2022-11-15T10:06:13-06:00 2022-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2021-07-01 020222227 ST PAUL'S SCHOOL STPA 6032294635 325 PLEASANT STREET CONCORD NH 03301 KATHLEEN GILES RECTOR 6032294635 2022-11-15 1 KATHLEEN GILES XXX-XX-XXXX KAREN LO P01434915 6179129000 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z KATHLEEN GILES 325 PLEASANT STREET CONCORD NH 03301 414124257 0 X WWW.SPS.EDU X 1856 NH ST. PAUL'S SCHOOL IS A FULLY RESIDENTIAL ACADEMIC COMMUNITY. (SEE SCHEDULE O) IN EDUCATING STUDENTS TO BUILD PURPOSEFUL LIVES IN SERVICE TO THE GREATER GOOD, ST. PAUL'S SCHOOL ENGAGES YOUNG PEOPLE IN A DIVERSE, INCLUSIVE, AND ETHICAL COMMUNITY, DEDICATED TO THE PURSUIT OF EXCELLENCE IN CHARACTER AND SCHOLARSHIP AND INSPIRED BY THE BEAUTY AND SPIRIT OF OUR MILLVILLE HOME. 27 26 443 26 -431100 0 19414754 14267677 34698704 34764822 39145801 68134820 199237 149278 93458496 117316597 11489176 12134654 0 0 32113138 33878299 0 0 4355935 26555339 27351305 70157653 73364258 23300843 43952339 983992117 908168263 93147395 81982764 890844722 826185499 X ST. PAUL'S SCHOOL IS A FULLY RESIDENTIAL ACADEMIC COMMUNITY. IN EDUCATING STUDENTS TO BUILD PURPOSEFUL LIVES IN SERVICE TO THE GREATER GOOD, ST. PAUL'S SCHOOL ENGAGES YOUNG PEOPLE IN A DIVERSE, INCLUSIVE, AND ETHICAL COMMUNITY, DEDICATED TO THE PURSUIT OF (SEE SCHEDULE O) EXCELLENCE IN CHARACTER AND SCHOLARSHIP AND INSPIRED BY THE BEAUTY AND SPIRIT OF OUR MILLVILLE HOME. 0 0 60468554 11960404 34171322 ST. PAUL'S SCHOOL'S PRIMARY PROGRAM SERVICE IS THE EDUCATION OF STUDENTS IN GRADE 9 THROUGH 12, IN A COEDUCATIONAL FULLY RESIDENTIAL SCHOOL ENVIRONMENT. THE SCHOOL STRIVES TO BE AN INCLUSIVE, EQUITABLE, AND RICHLY DIVERSE COMMUNITY, ONE THAT IS COMMITTED TO ENSURING EQUAL ACCESS TO OPPORTUNITIES, AS WELL AS PROMOTING INDIVIDUAL GROWTH THROUGH LEARNING ABOUT THE SELF AND THE PERSPECTIVES AND EXPERIENCE OF OTHERS. THE CONCENTRATED ACADEMIC WORK DONE IN COLLABORATION BY THE STUDENTS AND FACULTY AT ST. PAUL'S SCHOOL IS THE HALLMARK OF OUR ACADEMIC PROGRAM. THROUGH THE SCHOOL'S RIGOROUS ACADEMIC STANDARDS, WE ENCOURAGE OUR MOTIVATED STUDENTS TO ATTAIN THE HIGHEST LEVELS OF SCHOLARSHIP AND INTELLECTUAL GROWTH AND DEVELOPMENT. 688052 174250 593500 ST. PAUL'S SCHOOL FOUNDED THE ADVANCED STUDIES PROGRAM (ASP) IN 1958 TO PROVIDE TALENTED NEW HAMPSHIRE PUBLIC AND PAROCHIAL HIGH SCHOOL RISKING SENIORS WITH CHALLENGING EDUCATIONAL OPPORTUNITIES OTHERWISE UNAVAILABLE TO THEM. EACH SUMMER, APPROXIMATELY 240 YOUNG MEN AND WOMEN LIVE ON THE ST. PAUL'S SCHOOL'S CAMPUS FOR FIVE AND A HALF WEEKS. STUDENTS ARE IMMERSED IN A COLLEGE-LEVEL CURRICULUM AND CHALLENGED TO DISCOVER