2025-04-15T15:08:39-05:00 2024-06-30 946214841 ARMANINO ADVISORY LLC 2700 CAMINO RAMON STE 350 SAN RAMON CA 945835004 990 2023-07-01 750800650 HOCKADAY SCHOOL HOCK 2143636311 11600 WELCH RD DALLAS TX 75229 KATHRYN LETO CFO 2143606505 2025-05-15 1 1 MATTHEW PETROSKI P00853132 9257902600 2025-04-11 2023 2025-03-06 01:10:19Z A SHONN BROWN 11600 WELCH RD DALLAS TX 75229 133969387 0 X WWW.HOCKADAY.ORG X 1913 TX THE HOCKADAY SCHOOL, FOUNDED IN 1913, PROVIDES A COLLEGE PREPARATORY EDUCATION FOR GIRLS OF STRONG POTENTIAL WHO MAY BE EXPECTED TO ASSUME POSITIONS OF LEADERSHIP. 44 44 517 1200 -42124 18707 9617584 10291496 41218040 43045864 3920284 3937659 1033657 1041596 55789565 58316615 2919804 2754500 0 0 28793344 30037467 0 0 2675114 19784452 21133811 51497600 53925778 4291965 4390837 346432014 370850168 55297349 52666786 291134665 318183382 BELIEVING IN THE LIMITLESS POTENTIAL OF GIRLS, HOCKADAY SCHOOL DEVELOPS RESILIENT, CONFIDENT WOMEN WHO ARE EDUCATED AND INSPIRED TO LEAD LIVES OF PURPOSE AND IMPACT. 0 0 43208480 2754500 43687159 THE SCHOOL PROVIDED A COLLEGE PREPARATORY EDUCATION FOR LOWER, MIDDLE, AND UPPER SCHOOL GIRLS WITH STRONG POTENTIAL WHO MAY BE EXPECTED TO ASSUME POSITIONS OF RESPONSIBILITY AND LEADERSHIP IN LATER YEARS. THERE WERE 1,102 DAY STUDENTS AND 8 RESIDENCE STUDENTS FOR THE 2023-2024 ACADEMIC YEAR. IN ADDITION, THE SCHOOL PROVIDED EDUCATIONAL PROGRAMS IN THE SUMMER AND AFTER SCHOOL. 43208480 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 1 134 0 1 517 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 44 44 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AK CO DC MD MA MI NH NV NY OH OK OR SC WA WI X KATHRYN LETO CFO 2143636311 11600 WELCH ROAD DALLAS TX 75229 A SHONN BROWN CHAIR 15.00 X X 0 0 0 ANDREW HILL TREASURER 15.00 X X 0 0 0 BETTY SCHULTZ SECRETARY 5.00 X X 0 0 0 NICOLE GINSBURG SMALL IMMEDIATE PAST BOARD CHAIR 5.00 X X 0 0 0 DR SULMAN AHMED TRUSTEE 3.00 X 0 0 0 WASAN ALFALAHI TRUSTEE 3.00 X 0 0 0 LUCY BILLINGSLEY BURNS TRUSTEE 3.00 X 0 0 0 CARLA BOLDEN TRUSTEE 3.00 X 0 0 0 TAJ CLAYTON TRUSTEE 3.00 X 0 0 0 WILLIAM DAWSON TRUSTEE 3.00 X 0 0 0 AUDREY M DECHARD TRUSTEE 3.00 X 0 0 0 TRICIA DRUM DAVIDSON TRUSTEE 3.00 X 0 0 0 LANDY ELLIOT FOX TRUSTEE 3.00 X 0 0 0 FALLYN GRAY JONES TRUSTEE 3.00 X 0 0 0 SCOTT HARPER TRUSTEE 3.00 X 0 0 0 HELEN HARRIS-ALLEN TRUSTEE 3.00 X 0 0 0 ELLEN HAYNES TRUSTEE 3.00 X 0 0 0 ABBY HOAK-MORTON TRUSTEE 3.00 X 0 0 0 COURTNEY JONES JOHNSON TRUSTEE 3.00 X 0 0 0 SABRINA KESSEE TRUSTEE 3.00 X 0 