF TRUSTEE 125000 DIRECT INVESTMENT IN COMPANY 0 X 119 1567445 MARKET QUOTATIONS 1 0 1 0 FORM 990, PART VI, SECTION A, LINE 2 TRUSTEES, ELIZABETH WEST AND CLAYTON JACKSON ARE BUSINESS ASSOCIATES. FORM 990, PART VI, SECTION A, LINE 7A THE GOVERNANCE COMMITTEE SHALL PRESENT TO THE BOARD NOMINATIONS FOR TRUSTEES AND OFFICERS TO BE ELECTED BY THE BOARD. THE COMMITTEE SHALL FURNISH INFORMATION RELATING TO THE BACKGROUND AND QUALIFICATIONS OF ALL SUCH NOMINEES WITH THE NOTICE OF THE BOARD MEETING AT WHICH AN ELECTION OR APPOINTMENT IS SCHEDULED TO BE CONSIDERED BY THE BOARD. THE COMMITTEE, ON AN ON-GOING BASIS, SHALL DETERMINE THE CHARACTERISTICS AND PROFILE FOR TRUSTEE CANDIDATES AND SHALL MAINTAIN A CURRENT PROFILE OF THE BOARD'S MEMBERSHIP COMPOSITION TO GUIDE THE SELECTION PROCESS. THE COMMITTEE SHALL ANNUALLY REVIEW AND EVALUATE THE PERFORMANCE OF INCUMBENT TRUSTEES AND BOARD OFFICERS WHOSE TERMS EXPIRE DURING SUCH SCHOOL YEAR AND WHO ARE ELIGIBLE FOR REELECTION, AND SHALL DEVELOP AND HELP ADMINISTER A PROGRAM OF ORIENTATION WITH THE CHAIRMAN OF THE BOARD AND THE HEADMASTER FOR NEWLY-ELECTED TRUSTEES. THE COMMITTEE MAY ALSO NOMINATE TRUSTEES EMERITI FOR APPOINTMENT BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 7B CERTAIN DECISIONS ARE APPROVED AT THE COMMITTEE LEVEL AND OTHERS REQUIRE APPROVAL OF THE FULL BOARD AND OR EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11 THE SCHOOL'S AUDIT COMMITTEE REVIEWS AND APPROVES THE FORM 990 AND THEN DISTRIBUTES COPIES TO THE FULL BOARD VIA MAIL OR EMAIL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY ALL MEMBERS OF THE BOARD OF TRUSTEES, KEY EMPLOYEES AND HIGHEST COMPENSATED EMPLOYEES COMPLETE A CONFLICT OF INTEREST AND FAMILY AND BUSINESS RELATIONSHIP DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 15 ANNUALLY, THE COMPENSATION OF THE KEY EMPLOYEES AND THE TOP TEN COMPENSATED EMPLOYEES ARE REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD. COMPENSATION IS COMPARED TO SIMILAR POSITIONS AT OTHER PEER SCHOOLS AND COMPENSATION SURVEYS CONDUCTED BY SCHOOL ASSOCIATIONS. FORM 990, PART VI, SECTION C, LINE 18 THE SCHOOL'S FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED GAINS ON INVESTMENTS: 9,219,634. INCREASE IN ALLOWANCE FOR UNCOLLECTIBLE PLEDGES -168,670. BAD DEBT - TUITION -17,844. UNREALIZED LOSS ON REAL ESTATE -255. GAIN ON SWAP 944,175. TOTAL TO FORM 990, PART XI, LINE 5: 9,977,040. FORM 990, PART XII, LINE 2C, AUDIT OVERSIGHT: THE ORGANIZATION DID NOT CHANGE ITS AUDIT OVERSIGHT PROCESS NOR ITS AUDIT SELECTION PROCESS DURING THE TAX YEAR.