2019-05-14T14:03:28-05:00 2018-06-30 420714325 RSM US LLP 100 INTERNATIONAL DRIVE SUITE 1400 BALTIMORE MD 21202 990 2017-07-01 520735085 THE BOYS' LATIN SCHOOL OF MARYLANDINC BOYS 4103775192 822 W LAKE AVENUE BALTIMORE MD 21210 SEAN KRIEBEL CFO 4103775192 2019-05-14 1 JULIA FLANNERY P00928918 4102469300 66.98.98.9 2019-05-14 09:35:20 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 4EE6A31F760B3C5EA0809148B0E883CC4242B14C 2017 2019-02-21 02:37:17Z CHRISTOPHER J POST 822 W LAKE AVENUE BALTIMORE MD 21210 25655821 0 X WWW.BOYSLATINMD.COM X 1960 MD THE BOYS' LATIN SCHOOL OF MARYLAND IS A COLLEGE PREP SCHOOL FOR BOYS, GRADES K - 12. 36 33 209 200 0 0 3063369 2265275 16705250 17507010 1070607 3018299 138288 222075 20977514 23012659 3872330 4003975 0 0 11192661 11269964 0 0 815965 5911783 5900567 20976774 21174506 740 1838153 85148236 86045185 22488598 20226895 62659638 65818290 X SEE SCHEDULE O. 0 0 18558645 4003975 17507010 OUR FACULTY: BOYS' LATIN IS A SMALL SCHOOL AND CLOSE KNIT COMMUNITY, WITH 635 STUDENTS IN GRADES K-12. OUR FACULTY HAS AN AVERAGE OF 14 YEARS TEACHING EXPERIENCE, MORE THAN 65% HOLD ADVANCED DEGREES, AND ALL ARE TRAINED IN THE BEST PRACTICES OF BOYS' EDUCATION. WITH A STUDENT:FACULTY RATIO OF 7:1, CLASS SIZES ARE SMALL AND OFFER MANY OPPORTUNITIES FOR INDIVIDUAL INTERACTION WITH THE TEACHER AND STUDENT-CENTERED ACTIVITIES. TO ADVANCE OUR COMMITMENT TO BEING A SCHOOL FOR BOYS, OUR FACULTY ATTEND CONFERENCES DEDICATED TO 'BOYS AND LEARNING', PARTICIPATE IN WORKSHOPS GIVEN BY LEADING AUTHORITIES IN THE FIELDS OF BOYS AND BRAIN RESEARCH, AND CONTRIBUTE TO LOCAL CONFERENCES DEDICATED TO THE ACADEMIC, SOCIAL, AND PHYSICAL DEVELOPMENT OF BOYS. WE INVITE EXPERTS TO OUR CAMPUS TO LEAD HANDS-ON WORKSHOPS TO CONTINUE TO DEVELOP BOY-SPECIFIC LEARNING STRATEGIES. ADDITIONALLY, WE VISIT OTHER SCHOOLS WHERE SUCH STRATEGIES HAVE BEEN DEVELOPED. AS A RESULT, THE FACULTY OF BOYS' LATIN HAS IMPLEMENTED MANY BOY-FOCUSED LEARNING STRATEGIES AND RESOURCES IN OUR CLASSROOMS AND AMENDED OUR SCHOOL SCHEDULE AND CALENDAR TO TAKE INTO ACCOUNT WHAT WE KNOW ABOUT BOYS AND LEARNING. HISTORY & IDENTITY: FOUNDED IN 1844 BY DR. EVERT MARSH TOPPING, A PRINCETON CLASSICS PROFESSOR, BOYS' LATIN IS THE OLDEST INDEPENDENT, NONSECTARIAN COLLEGE PREPARATORY SCHOOL FOR BOYS IN MARYLAND. BOYS' LATIN IS COMMITTED TO BEING A SMALL SCHOOL, SERVING BOYS IN GRADES K - 12. EACH STUDENT IS UNIQUELY KNOWN AND CHERISHED FOR WHO HE IS AND IS ENCOURAGED TO GROW TO BE HIS BEST, AUTHENTIC SELF. BOYS' LATIN INSPIRES THE BEST IN EVERY BOY.OUR PROGRAMS: BOYS' LATIN IS THE OLDEST INDEPENDENT, NONSECTARIAN COLLEGE PREPARATORY SCHOOL FOR BOYS GRADES K-12 IN MARYLAND. THE SCHOOL OFFERS A RIGOROUS ACADEMIC PROGRAM THAT PREPARES YOUNG MEN FOR THE CHALLENGES OF THE 21ST CENTURY. THE SCHOOL'S MOTTO, ESSE QUAM VIDERI - "TO