2021-04-02T11:07:17-05:00 2020-06-30 420714325 RSM US LLP 9801 WASHINGTONIAN BLVD STE 500 GAITHERSBURG MD 20878 990 2019-07-01 536019409 SHERIDAN SCHOOL INC SHER 2023627900 4400 36TH ST NW WASHINGTON DC 200084208 JEFFREY GARIGLIANO BOARD CHAIR AND PRESIDENT 2023627900 2021-03-26 1 WILLIAM E TURCO CPA P00369217 3012963600 2021-03-26 2019 2022-09-23 18:48:47Z SHERIDAN SCHOOL JESSICA DONOVAN 4400 36TH ST NW WASHINGTON DC 200084208 10508213 0 X WWW.SHERIDANSCHOOL.ORG X 1961 DC EDUCATIONAL SERVICES TO CHILDREN FROM KINDERGARTEN THROUGH EIGHTH GRADE. 18 15 194 150 0 0 487225 536962 9390862 9616002 206030 -145917 88154 78712 10172271 10085759 1562506 1749769 0 0 6083993 5840043 0 0 214955 2429547 2103737 10076046 9693549 96225 392210 12842930 13502600 5160274 5187020 7682656 8315580 X SHERIDAN SCHOOL'S MISSION IS TO CREATE AN INCLUSIVE, VIBRANT LEARNING COMMUNITY. WE TAKE JOY IN LEARNING, SHOW KINDNESS AND EMPATHY TOWARDS OTHERS, EMBRACE NEW EXPERIENCES AND IDEAS, AND CONTINUALLY SEEK A DEEPER AND FULLER UNDERSTANDING OF THE WORLD. WE SEEK TO INSPIRE SELF-KNOWLEDGE, INTELLECTUAL DISCIPLINE, AND PERSONAL INTEGRITY IN OUR COMMUNITY MEMBERS. AT BOTH OUR CITY AND MOUNTAIN CAMPUSES, THE SHERIDAN COMMUNITY CHALLENGES ITSELF TO LIVE THE IDEAL OF RESPECT FOR ONESELF, OTHERS, AND THE ENVIRONMENT. 0 1 6737714 1654117 8360971 EDUCATION PROGRAM:AS AN ACCREDITED SCHOOL, WE PROVIDE AN EDUCATION PROGRAM FOR APPROXIMATELY 222 CHILDREN FROM KINDERGARTEN TO GRADE EIGHT AT OUR CITY AND MOUNTAIN CAMPUSES. WE SEEK TO NURTURE AND CHALLENGE CHILDREN THROUGH A COLLECTION OF ACADEMIC SUBJECTS AND ENRICHING ACTIVITIES THAT ENCOURAGE CHILDREN TO TAKE RESPONSIBILITY FOR THEIR LEARNING AND SOCIAL DEVELOPMENT.IN MARCH 2020, AS A RESULT OF THE CORONAVIRUS PANDEMIC, THE SCHOOL TRANSITIONED TO DISTANCE LEARNING AND ALL CLASSES WERE TAUGHT VIRTUALLY FOR THE REMAINDER OF THE SCHOOL YEAR. SPRING 2020 TRIPS TO OUR MOUNTAIN CAMPUS PROGRAM WERE CANCELLED. THROUGH SIGNIFICANT EFFORTS, BOTH FROM A TEACHING PERSPECTIVE AND FROM INVESTMENTS IN COMPUTER HARDWARE AND SOFTWARE, THE SCHOOL WAS ABLE TO CONTINUE A HIGH LEVEL OF INSTRUCTION DURING THIS PERIOD. 553122 924026 SUMMER CAMP:EIGHT WEEK SUMMER CAMP FOR APPROXIMATELY 230 CHILDREN AGES 3 TO 16 PER WEEK (OVER 600 CHILDREN OVER THE COURSE OF THE PROGRAM). CHILDREN DEVELOP NEW SKILLS, SPECIAL TALENTS, EMERGING INTERESTS AND SELF-CONFIDENCE BY EXPLORATION AND CELEBRATION OF THE VISUAL AND PERFORMING ARTS, CULINARY ARTS AND SPORTS. THE MAJORITY OF THE SUMMER CAMP REVENUE ON THIS RETURN WAS EARNED IN THE SUMMER OF 2019.DUE TO THE CORONAVIRUS PANDEMIC, THE SCHOOL CANCELLED ITS IN-PERSON SUMMER CAMP IN THE SUMMER OF 2020. A LIMITED NUMBER OF ONLINE CLASSES WERE OFFERED TO A REDUCED NUMBER OF CHILDREN (APPROXIMATELY 60) DURING THAT TIME. TWO WEEKS OF THE ONLINE CAMP WERE HELD DURING THE PERIOD OF THIS RETURN. HOWEVER, MOST OF THE REVENUE AND EXPENSES FROM THE ONLINE SUMMER CAMP OF 2020 WILL BE REFLECTED ON THE 2020 RETURN. 