0 0 JUN II KWUN TRUSTEE 3.00 X 0 0 0 NANCY LIRA BERNARDINO TRUSTEE 3.00 X 0 0 0 ANGELICA MARIN-HILL TRUSTEE 3.00 X 0 0 0 BONNER MEAD ALLEN TRUSTEE 3.00 X 0 0 0 DR MICHAEL SORRELL TRUSTEE 3.00 X 0 0 0 SCOTT MINNIX TRUSTEE 3.00 X 0 0 0 SHANKH MITRA TRUSTEE 3.00 X 0 0 0 GUADALUPE MORA-DUARTE TRUSTEE 3.00 X 0 0 0 ISABELL NOVAKOV HIGGINBOTHAM TRUSTEE 3.00 X 0 0 0 MARISIA PARRA-GOANA TRUSTEE 3.00 X 0 0 0 DAVID A ROOSEVELT TRUSTEE 3.00 X 0 0 0 MIGUEL SOLIS TRUSTEE 3.00 X 0 0 0 PRIYA SUREDDI PATEL TRUSTEE 3.00 X 0 0 0 KELSEY SWINGLE ROBERTSON TRUSTEE 3.00 X 0 0 0 DAWNE TRIBOLET TRUSTEE 3.00 X 0 0 0 ARIANA VIROSLAV HELD TRUSTEE 3.00 X 0 0 0 JIMIEKA WILLIAMS OSWALD TRUSTEE 3.00 X 0 0 0 LINDA CUSTARD LIFE TRUSTEE 1.00 X 0 0 0 NATALIE HENDERSON LEE LIFE TRUSTEE 1.00 X 0 0 0 ELLEN HIGGINBOTHAM ROGERS LIFE TRUSTEE 1.00 X 0 0 0 LYDA HILL LIFE TRUSTEE 1.00 X 0 0 0 JAMES M HOAK JR LIFE TRUSTEE 1.00 X 0 0 0 MICHELLE NEUHOFF THOMAS LIFE TRUSTEE 1.00 X 0 0 0 MARGOT PEROT LIFE TRUSTEE 1.00 X 0 0 0 JANIE STRAUSS MCGARR LIFE TRUSTEE 1.00 X 0 0 0 DR LAURA LEATHERS HEAD OF SCHOOL 50.00 X 678177 0 49061 KATHRYN LETO CHIEF FINANCIAL OFFICER 50.00 X 290673 0 31970 JOAN GUZMAN CHIEF OPERATIONS OFFICER 50.00 X 228947 0 28264 JESSICA EPPERSON DIR OF DEVELOPMENT & STRATEGIC INITI 50.00 X 226541 0 100244 RANDALL RHODUS HEAD OF LOWER SCHOOL 50.00 X 206398 0 102575 LISA CULBERTSON HEAD OF UPPER SCHOOL 50.00 X 204129 0 42927 BARBARA FISHEL DEAN OF STUDIES 50.00 X 192446 0 29299 DR KAREN COLEMAN FORMER HEAD OF SCHOOL (THRU 6/30/22) 0.00 X 346553 0 0 2373864 0 384340 48 1 1 0 MOSS & ASSOCIATES 2102 N ANDREWS AVE STE 300 FORT LAUDERDALE FL 33311 CONSTRUCTION 20105016 SAGE DINING SERVICES INC 1402 YORK RD LUTHERVILLE MD 21093 DINING SERVICES 2286083 360 INNOVATIONS LLC 401A COUNTRY RDG ROCKWALL TX 75087 FACILITY REPAIRS AND MAINTENANCE 1588866 QUANTUM BUILDING SOLUTIONS INC 3100 RESEARCH DR STE 200 RICHARDSON TX 75082 FACILITY REPAIRS AND MAINTENANCE 433604 CAMBRIDGE ASSOCIATES LLC 115 FEDERAL ST STE 2600 BOSTON MA 02110 CONSULTING 362231 20 217404 10074092 279903 10291496 TUITION & FEES 611110 36489783 36489783 EDUCATIONAL FEES 611110 3194537 3194537 BOARDING & LUNCH 721310 2895870 2895870 EXTENDED SERVICES 611710 359683 359683 APPLICATIONS, SERVICE 900099 68799 68799 37192 37192 43045864 2808057 -94822 2902879 125267 30947 94320 94320 94320 75832073 2100 74704571 0 1127502 2100 1129602 26679 1102923 489045 217404 407233 81812 81812 59750 60000 -250 -250 562678 450021 112657 26019 86638 