BE RATHER THAN TO SEEM" - EMPHASIZES THE DEVELOPMENT OF ONE'S INTEGRITY, COURAGE AND COMPASSION FOR OTHERS AND HAS BEEN THE CORE VALUE OF A BOYS' LATIN EDUCATION SINCE 1844. BOYS' LATIN WELCOMES YOUNG MEN FROM DIVERSE BACKGROUNDS AND EDUCATES THEM IN A SUPPORTIVE STUDENT-CENTERED ENVIRONMENT. BL OFFERS A TRADITIONAL COLLEGE PREPARATORY PROGRAM WITH HONORS, ADVANCED PLACEMENT AND POST-AP COLLEGE LEVEL CLASSES. WE FOLLOW A 7-DAY SCHEDULE IN THE UPPER AND MIDDLE SCHOOLS TO ALLOW FOR ROTATION OF CORE CLASSES, MORE COURSE OFFERINGS AND TIME FOR CO-CURRICULAR ACTIVITIES. OUR ATHLETIC PROGRAM INCLUDES INTERSCHOLASTIC TEAM COMPETITION IN SOCCER, FOOTBALL, CROSS COUNTRY, WRESTLING, SQUASH, BASKETBALL, ICE HOCKEY, LACROSSE, GOLF, BASEBALL, TENNIS, AND VOLLEYBALL. STUDENTS PARTICIPATE IN A VARIETY OF CO-CURRICULAR ACTIVITIES: CHORUS, INSTRUMENTAL ENSEMBLES, THEATER ARTS, ROBOTICS, CERAMICS, MODEL UN, MOCK TRIAL, IT'S ACADEMIC, MATH COUNTS, DEBATE CLUB, STUDENT NEWSPAPERS, YEARBOOK, BL RADIO, PHOTOGRAPHY, TECH TEAM, STUDENT COUNCIL, NATIONAL HONOR SOCIETY, WILLIAMS SCHOLARS, CHESS CLUB, FELLOWSHIP OF CHRISTIAN ATHLETES, JEWISH CULTURAL CLUB, COMMON GROUND, CULTURAL DIVERSITY CLUB, LAKER BUDDY, LAKER CORPS, HABITAT FOR HUMANITY AND COMMUNITY SERVICE.OUR FACILITIES: THE SCHOOL HAS BEEN ON THE LAKE AVENUE CAMPUS SINCE 1960. SITUATED AMID 41 ACRES IN ROLAND PARK, OUR TEN BUILDINGS FEATURE STATE-OF-THE-ART CLASSROOMS, THREE LIBRARIES, DEDICATED FINE ARTS AND PERFORMING ARTS CENTERS AND ATHLETIC FACILITIES, INCLUDING TWO ALL-PURPOSE SPORTEXE FIELDS, ONE BASEBALL FIELD, AND FIVE TENNIS COURTS. 18558645 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 50 0 1 209 1 0 0 0 0 0 0 0 0 0 0 X 36 33 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X SEAN KRIEBEL ASSISTANT HEADMASTERCFO 4103775192 822 W LAKE AVENUE BALTIMORE MD 21210 FRANK S JONES JR PRESIDENT 2.00 X X 0 0 0 CHARLES F BLACK SR FIRST VICE-PRESIDENT 2.00 X X 0 0 0 RICHARD H BAGBY TREASURER 2.00 X X 0 0 0 NICHOLAS G KING ASSISTANT TREASURER 2.00 X X 0 0 0 GEOFFREY H BRENT SECRETARY 2.00 X X 0 0 0 GEORGETTE D KISER ASSISTANT SECRETARY 2.00 X X 0 0 0 GREGORY S HORNING PAST PRESIDENT 2.00 X 0 0 0 THEODORE W BAUER BOARD MEMBER 2.00 X 0 0 0 JAMES R BROOKS BOARD MEMBER 2.00 X 0 0 0 JAMES A CALLAHAN JR BOARD MEMBER 2.00 X 0 0 0 CAROLINE EVANS PARENTS ASSOC. PRESIDENT 2.00 X 0 0 0 HERBERT D FRERICHS JR BOARD MEMBER 2.00 X 0 0 0 W KYLE GORE BOARD MEMBER 2.00 X 0 0 0 KATHY GRAY BOARD MEMBER 2.00 X 0 0 0 G TODD GUNTNER BOARD MEMBER 2.00 X 0 0 0 SHELLY HAIRSTON-JONES BOARD MEMBER 2.00 X 0 0 0 HAROLD G HATHAWAY III BOARD MEMBER 2.00 X 0 0 0 HENRY A LEDERER BOARD MEMBER 2.00 X 0 0 0 ANDREW MAKRIS BOARD MEMBER 2.00 X 0 0 0 JEFFREY C MASON BOARD MEMBER 2.00 X 0 0 0 WARNER P MASON BOARD MEMBER 2.00 X 0 0 0 WILLIAM H MAY BOARD MEMBER 2.00 X 0 0 0 RYAN