2026-05-13T07:57:50-05:00 2025-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2024-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 KENNETH STILLWELL TREASURER 7812359300 2026-05-07 1 0 ROBIN A KATZMAN CPA P01569433 6173386800 2026-05-07 2024 2025-03-06 01:10:19Z RYAN DAHLEM 333 WINTER STREET WESTON MA 024931040 62284100 0 X WWW.RIVERS.ORG X 1924 MA THE RIVERS SCHOOL IS A COED COLLEGE PREPARATORY DAY SCHOOL FOR GRADES 6 THROUGH 12. RIVERS INSPIRES EVERY STUDENT TO PURSUE EXCELLENCE, THRIVE IN A COMMUNITY OF CONNECTION AND BELONGING, AND CREATE THEIR OWN PATH TO A LIFE OF IMPACT AND PURPOSE. 30 30 428 342 332958 0 4089218 5977168 36106876 38507688 1042001 899780 364464 483297 41602559 45867933 7344643 7458044 0 0 23880977 25242794 94496 32350 2444627 12176096 12629672 43496212 45362860 -1893653 505073 122293218 128206705 28711814 29036150 93581404 99170555 X THE RIVERS SCHOOL IS A COED COLLEGE PREPARATORY DAY SCHOOL FOR GRADES 6 THROUGH 12. RIVERS INSPIRES EVERY STUDENT TO PURSUE EXCELLENCE, THRIVE IN A COMMUNITY OF CONNECTION AND BELONGING, AND CREATE THEIR OWN PATH TO A LIFE OF IMPACT AND PURPOSE. CORE VALUESGUIDED BY OUR PHILOSOPHY OF EXCELLENCE WITH HUMANITY, WE VALUE:INTEGRITY - WE ARE COMMITTED TO ALIGNING OUR ACTIONS WITH OUR VALUES IN THE CONTINUING PURSUIT OF COURAGE, HONESTY, AND TRUTH.PERSEVERANCE - WE EMBRACE CHALLENGES AND MAKE SPACE FOR DISCOMFORT AS WE BUILD RESILIENCE AND SUPPORT INDIVIDUAL AND COLLECTIVE GROWTH.EMPATHY - WE SEEK TO UNDERSTAND AND CONNECT WITH ONE ANOTHER TO FOSTER A COMMUNITY OF MUTUAL RESPECT AND CARE.CURIOSITY - WE PRIORITIZE LEARNING THAT IS GROUNDED IN OUR NATURAL SENSE OF WONDER AND SHAPED BY EXPLORING COMPLEX QUESTIONS IN AN ONGOING PROCESS OF DISCOVERY.JOY - WE DELIGHT IN ENGAGING WITH OUR WORK AND WITH EACH OTHER, CELEBRATING OUR PASSIONS AND THE FULLEST EXPRESSION OF OURSELVES. 0 0 31761974 7228752 33796860 SCHOOL PROGRAM - THE INSTRUCTION OF 534 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 3164587 229292 3499615 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 341525 0 607143 SUMMER CAMP PROGRAM - THE INSTRUCTION AND SUPERVISION OF CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 1139773 0 801437 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 1139773 0 801437 36407859 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 129 0 1 428 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X JONATHAN D WASSERMAN 7812359300 THE RIVERS SCHOOL 333 WINTER STREET WESTON MA 02493 ALAN D ROSE JR PRESIDENT 2.50 X X 0 0 0 ALISON HALL CLERK 1.80 X X 0 0 0 ALISON MONAGHAN TRUSTEE 0.80 X 0 0 0 ANDREW C DELINSKY TRUSTEE 0.80 X 0 0 0 CHRIS LEE TRUSTEE 0.80 X 0 0 0 DERRICK ROSSI TRUSTEE 0.80 X 0 0 0 JAMES CROOM TRUSTEE 0.80 X 0 0 0 JOHN MALDONADO TRUSTEE 0.80 X 0 0 0 JONATHAN H PAUL VICE PRESIDENT - TERMED 6/4/25 2.50 X X 0 0 0 JULIE CONDRON TRUSTEE 0.80 X 0 0 0 JULIE LEE TRUSTEE 0.80 X 0 0 0 KATHRYN FAGIN TRUSTEE 0.80 X 0 0 0 KENNETH STILLWELL TREASURER 1.80 X X 0 0 0 KIERA CARLISLE TRUSTEE 0.80 X 0 0 0 LOUISE CUMMINGS OFFICER 1.80 X X 0 0 0 LUCIUS TAYLOR TRUSTEE - ELECTED 6/4/25 0.80 X 0 0 0 MARC CARTER TRUSTEE - ELECTED 6/4/25 0.80 X 0 0 0 MARC ROSENFELD TRUSTEE 0.80 X 0 0 0 MARK BENJAMIN OFFICER - ELECTED 6/4/25 1.80 X X 0 0 0 MEGHAN G SWENSON OFFICER - ELECTED 6/4/25 1.80 X X 0 0 0 MICHAEL LEE TRUSTEE 0.80 X 0 0 0 PENELOPE R FIREMAN TRUSTEE 0.80 X 0 0 0 PETER WALTER VICE PRESIDENT - ELECTED 6/4/25 1.80 X X 0 0 0 RACHEL HUNTER-GOLDMAN TRUSTEE 0.80 X 0 0 0 ROGER RANDALL TRUSTEE 1.00 X 0 0 0 SAMIA KIRMANI TRUSTEE - ELECTED 6/4/25 0.80 X 0 0 0 SCOTT HOLMES TRUSTEE 0.80 X 0 0 0 SHEILA HIATT OFFICER - TERMED 6/4/25 1.80 X X 0 0 0 SUSAN JANOSKY TRUSTEE - TERMED 6/24/25 0.80 X 0 0 0 SUSAN RAPPLE TRUSTEE - TERMED 6/24/25 0.80 X 0 0 0 JONATHAN D WASSERMAN CHIEF FINANCIAL OFFICER 60.00 X 268495 0 24817 JOAN WHALEN ASSISTANT CLERK 37.50 X 88283 0 31966 RYAN S DAHLEM HEAD OF SCHOOL 60.00 X 540421 0 163683 KRISTEN KELLEHER ASSOC HEAD SCHOOL DEVEL&EX 60.00 X 271702 0 82934 COLETTE PORTER DIRECTOR OF MARKETING & CO 50.00 X 163727 0 10578 JAMES M LONG ASSISTANT HEAD OF SCHOOL 50.00 X 183749 0 54022 JENNY JUN-LEI KRAVITZ DIRECTOR OF EQUITY & INCLUSION 50.00 X 163400 0 61926 MELISSA ANDERSON HEAD OF UPPER SCHOOL 50.00 X 188825 0 127819 YASSINE TALHAOUI DIRECTOR OF ADMISSIONS 50.00 X 170215 0 23308 EDWARD V PARSONS FORMER HEAD OF SCHOOL - TERMED 6/ 0.00 X 233333 0 14263 2272150 0 595316 51 1 1 0 FLIK INDEPENDENT SCHOOL DINING 2 INTERNATIONAL DRIVE RYE BROOK NY 10573 FOOD SERVICE PROVIDER 1620854 LOCAL MOTION 66B ROCSAM PARK RD BRAINTREE MA 02184 TRANSPORTATION 562658 GDI SERVICES INC 220 RESERVOIR STREET NEEDHAM MA 02494 JANITORIAL SERVICES 215208 AMBIENT TEMPERATURE CORP 14 GRAF ROAD NEWBURYPORT MA 01950 HVAC SERVICES 193308 SIGNATURE PRINTING & CONSULTING 800 WEST CUMMINGS PARK WOBURN MA 01801 PRINTING & STATIONARY 121385 5 32417 18300 5926451 245707 5977168 TUITION INCOME 900099 33796860 33796860 RIVERS SCHOOL CONSERVATORY 900099 3499615 3499615 SUMMER CAMPS 900099 607143 607143 SCHOOL ACTIVITIES 900099 604070 604070 38507688 711798 711798 101682 113650 -11968 -11968 -11968 16269270 15931 16097219 0 172051 15931 187982 15931 172051 41540 32417 65247 -23707 -23707 5455 877 4578 4578 121470 139174 -17704 -17704 ATHLETIC FACILITY RENTS 713990 332958 332958 MISC. INCOME 900099 154716 154716 NEXTEL RENTAL 900002 44424 44424 532098 45867933 38705055 332958 852752 7458044 7458044 1380060 70807 992910 316343 18934376 15315677 2551837 1066862 1332785 1056137 194673 81975 2157716 1658985 340641 158090 1437857 1085250 257204 95403 40870 40870 73150 73150 32350 32350 35781 35781 31444 31444 17382 25 17347 10 365268 273951 73054 18263 959010 681915 253847 23248 358817 358817 3843022 3378437 427019 37566 369552 265977 94885 8690 LUNCH PROGRAM 1231120 1046452 123112 61556 UTILITIES 890078 700969 173243 15866 INSTRUCTION MATERIALS 631937 631937 OTHER SCHOOL ACTIVITIES 532220 532220 3250021 1892259 829357 528405 45362860 36407859 6510374 2444627 16536430 11176452 331024 224321 1099963 1240688 170054 154336 51953 41630 671086 704215 101265370 50178903 54049729 51086467 2495205 1549566 46199547 61276084 688227 752946 122293218 128206705 2279980 2340762 12405052 12914641 13614147 13271970 412635 508777 28711814 29036150 X 68757395 70633897 24824009 28536658 93581404 99170555 122293218 128206705 505073 5084078 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1 0 0 1 0 0 403540 X 0 43181652 1735224 5325590 1415538 48826928 34607109 4505213 5435301 1365971 43181652 32058605 670776 3167514 1289786 34607109 36951569 1149904 -4721451 1321417 32058605 27474394 1355409 8836560 714794 36951569 0.66560 0.33440 0.00000 0 0 4447846 4447846 88865273 44241766 44623507 6221694 5070593 1151101 1730557 866544 864013 51086467 MONEY MARKET FUNDS 14782941 F NAV MEASURED INVESTMENTS 939878 F LIMITED PARTNERSHIPS 45553265 F 61276084 OTHER LIABILITIES 349406 CAPITAL LEASE OBLIGATION 159371 508777 X 44008612 5084078 1089 318948 5404115 38604497 35781 7227655 7263436 45867933 38419461 1089 318948 320037 38099424 35781 7227655 7263436 45362860 PART II, LINE 9: THE SCHOOL HAS INCLUDED IN ITS BALANCE SHEET AS PART OF LAND AND BUILDINGS THE CAPITALIZATION OF CERTIFIED HISTORIC STRUCTURES. 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. THE SCHOOL MAINTAINS A COLLECTION OF HISTORICALLY SIGNIFICANT PHOTOGRAPHS THAT WILL BE DISPLAYED BY THE SCHOOL AND USED BY STUDENTS AND FACULTY AS AN EDUCATIONAL RESOURCE. 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. PART X, LINE 2: 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 CAMPUS FACILITIES 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 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 113,650. COGS REPORTED ON PART VIII LINE 10B 139,174. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 66,124. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 7,227,655. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 113,650. COGS REPORTED ON PART VIII LINE 10B 139,174. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 66,124. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 7,227,655. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICE OF NONDISCRIMINATION POLICY AS TO STUDENTS APPEARS ON THE HOMEPAGE OF OUR WEBSITE SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A GRANT FOR $18,300 FROM THE MASSACHUSETTS CULTURAL COUNCIL TO SUPPORT THE RIVERS SCHOOL CONSERVATORY. X X X X X X X 1 HURON CONSULTING SERVICES PO BOX 71223 CHICAGO IL 60694 PROFESSIONAL CONSULTING 0 0 32350 0 32350 MA GOLF EVENT 19817 1117 18700 2994 15982 2121 HOLIDAY POPS 47390 30615 16775 13722 3400 67207 31732 35475 2994 29704 5521 38219 -2744 1 FINANCIAL AID 119 5566504 TUITION REMISSION 28 1662248 RIVERS CONSERVATORY FINANCIAL AID 97 229292 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 PARENT PROVIDED FINANCIAL STATEMENTS AS WELL AS PARENT W2 FORMS AND THEIR MOST RECENT FEDERAL TAX RETURNS. THIS INFORMATION IS COMPILED IN A THIRD-PARTY TOOL THAT