NEW WAYS OF LEARNING. ASP OFFERS A WIDE VARIETY OF COURSES FROM SHAKESPEARE TO ASTRONOMY, WHICH THOROUGHLY EXPLORE TOPICS IN SEVERAL DISCIPLINES. IN THEIR TIME AT ASP, STUDENTS BECOME IMMERSED IN THEIR SUBJECT OF CHOICE, SETTING THEM UP FOR A LIFELONG UNDERSTANDING OF THE MATERIAL. (SEE SCHEDULE O FOR CONTINUATION)ADDITIONALLY, ALL ASP STUDENTS HAVE AN OPPORTUNITY TO ENHANCE THEIR WRITING SKILLS THROUGH COMPULSORY INTERACTIVE WRITING WORKSHOPS. 61156606 1 1 0 1 0 1 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 1 X 229 0 1 443 1 1 0 0 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH X X MEGAN KINGSLEY DIRECTOR OF FINANCE 6032294635 325 PLEASANT STREET CONCORD NH 03301 KATHY GILES RECTOR 60.00 X X 862678 0 210383 MR AMACHIE K ACKAH TRUSTEE 3.00 X 0 0 0 MR JOHN D AVERY TRUSTEE 3.00 X 0 0 0 MR MATTHEW BAIRD II TRUSTEE 3.00 X 0 0 0 MR MATTHEW BAXTER TRUSTEE (UNTIL 2/1/22) 3.00 X 0 0 0 MRS CANDICE BEDNAR TRUSTEE 3.00 X 0 0 0 MR JULIAN CL CHENG TRUSTEE 3.00 X 0 0 0 MR WILLIAM J DUNN III TRUSTEE 3.00 X 0 0 0 MS SUSAN M FALES-HILL TRUSTEE 3.00 X 0 0 0 MR DAVID A FLEISCHNER TRUSTEE 3.00 X 0 0 0 MR TULLY M FRIEDMAN TRUSTEE 3.00 X 0 0 0 MR DAHNI-EL Y Y GILES TRUSTEE 3.00 X 0 0 0 MR HENRY C-T HO TRUSTEE 3.00 X 0 0 0 MS ELIZABETH HENRIQUES HUGHES TRUSTEE 3.00 X 0 0 0 MS NOELLE KWOK TRUSTEE 3.00 X 0 0 0 MS JANICE YK LEE TRUSTEE 3.00 X 0 0 0 MR JONATHAN W MEEKS TRUSTEE 3.00 X 0 0 0 MS JULIA PERSHAN TRUSTEE 3.00 X 0 0 0 MR SHAUN L REIN TRUSTEE 3.00 X 0 0 0 MS ELIZABETH OVERTON ROBBINS TRUSTEE 3.00 X 0 0 0 MR CHASE F ROBINSON TRUSTEE 3.00 X 0 0 0 MR TIMOTHY A STEINERT TRUSTEE 3.00 X 0 0 0 MS NANCY WALKER TRUSTEE 3.00 X 0 0 0 MS THEODORA DELAND WALTON TRUSTEE 3.00 X 0 0 0 DR WENDY C WILCOX TRUSTEE 3.00 X 0 0 0 MR ARCHIBALD COX JR PRESIDENT 10.00 X X 0 0 0 MR DAVID SCULLY TREASURER 3.00 X X 0 0 0 MS CATHERINE A GELLERT CLERK 3.00 X X 0 0 0 DR CAROLINE BROOKS SEAY CHIEF FINANCIAL & OPERATING OFFICER 50.00 X 348121 0 65262 SCOTT P BOHAN CHIEF ADVANCEMENT OFFICER (FROM 8/1/21) 50.00 X 190955 0 86434 BRUCE SMITH CHIEF ADVANCEMENT OFFICER (UNTIL 7/10/21) 50.00 X 228273 0 34858 DR JOHN C BASSI MEDICAL DIRECTOR 50.00 X 234499 0 58673 DR THERESA FERNS VICE RECTOR OF SCHOOL LIFE 50.00 X 200405 0 54821 MICHAEL E SPENCER VICE RECTOR FOR FACULTY 50.00 X 185723 0 61656 2250654 0 572087 32 0 1 0 FLIK HOSPITALITY 2 INTERNATIONAL DRIVE RYE BROOK NY 10573 DINING SERVICES 4242411 HARVEY CONSTRUCTION CORPORATION 10 HARVEY ROAD BEDFORD NH 03110 CONSTRUCTION CONTRACTOR 836697 INDEPENDENT MECHANICAL CONTRACTORS 3 DRAPER STREET WOBURN MA 01801 BUILDING SERVICES 812354 JH SPAIN COMMERCIAL SERVICES LLC 210 NORTH STATE STREET