MCCLERNAN BOARD MEMBER 2.00 X 0 0 0 RYAN D MOLLETT BOARD MEMBER 2.00 X 0 0 0 MATTHEW D NICHOLS BOARD MEMBER 2.00 X 0 0 0 DAVID OESTREICHER BOARD MEMBER 2.00 X 0 0 0 BRIAN H O'NEIL BOARD MEMBER 2.00 X 0 0 0 ROBERT B RICE BOARD MEMBER 2.00 X 0 0 0 BRIAN J RUDICK ALUMNI ASSOC. PRESIDENT 2.00 X 0 0 0 STEPHEN W SHAW BOARD MEMBER 2.00 X 0 0 0 DUNCAN J SMITH BOARD MEMBER 2.00 X 0 0 0 PETER B SNYDER BOARD MEMBER 2.00 X 0 0 0 STACY WALSH BOARD MEMBER 2.00 X 0 0 0 DAVID A WARD BOARD MEMBER 2.00 X 0 0 0 EILEEN WILCOX BOARD MEMBER 2.00 X 0 0 0 STEPHEN WRIGHT BOARD MEMBER 2.00 X 0 0 0 CHRISTOPHER J POST HEADMASTER 40.00 X 342932 0 117520 SEAN KRIEBEL CFO/ASSISTANT HEADMASTER 40.00 X 148808 0 32902 JOHN P GUGERTY ASSOC. HEADMASTER FOR DEV. 40.00 X 167920 0 38204 ANDREW HEFFNER DIR. OF ENROLLMENT MANAGEMENT 40.00 X 105751 0 22209 ANNE KELLERMAN DIR. OF TECHNOLOGY PROGRAMS 40.00 X 108943 0 18634 BRIAN MITCHELL HEAD OF UPPER SCHOOL 40.00 X 101801 0 29214 JAMES CURRIE DIR. OF MIDDLE SCHOOL ADMISSIONS 40.00 X 104232 0 17078 KATHRYN ARNOLD HEAD OF LOWER SCHOOL 40.00 X 105820 0 7566 1186207 0 283327 9 0 1 0 SAGE DINING SERVICES 1402 YORK ROAD LUTHERVILLE MD 21093 FOOD SERVICES 1216376 KNOTT MECHANICAL INC 338 CLUBHOUSE ROAD HUNT VALLEY MD 21031 HVAC CONTRACTOR 337561 UNITED BUILDING SERVICES INC 200 LITTLE FALLS STREET SUITE 400 FALLS CHURCH VA 22046 CLEANING SERVICES 243895 MULLAN CONTRACTING COMPANY 2330 W JOPPA ROAD LUTHERVILLE MD 21093 CONSTRUCTION 184275 GUIDO PICCININI & SONS PO BOX 46 STEVENSON MD 21153 LANDSCAPING/MAINTENANCE 149844 8 2265275 95190 2265275 TUITION & FEES 611600 17432165 17432165 TUITION RELATED INCOME 611600 45370 45370 MEMBERSHIP DUES 611600 27800 27800 YEARBOOK 611600 1675 1675 17507010 1644180 1644180 4980 0 4980 4980 4980 3617838 2243719 1374119 1374119 1374119 172154 65673 106481 106481 365684 333770 31914 31914 RECOVERY OF BAD DEBT 900099 70795 70795 TEACHER/STAFF APPRECIA 900099 7905 7905 78700 23012659 17507010 0 3240374 4003975 4003975 765826 644946 74642 46238 8055158 6748582 807267 499309 459564 388173 42064 29327 1374257 1268508 70611 35138 615159 529300 48464 37395 80645 80645 26071 26071 715070 644280 63264 7526 148970 79281 69689 320288 132485 132958 54845 175705 175705 900591 807232 84292 9067 187386 160190 409 26787 90631 5080 46723 38828 685422 685422 1568723 1478522 58827 31374 ACTIVITIES 880540 696225 184315 ALUMNI/PARENT ASSOCIATI 93166 93166 TEACHER/STAFF APPRECIAT 14236 14236 13123 3337 9655 131 21174506 18558645 1799896 815965 500 500 685664 1130702 2588620 2110651 199659 215157 75553 69403 766197 482833 56118541 20888655 36462021 35229886 41054021 42676977 3316001 4129076 85148236 86045185 1461816 1427681 1628372 1478427 15027893 14520786 4370517 2800001 22488598 20226895 X 39606632 41007101 7293686 8466355 15759320 16344834 62659638 65818290 85148236 