2020-11-09T21:30:23-06:00 2020-06-30 132781641 MITCHELL & TITUS LLP 80 PINE STREET 32 FL NEW YORK NY 10005 990 2019-07-01 132613383 PREP FOR PREP PREP 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 RUTH JURGENSEN CHIEF EXECUTIVE OFFICER 2125791390 2020-11-09 1 FREDERICK E DAVIS JR P00446023 2127094500 2020-11-09 209.150.43.50 2020-11-09 21:23:34 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 0B62EAAA1A95CD301CAFFF7AA91D28B655474A1E 2019 2021-01-29 14:40:06Z RUTH JURGENSEN 328 WEST 71ST STREET NEW YORK NY 100233502 9237376 0 X WWW.PREPFORPREP.ORG X 1968 NY PREP FOR PREP DEVELOPS ETHICAL AND EFFECTIVE LEADERS WHO REFLECT OUR DIVERSE SOCIETY FOR THE ENDURING BENEFIT OF ALL. AFTER 42 YEARS OF SERVICE, PREP IS NOW MORE THAN 5,000 STUDENTS AND ALUMNI STRONG, CREATING GENERATIONS OF DIVERSE LEADERS WHO ARE INSPIRING CHANGE, SHAPING OUR DEMOCRACY, AND CONTRIBUTING TO AND GROWING OUR GLOBAL ECONOMY. 66 66 256 504 0 0 8084679 8359335 0 0 597296 772110 16522 873 8698497 9132318 0 0 0 0 8106974 8192323 0 0 559429 4281859 4093992 12388833 12286315 -3690336 -3153997 60402689 56649003 1891290 1614875 58511399 55034128 X PREP FOR PREP DEVELOPS ETHICAL AND EFFECTIVE LEADERS WHO REFLECT OUR DIVERSE SOCIETY FOR THE ENDURING BENEFIT OF ALL. 0 0 3636585 PREPARATORY PROGRAMS: PREP REDEFINES OPPORTUNITY FOR TOP STUDENTS OF COLOR IN NYC PUBLIC SCHOOLS THROUGH EXCEPTIONAL ACADEMIC AND SOCIAL PREPAREDNESS PROGRAMMING -A RIGOROUS 14-MONTH COURSE OF STUDY-THAT RESULTS IN PLACING APPROXIMATELY 200 STUDENTS ANNUALLY IN LEADING NYC INDEPENDENT SCHOOLS (IN 7TH-GRADE) AND NORTHEASTERN BOARDING SCHOOLS (IN 9TH-GRADE). OUR ORGANIZATIONAL BUDGET INVESTMENT IN OUR STUDENTS LEVERAGES ROUGHLY $35 MILLION IN FINANCIAL AID FOR OVER 700 STUDENTS (GRADES 7-12) ANNUALLY COMMITTED BY OUR PARTNER SCHOOLS TO MEET STUDENTS' NEEDS BASED ON FAMILY HOUSEHOLD INCOME. 2464424 COUNSELING: PREP PROVIDES INDIVIDUAL COUNSELING FOR APPROXIMATELY 700 STUDENTS ANNUALLY THROUGHOUT THEIR TIME (RANGING FROM 4-6 YEARS) IN INDEPENDENT DAY AND BOARDING SCHOOLS. OUR COUNSELING TEAM MONITORS STUDENTS' ACADEMIC AND SOCIAL-EMOTIONAL PROGRESS AND PROVIDES ASSISTANCE, INCLUDING TUTORING AND EMERGENCY FUND SUPPORT, TO STUDENTS AND THEIR FAMILIES AS NEEDED. THE TEAM WORKS TO EQUIP STUDENTS, WHO ARE ALSO NAVIGATING ADOLESCENCE, TO ADDRESS ISSUES RANGING FROM IMPOSTER SYNDROME TO MICRO-AGGRESSIONS; FROM PERFECTIONISM TO ANXIETY AND