2023-05-15T14:07:15-05:00 2022-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2021-07-01 231352646 HAVERFORD SCHOOL HAVE 4844172722 450 LANCASTER AVENUE HAVERFORD PA 19041 PETER MAAS CHIEF FINANCIAL OFFICER 4844172722 2023-05-15 1 PETER MAAS XXX-XX-XXXX KERRI N BOGDA CPA P00760402 7177404863 2023-05-14 X 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z TYLER CASERTANO 450 LANCASTER AVENUE HAVERFORD PA 19041 155360208 0 X WWW.HAVERFORD.ORG X 1916 PA A NON-SECTARIAN COLLEGE PREP SCHOOL PRE-K-12, EDUCATES QUALIFIED BOYS OF DIFFERING BACKGROUNDS. 27 26 285 54 276565 120140 5736623 9466415 35590064 37261684 21433760 5358896 897817 1978898 63658264 54065893 8950233 9632218 0 0 21361275 22311107 0 0 3122321 12229865 12569027 42541373 44512352 21116891 9553541 200207536 222008012 38930455 62173353 161277081 159834659 X THE HAVERFORD SCHOOL, A NON-SECTARIAN COLLEGE PREPARATORY SCHOOL FOR JUNIOR KINDERGARTEN THROUGH GRADE TWELVE, PROVIDES A SUPERIOR LIBERAL ARTS EDUCATION FOR QUALIFIED BOYS OF DIFFERING BACKGROUNDS. WE ARE COMMITTED TO DEVELOPING THE FULL INTELLECTUAL, ARTISTIC, ATHLETIC AND MORAL POTENTIAL IN EACH BOY, AND WE AIM TO GRADUATE YOUNG MEN WITH STRONG CHARACTER WHO POSSESS A PASSION FOR LEARNING AND PROBLEM SOLVING. 0 0 36422730 9632218 37261684 PREPARING YOUNG MEN ACADEMICALLY FOR THE FUTURE IS UNDOUBTEDLY ONE OF THE MOST VALUABLE BENEFITS OF A HAVERFORD EDUCATION. BUT MORE IMPORTANTLY, WE GIVE BOYS A FOUNDATION OF SKILLS THEY NEED TO LEAD A FULFILLING AND MEANINGFUL LIFE. AS OUR STATEMENT OF VISION READS, "THE HAVERFORD FACULTY PREPARES EACH BOY TO BE FUTURE-READY THROUGH DEVELOPING HIS CHARACTER AND HIS EMOTIONAL INTELLIGENCE, AS WELL AS HIS ACADEMIC, ARTISTIC, AND ATHLETIC TALENTS."THE HAVERFORD SCHOOL INCURS DIRECT INSTRUCTIONAL EXPENSES IN PRE-KINDERGARTEN THROUGH GRADE 12, ATHLETIC PROGRAMS, AND OTHER EXTRA-CURRICULAR ACTIVITY EXPENSES FOR APPROXIMATELY 1,000 STUDENTS. 36422730 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 98 0 285 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 27 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA MA NJ NY X PETER MAAS CHIEF FINANCIAL OFFICER 4844172722 450 LANCASTER AVENUE HAVERFORD PA 19041 TYLER CASERTANO HEADMASTER 40.00 0.00 X X 257159 0 7833 MAURICE D GLAVIN CHAIR 7.00 0.00 X X 0 0 0 JOHN J LYNCH III VICE CHAIR 0.50 0.00 X X 0 0 0 CAROLINE R DE MARCO SECRETARY 0.50 0.00 X X 0 0 0 GEORGE B LEMMON TREASURER 0.50 0.00 X X 0 0 0 KENNETH M BATE TRUSTEE 0.50 0.00 X 0 0 0 JENNIFER PARADIS BEHLE TRUSTEE 0.50 0.00 X 0 0 0 AMY C BRIDDELL TRUSTEE 0.50 0.00 X 0 0 0 