86045185 X 1838153 865402 455097 X 0 1 X 1 0 X 44381063 731192 3883701 1627602 47368354 41948859 821584 4832496 3221876 44381063 44317707 789801 -438496 2720153 41948859 42634185 802445 2035742 1154665 44317707 35495606 2448931 5574927 885279 42634185 0.51120 0.33310 0.15570 0 0 1023004 1023004 45350589 14687453 30663136 5005297 2036544 2968753 2642303 2266310 375993 2097348 1898348 199000 35229886 INTEREST RATE SWAP 1330636 LINE OF CREDIT 1469365 2800001 X 19744900 865402 865402 18879498 4133161 4133161 23012659 16586248 -489881 -489881 17076129 4098377 4098377 21174506 PART V, LINE 4: THE LONG-TERM GOAL OF THE ENDOWMENT FUNDS IS TO ACHIEVE APPRECIATION OF ASSETS WITHOUT EXPOSURE TO UNDUE RISK. THE PORTFOLIO IS EXPECTED TO SUPPORT DESIRED SPENDING, PROVIDE ADDITIONAL GROWTH TO COVER OPERATING EXPENSES AND PRESERVE THE PURCHASING POWER OF THE ENDOWMENT ASSETS OVER TIME. PART X, LINE 2: THE SCHOOL ADOPTED THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, 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. UNDER THIS POLICY, THE SCHOOL MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WOULD BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS EVALUATED THE SCHOOL'S TAX POSITIONS AND HAS CONCLUDED THAT THE SCHOOL HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH PROVISIONS OF THIS GUIDANCE. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE JUNE 30, 2015. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID REPORTED NET ON THE FINANCIAL STATEMENT 3,990,975. INCOME FROM PARENTS' ASSOCIATION 37,853. INCOME FROM ALUMNI ASSOCIATION 162,101. INCOME FROM TEACHERS APPRECIATION FUND 7,905. FUNDRAISING EXPENSES NETTED WITH REVENUE -65,673. PART XII, LINE 2D - OTHER ADJUSTMENTS: INTEREST RATE SWAP -489,881. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID REPORTED NET ON THE FINANCIAL STATEMENT 3,990,975. EXPENSES FROM ALUMNI ASSOCIATION 44,000. EXPENSES FROM PARENTS' ASSOCIATION 49,166. EXPENSES FROM TEACHERS APPRECIATION FUND 14,236. 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 NONDISCRIMINATORY POLICY MAY BE FOUND AND/OR OBTAINED ON ALL SCHOOL AND ADMISSIONS BROCHURES INCLUDING THE SCHOOL'S WEBSITE. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 555917 0 0 0 0 0 0 555917 0 555917 1 0 0 0 0 0 BULL ROAST - ALUMNI ASSOCIATION 141632 141632 45751 GOLF OUTING - ALUMNI ASSOCIATION 20469 20469 13348 2 10053 10053 6574 172154 172154 65673 65673 106481 1 STUDENTS RECEIVING FINANCIAL AID 323 3990975 0 FACULTY AWARDS 11 13000 PART I, LINE 2: GRANT FUNDS ARE ONLY USED FOR TUITION AND ARE APPLIED TO THE STUDENTS' ACCOUNTS DURING THE FISCAL YEAR THE GRANT IS AWARDED. X X 1 1 X X X 0 0 0 0 0 0 0 1 0 CHRISTOPHER J POST HEADMASTER 301738 0 40744 0 450 0 18000 0 99520 0 460452 0 0 0 SEAN KRIEBEL CFO/ASSISTANT HEADMASTER 140858 0 7500 0 450 0 10644 0 22258 