433789 95652 331005 AFTER SCHOOL PROGRAM:THE AFTER SCHOOL PROGRAMS MIRROR THE SCHOOL'S CHILD-ORIENTED PHILOSOPHY; CHILDREN ARE ENCOURAGED TO PURSUE THEIR INDIVIDUAL INTERESTS. WITHIN THE PROGRAM, CHILDREN MAY FOCUS ON EDUCATIONAL, ARTISTIC OR PHYSICAL ACTIVITIES, INCLUDING ENRICHMENT CLASSES, STUDY HALL, GAMES AND ART PROJECTS. THE PROGRAM ALSO INCLUDES STRUCTURED ACTIVITIES FOR HALF- AND FULL-DAY PROGRAMS DURING CONFERENCE DAYS, OR DUE TO EARLY SCHOOL DISMISSAL.IN MARCH 2020 AS A RESULT OF THE CORONAVIRUS PANDEMIC, IN-PERSON AFTER SCHOOL PROGRAMS, INCLUDING AFTER SCHOOL CHILD CARE, WERE CANCELLED. ENRICHMENT ACTIVITIES AND MUSIC INSTRUCTION CLASSES WERE CHANGED TO AN ONLINE-ONLY FORMAT AND WERE OFFERED AT NO COST TO THOSE ENROLLED. 267185 SUPPORT SERVICES:FOODSERVICE PROVIDING DAILY NUTRITIOUS HOT LUNCH AND SNACKS FOR ALL STUDENTS. IN MARCH 2020, AS A RESULT OF THE CORONAVIRUS PANDEMIC, THE SCHOOL TRANSITIONED TO DISTANCE LEARNING AND ALL CLASSES WERE TAUGHT VIRTUALLY FOR THE REMAINDER OF THE SCHOOL YEAR. ALL FOODSERVICE WAS CANCELLED AT THAT TIME. 267185 7991810 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 64 0 1 194 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 18 15 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X SUZANNE BADOUX CO SHERIDAN SCHOOL 2023627900 4400 36TH ST NW WASHINGTON DC 200084208 ALLISON LOGIE BOARD CHAIR 6.00 X X 0 0 0 MARI MCDONALD VICE CHAIR 5.00 X X 0 0 0 ROBERT WEISSMAN VICE CHAIR 3.00 X X 0 0 0 ELIHU MILES TREASURER 3.00 X X 0 0 0 JEFFREY GARIGLIANO ASST TREASURER 5.00 X X 0 0 0 SHANNON EGGER SECRETARY 3.00 X X 0 0 0 AMELIA MATTLER ASST SECRETARY 3.00 X X 0 0 0 ASAKI BRADFORD DIRECTOR 3.50 X 0 0 0 CAROLINE DAVIS DIRECTOR 6.00 X 0 0 0 JENNIFER FEINBERG DIRECTOR 3.00 X 0 0 0 RODNEY GLASGOW DIRECTOR 3.00 X 0 0 0 JOHN HELLERMAN DIRECTOR 2.00 X 0 0 0 JAY HULME DIRECTOR 3.00 X 0 0 0 THOMAS JONES DIRECTOR 3.00 X 0 0 0 PAVAN KHOOBCHANDANI DIRECTOR 3.00 X 0 0 0 GEORGE SCHUTZER DIRECTOR 2.50 X 0 0 0 AARON STALLWORTH DIRECTOR 3.00 X 0 0 0 JULIE ZIEGLER DIRECTOR 3.00 X 0 0 0 JESSICA DONOVAN HEAD OF SCHOOL 40.00 X 309381 0 28822 MICHAEL J STOLL DIR. OF FINANCE THRU 7/20/19 40.00 X 90934 0 9983 SUZANNE BADOUX DIR. OF FINANCE (EFF 7/22/2019) 40.00 X 61451 0 