CONCORD NH 03301 CONSTRUCTION CONTRACTOR 635446 HVAC UNLIMITED LLC 139 LONDERDERRY TURNPIKE HOOKSETT NH 03106 BUILDING SERVICES 608098 40 14267677 2166510 14267677 TUITION & FEES 611710 34764822 34764822 34764822 3209774 -820226 4030000 11000 0 11000 11000 11000 361191237 541469 296230979 576681 64960258 -35212 64925046 389126 64535920 58758 0 58758 58758 MISCELLANEOUS REVENUE 900099 79520 79520 79520 117316597 34764822 -431100 68715198 12134654 12134654 1034149 545609 400748 87792 25617731 21347986 2174927 2094818 2305242 1848242 217619 239381 3391971 1945291 769987 676693 1529206 1274331 129828 125047 255481 5621 249094 766 114579 11229 101975 1375 1112927 1112927 98844 4846 72669 21329 1910386 1542105 258628 109653 653166 486594 140983 25589 6482680 5875659 581073 25948 383783 258384 68410 56989 18280 15566 2714 2407108 2286753 24071 96284 8801774 8413447 153779 234548 1081650 470974 582790 27886 ENTERTAINMENT / SPECIAL 1272810 520835 574257 177718 EDUCATION SUPPORT FOR P 1261872 793010 133775 335087 SUPPLIES FOR PROGRAMS 1246134 1157493 85262 3379 DUES AND MEMBERSHIPS 249831 217977 16201 15653 73364258 61156606 7851717 4355935 6249356 9868565 8640892 4476053 5470597 310314 168524 183488 1507016 1677707 315346853 118364519 197393969 196982334 84615710 48909691 669826467 636724876 10119586 9035235 983992117 908168263 12041060 5383359 65303240 65326761 15803095 11272644 93147395 81982764 X 324821512 304112856 566023210 522072643 890844722 826185499 983992117 908168263 X 43952339 -106846524 -1765038 X 0 1 X 1 0 X 12905856 11482277 14868049 19414754 14267677 72938613 12905856 11482277 14868049 19414754 14267677 72938613 14796108 58142505 1603319 2357379 2138419 1560807 4041000 11700924 725349 725349 207573 165404 107167 138278 618422 85983308 170201564 0.67620 0.73580 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 19817 19817 0 PART II-B, LINE 1: ST. PAUL'S SCHOOL IS A MEMBER OF A NUMBER OF ASSOCIATIONS SUCH AS THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS, COUNCIL OF ADVANCEMENT AND SUPPORT OF EDUCATION, AND THE NATIONAL ASSOCIATION OF COLLEGE & UNIVERSITY BUSINESS OFFICERS, WHICH MAY USE A PORTION OF MEMBERSHIP DUES TO LOBBY ON BEHALF OF ITS MEMBERS. TOTAL DUES AND FEES PAID TO THESE TYPES OF ORGANIZATIONS WAS $19,817 IN FISCAL YEAR 2022. THE PORTION OF DUES AND FEES ALLOCATED TO LOBBYING ACTIVITIES IS NOT DETERMINABLE. 