2019-11-11T08:42:49-06:00 2019-06-30 132781641 MITCHELL & TITUS LLP 80 PINE STREET 32 FL NEW YORK NY 10005 990 2018-07-01 132613383 PREP FOR PREP PREP 2125791390 328 WEST 71ST STREET NEW YORK NY 100233502 AILEEN HEFFERREN CHIEF EXECUTIVE 2125791390 2019-11-08 1 FREDERICK E DAVIS JR P00446023 2127094500 38.104.190.50 2019-11-08 11:43:27 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 2018 2020-03-31 21:24:44Z AILEEN HEFFERREN 328 WEST 71ST STREET NEW YORK NY 100233502 9084387 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 41 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 66 249 480 0 51417 17264372 8084679 0 0 706128 597296 6789 16522 17977289 8698497 0 0 0 0 7605443 8106974 0 0 737569 4377988 4281859 11983431 12388833 5993858 -3690336 62818079 60402689 1893674 1891290 60924405 58511399 X PREP FOR PREP DEVELOPS ETHICAL AND EFFECTIVE LEADERS WHO REFLECT OUR DIVERSE SOCIETY FOR THE ENDURING BENEFIT OF ALL. 0 0 3560585 ACADEMIC PROGRAMS: 14-MONTH "ACADEMIC BOOT CAMP" PREPARES APPROXIMATELY 200 STUDENTS ANNUALLY TO EXCEL ONCE PLACED IN 7TH-GRADE AT INDEPENDENT DAY SCHOOLS IN NYC OR 9TH-GRADE IN NORTHEASTERN BOARDING SCHOOLS. THESE PARTNERING INDEPENDENT DAY AND BOARDING SCHOOLS COMMIT TO PROVIDING FINANCIAL AID TO FULLY MEET STUDENTS' NEEDS BASED ON FAMILY HOUSEHOLD INCOME. PREP'S ORGANIZATIONAL BUDGET INVESTMENT IN ITS STUDENTS LEVERAGES ROUGHLY $35 MILLION ANNUALLY FOR OVER 700 STUDENTS IN GRADES 7-12. 2422632 COUNSELING: PREP PROVIDES INDIVIDUAL COUNSELING FOR APPROXIMATELY 700 STUDENTS ANNUALLY THROUGH THEIR YEARS IN INDEPENDENT DAY AND BOARDING SCHOOLS, MONITORING STUDENTS' ACADEMIC AND SOCIAL-EMOTIONAL PROGRESS AND PROVIDING ASSISTANCE TO STUDENTS AND THEIR FAMILIES AS NEEDED, INCLUDING TUTORING AND EMERGENCY FUND SUPPORT. SOCIAL AND CULTURAL ACTIVITIES HELP TO EASE SOCIAL TRANSITIONS AND MAINTAIN A SENSE OF COMMUNITY WHILE BUILDING SOCIAL CAPITAL. THE COUNSELING TEAM WORKS TO EQUIP STUDENTS, WHO ARE ALSO NAVIGATING ADOLESCENCE, TO ADDRESS ISSUES RANGING FROM IMPOSTER SYNDROME AND MICRO-AGGRESSIONS; TO PERFECTIONISM, ANXIETY AND DEPRESSION; TO CULTURAL DIVIDES, ASSIMILATION AND GENDER IDENTITY. SERVICES AND SUPPORT ARE ALSO MADE AVAILABLE TO APPROXIMATELY 600 COLLEGE STUDENTS ANNUALLY THROUGH OUR UNDERGRADUATE AFFAIRS TEAM 1715122 LEADERSHIP DEVELOPMENT: PREP SERVICES OVER 1,300 INDEPENDENT SCHOOL (722) AND COLLEGE STUDENTS (605), PROVIDING THEM WITH LEADERSHIP DEVELOPMENT AND PROFESSIONAL ADVANCEMENT OPPORTUNITIES. ACTIVITIES INCLUDE: ACCESS TO SLEEP-AWAY CAMP; A PREP-SOTHEBY PARTNERSHIP FOR PREP'S SUMMER ARTS ACADEMY; A PREP-GOOGLE PARTNERSHIP FOR PREP'S INSTITUTE FOR ENTREPRENEURSHIP (IFE); COLLEGE GUIDANCE (INCLUDING COLLEGE CAMPUS VISITS); STUDENT LEADERSHIP RETREATS; MORE THAN 300 SUMMER INTERNSHIPS AND CAREER SEMINARS WITH LEADING FIRMS AND COMPANIES, AS WELL AS NONPROFIT AND PUBLIC SERVICE AGENCIES; EXPOSURE TO STEM FIELDS AND COMPUTER CODING; TRAVEL ABROAD, INTERNATIONAL LIVING, AND EXPERIENTIAL LEARNING OPPORTUNITIES; AND OTHER SUMMER PROGRAMS AIMED AT EXPANDING STUDENT HORIZONS. THESE OPPORTUNITIES ARE VITAL TO INCREASING STUDENTS' SENSE OF BELONGING, UNDERSTANDING THE BREADTH OF LIFE'S POSSIBILITIES, AND BUILDING