DEPRESSION; FROM CULTURAL DIVIDES TO ASSIMILATION AND GENDER IDENTITY. SERVICES AND SUPPORT ARE ALSO MADE AVAILABLE TO APPROXIMATELY 600 COLLEGE STUDENTS ANNUALLY THROUGH OUR UNDERGRADUATE AFFAIRS TEAM. 1664086 LEADERSHIP DEVELOPMENT: PREP OFFERS LEADERSHIP DEVELOPMENT AND PROFESSIONAL ADVANCEMENT OPPORTUNITIES DURING HIGH SCHOOL AND COLLEGE TO ROUGHLY 1,300 STUDENTS ANNUALLY. ACTIVITIES INCLUDE: SLEEP-AWAY CAMP; A PREP-SOTHEBY'S PARTNERSHIP FOR OUR SUMMER ARTS ACADEMY; A PREP-GOOGLE PARTNERSHIP FOR OUR INSTITUTE FOR ENTREPRENEURSHIP (IFE); COLLEGE GUIDANCE (INCLUDING CAMPUS VISITS); STUDENT LEADERSHIP RETREATS; SUMMER INTERNSHIPS AND CAREER SEMINARS WITH LEADING FIRMS, COMPANIES, NONPROFITS AND PUBLIC SERVICE AGENCIES; EXPOSURE TO STEM FIELDS AND COMPUTER CODING; TRAVEL ABROAD, INTERNATIONAL LIVING, AND EXPERIENTIAL LEARNING; AND OTHER PROGRAMS AIMED AT EXPANDING STUDENT HORIZONS. THESE OPPORTUNITIES INCREASE STUDENTS' SENSE OF BELONGING, BROADEN UNDERSTANDING OF LIFE'S POSSIBILITIES, AND BUILD A STRONGER SELF-IDENTITY. 2161647 TALENT SEARCH: OUR ADMISSIONS TEAM IDENTIFIES 200 STUDENTS FOR ADMISSION TO PREP FOR PREP, SELECTED AMONG NEARLY 4,000 ANNUAL INQUIRIES FROM STUDENTS OF COLOR IN NYC PUBLIC SCHOOLS. THE ADMISSIONS PROCESS IS EXTENSIVE AND HIGHLY COMPETITIVE. STUDENTS ARE CHOSEN FOR THEIR ACADEMIC POTENTIAL AND INTELLECTUAL CAPACITY, THEIR COMMITMENT TO LEARNING AND GROWTH, THEIR COURAGE AND INTEGRITY, THEIR DETERMINATION TO SUCCEED, AND THEIR RESILIENCE.EXPENSES $1,309,935 INCLUDING GRANTS OF $0. REVENUE $0.ALUMNI AFFAIRS: FOR PREP'S ALUMNI, NOW 3,700 STRONG AND GROWING, WE BUILD COMMUNITY THROUGH A VARIETY OF ENGAGEMENT PROGRAMS THAT ENCOURAGE A LIFE-LONG COMMITMENT TO PREP AND ITS MISSION. ONGOING NETWORKING, PROFESSIONAL DEVELOPMENT, AND SOCIAL GATHERINGS, ALONG WITH OPPORTUNITIES TO GIVE BACK THEIR TIME, KNOWLEDGE, AND TREASURE, ENSURE THAT OUR STUDENTS HAVE ROLE MODELS, MENTORS, AND CHAMPIONS TO HELP THEM REACH THEIR FULL POTENTIAL AND FOLLOW IN THE OF THEIR FELLOW ALUMNI.EXPENSES $777,050 INCLUDING GRANTS OF $0. REVENUE $0.EDUCATIONAL EQUITY - EXPERTISE & LEADERSHIP IMPACT: PREP HAS A LONGSTANDING COMMITMENT TO SHARING ITS PROGRAM MODEL AND EXPERIENCE, AND BOASTS A GROWING LIST OF MORE THAN 250 ORGANIZATIONS AND SOCIAL ENTREPRENEURS WHO HAVE BENEFITED FROM OUR KNOWLEDGE, METHODS, AND APPROACHES. ADDITIONALLY, PREP SUPPORTS ITS PARTNER SCHOOLS WITH INFORMATION-SHARING AND PROFESSIONAL ADVICE AND SUPPORT, ALONG WITH RESEARCH TO MAKE CERTAIN THAT OUR STUDENTS ARE FULLY SUPPORTED AND THAT WE ARE ADVANCING RACIAL LITERACY AND ANTI-RACISM TO ENSURE DIVERSITY, EQUITY, AND INCLUSION.EXPENSES $74,662 INCLUDING GRANTS OF $0. REVENUE $0. 