7332 KELLY NELSON LOWER SCHOOL HEAD 40.00 X 127665 0 11578 MELANIE AUERBACH DIR OF STUDENT SUPPORT 40.00 X 115509 0 90073 NATHALIE SVIEDRYS DIR. OF AUX. PROGRAMS 40.00 X 114889 0 13851 JOHN P BRIAR MIDDLE SCHOOL HEAD 40.00 X 106094 0 24796 DEREK MORTON IT DIRECTOR 40.00 X 106009 0 9284 1031932 0 195719 8 0 1 0 W L GARY COMPANY INC 225 VINE ST NW WASHINGTON DC 20012 HVAC CONTRACTOR 504110 MERIWETHER GODSEY INC 4944 OLD BOONSBORO RD LYNCHBURG VA 24503 FOODSERVICE PROVIDER 364123 BAUGHAN CONSTRUCTION COMPANY INC CAVE AND ZERKEL STREETS LURAY VA 22835 CONSTRUCTION, MOUNTAIN CAMPUS 239039 3 115322 28167 393473 20275 536962 TUITION & FEES 900099 9616002 9616002 9616002 138285 138285 110546 391355 3393 -280809 -3393 -284202 -284202 41988 115322 27165 14823 14823 5649 541 5108 5108 OTHER INCOME 900099 58781 58781 58781 10085759 9616002 0 -67205 1749769 1749769 570840 570840 4429672 3938140 345626 145906 175407 159712 9778 5917 270478 225610 36509 8359 393646 312555 69511 11580 10055 7328 2455 272 37861 37861 39806 39806 485047 428981 52595 3471 11108 3925 7183 298504 254236 35937 8331 113701 77941 31980 3780 324010 259311 55460 9239 88604 85323 1980 1301 52282 45028 4667 2587 34354 34354 399388 317114 70525 11749 62605 62605 MAINTENANCE EXPENSES 67716 54919 10970 1827 ADM. & ENTRANCE FEES 42240 42240 OTHER EXPENSES 36456 29678 6142 636 9693549 7991810 1486784 214955 2105480 2969181 1337190 1381147 42099 120284 25000 99986 101778 9597205 4806982 4487468 4790223 4745707 4139987 12842930 13502600 730524 602031 3563979 2687042 847407 793170 18364 1104777 5160274 5187020 X 5985605 6634162 1697051 1681418 7682656 8315580 12842930 13502600 X 392210 254927 -14213 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4970740 1600 70483 92948 4949875 4906426 4000 67805 7491 4970740 4677800 5250 223376 4906426 4297695 11600 489308 120803 4677800 4583336 11501 -188863 108279 4297695 0.72100 0.23600 0.04300 0 0 217056 217056 8686756 4364415 4322341 679405 442567 236838 13988 13988 4790223 INTEREST RATE SWAP AGREEMENT 32577 REFUNDABLE ADVANCES 1072200 1104777 X 8578817 254927 -1749769 -1494842 10073659 39806 -27706 12100 10085759 7931680 27706 27706 7903974 39806 1749769 1789575 9693549 PART V, LINE 4: THE EARNINGS FROM INVESTING OF ENDOWMENT FUNDS WILL BE USED TO PROVIDE NEED-BASED SCHOLARSHIPS AND SUPPORT PROFESSIONAL DEVELOPMENT OPPORTUNITIES AND COMPENSATION FOR TEACHERS, AS WELL AS OTHER PROGRAM NEEDS, INCLUDING CAPITAL EXPENDITURES. PART X, LINE 2: THE SCHOOL IS GENERALLY EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, THE SCHOOL HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE (IRS) NOT TO BE A PRIVATE FOUNDATION. INCOME WHICH IS NOT RELATED TO EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL AND STATE INCOME TAXES. FOR THE YEAR ENDED JUNE 30, 2020, THE SCHOOL HAD NO TAXABLE UNRELATED BUSINESS INCOME AND, ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE SCHOOL COMPLIES WITH THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ASC TOPIC 740-10), WHICH ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. GENERALLY, THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2017. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION AND AFTER SCHOOL PROGRAM REVENUE -1,749,769. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES REPORTED ON LINE 8B -27,165. GAMING EXPENSES REPORTED ON LINE 9B -541. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENT EXPENSES REPORTED ON LINE 8B 27,165. GAMING EXPENSES REPORTED ON LINE 9B 541. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION AND AFTER SCHOOL PROGRAM REVENUE 1,749,769. 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 RACIAL NONDISCRIMINATION POLICY IS PUBLICIZED THROUGH PRINTED MATERIALS AND PERIODIC ADVERTISEMENTS. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED GRANTS FROM WASHINGTON DC PUBLIC SCHOOLS TO SUPPORT SHERIDAN STUDENTS LIVING IN UNDERSERVED AND ECONOMICALLY DISADVANTAGED AREAS. THE SCHOOL RECEIVED $28,167 IN GRANTS FROM DISTRICT OF COLUMBIA PUBLIC SCHOOLS UNDER TITLE 1, TITLE 2 AND TITLE 4 FUNDING. THE GRANTS WERE PROVIDED IN THE FORM OF INSTRUCTIONAL MATERIALS AND EQUIPMENT, AS WELL AS PROFESSIONAL DEVELOPMENT ACTIVITIES. SCHEDULE E, LINE 3: IN ADDITION TO BEING FULLY COMPLIANT IN ALL MATTERS RELATED TO NON-DISCRIMINATORY PRACTICES COVERED IN SCHEDULE E, SHERIDAN IS ACTIVELY COMMITTED TO ITS DIVERSITY VISION, WHICH UNDERPINS THE SCHOOL'S CORE MISSION AS FOLLOWS: WE BELIEVE THAT A DIVERSE AND INCLUSIVE LEARNING ENVIRONMENT IS INTEGRAL TO ACHIEVING ACADEMIC EXCELLENCE. SHERIDAN'S COMMITMENT TO DIVERSITY IS GROUNDED IN OUR SCHOOL MISSION AND THE PRINCIPLES OF PROGRESSIVE EDUCATION. WE OFFER A CURRICULUM THAT PROMOTES SOCIAL JUSTICE AND CHALLENGES PREJUDICE, WITHIN A SCHOOL CULTURE THAT EMBRACES AND CELEBRATES DIFFERENCES. WE RECOGNIZE AND VALUE THE EXPERIENCES THAT DIVERSITY OF GENDER, RACE, ETHNICITY, RELIGION, SEXUAL ORIENTATION, SOCIO-ECONOMIC CLASS, AGE AND ABILITY WITHIN OUR SCHOOL COMMUNITY CONTRIBUTES TO A SHERIDAN EDUCATION. WE ULTIMATELY STRIVE TO PREPARE OUR STUDENTS TO UNDERSTAND THE NATURE OF A COMPLEX WORLD AND TO THRIVE IN A MULTICULTURAL GLOBAL SOCIETY. AUCTION 157310 115322 41988 11103 2500 13562 