1 0 328765 5978043 0 1 742994887 4703402 -39273285 6284550 23052391 5928385 673159678 614403597 23755225 136520063 6085594 22556652 3041752 742994887 631036640 9427121 5203895 5807703 22076657 3379699 614403597 633333291 9596752 24134413 5453454 21406393 9167969 631036640 602130052 10020320 55896392 4948916 20430758 9333799 633333291 0.27000 0.73000 0.00000 1 0 4697490 4697490 273753184 96052792 177700392 34963346 22311727 12651619 1932833 1932833 196982334 US EQUITY 164167699 F INTERNATIONAL EQUITY 116246667 F MARKETABLE ALTERNATIVES 155670968 F NON-MARKETABLE ALTERNATIVES 156182087 F INFLATION HEDGING 44457455 F 636724876 ADVANCE DEPOSITS 5688223 LIABILITIES UNDER SPLIT INTEREST AGREEMENTS 2404439 INTEREST RATE SWAP AGREEMENT 3179982 11272644 X 436746 -106846524 -8920400 -115766924 116203670 1112927 1112927 117316597 65095969 4788700 4788700 60307269 1112927 11944062 13056989 73364258 PART V, LINE 4: THE SCHOOL'S ENDOWMENT FUNDS ARE USED IN PERPETUITY TO FUND THE SPS PROGRAMS. THE PRINCIPAL IS INVESTED FOR LONG-TERM GROWTH TO PRESERVE THE PURCHASING POWER OF THE ENDOWMENT ASSETS FOR THE USE OF PRESENT AND FUTURE GENERATIONS OF STUDENTS. PART X, LINE 2: THE SCHOOL FOLLOWS FASB ASC 740, INCOME TAXES, REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. MANAGEMENT BELIEVES THAT THE SCHOOL HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR THE FISCAL YEARS BEFORE 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE -11,944,062. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -875,238. UNREALIZED GAIN ON INTEREST RATE SWAP 3,898,900. PART XII, LINE 2D - OTHER ADJUSTMENTS: NON-OPERATING LEGAL & PROFESSIONAL FEES 4,788,700. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE 11,944,062. PART I, LINE 5 & 6: THE SCHOOL HAS NO DONOR ADVISED FUNDS. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 OUR POLICY IS PUBLISHED ANNUALLY IN A REGIONAL NEWSPAPER, INCLUDED IN ALL PROSPECTIVE STUDENT LITERATURE AND DISTRIBUTED TO STUDENTS IN OUR STUDENT HANDBOOK. THE POLICY IS ALSO NOTED ON OUR WEBSITE, AND IS INCLUDED WITH ALL EMPLOYMENT ADVERTISEMENTS INCLUDED IN NEWSPAPERS OR OTHER PUBLICATIONS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS N/A 266294883 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS N/A 8971027 NORTH AMERICA 0 0 INVESTMENTS N/A 15000000 0 0 0 0 0 0 290265910 0 290265910 1 0 1 1 1 0 PART III ACCOUNTING METHOD: 1 FINANCIAL AID ASSISTANCE TO ATTEND ST. PAUL'S SCHOOL 208 0 12134654 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE AWARDED TO ATTEND ST. PAUL'S SCHOOL PART I, LINE 2: ANY STUDENT OR APPLICANT REQUESTING FINANCIAL AID FROM ST. PAUL'S SCHOOL MUST COMPLETE THE PERSONAL FINANCIAL STATEMENT (PFS) OFFERED BY THE SCHOOL AND STUDENT SERVICES - NAIS, AS WELL AS PROVIDE COPIES OF RECENT TAX INFORMATION BY A SPECIFIED DEADLINE. THE SCHOOL'S DIRECTOR OF FINANCIAL AID EVALUATES ALL APPLICATIONS USING BOTH THE PFS FORMULA