2022-05-10T13:41:57-05:00 2021-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2020-07-01 060647018 THE HOTCHKISS SCHOOL HOTC 8604353159 11 INTERLAKEN ROAD LAKEVILLE CT 06039 SANDRA J LYNCH CFO 8604353159 2022-05-09 1 SANDRA LYNCH XXX-XX-XXXX LYNNE JOHNSON P00757336 6179129000 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z SANDRA J LYNCH 11 INTERLAKEN ROAD LAKEVILLE CT 06039 154264394 0 X WWW.HOTCHKISS.ORG X 1891 CT THE SCHOOL STRIVES TO DEVELOP IN STUDENTS A LIFELONG LOVE OF LEARNING AND RESPONSIBLE CITIZENSHIP. 24 23 435 20 -385665 0 14322717 21890881 36364792 37197922 27857557 74717009 1986635 1530855 80531701 135336667 10205530 12015144 0 0 31571163 32244300 0 0 3803498 32906582 35741417 74683275 80000861 5848426 55335806 694073928 832226197 105216896 103799719 588857032 728426478 THE HOTCHKISS SCHOOL STRIVES TO DEVELOP IN STUDENTS A LIFELONG LOVE OF LEARNING, RESPONSIBLE CITIZENSHIP, AND PERSONAL INTEGRITY. WE ARE A COMMUNITY BASED ON TRUST, MUTUAL RESPECT, AND COMPASSION, AND WE HOLD ALL MEMBERS OF THE COMMUNITY ACCOUNTABLE FOR UPHOLDING THESE VALUES. 0 0 55267607 12015144 38426228 THE SCHOOL IS COMMITTED TO MASTERY OF LEARNING SKILLS, DEVELOPMENT OF INTELLECTUAL CURIOSITY, EXCELLENCE AND CREATIVITY IN ALL DISCIPLINES, AND ENTHUSIASTIC PARTICIPATION IN ATHLETICS AND OTHER SCHOOL ACTIVITIES. WE ENCOURAGE OUR STUDENTS TO DEVELOP CLARITY OF THOUGHT, CONFIDENCE AND FACILITY IN EXPRESSING IDEAS, AND ARTISTIC AND AESTHETIC SENSITIVITY. WE EXPECT ALL MEMBERS OF THE COMMUNITY, IN AND OUT OF THE CLASSROOM, TO SUBJECT THEIR VIEWS AND ACTIONS TO CRITICAL EXAMINATION AND TO ACCEPT RESPONSIBILITY FOR THEM. WE HOPE THAT OUR GRADUATES WILL LEAVE HOTCHKISS WITH A COMMITMENT TO SERVICE TO OTHERS AND TO ENVIRONMENTAL STEWARDSHIP, AND WITH A GREATER UNDERSTANDING OF THEMSELVES AND OF THEIR RESPONSIBILITIES IN A GLOBAL SOCIETY. THE ENROLLMENT FOR THE TAX YEAR WAS APPROXIMATELY 620 STUDENTS. 55267607 1 1 0 0 0 0 1 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 163 0 1 435 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 24 23 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CT NY X SANDRA J LYNCH 8604353159 11 INTERLAKEN ROAD LAKEVILLE CT 06039 CRAIG W BRADLEY HEAD OF SCHOOL 50.00 X X 617382 0 176437 SANDRA LYNCH CFO 40.00 X 353500 0 51276 MERRILEE MARDON ASSOCIATE HEAD OF SCHOOL 40.00 X 214308 0 137989 NINETTE ENRIQUE CHIEF ADVANCEMENT OFFICER 40.00 X 300021 0 50854 ERBY L MITCHELL JR DEAN OF ADMISSON & FINANCIAL AID 40.00 X 196062 0 106076 RICHARD HAZELTON DIRECTOR OF COLLEGE ADVISING 40.00 X 175098 0 108129 MELISSA WOODIN CONTROLLER 40.00 X 175335 0 55968 JEFFREY NAVIN SENIOR FINANCIAL ANALYST 40.00 X 167142 0 55457 JARED ZELMAN MD MEDICAL DIRECTOR 40.00 X 177643 0 41858 JOSEPH P FLYNN FORMER CHIEF ADVANCEMENT OFFICER 0.00 X 105177 0 0 CHARLES AYRES JR TRUSTEE 3.00 X 0 0 0 AUSTIN BEUTNER TRUSTEE 3.00 X 0 0 0 REBECCA VAN DER BOGERT TRUSTEE 3.00 X 0 0 0 ANNE MATLOCK DINNEEN TRUSTEE 3.00 X 0 0 0 JOHN GRUBE TRUSTEE 3.00 X 0 0 0 