WILLIAM T CADDELL TRUSTEE 0.50 0.00 X 0 0 0 KIM CARTER TRUSTEE 0.50 0.00 X 0 0 0 RANDALL DRAIN TRUSTEE 0.50 0.00 X 0 0 0 THADDEUS J FORTIN TRUSTEE 0.50 0.00 X 0 0 0 WILLIAM HAMBLETON TRUSTEE 0.50 0.00 X 0 0 0 JACK H KIRKPATRICK JR TRUSTEE 0.50 0.00 X 0 0 0 BARBARA KLOCK TRUSTEE 0.50 0.00 X 0 0 0 JEFFERY F LEE TRUSTEE 0.50 0.00 X 0 0 0 QUINCY MCCOY TRUSTEE 0.50 0.00 X 0 0 0 WADE L MCDEVITT TRUSTEE 0.50 0.00 X 0 0 0 H LADDIE MONTAGUE TRUSTEE 0.50 0.00 X 0 0 0 JONATHAN R MORGAN TRUSTEE 0.50 0.00 X 0 0 0 MARTHA E ORTIZ TRUSTEE 0.50 0.00 X 0 0 0 RAVINDRA REDDY TRUSTEE 0.50 0.00 X 0 0 0 G BART SMITH TRUSTEE 0.50 0.00 X 0 0 0 NAFIS T SMITH TRUSTEE 0.50 0.00 X 0 0 0 FITZ DANIEL T TEPPER TRUSTEE 0.50 0.00 X 0 0 0 G NASH WATERMAN TRUSTEE 0.50 0.00 X 0 0 0 ROLAND YANG TRUSTEE 0.50 0.00 X 0 0 0 JAMES THORBURN ASSISTANT HEADMASTER 40.00 0.00 X 296215 0 32352 PAM GREENBLATT LOWER SCHOOL HEAD 40.00 0.00 X 180379 0 17367 DAVID GOLD CHIEF FINANCIAL OFFICER 40.00 0.00 X 262476 0 34257 MICHAEL MURPHY ATHLETIC DIRECTOR 40.00 0.00 X 193094 0 31571 JAMES J GREYTOK JR HEAD OF MIDDLE SCHOOL 40.00 0.00 X 207086 0 30496 BRIAN MCBRIDE ASSOC. HEAD FOR EXTERNAL AFFAIRS 40.00 0.00 X 220787 0 37428 JEFFREY DAY DIR. OF DEVELOPMENT 40.00 0.00 X 228662 0 35182 GEORGE WOOD SENIOR DIRECTOR OF MAJOR GIFTS 40.00 0.00 X 155643 0 17901 MICHELE TODD DIR. OF HUMAN RESOURCES 40.00 0.00 X 140198 0 16334 NEAL COUSINS DIRECTOR OF COLLEGE COUNSEL 40.00 0.00 X 132362 0 25955 MARK FIFER UPPER SCHOOL HEAD 40.00 0.00 X 132500 0 23996 CHRISTOPHER FOX ART DEPARTMENT CHAIR 40.00 0.00 X 123920 0 25098 JOHN NAGL FMR HEADMASTER (UNTIL 6/21) 40.00 X 722691 0 32445 3253172 0 368215 31 1 1 0 ADAMS BICKEL ASSOC LLC 341 N 10TH AVENUE SUITE 206 ROYERSFORD PA 19468 CONSTRUCTION 1143900 WATTS RESTORATION CO INC 1704 BUSTLETON PIKE FEASTERVILLE PA 19053 GENERAL CONTRACTOR/ STONE RESTORATION 821220 FIELD TURF CORP 175 NORTH INDUSTRIAL BLVD CALHOUN GA 30701 TURF INSTALLATION 324695 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 191828854 PUBLIC SAFETY OUTSOURCE 306656 TOP-A-COURT LLC 1274 GEORGIA LANE HATFIELD PA 19053 CONSTRUCTION 118835 6 118770 291893 9055752 443939 9466415 TUITION & FEES 611710 36531914 36531914 DAY CARE PROGRAM 611710 628342 628342 MUSIC LESSONS 611710 81664 81664 ENRICHMENT PROGRAM 611710 19764 19764 37261684 282252 120573 161679 257983 103698 154285 154285 154285 106046437 100915593 54200 5130844 -54200 5076644 5076644 380703 118770 220824 159879 159879 2435 0 2435 2435 CAFETERIA 611710 1133753 1133753 CAFE SALES 611710 176287 176287 SUMMER CAMP 611710 135179 129767 5412 217080 