AND INSTITUTIONAL POLICY TO DETERMINE THE FINANCIAL NEED OF EACH APPLICANT. STUDENTS WHO ARE DETERMINED TO HAVE FINANCIAL NEEDS ARE AWARDED GRANT FUNDS TO MEET 100% OF THEIR DETERMINED NEED. X 1 1 X X X X X 1 1 0 0 0 0 0 0 0 KATHY GILES RECTOR 651094 0 92518 0 119066 0 153867 0 56516 0 1073061 0 0 0 DR CAROLINE BROOKS SEAY CHIEF FINANCIAL & OPERATING OFFICER 347893 0 0 0 228 0 34800 0 30462 0 413383 0 0 0 DR JOHN C BASSI MEDICAL DIRECTOR 233929 0 0 0 570 0 28202 0 30471 0 293172 0 0 0 SCOTT P BOHAN CHIEF ADVANCEMENT OFFICER (FROM 8/1/21) 190865 0 0 0 90 0 24109 0 62325 0 277389 0 0 0 BRUCE SMITH CHIEF ADVANCEMENT OFFICER (UNTIL 7/10/21) 122275 0 0 0 105998 0 15654 0 19204 0 263131 0 0 0 DR THERESA FERNS VICE RECTOR OF SCHOOL LIFE 200004 0 0 0 401 0 24075 0 30746 0 255226 0 0 0 MICHAEL E SPENCER VICE RECTOR FOR FACULTY 185723 0 0 0 0 0 0 0 61656 0 247379 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE - ST. PAUL'S SCHOOL IS A COEDUCATIONAL FULLY RESIDENTIAL SCHOOL. AS A REQUIREMENT OF EMPLOYMENT, ALL FACULTY MEMBERS MUST LIVE ON CAMPUS AND ARE PROVIDED NONTAXABLE HOUSING BY THE SCHOOL. LISTED EMPLOYEES WHO RECEIVED SCHOOL HOUSING ARE AS FOLLOWS: - MS. KATHY GILES - $28,800 - DR. CAROLINE BROOKS SEAY - $28,800 - DR. JOHN C. BASSI - $28,800 - MR. SCOTT BOHAN - $28,800 - DR. THERESA FERNS - $28,800 - MR. MICHAEL SPENCER - $28,800 PART I, LINES 4A-B MS. KATHLEEN GILES PARTICIPATES IN THE SCHOOL'S SECTION 457(B) NONQUALIFIED RETIREMENT PLANS AND ACCRUED BENEFITS OF $19,500 FOR FISCAL YEAR 2021 WHICH WAS PROCESSED THROUGH PAYROLL IN NOVEMBER 2021. THE BENEFIT WILL NOT BE PAID UNTIL OCTOBER FOLLOWING THE END OF HER TERM. THE SCHOOL ALSO ACCRUED ANOTHER $20,500 AT THE END OF FISCAL YEAR 2022 FOR MS. KATHLEEN GILES. SHE ALSO PARTICIPATES IN THE SCHOOL'S SECTION 457(F) PLAN AND THE SCHOOL HAS ACCRUED $86,667 PLUS EARNINGS OF $2,600.01 AND $10,000 PLUS EARNINGS OF $609 AS OF THE END OF THE FISCAL YEAR ENDED JUNE 30, 2022. IN 2021, $19,500 FROM SECTION 457(B) PLAN AND $99,567 FROM SECTION 457(F) PLAN WERE VESTED AND TAXABLE FOR MS. KATHLEEN GILES AND THEY ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). MR. BRUCE SMITH WAS NO LONGER AN EMPLOYEE AS OF JULY 2021. A PAYMENT OF $105,923 IS REPORTED ON SCHEDULE J, PART II, COLUMN B(III). REV. MICHAEL SPENCER RECEIVES RETIREMENT PLAN CONTRIBUTIONS THROUGH THE CHURCH PENSION GROUP. A NHHEFA REVENUE BONDS ST PAUL'S SCHOOL 020279866 2020-07-09 30000000 SEE PART VI 0 0 0 B NHHEFA REVENUE BONDS ST PAUL'S SCHOOL 020279866 2015-06-01 12000000 SEE PART VI 0 0 0 A 30000000 5072 258659 13913659 15822610 1 0 0 1 B 12000000 120000 11880000 2016 