2161647 9926742 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 154 0 1 256 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 66 66 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NY X SHARON MADISON 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 MARTIN LIPTON CHAIR EMERITUS (NONVOTING) 0.00 X 0 0 0 JOHN L VOGELSTEIN CHAIR EMERITUS (NONVOTING) 0.00 X 0 0 0 SCOTT L BOK CHAIRMAN 1.00 X X 0 0 0 LISA SMITH CASHIN PRESIDENT 1.00 X X 0 0 0 DANIEL M NEIDICH EXECUTIVE VICE PRESIDENT 1.00 X X 0 0 0 FRANK K BYNUM JR VICE PRESIDENT 1.00 X X 0 0 0 MARGARET MUNZER LOEB VICE PRESIDENT 1.00 X X 0 0 0 JAMES R MAHER VICE PRESIDENT 1.00 X X 0 0 0 ERIC A ROTHFELD VICE PRESIDENT 1.00 X X 0 0 0 JOHN H HALL ESQ VICE PRESIDENT & SECRETARY 1.00 X X 0 0 0 SUE MENG VICE PRESIDENT & ASST. SEC 1.00 X X 0 0 0 PETER ANZALONE VICE PRESIDENT & TREASURER 1.00 X X 0 0 0 ARUN ALAGAPPAN TRUSTEE 0.50 X 0 0 0 HERB ALLEN TRUSTEE 0.50 X 0 0 0 JOHN ALLMAN TRUSTEE, EX-OFF. (NONVOTIN 0.50 X 0 0 0 DALE ALLSOPP TRUSTEE 0.50 X 0 0 0 NICOLE ARNABOLDI TRUSTEE 0.50 X 0 0 0 CONOR BASTABLE TRUSTEE 0.50 X 0 0 0 ANSON H BEARD TRUSTEE 0.50 X 0 0 0 RONALD E BLAYLOCK TRUSTEE 0.50 X 0 0 0 JORGE CALDERON TRUSTEE 0.50 X 0 0 0 KENNETH CAPLAN TRUSTEE 0.50 X 0 0 0 ALEX CLAVEL TRUSTEE 0.50 X 0 0 0 YAHONNES CLEARY TRUSTEE 0.50 X 0 0 0 RICHARD D'ALBERT TRUSTEE 0.50 X 0 0 0 ELIZABETH B DATER TRUSTEE 0.50 X 0 0 0 KATHRYN M DEANE TRUSTEE 0.50 X 0 0 0 JAMES P DEMARE TRUSTEE 0.50 X 0 0 0 ERIC DERFNER TRUSTEE 0.50 X 0 0 0 PASCAL DESROCHES TRUSTEE 0.50 X 0 0 0 ALEXANDER R EDLICH TRUSTEE 0.50 X 0 0 0 PATRICIA FARMAN-FARMAIAN TRUSTEE 0.50 X 0 0 0 KEVIN FERRO TRUSTEE 0.50 X 0 0 0 MARK GALANTE TRUSTEE 0.50 X 0 0 0 JEREMY W GELBER MD TRUSTEE 0.50 X 0 0 0 CARL D HARNICK TRUSTEE 0.50 X 0 0 0 NATALIE SWABY HUTCHINSON TRUSTEE 0.50 X 0 0 0 FRANCIS IDEHEN TRUSTEE 0.50 X 0 0 0 CHRISTOPHER JAMES TRUSTEE 0.50 X 0 0 0 ANTHONY KIM TRUSTEE 0.50 X 0 0 0 ROBIN KRASNY TRUSTEE 0.50 X 0 0 0 LAURENCE C LEEDS JR TRUSTEE 0.50 X 0 0 0 JAMES R LEVY TRUSTEE 0.50 X 0 0 0 FRANK J LOVERRO TRUSTEE 0.50 X 0 0 0 PAULA KARSTENS MAHONEY TRUSTEE 0.50 X 0 0 0 JULIE MONACO TRUSTEE 0.50 X 