ALEXANDER HURST TRUSTEE (FROM 10/1/2020) 3.00 X 0 0 0 ANNIKA LESCOTT TRUSTEE (FROM 1/29/21) 3.00 X 0 0 0 BERNICE LEUNG LIN TRUSTEE 3.00 X 0 0 0 CRISTINA MARIANI-MAY TRUSTEE (FROM 7/1/20) 3.00 X 0 0 0 CARLOS A PEREZ TRUSTEE 3.00 X 0 0 0 THOMAS S QUINN III TRUSTEE 3.00 X 0 0 0 CHRISTOPHER REDLICH TRUSTEE 3.00 X 0 0 0 SUSAN ROBERSON PRESIDENT OF THE HOTCHKISS FUND 3.00 X 0 0 0 THOMAS SEIDENSTEIN PRESIDENT OF ALUMNI ASSOCIATION 3.00 X 0 0 0 TIMOTHY P SULLIVAN TRUSTEE 3.00 X 0 0 0 RHONDA R TROTTER TRUSTEE 3.00 X 0 0 0 GWYN WILLIAMS TRUSTEE 3.00 X 0 0 0 ROBERT CHARTENER VICE PRESIDENT 3.00 X X 0 0 0 ELIZABETH GARDNER HINES CO-PRESIDENT 3.00 X X 0 0 0 ROBERT GOULD CO-PRESIDENT 3.00 X X 0 0 0 RAYMOND MCGUIRE VICE PRESIDENT 3.00 X X 0 0 0 ROGER K SMITH SECRETARY 3.00 X X 0 0 0 DAVID WYSHNER TREASURER 3.00 X X 0 0 0 2481668 0 784044 35 1 1 0 TORY HILL LLC 11 INTERLAKEN ROAD LAKEVILLE CT 06039 DINING SERVICES 3625081 BURLINGTON CONSTRUCTION CO INC 67 PROSPECT AVE TORRINGTON CT 06790 CONSTRUCTION 2077076 HORTON ELECTRICAL SERVICES LLC 97 RIVER ROAD CANTON CT 06019 ELECTRICAL CONTRACTOR 827943 BOWIE GRIDLEY ARCHITECTS 1010 WISCONSIN AVENUE WASHINGTON DC 20007 ARCHITECTURAL SERVICES 561384 ROPES & GRAY LLP PO BOX 70280 PHILADELPHIA PA 19176 LEGAL SERVICES 440439 40 21890881 2492332 21890881 TUITION AND FEES 611600 37197922 37197922 37197922 1154375 -675292 1829667 92135840 18573206 73562634 73562634 73562634 301316 354521 -53205 -53205 STUDENT FEES AND OTHER 900099 1137168 1137168 CHILD CARE INCOME 611710 191993 191993 STUDENT ACTIVITIES 611710 144343 144343 110556 97634 12922 1584060 135336667 38426228 -385665 75405223 11155750 11155750 859394 859394 1702636 1348614 354022 21310105 16707100 2439205 2163800 2414620 1893060 276383 245177 5164140 4048680 591100 524360 1652799 1295793 189183 167823 969161 969161 95700 95700 2828211 2828211 3178768 1387080 1761904 29784 1078600 682754 382903 12943 1236439 782666 438936 14837 5405700 4715048 513686 176966 65501 41462 23253 786 113000 113000 1345912 1076720 269192 7144175 5715340 1428835 684200 684200 PANDEMIC RELATED EXPENS 3666281 3666281 LEGAL-OTHER 3290000 3290000 INSTRUCTIONAL RELATED E 1037079 1037079 STUDENT ACTIVITIES 203400 203400 3399290 3399290 80000861 55267607 20929756 3803498 4974813 11721534 9732785 15383452 18802875 10657844 21137 25946 148981 160776 1485866 1367506 272618557 113274420 161715655 159344137 45609901 53484106 440979324 566997189 10602591 13083707 694073928 832226197 4874794 3711411 26950154 30465815 34845748 34860282 38546200 34762211 105216896 103799719 X 279232400 330217234 309624632 398209244 588857032 728426478 694073928 832226197 X 55335806 80376347 3857293 X X 0 1 X 1 0 X 20194961 19447553 20167297 14322717 21890881 96023409 20194961 19447553 20167297 14322717 21890881 96023409 20607869 75415540 383695 1182519 3512880 1429301 1829667 8338062 1321396 0 0 0 0 1321396 576768 429446 432304 303892 12922 1755332 107438199 190406041 0.70190 0.63980 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2016 AMOUNT: $ 308,347. 