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 0 B 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: NHHEFA REVENUE BONDS ST. PAUL'S SCHOOL DATE THE REBATE COMPUTATION WAS PERFORMED: 09/30/2020 ISSUER NAME: NHHEFA REVENUE BONDS ST. PAUL'S SCHOOL DATE THE REBATE COMPUTATION WAS PERFORMED: 06/01/2020 SCHEDULE K, PART I, A, COLUMN (F): TO RETIRE THE SERIES 2010 BONDS FOR $13,655,000 AND TO FINANCE THE RENOVATION AND CONSTRUCTION OF CERTAIN SCHOOL FACILITIES. AT JUNE 30, 2022, THE SCHOOL HAS DRAWN DOWN $13,913,659 IN BOND PROCEEDS. SCHEDULE K, PART I, B, COLUMN (F): CONSTRUCTION AND/OR RENOVATION OF SCHOOL FACILITIES X 62 2166510 MARKET VALUE 0 0 1 1 PART I, COLUMN (B): THE SCHOOL IS REPORTING THE NUMBER OF CONTRIBUTIONS OF SECURITIES BASED ON THE NUMBER OF GIFTS RECEIVED. PART I, LINE 32B: ALL STOCK ARE RECEIVED, PROCESSED AND SOLD BY THE SCHOOL'S CUSTODIAN BANK. FORM 990, PART V, LINE 3B ST. PAUL'S HAS FILED FORM 8868, APPLICATION FOR EXTENSION OF TIME TO FILE AN EXEMPT ORGANIZATION RETURN, TO REQUEST AN EXTENSION FOR FORM 990-T FOR THE TAX YEAR ENDING JUNE 30, 2022. FORM 990, PART VI, SECTION A, LINE 6 THE SCHOOL'S GOVERNING BODY CONSISTED OF A BOARD OF TRUSTEES. THE TRUSTEES HAVE A FIDUCIARY RESPONSIBILITY FOR THE SCHOOL'S GOVERNANCE. ALL TRUSTEES HAVE THE SAME VOTING RIGHTS. THE FULL BOARD OF TRUSTEES MUST VOTE ON THE REMOVAL OF TRUSTEES OR THE HIRING OR FIRING OF THE RECTOR OR DISSOLUTION OF THE SCHOOL. THE FULL BOARD APPROVES ALL SIGNIFICANT DECISIONS OF THE SCHOOL. FORM 990, PART VI, SECTION A, LINE 7A CERTAIN DESIGNEES OF THE ALUMNI AND PARENTS ASSOCIATIONS SERVE AS MEMBERS OF THE BOARD OF TRUSTEES OF ST. PAUL'S SCHOOL AND HAVE THE SAME AUTHORITY AS OTHER ELECTED MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B ST. PAUL'S SCHOOL WORKS WITH ITS OUTSIDE ACCOUNTANT TO PREPARE THE FORMS IN WHICH THE DIRECTOR OF FINANCE AND CFO PERFORM A REVIEW PRIOR TO BEING PRESENTED TO THE AUDIT AND RISK COMMITTEE. AN AUDIT AND RISK COMMITTEE MEETING WAS HELD PRIOR TO THE FILING OF THE FORM 990. AT THIS TIME, THE FORM 990 WAS REVIEWED IN DETAIL AND APPROVED FOR SUBMISSION TO THE INTERNAL REVENUE SERVICE. PRIOR TO THE FINAL FORM BEING ELECTRONICALLY SUBMITTED TO THE INTERNAL REVENUE SERVICE A COPY WAS PROVIDED TO ALL THE MEMBERS OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C ST. PAUL'S SCHOOL MAINTAINS A WRITTEN CONFLICT OF INTEREST POLICY THAT IS INCLUDED IN THE SCHOOL'S POLICIES AND PROCEDURES MANUAL WHICH IS UPDATED AND DISSEMINATED TO EMPLOYEES AND TRUSTEES ANNUALLY AND IS INCLUDED ON THE SCHOOL'S INTRANET. AT THE START OF EACH FISCAL YEAR, THE CHIEF FINANCIAL OFFICER OF THE SCHOOL REQUIRES THAT EACH