157310 115322 41988 11103 2500 13562 27165 14823 1 FINANCIAL AID 73 1749769 PART I, LINE 2: SCHOLARSHIPS ARE AWARDED ON THE BASIS OF FINANCIAL NEED. RECIPIENT'S FAMILY MUST SUBMIT AN APPLICATION FOR FINANCIAL ASSISTANCE, WHICH IS REVIEWED BY AN INDEPENDENT SERVICE. THE INDEPENDENT SERVICE'S RECOMMENDATIONS ARE THEN EVALUATED BY THE SCHOOL'S FINANCIAL AID COMMITTEE. X 1 1 X X X X 0 0 0 0 0 0 0 1 0 JESSICA DONOVAN HEAD OF SCHOOL 274973 0 15403 0 19005 0 15800 0 13046 0 338227 0 0 0 MELANIE AUERBACH DIR OF STUDENT SUPPORT 115200 0 0 0 309 0 5760 0 84337 0 205606 0 0 0 PART I, LINE 1A JESSICA DONOVAN, HEAD OF SCHOOL, RECEIVED TAXABLE HOUSING IN THE AMOUNT OF $18,000 PART I, LINE 7 HEAD OF SCHOOL BONUS IS BASED ON MEETING GOALS AND OBJECTIVES. BONUS APPROVED BY THE BOARD 90364 FINANCIAL AID TUITION; AFTER SCHOOL PROGRAMS SCHEDULE L, PART III, GRANTS OR ASSISTANCE BENEFITTING INTEREST PERSONS: SHERIDAN STRIVES FOR A DIVERSE BOARD REPRESENTATIVE OF THE SCHOOL COMMUNITY. AS SUCH, A NUMBER OF BOARD MEMBERS RECEIVE FINANCIAL AID AS DETERMINED BY AN INDEPENDENT COMMITTEE AND A THIRD PARTY ALGORITHM. FORM 990, PART III, LINE 3 ON MARCH 12, 2020, SHERIDAN SCHOOL TRANSITIONED TO A DISTANCE LEARNING MODEL AS A RESULT OF THE CORONAVIRUS PANDEMIC. INSTRUCTIONAL CLASSES CONTINUED FOR THE REMAINDER OF THE SCHOOL YEAR IN A VIRTUAL MODE. THE SCHOOL MADE SIGNIFICANT EFFORTS, BOTH THROUGH A PIVOT TO MEANINGFUL ONLINE INSTRUCTION AS WELL AS INVESTMENTS IN BOTH COMPUTER SOFTWARE AND HARDWARE TO MAINTAIN THE QUALITY OF ITS EDUCATIONAL INSTRUCTION DURING THIS TIME HOWEVER, AFTER SCHOOL PROGRAMS, INCLUDING AFTER SCHOOL CHILD CARE AND ENRICHMENT ACTIVITIES WERE CANCELLED, EXCEPT FOR A SMALL NUMBER OF ONLINE MUSIC INSTRUCTION CLASSES. IN ADDITION, THE SCHOOL'S SUMMER CAMP PROGRAM, CASA, WAS CANCELLED FOR IN-PERSON ACTIVITIES AND WAS REPLACED BY A LIMITED NUMBER OF ONLINE SESSIONS AVAILABLE TO A REDUCED NUMBER OF PARTICIPANTS. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING THE FORM 990, THE MANAGEMENT TEAM, CONSISTING OF THE DIRECTOR OF FINANCE, SENIOR FINANCE STAFF AND HEAD OF SCHOOL REVIEWED THE DRAFT FORM 990 PREPARED BY THE ORGANIZATION'S INDEPENDENT ACCOUNTANTS. THE DRAFT FORM 990, WITH DONOR NAMES REDACTED, WAS THEN MADE AVAILABLE TO THE AUDIT COMMITTEE FOR REVIEW. THE MEMBERSHIP OF THE AUDIT COMMITTEE INCLUDES TRUSTEES WITH PRACTICAL AND/OR PROFESSIONAL EXPERTISE IN NONPROFIT MANAGEMENT, ACCOUNTING, AND FEDERAL TAX LAW GOVERNING EXEMPT ORGANIZATIONS. BEFORE THE ORGANIZATION SUBMITTED FORM 990 TO THE IRS, THE AUDIT COMMITTEE REPORTED TO THE BOARD OF TRUSTEES THAT THE AUDIT