26225 190855 1662299 54065893 37261684 276565 7061229 9632218 9632218 2434669 1042105 841272 551292 14285784 11780929 1538646 966209 1236268 1062890 118323 55055 2958794 2468889 301555 188350 1395592 1150296 146582 98714 48975 48975 63575 63575 345114 345114 2173741 2101077 72664 199806 199806 1910621 1692754 143772 74095 242954 242954 1997481 1102111 521636 373734 184009 157664 26345 38287 17019 14805 6463 3576350 2721435 498068 356847 200425 152514 27913 19998 INSTRUCTIONAL EXPENSES 726757 647752 79005 ATHLETIC DEPARTMENT 399642 399642 COMMUNICATION 164169 164169 DUES & SUBSCRIPTIONS 143230 50481 57820 34929 153891 147576 6315 44512352 36422730 4967301 3122321 X 25836 18509 4373436 11479065 3577716 2413769 2359 1169 1249715 651094 158434711 57615775 80956424 100818936 92970118 10252260 16222340 95663550 829592 709660 200207536 222008012 2402558 2433059 5020115 7828792 30969548 30928454 66558 347222 20791667 191012 124823 38930455 62173353 X 123101882 121871903 38175199 37962756 161277081 159834659 200207536 222008012 X 9553541 -10924151 -71812 X 0 1 X 1 0 X 5929618 9590907 6765855 5736623 9456345 37479348 5929618 9590907 6765855 5736623 9456345 37479348 2932539 34546809 1266172 1487225 2178920 1697170 540235 7169722 12454 35065 16610 190162 254291 1279346 1289857 1487605 1068182 1899515 7024505 51927866 177172716 0.66530 0.68340 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: APPLICATION FEES - 2018 AMOUNT: $ 15,000. 2019 AMOUNT: $ 12,150. 2020 AMOUNT: $ 27,860. ATHLETICS - 2017 AMOUNT: $ 75,255. 2018 AMOUNT: $ 87,900. 2019 AMOUNT: $ 38,492. 2020 AMOUNT: $ 56,300. 2021 AMOUNT: $ 82,500. CAFE SALES - 2017 AMOUNT: $ 108,292. 2018 AMOUNT: $ 103,731. 2019 AMOUNT: $ 97,831. 2020 AMOUNT: $ 97,216. 2021 AMOUNT: $ 176,287. CAFETERIA - 2017 AMOUNT: $ 1,008,891. 2018 AMOUNT: $ 1,011,714. 2019 AMOUNT: $ 868,259. 2020 AMOUNT: $ 487,930. 2021 AMOUNT: $ 1,133,753. HALL OF FAME DINNER - 2017 AMOUNT: $ 10,790. 2019 AMOUNT: $ 16,550. NON-CHARITABLE FUNDRAISING RECEIPTS - 2019 AMOUNT: $ 388,016. 2020 AMOUNT: $ 338,710. 2021 AMOUNT: $ 393,208. OTHER - 2017 AMOUNT: $ 33,187. 2018 AMOUNT: $ 54,277. 2019 AMOUNT: $ 52,222. 2020 AMOUNT: $ 37,724. 2021 AMOUNT: $ 89,897. SCHOOL PICTURE COMMISSION - 2017 AMOUNT: $ 4,530. SCHOOL STORE - 2017 AMOUNT: $ 2,253. 2018 AMOUNT: $ 4,066. 2019 AMOUNT: $ 5,957. 2020 AMOUNT: $ 2,053. 2021 AMOUNT: $ 4,476. SODEXO SUBSIDY - 2017 AMOUNT: $ 18,900. SUMMER CAMP - 2020 AMOUNT: $ 15,375. 2021 AMOUNT: $ 5,412. THEATER PRODUCTIONS - 2017 AMOUNT: $ 16,598. 2018 AMOUNT: $ 12,208. 2019 AMOUNT: $ 8,128. 2020 AMOUNT: $ 1,740. 