2017 AMOUNT: $ 162,175. 2018 AMOUNT: $ 117,062. 2019 AMOUNT: $ 178,980. 2020 AMOUNT: $ 12,922. CHILD CARE INCOME - 2016 AMOUNT: $ 268,421. 2017 AMOUNT: $ 267,271. 2018 AMOUNT: $ 315,242. 2019 AMOUNT: $ 124,912. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 260.00 1 0 491983224 7752603 148755773 29115963 619375637 494205161 3246314 15693813 21162064 491983224 493806043 13641303 23922302 37164487 494205161 458669853 10396305 42850442 10287496 7823061 493806043 404966091 18519799 55476196 10461126 9831107 458669853 0.31000 0.28000 0.41000 0 0 3011287 3011287 242242030 92804499 149437531 22151529 18380769 3770760 5213711 2089152 3124559 159344137 MARKETABLE HEDGE FUNDS 252023309 F MARKETABLE ALTERNATIVES 151770092 F NON-MARKETABLE ALTERNATIVE ASSETS 163203788 F 566997189 INTEREST RATE SWAP AGREEMENT 6743621 POST RETIREMENT HEALTH BENEFITS 26817601 OTHER LIABILITIES 1200989 34762211 X 200597947 80376347 -12641377 67734970 132862977 2828211 -354521 2473690 135336667 61028501 354521 354521 60673980 2828211 16498670 19326881 80000861 PART II, LINE 9: THE EASEMENT IS PART OF A PARCEL OF LAND PURCHASED BY THE SCHOOL IN 2004. IT HAD BEEN CREATED IN THE 1980'S BY THE OWNER OF THE LAND AT THAT POINT IN TIME AND THE LOSS OF ECONOMIC VALUE OF THE EASEMENT HAD BEEN REFLECTED IN THE APPRAISED VALUE OF THE PARCEL. THIS APPRAISAL SERVED AS THE BASIS OF THE PURCHASE PRICE. THE LAND IS REPORTED ON THE SCHOOL'S STATEMENT OF FINANCIAL POSITION AT PURCHASED COST. PART V, LINE 4: INCOME FROM ENDOWMENT FUNDS IS DRAWN IN ACCORDANCE WITH THE SCHOOL'S SPENDING POLICY AND USED IN ACCORDANCE WITH DONOR-IMPOSED STIPULATIONS OR, IN THE ABSENCE THEREOF, TO SUPPORT THE SCHOOL'S GENERAL OPERATING EXPENSES, INCLUDING SALARIES, FINANCIAL AID AND FACILITIES MAINTENANCE. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR UNCERTAIN INCOME TAX PROVISIONS INCLUDED IN ACCOUNTING STANDARDS CODIFICATION ("ASC") 740. ASC 740 PRESCRIBES DETAILED GUIDANCE FOR FINANCIAL STATEMENT RECOGNITION, MEASUREMENT AND DISCLOSURE OF UNCERTAIN TAX POSITIONS RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS. TAX POSITIONS MUST MEET A MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD TO BE RECOGNIZED, AND THE SCHOOL MONITORS ITS POTENTIAL TAX POSITIONS THROUGHOUT THE YEAR. THE SCHOOL BELIEVES THERE ARE NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2021 AND 2020. THE SCHOOL IS GENERALLY EXEMPT FROM INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR THREE YEARS FROM THE FILING DATE. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE -12,015,144. CHANGE IN VALUE OF INTEREST RATE SWAP 2,335,563. CHANGE IN VALUE OF POST RETIREMENT BENEFIT OBLIGATION 1,521,730. OTHER NON-OPERATING EXPENSES NETTED WITH TOTAL REVENUE -3,602,693. CRUT PAYMENTS & FEES -880,833. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -354,521. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 354,521. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE 12,015,144. OTHER NON-OPERATING EXPENSES NETTED WITH TOTAL REVENUE 3,602,693. CRUT PAYMENTS & FEES 880,833. 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 PUBLICIZES THE POLICY ALONG WITH OTHER AREA SCHOOLS IN THE LOCAL NEWSPAPER. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 167031478 NORTH AMERICA 0 0 INVESTMENTS 15566276 SOUTH ASIA 0 0 GRANTMAKING 61354 NORTH AMERICA 0 0 GRANTMAKING 406000 SUB-SAHARAN AFRICA 0 0 GRANTMAKING 201840 CENTRAL AMERICA AND THE CARIBBEAN 0 0 GRANTMAKING 190200 0 0 0 0 0 0 183457148 0 183457148 FINANCIAL AID SOUTH ASIA 2 61354 TUITION ASSISTANCE TUITION FINANCIAL AID NORTH AMERICA 7 406000 TUITION ASSISTANCE TUITION FINANCIAL AID SUB-SAHARAN AFRICA 3 201840 TUITION ASSISTANCE TUITION FINANCIAL AID CENTRAL AMERICA AND THE CARIBBEAN 4 190200 TUITION ASSISTANCE TUITION 1 0 0 1 1 0 PART I, LINE 2: THE FINANCIAL AID OFFICE AWARDS AND MONITORS ALL FINANCIAL AID AWARDS TO BOTH DOMESTIC AND INTERNATIONAL STUDENTS. PART III ACCOUNTING METHOD: PART I, LINE 3(D): INVESTMENTS INCLUDED IN THIS SECTION RELATE TO INVESTMENT HOLDINGS INCLUDED IN THE SCHOOL'S ENDOWMENT PORTFOLIO. 1 FINANCIAL AID 214 11155750 TUITION VALUE TUITION AID PART I, LINE 2: THE HOTCHKISS SCHOOL HAS DEDICATED AN INDIVIDUAL IN THE ADMISSIONS OFFICE TO WORK SOLELY WITH FINANCIAL AID. FINANCIAL AID AWARDS ARE ALSO TRACKED ON AN INDIVIDUAL BASIS IN THE BUSINESS OFFICE FOR BILLING PURPOSES. X 1 1 X X X 1 0 0 0 0 0 0 1 0 CRAIG W BRADLEY HEAD OF SCHOOL 465365 0 125000 0 27017 0 51160 0 125277 0 793819 0 0 0 SANDRA LYNCH CFO 303000 0 7500 0 43000 0 51160 0 116 0 404776 0 0 0 MERRILEE MARDON ASSOCIATE HEAD OF SCHOOL 191308 0 10000 0 13000 0 41496 0 96493 0 352297 0 0 0 NINETTE ENRIQUE CHIEF ADVANCEMENT OFFICER 266021 0 0 0 34000 0 48743 0 2111 0 350875 0 0 0 ERBY L MITCHELL JR DEAN OF ADMISSON & FINANCIAL AID 188562 0 7500 0 0 0 27035 0 79041 0 302138 0 0 0 RICHARD HAZELTON DIRECTOR OF COLLEGE ADVISING 175098 0 0 0 0 0 24444 0 83685 0 283227 0 0 0 MELISSA WOODIN CONTROLLER 175335 0 0 0 0 0 24640 0 31328 0 231303 0 0 0 JEFFREY NAVIN SENIOR FINANCIAL ANALYST 167142 0 0 0 0 0 23899 0 31558 0 222599 0 0 0 JARED ZELMAN MD MEDICAL DIRECTOR 167643 0 10000 0 0 0 18626 0 23232 0 219501 0 0 0 JOSEPH P FLYNN FORMER CHIEF ADVANCEMENT OFFICER 0 0 0 0 105177 0 0 0 0 0 105177 0 0 0 PART I, LINE 1A FOR THE BENEFIT AND CONVENIENCE OF THE SCHOOL AND AS A CONDITION OF THEIR EMPLOYMENT, CERTAIN EMPLOYEES ARE PROVIDED WITH ON-CAMPUS RESIDENCES AT THE SCHOOL'S EXPENSE. FOR THE CONVENIENCE OF THE SCHOOL, THESE RESIDENCES ARE READILY AVAILABLE AND USED FOR SCHOOL-RELATED ORDINARY AND NECESSARY BUSINESS FUNCTIONS ON A REGULAR AND CONTINUING BASIS. NONTAXABLE BENEFITS ALSO INCLUDE CERTAIN TUITION REMISSION AMOUNTS, IN ACCORDANCE WITH INTERNAL REVENUE CODE SECTION 117(D). PART I, LINE 3 THE ORAN COMMITTEE (ORGANIZATIONAL REVIEW AND NOMINATING) OF THE BOARD PROVIDES COUNSEL AND FEEDBACK TO THE HEAD OF SCHOOL AND WORKS WITH THE EXECUTIVE COMMITTEE TO DETERMINE HIS COMPENSATION. THE ORAN