CHILD DEVELOPMENT CNTR 611110 641295 641295 MISC REWARDS & REBATES 900099 66925 66925 PLAN REVENUE CREDIT 900099 44837 44837 753057 58316615 43687159 -42124 4380084 2754500 2754500 1026305 1026305 23097689 20078517 1923834 1095338 1427272 1236180 120726 70366 2878961 2362246 317627 199088 1607240 1384205 155454 67581 647371 647371 82935 82935 1036701 1036701 204542 184779 19763 525731 308144 217587 143432 80449 22508 40475 546635 546635 1471923 1251135 147192 73596 37475 16028 21447 350762 178033 125791 46938 341519 290291 34152 17076 5536423 4705960 553642 276821 852645 852645 INSTRUCTIONAL SUPPORT 5087744 5087744 MAINTENANCE & GROUNDS 2253742 1576753 190949 486040 SUMMER SCHOOL & CHILD D 1628611 1628611 ADMINISTRATIVE EXP. & O 230282 10271 177013 42998 155338 36950 118388 53925778 43208480 8042184 2675114 4939 7142 44090352 40881092 6555909 5562923 3190110 516890 283836 305176 479477 537117 174733716 77571989 95442552 97161727 72661577 115185339 111238125 96456225 12485137 14236537 346432014 370850168 9444424 6582726 37226466 38657828 8044367 7038914 206757 0 375335 387318 55297349 52666786 X 117431067 158730835 173703598 159452547 291134665 318183382 346432014 370850168 X 4390837 22713843 -55963 X 0 1 X 1 0 X 6239188 24210160 18901359 9617584 10291496 69259787 6239188 24210160 18901359 9617584 10291496 69259787 26497321 42762466 911771 1262416 922652 2432819 2933324 8462982 275002 385769 608686 323463 81560 1674480 411377 408627 699181 640961 674440 2834586 82231835 198200052 0.52000 0.48570 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: GROSS SALES OF INVENTORY - 2019 AMOUNT: $ 395,065. 2020 AMOUNT: $ 370,897. 2021 AMOUNT: $ 611,543. 2022 AMOUNT: $ 555,377. 2023 AMOUNT: $ 562,678. OTHER REVENUE - 2021 AMOUNT: $ 66,187. 2022 AMOUNT: $ 43,146. 2023 AMOUNT: $ 44,837. VENDING MACHINE REVENUE - 2019 AMOUNT: $ 6,671. CREDIT CARD REBATES - 2019 AMOUNT: $ 9,641. 2020 AMOUNT: $ 37,730. 2021 AMOUNT: $ 21,451. 2022 AMOUNT: $ 42,438. 2023 AMOUNT: $ 66,925. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23320 905581 X 0 187103380 16204136 24741127 1790252 6629025 38975 219590391 175402420 4899095 15088285 1774880 6570306 -58766 187103380 191614736 1414258 -9795607 1639279 6167050 24638 175402420 156582237 1165452 41564544 1609654 6044578 43265 191614736 164093519 2860357 -2730058 1627641 5936007 77933 156582237 0.29510 0.28330 0.42160 0 0 357723 357723 152923105 62114458 90808647 5816867 4177762 1639105 15636021 11279769 4356252 97161727 GLOBAL EQUITY 