A STRONGER SENSE OF SELF. 2249309 TALENT SEARCH: IDENTIFY AND SELECT 200 STUDENTS FOR PARTICIPATION IN PREP FOR PREP FROM AMONG 6,000 NOMINATED NYC PUBLIC SCHOOL STUDENTS OF COLOR THROUGH AN EXTENSIVE, RIGOROUS ADMISSIONS PROCESS.EXPENSES $1,341,320 INCLUDING GRANTS OF $0. REVENUE $0.ALUMNI AFFAIRS: FOR PREP'S ALUMNI COMMUNITY OF 3,223 COLLEGE GRADUATES AND GROWING, PREP PROVIDES NETWORKING AND COMMUNITY-BUILDING OPPORTUNITIES TO ENCOURAGE A LIFE-LONG COMMITMENT TO PREP AND ITS MISSION.EXPENSES $844,965 INCLUDING GRANTS OF $0. REVENUE $0.SMART CONNECTIONS AND PREP ON THE ISSUES: 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, PROFESSIONAL ADVICE AND SUPPORT, ALONG WITH RESEARCH THAT ENSURE THAT OUR STUDENTS ARE FULLY SUPPORTED IN THEIR NEEDS AND THAT WE ARE ADVANCING UNDERSTANDING OF DIVERSITY EQUITY AND INCLUSION.EXPENSES $63,024 INCLUDING GRANTS OF $0. REVENUE $0. 2249309 9947648 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 1 110 0 1 249 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. SECRETARY 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. (NONVOTING) 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 DANIELLE DANESE 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 FRANCISCO J ESTRADA TRUSTEE 0.50 X 0 0 0 JOHN EYDENBERG 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 RENATA G HENRY 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 LESLIE-BERNARD JOSEPH TRUSTEE 1.00 X 0 0 0 ANTHONY KIM TRUSTEE 0.50 X 0 0 0 ROBIN KRASNY TRUSTEE 0.50 X 0 0 0 JAY L KRIEGEL 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 BRIDGET MACASKILL 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 AILEEN HEFFERREN CHIEF EXECUTIVE 40.00 X 412660 0 43838 SHARON MADISON VP FOR ADMINISTRATION 40.00 X 194919 0 18827 JACKSON COLLINS ASSOC EXEC DIRECTOR 40.00 X 170890 0 18328 BRANDON HENRIQUEZ DIRECTOR OF TECHNOLOGY 40.00 X 129297 0 9506 CINDY PEREZ DIR OF LEADERSHIP DEVELOP 40.00 X 102703 0 19685 JOHANNA RODRIGUEZ DIRECTOR OF ADMISSIONS 40.00 X 151436 0 17167 FRANCESCA RYAN DIRECTOR OF DEVELOPMENT 40.00 X 151332 0 24019 NIKOLE SMITH DIRECTOR OF ACADEMIC PROGR 40.00 X 155227 0 23833 1468464 0 175203 8 0 1 0 L&M BUS CORP 3167 ATLANTIC AVENUE BROOKLYN NY 11208 STUDENT TRANSPORTATION 437569 KIWI PARTNERS INC 237 WEST 35TH STREET-1101 NEW YORK NY 10001 ACCOUNTING SERVICES 192500 ASCEND SECURE TECHNOLOGY 2254 HOMECRESS AVENUE BROOKLYN NY 11229 TECHNOLOGY 128184 3 4054300 4030379 8084679 389263 389263 208033 0 208033 208033 208033 385890 4054300 385890 0 MISC REVENUE 900099 16522 16522 16522 8698497 0 0 613818 1842345 1345767 222253 274325 5093767 4429839 544162 119766 154543 137731 13135 3677 527932 423792 70544 33596 488387 413386 51110 23891 372232 22771 348034 1427 30230 30230 197662 95212 18430 84020 77987 44952 24001 9034 218300 146289 36781 35230 195172 112923 61500 20749 797156 714860 59936 22360 490165 473939 6695 9531 130148 104651 17037 8460 84617 62924 13448 8245 INTERN & LEADER RETREAT 443011 443011 CAMPUS & SCHOOL TRIPS 405163 405163 BOARDING SCH IMMERSION 144045 144045 TESTING & SCREENING 133774 133774 562197 292619 186320 83258 12388833 9947648 1703616 737569 4236750 929424 2704875 13861959 11110245 765258 557368 