COMMITTEE REVIEWED ABOPS COMPENSATION SURVEY INFORMATION TO ESTABLISH THE HEAD OF SCHOOL COMPENSATION. THEY CONTINUE TO REVIEW ABOPS COMPENSATION SURVEY DATA EACH YEAR, INFORMING HIS ANNUAL COMPENSATION. PART I, LINE 4A JOSEPH FLYNN, FORMER CHIEF ADVANCEMENT OFFICER, LEFT THE POSITION IN AUGUST 2019. HE RECEIVED $105,177 IN SEVERANCE PAYMENT UNDER THE SEPARATION AGREEMENT DURING THE CALENDAR YEAR 2020 AND IT IS REPORTED IN PART II, COLUMN (B)(III). PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A BOARD APPROVED BONUS OF $125,000 FOR THE CALENDAR YEAR 2020 WHICH WAS REPORTED IN HIS 2020 W2. THE HEAD OF SCHOOL'S BONUS WAS DETERMINED UNDER THE DISCRETION OF THE BOARD. CERTAIN EMPLOYEES ALSO RECEIVED A ONE-TIME BONUS IN RELATION TO COVID-19 PANDEMIC AT THE DISCRETION OF HEAD OF SCHOOL. X 98 2492332 FAIR MARKET VALUE 0 0 1 1 PART I, COLUMN (B): THE AMOUNT IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. PART I, LINE 32B: THE SCHOOL MAINTAINS AN ACCOUNT WITH A FINANCIAL INSTITUTION THROUGH WHICH GIFTS OF APPRECIATED SECURITIES ARE RECEIVED AND LIQUIDATED. FORM 990, PART VI, SECTION B, LINE 11B AUTHORITY TO APPROVE THE 990 IS DELEGATED TO THE AUDIT AND RISK COMMITTEE BY THE BOARD. THE AUDIT AND RISK COMMITTEE REVIEWS IN DETAIL WITH SCHOOL MANAGEMENT AND ITS AUDITORS. COPIES OF THE 990 ARE THEN MADE AVAILABLE TO ALL TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE SHALL DISCLOSE THE EXISTENCE AND NATURE OF ANY PERSONAL OR OUTSIDE INTEREST THAT MAY AFFECT OR BE AFFECTED BY THE SCHOOL'S OPERATIONS OR BY DECISIONS THAT THE TRUSTEE MAKES ON THE SCHOOL'S BEHALF. MORE SPECIFICALLY, EACH TRUSTEE SHALL DISCLOSE EACH FINANCIAL AND NONFINANCIAL INTEREST. EACH YEAR, EVERY TRUSTEE SHALL COMPLETE THE REQUIRED QUESTIONNAIRE AND SUBMIT IT TO THE CHIEF FINANCIAL OFFICER. THE QUESTIONNAIRE OF EACH TRUSTEE WILL BE REVIEWED BY THE PRESIDENT, THE SECRETARY, THE HEAD OF SCHOOL AND THE CFO. IF, PRIOR TO THE NEXT ANNUAL DISCLOSURE, ANY TRUSTEE OBTAINS OR DEVELOPS A FINANCIAL OR NONFINANCIAL INTEREST THAT HAS NOT PREVIOUSLY BEEN DISCLOSED, THE TRUSTEE SHALL PROMPTLY DISCLOSE THE INTEREST TO THE CHIEF FINANCIAL OFFICER AND MAKE IT A MATTER OF RECORD. THE PRESIDENT AND HEAD OF SCHOOL WILL REVIEW IN ADVANCE THE AGENDA OF EACH ANNUAL, REGULAR AND SPECIAL MEETING OF THE BOARD AND OF THE EXECUTIVE COMMITTEE AND IDENTIFY, TO THE EXTENT POSSIBLE, POTENTIAL CONFLICTS OF INTEREST THAT MAY EXIST WITH RESPECT TO A MATTER ON THE AGENDA. IF A POTENTIAL CONFLICT OF INTEREST IS IDENTIFIED, THE PRESIDENT WILL NOTIFY THE INDIVIDUAL WITH THE POTENTIAL CONFLICT PRIOR TO THE MEETING AND WILL NOTIFY THE FULL BOARD OR EXECUTIVE COMMITTEE, AS THE CASE MAY BE, AT THE MEETING. IN ADDITION, EACH TRUSTEE ATTENDING A MEETING WHO BELIEVES THERE IS OR MAY BE A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EITHER FOR THE TRUSTEE HIMSELF OR HERSELF OR FOR ANY OTHER TRUSTEE SHALL IDENTIFY THE ISSUE FOR CONSIDERATION BY THE BOARD OR EXECUTIVE COMMITTEE IF THE PRESIDENT HAS NOT DONE