35985860 F ABSOLUTE RETURN 35061738 F PRIVATE EQUITY 22810175 F REAL ASSETS 2598452 F 96456225 ASSET RETIREMENT OBLIGATION 387318 387318 X 78216779 22713843 45144 948201 23707188 54509591 996561 2810463 3807024 58316615 51168062 45144 948201 993345 50174717 996561 2754500 3751061 53925778 PART III, LINE 4: OVER A PERIOD OF TIME, THE SCHOOL HAS RECEIVED CONTRIBUTIONS OF WORKS OF ART AND FURNISHINGS TO BE EXHIBITED IN VARIOUS LOCATIONS ON THE CAMPUS. THESE ITEMS HAVE BEEN CAPITALIZED AS COLLECTIONS. THE COLLECTION NOT ONLY ENHANCES THE AESTHETIC ENVIRONMENT OF THE SCHOOL, IT SUPPORTS THE CURRICULUM OF THE SCHOOL BY MAKING ART AVAILABLE TO STUDENTS. THE COLLECTIONS ARE RECORDED AT APPRAISED VALUE WHEN DONATED. THE SCHOOL UNDERTAKES TO CARE FOR, PROTECT, AND PRESERVE SUCH CONTRIBUTED WORKS OF ART AND FURNISHINGS, AND THE BOARD HAS ADOPTED A POLICY TO USE PROCEEDS OF DEACCESSION OR INSURANCE RECOVERIES FOR THE SOLE PURPOSE OF ACQUISITION OF OTHER SUCH WORKS OF ART AND FURNISHINGS. COLLECTION ITEMS ARE INSPECTED PERIODICALLY AND CLEANED AND REPAIRED AS REQUIRED. PART V, LINE 4: THE SCHOOL MANAGES THE ENDOWMENT FUND TO PRESERVE THE REAL PURCHASING POWER FOR THE FUND WHILE PROVIDING A PREDICTABLE, STABLE, AND CONSTANT STREAM OF EARNINGS CONSISTENT WITH THE SCHOOL'S SPENDING NEEDS. THE ENDOWMENT INVESTMENT POLICY REDUCES THE ENDOWMENT DRAW SPENDING POLICY BY TEN BASIS POINTS EACH YEAR OVER A FIVE YEAR PERIOD: FROM 5.0% IN 2016 TO 4.5% IN 2021 AND REMAINS AT 4.5% FOR EACH YEAR THEREAFTER. ACCORDINGLY, THE CURRENT SPENDING POLICY FOR 2023 AND 2022 IS A MAXIMUM OF 4.5% OF A THREE-YEAR MOVING AVERAGE MARKET VALUE OF THE TOTAL ENDOWMENT FUND ASSETS WITH THE EXCEPTION OF A SPECIFIC ENDOWMENT WHICH HAS DONOR RESTRICTIONS LIMITING SPENDING TO 4.0%. THE ENDOWMENT FUND SUPPORTS THE GENERAL OPERATIONS OF THE SCHOOL INCLUDING FACULTY SALARIES, FACULTY/STAFF PROFESSIONAL DEVELOPMENT, STUDENT FINANCIAL AID, LIBRARY SERVICES, AND STUDENT PROGRAMS. PART X, LINE 2: THE SCHOOL IS A QUALIFIED ORGANIZATION EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE SCHOOL HAS EVALUATED ITS CURRENT TAX POSITIONS AND HAS CONCLUDED THAT AS OF JUNE 30, 2024 AND 2023, THE SCHOOL DOES NOT HAVE ANY SIGNIFICANT TAX POSITIONS FOR WHICH A RESERVE WOULD BE CONSIDERED NECESSARY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL ACTIVITY EXPENSES 30,947. FUNDRAISING EVENT EXPENSES 467,233. COST OF GOODS SOLD 450,021. PART XI, LINE 4B - OTHER ADJUSTMENTS: CHANGE IN VALUE IN SPLIT-INTEREST AGREEMENT 38,975. FINANCIAL AID 2,754,500. PROVISION FOR UNCOLLECTIBLE PLEDGES 16,988. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL ACTIVITY EXPENSES 30,947. FUNDRAISING EVENT EXPENSES 467,233. COST OF GOODS SOLD 450,021. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 2,754,500. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL PUBLISHES ITS RACIALLY NONDISCRIMINATORY POLICY, WHICH INCLUDES RACIAL ASPECTS, ON ITS WEBSITE HOMEPAGE AT ALL TIMES. IN ADDITION, THE POLICY IS PRINTED ON ALL ADMISSION MATERIALS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 45282224 0 0 0 0 0 0 45282224 0 45282224 1 0 1 1 1 0 HPA BENEFIT 706449 217404 489045 53996 81639 7500 264098 706449 217404 489045 53996 81639 7500 264098 407233 81812 59750 60000 1 0.75000 59750 60000 60000 -250 TX 0 THE ONLY GAMING ACTIVITIES OF THE HOCKADAY SCHOOL ARE RAFFLES GOVERNED BY THE TEXAS CHARITABLE RAFFLE ENABLING ACT. THE SCHOOL ADHERES TO THIS ACT. 0 1 0 1.00000 KATHRYN LETO 11600 WELCH ROAD DALLAS TX 75229 0 ELIZA CAREY 200 PREPARE W-2G FORMS; SUPERVISE DEPOSITS AND AWARDS. X 0 1 0 0 FINANCIAL AID 143 2754500 FMV DIRECT CREDIT TO STUDENT ACCOUNT PART I, LINE 2: FINANCIAL ASSISTANCE IS AWARDED BASED ON FINANCIAL NEED. APPLICANTS PROVIDE DETAILED INCOME INFORMATION. A METHODOLOGY IS APPLIED TO DETERMINE NEED. THE FINANCIAL AID COMMITTEE (COMPRISED OF SCHOOL MANAGEMENT) ALLOCATES THE FINANCIAL AID RESOURCES BASED ON THE DETERMINED NEED. SCHOLARSHIPS ARE GIVEN TO STUDENTS AS A REDUCTION IN THEIR TUITION AND FEES. THE AID IS AWARDED OBJECTIVELY AND IN A NON-DISCRIMINATORY MANNER. X X 1 1 X X X 1 0 0 0 0 0 0 1 0 DR LAURA LEATHERS HEAD OF SCHOOL 492250 0 75000 0 110927 0 23100 0 25961 0 727238 0 0 0 DR KAREN COLEMAN FORMER HEAD OF SCHOOL (THRU 6/30/22) 0 0 0 0 346553 0 0 0 0 0 346553 0 0 0 JESSICA EPPERSON DIR OF DEVELOPMENT & STRATEGIC INITI 223199 0 0 0 3342 0 16920 0 83324 0 326785 0 0 0 KATHRYN LETO CHIEF FINANCIAL OFFICER 262913 0 0 0 27760 0 20510 0 11460 0 322643 0 0 0 RANDALL RHODUS HEAD OF LOWER SCHOOL 203949 0 0 0 2449 0 17885 0 84690 0 308973 0 0 0 JOAN GUZMAN CHIEF OPERATIONS OFFICER 200965 0 0 0 27982 0 16104 0 12160 0 257211 0 0 0 LISA CULBERTSON HEAD OF UPPER SCHOOL 201817 0 0 0 2312 0 15181 0 27746 0 247056 0 0 0 BARBARA FISHEL DEAN OF STUDIES 188597 0 0 0 3849 0 15642 0 13657 0 221745 0 0 0 PART I, LINE 1A THE SCHOOL PROVIDES THE HEAD OF SCHOOL A DISCRETIONARY BUDGET FOR SCHOOL-RELATED EXPENSES. ALL EXPENSES RUN THROUGH THE NORMAL EXPENSE PROCESS AND REQUIRE