HELPS THE SCHOOL ANALYZE AND MAKE AWARD DETERMINATIONS. AWARDS CAN ALSO BE ADJUSTED, AS NECESSARY, TO REFLECT SUPPLEMENTAL INFORMATION PROVIDED BY THE PARENTS. X 1 1 X X X X X 1 0 0 0 0 0 0 0 0 RYAN S DAHLEM HEAD OF SCHOOL 482360 0 25000 0 33061 0 55309 0 108374 0 704104 0 0 0 KRISTEN KELLEHER ASSOC HEAD SCHOOL DEVEL&EX 271702 0 0 0 0 0 24765 0 58169 0 354636 0 0 0 MELISSA ANDERSON HEAD OF UPPER SCHOOL 188825 0 0 0 0 0 11921 0 115898 0 316644 0 0 0 JONATHAN D WASSERMAN CHIEF FINANCIAL OFFICER 268495 0 0 0 0 0 24472 0 345 0 293312 0 0 0 EDWARD V PARSONS FORMER HEAD OF SCHOOL - TERMED 6/ 0 0 0 0 233333 0 0 0 14263 0 247596 0 0 0 JAMES M LONG ASSISTANT HEAD OF SCHOOL 183749 0 0 0 0 0 17994 0 36028 0 237771 0 0 0 JENNY JUN-LEI KRAVITZ DIRECTOR OF EQUITY & INCLUSION 163400 0 0 0 0 0 3892 0 58034 0 225326 0 0 0 YASSINE TALHAOUI DIRECTOR OF ADMISSIONS 170215 0 0 0 0 0 11074 0 12234 0 193523 0 0 0 COLETTE PORTER DIRECTOR OF MARKETING & CO 163727 0 0 0 0 0 8664 0 1914 0 174305 0 0 0 PART I, LINE 4A EDWARD V. PARSONS $233,333 SCHEDULE J, PART I LINE 1A-HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: AS PART OF HIS DUTIES AS HEAD OF SCHOOL, RYAN DAHLEM IS REQUIRED TO STAY ON CAMPUS IN A SCHOOL OWNED HOUSE. INCLUDED IN MR. DAHLEM'S SCHEDULE J PART II COLUMN (D) NONTAXABLE BENEFITS IS AN AMOUNT FOR 5% OF THE VALUE OF THE HOUSE. 59366 TUITION REMISSION EDUCATION ASSISTANCE X 16 234555 VALUE AT DONATION DATE X MUSICAL INSTRUMENTS 3 8295 FAIR MARKET VALUE X RAFFLE GIFTS 8 1740 FAIR MARKET VALUE 0 1 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990, ABSENT SCHEDULE B, IS ELECTRONICALLY DISTRIBUTED TO ALL TRUSTEES PRIOR TO THE BOARD OF TRUSTEES MEETING. DUE TO THE CONFIDENTIAL NATURE OF DONOR INFORMATION PROVIDED ON SCHEDULE B, AND SINCE SCHEDULE B IS NOT OPEN TO PUBLIC INSPECTION, THE SCHOOL HAS DECIDED THAT IT WILL NOT DISCLOSE THE DETAILED DONOR INFORMATION PROVIDED ON SCHEDULE B TO MEMBERS OF THE BOARD OF TRUSTEES BEFORE FILING THE RETURN WITH THE IRS. ALL OTHER FORMS AND SCHEDULES THAT ARE ULTIMATELY FILED WITH THE IRS ARE PROVIDED TO THE BOARD OF TRUSTEES FOR REVIEW IN ADVANCE OF FILING. THE FORM 990 IS APPROVED BY THE BOARD OF TRUSTEES OR RETURNED FOR ADDITIONAL PREPARATION AND THEN APPROVED PRIOR TO FILING. 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 GOVERNANCE COMMITTEE 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 SCHOOL. DOCUMENTATION OF THE BASIS OF DETERMINATION OF THE SALARY IS KEPT IN MINUTES PREPARED BY THE CLERK 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 SCHOOL 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 GUIDESTAR TO POST THE 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. THE SCHOOL'S BY-LAWS ARE MADE AVAILABLE ON THE MASSACHUSETTS' ATTORNEY GENERAL'S OFFICE OF PUBLIC CHARITIES DIVISION WEBSITE. FORM 990, PART XII, LINE 2C THE BOARD OF TRUSTEES HAS AN AUDIT COMMITTEE THAT IS COMPRISED OF 3 MEMBERS, TWO OF WHICH ARE TRUSTEES, 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.