SO. IF A TRUSTEE MAY HAVE A CONFLICT OF INTEREST AS TO A MATTER BEFORE THE BOARD, THE TRUSTEE SHALL LEAVE THE MEETING AFTER PROVIDING ALL MATERIAL INFORMATION RELEVANT TO THE EXISTENCE OF A CONFLICT. THE INDIVIDUALS REMAINING IN THE MEETING SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF SO, THE TRUSTEE IN QUESTION SHALL NOT THEREAFTER VOTE ON THE SUBSTANTIVE MATTER OR BE PRESENT DURING DELIBERATIONS. IF IT IS DETERMINED THAT THERE IS NO CONFLICT, THE TRUSTEE MAY FULLY PARTICIPATE IN THE MEETING. IN CERTAIN CIRCUMSTANCES, A TRUSTEE MAY BE FACED WITH CONFLICTING DUTIES SUCH THAT THE DISCLOSURE OF THE ACTUAL OR POTENTIAL CONFLICT OF INTEREST WOULD BREACH THE TRUSTEE'S DUTY OF CONFIDENTIALITY TO ANOTHER ORGANIZATION. IN SUCH CASES, THE TRUSTEE SHOULD EXPLAIN THAT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST EXISTS AND THAT THE TRUSTEE'S DUTIES TO ANOTHER ORGANIZATION PRECLUDE FULL DISCLOSURE OF THE NATURE OR EXTENT OF THE INTEREST. THE TRUSTEE SHOULD THEN LEAVE THE MEETING AND REMAIN OUT OF THE MEETING DURING DISCUSSION AND THE VOTE. NO TRUSTEE WHO HAS A CONFLICT OF INTEREST ON A MATTER SHALL PARTICIPATE IN SUBSTANTIVE DELIBERATIONS OR VOTE ON THAT MATTER OR BE COUNTED IN DETERMINING THE QUORUM FOR THE MEETING AT WHICH THE VOTE IS TAKEN, EVEN WHEN PERMITTED BY LAW. NO TRUSTEE WHO HAS A CONFLICT OF INTEREST ON A MATTER SHALL USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER. THESE REQUIREMENTS DO NOT PREVENT A TRUSTEE FROM BRIEFLY STATING HIS OR HER POSITION ON A MATTER, WHERE APPROPRIATE, OR FROM ANSWERING PERTINENT QUESTIONS ASKED BY OTHERS, SINCE HIS OR HER KNOWLEDGE MAY PROVIDE ASSISTANCE TO OTHERS. THE TRUSTEE WITH A CONFLICT OF INTEREST MUST LEAVE THE MEETING AFTER PROVIDING ANY INFORMATION REQUESTED BY OTHERS; NO TRUSTEE SHALL BE PRESENT DURING SUBSTANTIVE DISCUSSIONS, DELIBERATIONS, OR VOTING ON THE MATTER ON WHICH THAT TRUSTEE HAS A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE ORAN COMMITTEE (ORGANIZATIONAL REVIEW AND NOMINATING) OF THE BOARD PROVIDES COUNSEL AND FEEDBACK TO THE HEAD OF SCHOOL AND WORKS WITH THE EXECUTIVE COMMITTEE TO DETERMINE HIS COMPENSATION. THE ORAN COMMITTEE REVIEWED ABOPS COMPENSATION SURVEY INFORMATION TO ESTABLISH THE HEAD OF SCHOOL COMPENSATION. THEY CONTINUE TO REVIEW ABOPS COMPENSATION SURVEY DATA EACH YEAR, INFORMING HIS ANNUAL COMPENSATION. THE HEAD OF SCHOOL AND PERIODICALLY THE ORAN COMMITTEE REVIEW MARKET DATA FROM COMPARABLE INSTITUTIONS FOR THE TOP 20 OR SO PAID EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES IT GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990 AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D) AT ITS ADMINISTRATIVE OFFICES IN LAKEVILLE, CT. IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA GUIDESTAR. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP AGREEMENT 2,335,563. CHANGE IN VALUE OF POST RETIREMENT BENEFIT OBLIGATION 1,521,730. FORM 990, PART XII, LINE 2C THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR.