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        <ExplanationTxt>THE BOARD PROVIDES A COMPREHENSIVE ANNUAL PERFORMANCE, GOAL, AND COMPENSATION REVIEW OF THE PRESIDENT. COMPENSATION IS DIRECTLY TIED TO GOAL ACHIEVEMENT AND IS BENCHMARKED AGAINST LIKE-ORGANIZATIONS OF SIMILAR SIZE.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND REVIEWED IN DETAIL BY THE ORGANIZATIONS TOP MANAGEMENT. THE REVIEWED FORM 990 IS THEN PROVIDED TO THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>THE BOARD AND OFFICERS SIGN CONFLICT OF INTEREST STATEMENTS. THESE STATEMENTS ARE REVIEWED BY THE PRESIDENT. THE BOARD CHAIRMAN REVIEWS THE PRESIDENTS SIGNED STATEMENT. SHOULD ANY POTENTIAL CONFLICTS OF INTEREST BE DISCLOSED, THE BOARD MEMBER TO OFFICER WOULD BE ASKED TO REFRAIN FROM PARTICIPATION IN ANY DELIBERATION OR DECISION WITH REGARDS TO MATTERS AFFECTED BY THE RELATIONSHIP.</ExplanationTxt>
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      <SupplementalInformationDetail>
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      <SupplementalInformationDetail>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>ARETE SCHOLARS FUND MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATIONS WEBSITE.</ExplanationTxt>
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</Return>