THE APPROPRIATE SUBSTANTIATION. THE HEAD OF SCHOOL RECEIVES A HOUSING ALLOWANCE PER CONTRACT ($75,000 DURING CALENDER YEAR 2023) . THE SCHOOL HAS DETERMINED THAT THE HOUSING ALLOWANCE IS TAXABLE AND HAS BEEN REPORTED IN SCHEDULE J, PART II, COLUMN B (III). PART I, LINE 4A DR. KAREN COLEMAN, THE FORMER HEAD OF SCHOOL, RECEIVED A SEVERANCE PAYMENT OF $346,553 DURING THE CALENDAR YEAR. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A DISCRETIONARY BONUS OF $75,000 DURING THE 2023 CALENDAR YEAR REPORTED IN PART II, COLUMN B(II). THE AMOUNT WAS DETERMINED BY THE COMPENSATION AND REVIEW COMMITTEE. A RED RIVER EDUCATION FINANCE CORPORATION 752791247 756872JV0 2015-04-23 15434976 CURRENT REFUNDING OF SER 2005 BOND 0 0 0 A 9044976 15434976 180283 15254693 2015 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 0 0 0 0 1 A 1 KEVIN LEATHERS SPOUSE OF OFFICER DR. LAURA LEATHERS 13500 EMPLOYMENT 0 X 10 32270 COMPARABLE SALES X 30614 COMPARABLE SALES X 1 60000 COMPARABLE SALES X 1 7000 COMPARABLE SALES X 17 122224 PUBLICLY TRADED EXCHANGE X 3 6250 COMPARABLE SALES X 6 2230 COMPARABLE SALES X SPECIAL EVENTS 12 19315 COMPARABLE SALES 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS RATHER THAN THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THE OFFICERS OF THE BOARD, CHAIRS OF EACH STANDING COMMITTEE, AND UP TO FOUR AT-LARGE MEMBERS, AT THE DISCRETION OF THE APPOINTED CHAIR OF THE BOARD. THE BOARD DELEGATES TO THE EXECUTIVE COMMITTEE ALL POWERS AND DUTIES OF THE BOARD TO ACT ON BEHALF OF THE BOARD BETWEEN MEETINGS, EXCEPT THOSE THAT ARE EXPRESSLY RESERVED TO THE FULL BOARD. INCLUDED IN SUCH DELEGATED POWERS IS THE POWER TO ACT AS LIASON BETWEEN THE HEAD OF SCHOOL AND THE BOARD, TO COMPROMISE, SETTLE, AND DEFEND AGAINST ANY AND ALL DISPUTES, CLAIMS, AND LAWSUITS, SUBJECT TO THE POLICIES OF THE BOARD. SPECIFIC RESPONSIBILITIES OF THE EXECUTIVE COMMITTEE INCLUDE BUT ARE NOT LIMITED TO: PROVIDING DIRECTION TO EACH BOARD COMMITTEE RELATIVE TO THEIR RESPONSIBILITY TO MONITOR THE SCHOOL'S PROGRESS IN THE EXECUTION OF THE STRATEGIC PLAN, REVIEWING ANNUAL GOALS FOR THE BOARD AND THE HEAD OF SCHOOL, MONITORING THE BOARDS PROGRESS TOWARDS ITS ANNUAL GOALS, MONITORING AND REVIEWING THE PROGRESS OF THE HEAD OF SCHOOL AGAINST ESTABLISHED GOALS, AND REVIEWING ALL POLICY RECOMMENDATIONS PRIOR TO THE PRESENTATION TO THE FULL BOARD. FORM 990, PART VI, SECTION A, LINE 2 LYDA HILL AND NICOLE GINSBERG SMALL HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE MANAGEMENT OF THE SCHOOL WITH THE ASSISTANCE OF ARMANINO LLP, INDEPENDENT TAX ADVISORS. THE FORM 990 AND ALL OF THE REQUIRED SCHEDULES ARE PRESENTED TO THE AUDIT & ETHICS COMMITTEE, CONSISTING OF NOT LESS THAN FOUR MEMBERS. THE AUDIT & ETHICS COMMITTEE THEN REVIEWS THE DRAFT FORM 990 WITH MANAGEMENT OF THE SCHOOL AND ARMANINO LLP. ONCE THE DRAFT IS FINALIZED, IT IS DISTRIBUTED TO THE BOARD MEMBERS VIA EMAIL PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY AND QUESTIONNAIRE ARE DISTRIBUTED TO THE BOARD OF TRUSTEES PRIOR TO THE MAY (FINAL) BOARD MEETING. THE CONFLICT OF INTEREST POLICY AND QUESTIONNAIRE ARE DISTRIBUTED TO THE LEADERSHIP TEAM DURING THE SAME TIME FRAME. THE LEADERSHIP TEAM IS EXPECTED TO ATTEND THE BOARD MEETINGS, BUT OCCASIONAL CONFLICTS DO OCCUR. THE QUESTIONNAIRES ARE RETURNED TO THE OFFICE OF THE CFO AND ARE REVIEWED FOR ANY CONFLICTS. IN ADDITION, THE DIRECTOR OF FINANCE AND THE CFO REVIEW THE FORMS AND DISCUSS OTHER POTENTIAL CONFLICTS. A SUMMARY OF SUCH CONFLICTS, IF ANY, IS PREPARED FOR DISCLOSURE ON THE FORM 990 AND IS REVIEWED BY THE AUDIT & ETHICS COMMITTEE. A PERSON FOUND TO HAVE A CONFLICT OF INTEREST SHALL NOT BE INVOLVED IN THE DISCUSSION OF OR VOTE ON THE TRANSACTION OR ARRANGEMENT GIVING RISE TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE SETS THE COMPENSATION FOR THE HEAD OF SCHOOL. THE COMPENSATION COMMITTEE IS COMPRISED OF THE CHAIR OF THE BOARD, THE CHAIR OF THE FINANCE AND ADMINISTRATION COMMITTEE, AND THE CHAIR OF THE BOARD GOVERNANCE AND LEADERSHIP COMMITTEE. THE COMPENSATION COMMITTEE IS DEEMED INDEPENDENT AS IT IS COMPRISED OF INDIVIDUALS UNRELATED TO AND NOT SUBJECT TO THE CONTROL OF THE HEAD OF SCHOOL. IN PREPARATION FOR THIS DECISION, A COMPENSATION COMPARISON IS PREPARED USING DATA FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS) AND THE INDEPENDENT SCHOOL DATA EXCHANGE (INDEX). DATA IS PULLED AND ANALYZED FOR A SET OF PREDETERMINED PEER SCHOOLS AND BENCHMARK SCHOOLS. THE COMPENSATION COMMITTEE THEN USES THIS INFORMATION TO NEGOTIATE THE CONTRACT FOR THE HEAD OF SCHOOL. THE HEAD OF SCHOOL SETS THE SALARIES OF THE LEADERSHIP TEAM (INCLUDING THE KEY EMPLOYEES AS WELL AS VARIOUS OTHER LEADERSHIP POSITIONS). HE OR SHE USES SIMILAR COMPARABLE DATA FROM NAIS TO DETERMINE SALARY LEVELS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL'S GOVERNING DOCUMENTS. CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE IN SPLIT-INTEREST AGREEMENT -38,975. PROVISION FOR UNCOLLECTIBLE PLEDGES -16,988.