0 0 0 YVONNE MOREL TRUSTEE 0.50 X 0 0 0 R TYLER MORSE TRUSTEE 0.50 X 0 0 0 JONATHAN MOSES TRUSTEE 0.50 X 0 0 0 JEANNEMARIE OBRIEN TRUSTEE 0.50 X 0 0 0 CHRISTOPHER ORTEGA TRUSTEE 0.50 X 0 0 0 SANDY OSBORNE TRUSTEE 0.50 X 0 0 0 LISSA PERLMAN TRUSTEE 0.50 X 0 0 0 TREVOR PRICE TRUSTEE 0.50 X 0 0 0 RICHARD SCHAPS TRUSTEE 0.50 X 0 0 0 WILLIAM A SHUTZER TRUSTEE 0.50 X 0 0 0 PEG SULLIVAN TRUSTEE 0.50 X 0 0 0 MARISA ROSE VAN BOKHORST TRUSTEE 0.50 X 0 0 0 MICHAEL WEST TRUSTEE 0.50 X 0 0 0 ANITA VOLZ WIEN TRUSTEE 0.50 X 0 0 0 BRIAN C WILLE TRUSTEE 0.50 X 0 0 0 VALDA WITT TRUSTEE 0.50 X 0 0 0 AMANDA BOSTON TRUSTEE 0.50 X 0 0 0 KARESSA L CAIN TRUSTEE 0.50 X 0 0 0 IMANI DAWSON IX TRUSTEE 0.50 X 0 0 0 KEVIN OTERO XII TRUSTEE 0.50 X 0 0 0 ROLAND PERSAUD LA II TRUSTEE 0.50 X 0 0 0 GRIFFIN SCHROEDER TRUSTEE 0.50 X 0 0 0 RICHARD D'ALBERT TRUSTEE 0.50 X 0 0 0 AILEEN HEFFERREN CHIEF EXECUTIVE 40.00 X 428037 0 46032 SHARON MADISON VP FOR ADMINISTRATION 40.00 X 194522 0 19237 JACKSON COLLINS ASSOCIATE EXECUTIVE DIRECTOR 40.00 X 200180 0 21199 KERRY GREENE VP FOR EXTERNAL AFFAIRS 40.00 X 232876 0 10002 NIKOLE SMITH DIRECTOR OF ACADEMIC PROGRAMS 40.00 X 160165 0 25529 JOHANNA RODRIGUEZ DIRECTOR OF ADMISSIONS 40.00 X 158137 0 22035 BRANDON HENRIQUEZ DIRECTOR OF TECHNOLOGY 40.00 X 129936 0 13622 CINDY PEREZ DIRECTOR OF LEADERSHIP DEVELOPMENT OPPORTUNITIES 40.00 X 118303 0 22338 IVAN TATIS DIRECTOR OF COUNSELING 40.00 X 102285 0 16621 1724441 0 196615 9 0 1 0 L&M BUS CORP 3167 ATLANTIC AVENUE BROOKLYN NY 11208 STUDENT TRANSPORTATION 409954 KIWI PARTNERS INC 237 WEST 35TH STREET-1101 NEW YORK NY 10001 ACCOUNTING SERVICES 368000 ASCEND SECURE TECHNOLOGY 2254 HOMECRESS AVENUE BROOKLYN NY 11229 TECHNOLOGY 100716 3 1918575 1425600 5015160 8359335 403704 403704 368406 0 368406 368406 368406 105058 1918575 105058 0 MISC REVENUE 900099 873 873 873 9132318 0 0 772983 1808127 1530479 203319 74329 5198821 4400514 584592 213715 133139 115030 12198 5911 560527 484506 51293 24728 491709 421715 52168 17826 361676 2612 358920 144 31546 31546 244343 123936 29024 91383 40844 4606 24558 11680 188973 133753 35194 20026 223641 130880 71238 21523 645431 569275 57546 18610 348391 340379 6455 1557 137601 111489 19728 6384 96151 67636 20267 8248 INTERN & LEADER RETREAT 439040 439040 CAMPUS & SCHOOL TRIPS 382215 382215 BOARDING SCH IMMERSION 169270 169270 TESTING & SCREENING 106039 106039 678831 393368 242098 43365 12286315 