COMMITTEE HAD, TO THE BEST OF ITS ABILITY, DETERMINED THAT THE DRAFT FORM 990 WAS COMPLETE, ACCURATE AND CORRECT. THE DRAFT 990, WITH DONOR NAMES REDACTED, WAS THEN MADE AVAILABLE TO THE FULL BOARD OF TRUSTEES FOR REVIEW AND COMMENT PRIOR TO FILING. AT THAT TIME THE TRUSTEES WERE ALSO PROVIDED WITH THE OPPORTUNITY TO REQUEST AN UNREDACTED DRAFT FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C FULL DISCLOSURE OF ALL ACTUAL AND POTENTIAL CONFLICTS OF INTEREST IS REQUIRED. EACH TRUSTEE AND OFFICER OF THE SCHOOL IS REQUIRED TO DISCLOSE ANY AND ALL FACTS THAT MAY BE CONSTRUED AS A CONFLICT OF INTEREST ANNUALLY VIA A FORM AND QUESTIONNAIRE, AS WELL AS WHENEVER SUCH ACTUAL OR POTENTIAL CONFLICT OCCURS BEFORE ANY RELEVANT ACTION BY THE BOARD OF TRUSTEES OR A COMMITTEE OF THE BOARD. THE FORMS ARE REVIEWED BY THE DIRECTOR OF FINANCE TO IDENTIFY ANY POTENTIAL CONFLICTS TO BE REVIEWED WITH THE AUDIT COMMITTEE. THE COMMITTEE WILL REVIEW WHETHER OR NOT A CONFLICT EXISTS AND WHETHER IT MAY MATERIALLY OR ADVERSELY AFFECT THE INTERESTS OF THE SCHOOL. THE TRUSTEE WITH THE POTENTIAL CONFLICT MAY NOT PARTICIPATE IN THIS DETERMINATION BY THE COMMITTEE. IF THE COMMITTEE DETERMINES THAT A CONFLICT MAY EXIST, THE BOARD OF TRUSTEES SHALL DETERMINE AN APPROPRIATE REMEDY. THIS REMEDY MAY INCLUDE THE RECUSAL OF THE TRUSTEE FROM CERTAIN MATTERS PENDING BEFORE THE BOARD. FORM 990, PART VI, SECTION B, LINE 15A THE HEAD OF SCHOOL'S COMPENSATION WAS SET UNDER A THREE YEAR CONTRACT ENTERED INTO IN FEBRUARY 2018. THE COMMITTEE FORMED FOR PURPOSES OF NEGOTIATING THE CONTRACT WITH THE HEAD OF SCHOOL LOOKED AT COMPARABLE COMPENSATION DATA FROM PEER SCHOOLS, (FROM FORMS 990 AND A COMPENSATION SURVEY) WHEN ESTABLISHING THE COMPENSATION IN THE CONTRACT. THE CONTRACT WAS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES AT A PORTION OF A MEETING AT WHICH THE HEAD OF SCHOOL WAS NOT PRESENT. THE CONTRACT ALLOWS FOR A BONUS OF UP TO 10% OF BASE COMPENSATION TO BE PAID TO THE HEAD OF SCHOOL EACH YEAR. ANNUALLY, A REVIEW OF THE PERFORMANCE OF THE HEAD OF SCHOOL IS CARRIED OUT BY A COMMITTEE CONSISTING OF TRUSTEES WHO ARE OFFICERS OR CHAIRS OF COMMITTEES. THE COMMITTEE MAKES A RECOMMENDATION AS TO WHETHER A BONUS (WITHIN THE LIMITS OF THE CONTRACT) SHOULD BE PAID AND THE AMOUNT OF THE BONUS. THE RECOMMENDATION IS THEN TRANSMITTED TO THE BOARD FOR APPROVAL AT A PORTION OF A MEETING AT WHICH THE HEAD OF SCHOOL IS NOT PRESENT. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS OF THE SCHOOL ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: GAIN (LOSS) FROM INTEREST RATE SWAP -14,213.