TRUSTEE, OFFICER, AND KEY EMPLOYEE COMPLETES A CONFLICT OF INTEREST DISCLOSURE FORM. ANY CONFLICTS IDENTIFIED BY THE CONFLICT OF INTEREST DISCLOSURE FORM ARE SUMMARIZED IN A REPORT TO THE PRESIDENT OF THE BOARD OF TRUSTEES AND THE CHAIR OF THE TRUSTEES & GOVERNANCE COMMITTEE. THE BOARD OF TRUSTEES IS NOTIFIED OF ANY CONFLICTS AND ACTION, IF NECESSARY, IS TAKEN BY THE TRUSTEES. AT THE CONCLUSION OF THE FISCAL YEAR, PRIOR TO THE SUBMISSION OF THE FORM 990, A GOVERNING BODY MEMBER ANNUAL QUESTIONNAIRE IS PROVIDED TO EACH TRUSTEE, OFFICER AND/OR KEY EMPLOYEE. THIS QUESTIONNAIRE REQUIRES THE DISCLOSURE OF ANY CONFLICTS OF INTEREST THAT MAY HAVE EXISTED DURING THE PRIOR FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE, CONSISTING SOLELY OF OUTSIDE DIRECTORS, IS RESPONSIBLE FOR ADMINISTERING THE COMPENSATION OF THE RECTOR AND ANY OTHER OFFICERS AND KEY EMPLOYEES. THE COMMITTEE MEETS APPROXIMATELY THREE TIMES A YEAR TO: 1. SET GOALS FOR THE RECTOR. 2. DETERMINE WHAT, IF ANY, OUTSIDE RESOURCES ARE NECESSARY TO SET APPROPRIATE COMPENSATION IN THAT YEAR. 3. HIRE ANY NECESSARY OUTSIDE CONSULTANTS. 4. REVIEW AND SET COMPENSATION BY A REVIEW OF COMPARABLE OUTSIDE DATA INCLUDING 990 AND PEER SCHOOL INFORMATION. 5. REVIEW THE RECTOR'S PERFORMANCE. 6. AMEND, IF NECESSARY, EMPLOYMENT CONTRACTS. 7. SET COMPENSATION FOR RECTOR, OTHER OFFICERS AND KEY EMPLOYEES. 8. REVIEW AND APPROVE THE MINUTES OF THE PREVIOUS COMPENSATION COMMITTEE MEETING. THE COMPENSATION COMMITTEE REPORTS ON ITS MEETINGS TO THE FULL BOARD OF TRUSTEES AND THE ACTIONS OF THE COMPENSATION COMMITTEE ARE RATIFIED AT THE NEXT MEETING OF THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 ST. PAUL'S SCHOOL MAKES AVAILABLE TO THE PUBLIC VIA ITS WEBSITE THE FOLLOWING GOVERNING DOCUMENTS: - BY-LAWS - INTERNAL REVENUE SERVICE TAX DETERMINATION LETTER - FILED PUBLIC DISCLOSURE COPY OF FORM 990 FOR THE THREE MOST RECENT FISCAL YEARS - AUDITED FINANCIAL STATEMENTS FOR THE TWO MOST RECENT FISCAL YEARS FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -875,238. UNREALIZED GAIN ON INTEREST RATE SWAP 3,898,900. NON-OPERATING LEGAL & PROFESSIONAL FEES -4,788,700. ST PAUL'S SCHOOL - E BURKE ROSS JR NEW JERSEY FINANCIAL AID FUND LLC 172 SOUTH OCEAN BLVD PALM BEACH FL 33480 161673430 FINANCIAL AID FUND NJ 433584 5977014 ST PAUL'S SCHOOL CHARITABLE REMAINDER TRUST (5) CHARITABLE TRUST NH ST PAUL'S SCHOOL 1 POOLED INCOME FUND (1) CHARITABLE TRUST NH ST PAUL'S SCHOOL 1 PERPETUAL TRUST (1) CHARITABLE TRUST PA ST PAUL'S SCHOOL 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 POOLED INCOME FUND (1) C 104857 FAIR VALUE PERPETUAL TRUST (1) C 52507 FAIR VALUE