2021 AMOUNT: $ 13,982. YEARBOOK SALES - 2017 AMOUNT: $ 650. 2018 AMOUNT: $ 961. 2020 AMOUNT: $ 3,274. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 109192458 2584495 -5552067 308873 105916013 86416352 1188696 22008899 421489 109192458 83420561 1528695 1937238 470142 86416352 76923595 2555870 3941096 83420561 71516670 2627135 2779790 76923595 0.64680 0.30680 0.04640 0 0 8215773 8215773 134400094 51636312 82763782 15563475 5979463 9584012 255369 255369 100818936 ALTERNATIVE INVESTMENTS 95663550 F 95663550 ACCRUED POSTRETIREMENT HEALTH COSTS 124823 124823 X 33417120 -10924151 -10049144 -20973295 54390415 -324522 -324522 54065893 34859542 324522 324522 34535020 9977332 9977332 44512352 PART V, LINE 4: THE ENDOWMENT FUND SUPPORTS THE MISSION OF THE SCHOOL THROUGH SCHOLARSHIPS, PROGRAM SUPPORT, AND FACULTY SUPPORT. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. THE SCHOOL'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. NO INTEREST OR PENALTIES WERE RECOGNIZED IN 2022. THE SCHOOL'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR THE YEARS ENDED JUNE 30, 2021, 2020 AND 2019 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THE DATE THE RETURN WAS FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS -9,632,218. INVESTMENT FEES -345,114. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST -71,812. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -220,824. RENTAL EXPENSES -103,698. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 220,824. RENTAL EXPENSES 103,698. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS 9,632,218. INVESTMENT FEES 345,114. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE HAVERFORD SCHOOL IS A MEMBER OF A LOCAL CONSORTIUM CALLED "ADVIS" THAT PUBLISHES A NONDISCRIMINATORY STATEMENT IN NEWSPAPERS. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES BOOKS FROM THE PENNSYLVANIA DEPARTMENT OF EDUCATION. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 29293556 0 0 0 0 0 0 29293556 0 29293556 1 0 1 1 1 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV, LINE 1: THE ORGANIZATION HAD TRANSFERS TO FOREIGN CORPORATIONS DURING THE YEAR. THE ORGANIZATION WILL FILE FORMS 926 WHERE TRANSFERS EXCEED THE THRESHOLD REQUIREMENT. SCHEDULE F, PART IV, LINES 3, 4 AND 5: THE ORGANIZATION HAS INTERESTS IN FOREIGN CORPORATIONS AND PARTNERSHIPS, HOWEVER, ITS PERCENTAGE OWNERSHIP DOES NOT EXCEED THE THRESHOLD FOR REPORTING ON THESE FOREIGN FORMS. PARENTS GALA 321690 108700 212990 27700 700 32296 EA DAY 43309 43309 32270 3 79631 10070 69561 60211 444630 118770 325860 27700 700 124777 153177 172683 1 SCHOLARSHIPS & FINANCIAL AID 426 9632218 PART I, LINE 2: GRANT FUNDS ARE DETERMINED USING AN OUTSIDE SERVICE WHICH CALCULATS NEED FOR TUITION ASSISTANCE. THE FUNDS OR TUITION DISCOUNT IS THEN APPLIED AGAINST THE TUITION OBLIGATION AT THE SCHOOL. FAMILIES ARE ASKED TO NOTIFY THE SCHOOL IF THEIR FINANCIAL SITUATION CHANGES. X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 JOHN NAGL FMR HEADMASTER (UNTIL 6/21) 254456 0 447254 0 20981 0 25446 0 6999 0 755136 0 0 0 JAMES THORBURN ASSISTANT HEADMASTER 243715 0 5000 0 47500 0 24372 0 7980 0 328567 0 0 0 DAVID GOLD CHIEF FINANCIAL OFFICER 262476 0 0 0 0 0 26248 0 8009 0 296733 0 0 0 TYLER CASERTANO HEADMASTER 205000 0 0 0 52159 0 0 0 7833 0 264992 0 0 0 JEFFREY DAY DIR. OF DEVELOPMENT 198662 0 0 0 30000 0 19866 0 15316 0 263844 0 0 0 BRIAN MCBRIDE ASSOC. HEAD FOR EXTERNAL AFFAIRS 220787 0 0 0 0 0 22079 0 15349 0 258215 0 0 0 JAMES J GREYTOK JR HEAD OF MIDDLE SCHOOL 177086 0 0 0 30000 0 17709 0 12787 0 237582 0 0 0 MICHAEL MURPHY ATHLETIC DIRECTOR 163094 0 0 0 30000 0 16309 0 15262 0 224665 0 0 0 PAM GREENBLATT LOWER SCHOOL HEAD 150379 0 0 0 30000 0 15038 0 2329 0 197746 0 0 0 GEORGE WOOD SENIOR DIRECTOR OF MAJOR GIFTS 155643 0 0 0 0 0 15564 0 2337 0 173544 0 0 0 NEAL COUSINS DIRECTOR OF COLLEGE COUNSEL 132362 0 0 0 0 0 13236 0 12719 0 158317 0 0 0 MICHELE TODD DIR. OF HUMAN RESOURCES 140198 0 0 0 0 0 14020 0 2314 0 156532 0 0 0 MARK FIFER UPPER SCHOOL HEAD 132500 0 0 0 0 0 13250 0 10746 0 156496 0 0 0 PART I, LINE 1A HEADMASTER JOHN NAGL RECEIVED A HOUSING ALLOWANCE THAT WAS INCLUDED IN HIS TAXABLE WAGES. THE FAIR MARKET VALUE OF HIS HOUSING ALLOWANCE FOR 2021 WAS $18,000. THE FAIR MARKET VALUE OF HIS CAR ALLOWANCE FOR 2021 WAS $2,981. THE FOLLOWING PERSONNEL ARE REQUIRED TO RESIDE ON CAMPUS AND THEIR HOUSING ALLOWANCES ARE LIKEWISE INCLUDED IN THEIR TAXABLE WAGES: TYLER CASERTANO, JAMES THORBURN, PAM GREENBLATT, MICHAEL MURPHY, AND JEFFREY DAY. JAMES THORBURN ALSO RECEIVED A TAX GROSS-UP PAYMENT RELATED TO HIS TAXABLE HOUSING ALLOWANCES. PART I, LINE 7 THE HEADMASTER RECEIVED A BONUS BASED ON GOALS AND CRITERIA DETERMINED BY THE BOARD ON A DISCRETIONARY BASIS. THE CRITERIA WERE NOT BASED ON EITHER REVENUE OR NET EARNINGS. A MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232245125 613609K70 2019-08-29 31346737 REFINANCING PREVIOUS DEBT AND ADDITIONAL FUNDS FOR NEW CONSTRUCTION 0 0 0 A 31346737 280927 4065810 27000000 2020 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 KATHERINE THORBURN KATHERINE THORBURN IS THE SPOUSE OF JAMES THORBURN, A KEY EMPLOYEE 130895 KATHERINE THORBURN IS AN EMPLOYEE AS IS HER SPOUSE, JAMES THORBURN. KATHERINE'S SALARY AND BENEFITS ARE BEING REPORTED. KATHERINE DOES NOT REPORT TO JAMES NOR DOES JAMES PARTICIPATE IN SALARY DISCUSSIONS RELATED TO KATHERINE. 