9926742 1800144 559429 929424 2016623 2704875 2501154 11110245 8539248 557368 295370 6678579 4621014 2058833 2057565 17201836 17447585 25724982 23638267 115126 153191 60402689 56649003 746413 469042 1029751 992642 115126 153191 1891290 1614875 X 46171647 46411474 12339752 8622654 58511399 55034128 60402689 56649003 X -3153997 -341274 18000 0 X 0 1 X 1 0 X 10099964 16416158 17264372 8084680 8359335 60224509 10099964 16416158 17264372 8084680 8359335 60224509 8173141 52051368 187288 436937 345566 389263 372158 1731212 8722 23191 6789 16522 873 56097 62011818 0.83940 0.82740 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 42839192 374417 1325000 41888609 41581364 1834999 577171 42839192 39215589 3615775 1250000 41581364 35509937 5145697 1440045 39215589 37510460 10000 -1779326 231198 35509936 0.87530 0.06470 0.06000 0 0 492750 492750 3743211 2328572 1414639 2442618 2292442 150176 2057565 ALTERNATIVE INVESTMENTS 23638267 C 23638267 LIABILITY FOR DEFERRED COMPENSATION 153191 153191 X 9049357 -341275 289860 -51415 9100772 31546 31546 9132318 12526629 271860 271860 12254769 31546 31546 12286315 PART V, LINE 4: THE BOARD DESIGNATED ENDOWMENT IS UNRESTRICTED AS TO USE, HAVING BEEN ESTABLISHED TO SERVE AS A BUFFER AGAINST FUNDRAISING SHORTFALLS AND TO COVER SHORT-TERM OPERATING CASH NEEDS. THE PERMANENTLY RESTRICTED ENDOWMENT IS LIMITED BY DONOR-IMPOSED RESTRICTIONS THAT DO NOT EXPIRE AND PROVIDES FOR AN ANNUAL DISTRIBUTION OF 4% BASED ON THE AVERAGE VALUE OF SUCH FUNDS AND RELATED TEMPORARILY RESTRICTED ASSETS MEASURED QUARTERLY OVER FIVE YEARS. THESE DISTRIBUTIONS ARE USED TO HELP SUPPORT PREP'S ANNUAL OPERATING BUDGET. PART X, LINE 2: PREP HAS ADOPTED THE PROVISION PERTAINING TO UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENT. PERIODS ENDING JUNE 30, 2015 AND SUBSEQUENT REMAIN OPEN TO EXAMINATION TO APPLICABLE TAXING AUTHORITIES. LILAC BALL 2023633 1918575 105058 105058 2023633 1918575 105058 105058 105058 0 X X X X X 0 1 0 0 0 0 0 0 0 AILEEN HEFFERREN CHIEF EXECUTIVE 428037 0 0 0 0 0 42980 0 3052 0 474069 0 0 0 SHARON MADISON VP FOR ADMINISTRATION 194522 0 0 0 0 0 10000 0 9237 0 213759 0 0 0 JACKSON COLLINS ASSOCIATE EXECUTIVE DIRECTOR 200180 0 0 0 0 0 12083 0 9116 0 221379 0 0 0 KERRY GREENE VP FOR EXTERNAL AFFAIRS 232876 0 0 0 0 0 0 0 10002 0 242878 0 0 0 NIKOLE SMITH DIRECTOR OF ACADEMIC PROGRAMS 160165 0 0 0 0 0 16413 0 9116 0 185694 0 0 0 JOHANNA RODRIGUEZ DIRECTOR OF ADMISSIONS 158137 0 0 0 0 0 11713 0 10322 0 180172 0 0 0 BRANDON HENRIQUEZ DIRECTOR OF TECHNOLOGY 129936 0 0 0 0 0 3369 0 10253 0 143558 0 0 0 CINDY PEREZ DIRECTOR OF LEADERSHIP DEVELOPMENT O 118303 0 0 0 0 0 12000 0 10338 0 140641 0 0 0 IVAN TATIS DIRECTOR OF COUNSELING 102285 0 0 0 0 0 7525 0 9096 0 118906 0 0 0 PART I, LINE 4B AILEEN HEFFERREN: PAYMENTS TO 457(B) PLAN= $15,573.10 NEW PROVIDENCE ASSET MANAGEMENT (NPAM) JOHN VOGELSTEIN, CHAIRMAN EMERITUS 0 ON JUNE 1, 2017, PREP ENTERED INTO A SUBSCRIPTION AGREEMENT AS A LIMITED PARTNER IN NEW PROVIDENCE BALANCED PORTFOLIO, LP WITH NPAM FOR THE MANAGEMENT OF A PORTION OF PREP'S ENDOWMENT ASSETS. MR. VOGELSTEIN'S INTEREST IN NPAM WAS DISCLOSED TO PREP PRIOR TO ITS ENTERING INTO THE AGREEMENT WITH NPAM, AND MR. VOGELSTEIN DID NOT PARTICIPATE OR PLAY ANY ROLE IN PREP'S DECISION TO ENGAGE NPAM. 0 COLEMAN COLLINS ART INSTRUCTOR 6825 BROTHER OF ASSOCIATE EXECUTIVE DIRECTOR (JACKSON COLLINS), WHICH WAS DISCLOSED TO PREP FOR PREP. JACKSON COLLINS DID NOT PARTICIPATE IN THE HIRING DECISION. 0 X 34 1251555 FAIR MARKET VALUE 0 1 1 PART I, LINE 32B: GIFTS OF SHARES OF STOCK ARE RECEIVED ON PREP'S BEHALF BY MERRILL LYNCH AND ARE SOLD AS SOON AS PREP IS NOTIFIED OF RECEIPT. FORM 990, PART I, LINE 6 PREP STUDENTS, ALUMNI, AND SUPPORTERS VOLUNTEER TO HELP ADVANCE PREP'S MISSION. VOLUNTEER OPPORTUNITIES ARE WIDE-RANGING: PREP STUDENTS, PARENTS, AND ALUMNI PROVIDE SUPPORT TO THE PREP ADMISSIONS OFFICE, WORKING WITH PROSPECTIVE APPLICANTS AND THEIR PARENTS/GUARDIANS DURING THE RECRUITMENT AND APPLICATION PROCESS; PREP STUDENTS WHO HAVE COMPLETED AT LEAST 8TH GRADE IN THEIR INDEPENDENT SCHOOLS SERVE AS VOLUNTEERS DURING THE PREPARATORY COMPONENT SUMMER SESSION BY ASSISTING WITH ATTENDANCE AND THE COLLECTION AND DISTRIBUTION OF LUNCHES, BOOKS AND NOTICES. (APPROXIMATELY 110 VOLUNTEERS SUPPORT ADMISSIONS AND PREPARATORY COMPONENT EACH YEAR.) VOLUNTEERS ALSO FACILITATE PROFESSIONAL ADVANCEMENT INITIATIVES THAT EXPOSE PREP HIGH SCHOOL AND UNDERGRADUATE STUDENTS TO A RANGE OF CAREER OPTIONS THEY MIGHT NOT OTHERWISE HAVE CONSIDERED. THESE INITIATIVES INCLUDE SUMMER INTERNSHIPS, PREP'S ARTS ACADEMY AND PREP'S INSTITUTE FOR ENTREPRENEURSHIP (IFE). PREP ALUMS, EMPLOYEES OF PARTNERING FIRMS, TRUSTEES, ASSOCIATES COUNCIL MEMBERS, AND DONORS HELP PREPARE STUDENTS BY CONDUCTING MOCK JOB INTERVIEWS. FOR IFE, VOLUNTEERS FROM THESE GROUPS SERVE