6542247 4483414 2136361 2058833 16961590 17201836 24746578 25724982 109583 115126 62818079 60402689 718494 746413 1065597 1029751 109583 115126 1893674 1891290 X 45869567 46171647 13796591 11081505 1258247 1258247 60924405 58511399 62818079 60402689 -3690336 1247099 30230 0 X 0 1 X 1 0 X 10484108 10099964 16416158 17264372 8084680 62349282 10484108 10099964 16416158 17264372 8084680 62349282 9424179 52925103 202077 187288 436937 345566 389263 1561131 8722 23191 6789 16522 55224 63965637 0.82740 0.82210 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 41581364 1834999 577171 42839192 39215589 3615775 1250000 41581364 35509937 5145697 1440045 39215589 37510460 10000 -1779326 231198 35509936 36139900 598954 1008340 236734 37510460 0.94700 0.03400 0.01900 0 0 492750 492750 3692201 2235553 1456648 2357296 2247861 109435 2058833 ALTERNATIVE INVESTMENTS 25724982 C 25724982 LIABILITY FOR DEFERRED COMPENSATION 115126 115126 X 11114926 1247099 1169329 2416428 8698498 0 8698498 13527932 1169329 1169329 12358603 30230 30230 12388833 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, 2014 AND SUBSEQUENT REMAIN OPEN TO EXAMINATION TO APPLICABLE TAXING AUTHORITIES. LILAC BALL 4440190 4054300 385890 352414 33476 4440190 4054300 385890 352414 33476 385890 0 X X X X X 0 1 0 0 0 0 0 0 0 AILEEN HEFFERREN CHIEF EXECUTIVE 412660 0 0 0 0 0 40808 0 3030 0 456498 0 0 0 SHARON MADISON VP FOR ADMINISTRATION 194919 0 0 0 0 0 15917 0 2910 0 213746 0 0 0 JACKSON COLLINS ASSOC EXEC DIRECTOR 170890 0 0 0 0 0 8750 0 9578 0 189218 0 0 0 JOHANNA RODRIGUEZ DIRECTOR OF ADMISSIONS 151436 0 0 0 0 0 7587 0 9580 0 168603 0 0 0 FRANCESCA RYAN DIRECTOR OF DEVELOPMENT 151332 0 0 0 0 0 14510 0 9509 0 175351 0 0 0 NIKOLE SMITH DIRECTOR OF ACADEMIC PROGR 155227 0 0 0 0 0 14887 0 8946 0 179060 0 0 0 PART I, LINE 4B AILEEN HEFFERREN: PAYMENTS TO 457(B) PLAN= $13,309 NEW PROVIDENCE ASSET MANAGEMENT (NPAM) JOHN VOGELSTEIN, CHAIRMAN EMERITUS 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 6000 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 24 392088 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 AND ALUMS PROVIDE SUPPORT TO THE PREP ADMISSIONS OFFICE, INCLUDING 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, TELEPHONE CALLS, AND THE COLLECTION AND DISTRIBUTION OF LUNCHES, MAILINGS, BOOKS AND NOTICES. (APPROXIMATELY 80 VOLUNTEERS SUPPORT ADMISSIONS AND PREPARATORY COMPONENT.) 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). VOLUNTEERS, INCLUDING PREP ALUMS, EMPLOYEES OF PARTNERING FIRMS, TRUSTEES, ASSOCIATES COUNCIL MEMBERS, AND DONORS, HELP PREPARE STUDENTS BY CONDUCTING MOCK INTERVIEWS. FOR IFE, VOLUNTEERS SERVE AS BUSINESS PLAN ADVISORS AND FINAL COMPETITION JUDGES. PREP ALSO USES VOLUNTEERS TO SERVE AS CAREER SEMINAR SERIES PANELISTS. (APPROXIMATELY 280 VOLUNTEERS SUPPORT PROFESSIONAL ADVANCEMENT.) 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 120 TRUSTEES AND COUNCIL MEMBERS PARTICIPATED DURING FY19.) IN ADDITION, APPROXIMATELY 25 PREP ALUMNI VOLUNTEER THEIR TIME TO HELP RUN PREP'S ANNUAL ALUMNI GIVING CAMPAIGN. 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 AND JEANNEMARIE O'BRIEN 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.