0 X 155685 PURCHASE PRICE X 6 288254 NYSE PRICE 0 0 1 0 PART I, COLUMN (B): THE NUMBERS IN COLUMN B REPRESENT THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1A SOMETIMES THE BROADER BOARD WILL VOTE TO GIVE AUTHORITY TO THE EXECUTIVE COMMITTEE, COMPOSED OF THE CHAIR, THE VICE CHAIR, SECRETARY, TREASURER, THREE OTHER MEMBERS AND THE HEADMASTER. THE SCOPE IS ON A CASE BY CASE BASIS. FORM 990, PART VI, SECTION B, LINE 11B THE INITIAL REVIEW IS UNDERTAKEN BY THE CHIEF FINANCIAL OFFICER. ONCE THE CFO APPROVES, THE SCHOOL WILL THEN CIRCULATE THE RETURN IN ITS ENTIRETY TO THE FULL BOARD FOR COMMENTS OR QUESTIONS BEFORE THE RETURN IS TRANSMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD OF TRUSTEES IS REQUIRED TO COMPLETE A QUESTIONNAIRE TO HIGHLIGHT ANY CONFLICTS. BUSINESS AND PERSONAL RELATIONSHIPS ARE SPECIFICALLY MENTIONED IN THE POLICY AS HAVING POTENTIAL FOR CONFLICTS OF INTEREST. THE CHIEF FINANCIAL OFFICER REVIEWS THE FORMS ANNUALLY TO DETERMINE IF ANY CONFLICTS EXIST. IF A POTENTIAL CONFLICT ARISES, THE BOARD MEMBER, OFFICER, OR KEY EMPLOYEE IN QUESTION RECUSES HIMSELF OR HERSELF FROM ANY VOTES OR DECISIONS RELATED TO THE CONFLICT. OFFICERS AND KEY EMPLOYEES ARE HELD RESPONSIBLE FOR ANY POTENTIAL CONFLICTS UNDER THE SCHOOL'S "CODE OF CONDUCT" POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE HEAD OF SCHOOL'S COMPENSATION IS DETERMINED BY THE CHAIRMAN OF THE BOARD OF TRUSTEES AND THE EXECUTIVE COMMITTEE. THEY ENGAGE AN OUTSIDE CONSULTANT FOR ASSISTANCE IN DETERMINING THE HEAD OF SCHOOL'S CONTRACT. THE CONSULTANT BENCHMARKS/SAFE HARBORS AGAINST OTHER HEADS OF SCHOOL IN THE INDUSTRY TO ENSURE THE HEAD OF SCHOOL'S COMPENSATION IS WITHIN FAIR MARKET RANGE. THE CURRENT HEAD OF SCHOOL STARTED IN 2021, AND HAS A CONTRACT THROUGH 2026. CHANGES SUCH AS THE NEW HEAD OF SCHOOL'S EMPLOYMENT CONTRACT ARE DOCUMENTED IN THE BOARD MINUTES. OTHER KEY EMPLOYEES' SALARIES ARE ANNUALLY BENCHMARKED WITH SALARY INFORMATION FROM SIMILAR LOCAL SCHOOLS, BY THE DIRECTOR OF HUMAN RESOURCES. THE HEAD OF SCHOOL DETERMINES COMPENSATION FOR OTHER KEY EMPLOYEES. THE HEAD OF SCHOOL CONSULTS WITH THE CHAIRMAN OF THE BOARD OF TRUSTEES AND FINANCE COMMITTEE CHAIR ON OTHER KEY EMPLOYEE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'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 OF BENEFICIAL INTEREST IN PERPETUAL TRUST -71,812.