AS BUSINESS PLAN ADVISORS AND FINAL COMPETITION JUDGES. PREP ALSO USES VOLUNTEERS TO SERVE AS CAREER SEMINAR SERIES PANELISTS. (AS MANY AS 280 VOLUNTEERS SUPPORT PROFESSIONAL ADVANCEMENT EACH YEAR.) MEMBERS OF THE BOARD OF TRUSTEES AND ASSOCIATES COUNCIL VOLUNTEER THEIR TIME AND PROFESSIONAL EXPERIENCE TO LEVERAGE THEIR CONTACTS AND ADVISE THE ORGANIZATION. (TOTAL OF 116 TRUSTEES AND COUNCIL MEMBERS PARTICIPATED DURING FY20.) IN ADDITION, OUR ALUMNI COUNCIL DRIVES PARTICIPATION IN VOLUNTEER ENGAGEMENT ACTIVITIES FOR THE BENEFIT OF PREP, OUR STUDENTS, AND OUR ENTIRE ALUMNI COMMUNITY, INCLUDING FIVE ACTIVE ALUMNI AFFINITY GROUPS. FORM 990, PART VI, SECTION A, LINE 2 THE TRUSTEES FRANK BYNUM, FRANK LOVERRO AND SANDY OSBORNE HAVE A SHARED OWNERSHIP INTEREST IN KELSO & COMPANY, INC. THE FOLLOWING TRUSTEES ARE ASSOCIATED WITH THE SAME ORGANIZATION: SUE MENG IS A PARTNER OF DEBEVOISE & PLIMPTON; JOHN HALL IS OF COUNSEL. MARTIN LIPTON, JONATHAN MOSES, JEANNEMARIE O'BRIEN, AND KARESSA CAIN ARE PARTNERS OF WACHTELL, LIPTON, ROSEN & KATZ, FORM 990, PART VI, SECTION B, LINE 11B BEFORE FILING, THE 990 IS REVIEWED BY THE TREASURER OF PREP FOR PREP, DISTRIBUTED TO ALL MEMBERS OF THE FINANCE COMMITTEE FOR REVIEW, APPROVED BY THE EXECUTIVE COMMITTEE OF TRUSTEES, AND DISTRIBUTED TO ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C THE FINANCE COMMITTEE IS EMPOWERED TO INVESTIGATE ANY MATTER BROUGHT TO ITS ATTENTION WITH FULL ACCESS TO ALL BOOKS, RECORDS, FACILITIES AND PERSONNEL OF PREP. IN KEEPING WITH ITS CHARTER, THE FINANCE COMMITTEE ANNUALLY REVIEWS AND DISCUSSES WITH MANAGEMENT AND THE INDEPENDENT AUDITORS THE ADEQUACY AND EFFECTIVENESS OF PREP'S LEGAL, REGULATORY AND ETHICS COMPLIANCE PROGRAMS, INCLUDING PREP'S CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE STAFF RECRUITMENT AND COMPENSATION COMMITTEE OF THE BOARD ASSISTS THE EXECUTIVE COMMITTEE OF THE BOARD IN DETERMINING COMPENSATION OF SENIOR MANAGEMENT. THE COMMITTEE REVIEWS THE COMPENSATION OF THE CHIEF EXECUTIVE AND KEY EMPLOYEES EACH YEAR AND RECOMMENDS CHANGES OR ADJUSTMENTS TO THE EXECUTIVE COMMITTEE. REVIEW INCLUDES USE OF COMPARABILITY DATA AND ENGAGEMENT OF OUTSIDE EXPERTS AND OTHER ADVISORS. THE LAST REVIEW WAS IN NOVEMBER 2018. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL REPORTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 2 INVESTMENT EXPENSES OF $31,546 ARE INCLUDED IN PART XI, LINE 2