0 181710 0 0 0 JOHN P GUGERTY ASSOC. HEADMASTER FOR DEV. 159730 0 7500 0 690 0 11910 0 26294 0 206124 0 0 0 PART I, LINE 1A THE HEADMASTER AND THE ASSOCIATE HEADMASTER OF DEVELOPMENT RECEIVE SOCIAL CLUB DUES. THE DUES ARE INCLUDED IN TAXABLE COMPENSATION. THE HEADMASTER IS PROVIDED WITH ON CAMPUS HOUSING. THE VALUE IS NOT INCLUDED IN HIS TAXABLE COMPENSATION BUT IS INCLUDED IN SCHEDULE J, PART II, COLUMN D. PART I, LINE 7 THE SCHOOL HAS AN ANNUAL DISCRETIONARY BONUS FOR CERTAIN EMPLOYEES BASED ON PERFORMANCE. A MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY 520536091 2009-08-26 19839000 CONSTRUCTION OF MIDDLE SCHOOL FACILITY 0 1 0 A 5194861 19830000 175000 19655000 2010 1 0 1 1 A 0 1 0 0 0.00800 0.00800 0 0 0 A 0 0 0 0 1 1 SUNTRUST BANK 30.000000000000 0 0 0 0 0 A 1 SCHEDULE K SUPPLENTAL INFORMATION AMOUNTS LISTED ON LINE 11 WERE USED TO REFUND PRIOR ISSUED DEBT. SCHEDULE K, PART III, LINE 4 THE PERCENTAGE OF PRIVATE BUSINESS USE IS LESS THAN 1%. 8000 FINANCIAL AID FINANCIAL AID 6000 FINANCIAL AID FINANCIAL AID 5000 FINANCIAL AID FINANCIAL AID X 7 95190 FAIR MARKET VALUE 0 1 0 FORM 990, PAGE 2, PART III, LINE 1 THE BOYS' LATIN SCHOOL OF MARYLAND INSTILLS THE CORE VALUES OF COURAGE, INTEGRITY, AND COMPASSION IN EACH BOY AS EMBODIED IN OUR MOTTO, ESSE QUAM VIDERI - TO BE, RATHER THAN TO SEEM. BY UNDERSTANDING HOW BOYS LEARN BEST, OUR TALENTED FACULTY FOSTERS ENDURING PERSONAL RELATIONSHIPS AND EMPOWERS EACH STUDENT TO STRIVE FOR ACADEMIC AND PERSONAL EXCELLENCE. PHILOSOPHY & PURPOSE -BOYS' LATIN OFFERS A RICH AND RIGOROUS ACADEMIC AND CO-CURRICULAR PROGRAM THAT PREPARES YOUNG MEN FOR THE OPPORTUNITIES OF THE 21ST CENTURY. THE SCHOOL WELCOMES STUDENTS FROM DIVERSE BACKGROUNDS AND EDUCATES THEM IN A SUPPORTIVE, STUDENT-CENTERED ENVIRONMENT. TRAINED IN THE BEST PRACTICES IN BOYS' EDUCATION, FACULTY MEMBERS CRAFT INNOVATIVE PROGRAMS THAT REFLECT THEIR EXPERTISE IN HOW BOYS LEARN AND PROVIDE STUDENTS WITH UNPARALLELED OPPORTUNITIES TO STRETCH AND GROW. A LOW STUDENT-TEACHER RATIO CHALLENGES EACH STUDENT TO REACH HIS MAXIMUM POTENTIAL WHILE ENCOURAGING HIM TO MATURE WITH AN INCREASING SENSE OF SELF-WORTH AND AN AWARENESS OF HIS RESPONSIBILITIES TOWARD HIMSELF AND HIS LOCAL AND GLOBAL COMMUNITY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 INFORMATION WAS PREPARED IN THE FINANCE OFFICE AND REVIEWED BY THE CFO. THE FORM 990 WAS PRESENTED TO THE FINANCE COMMITTEE FOR THEIR REVIEW. A COPY WAS PROVIDED TO THE GOVERNING BODY BEFORE IT WAS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANY BOARD MEMBER, OFFICER, OR MEMBER OF ANY COMMITTEE WITH BOARD-DELEGATED POWERS WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST, IS AN "INTERESTED PERSON." IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE AND NATURE OF HIS OR HER FINANCIAL INTEREST TO THE BOARD OF TRUSTEES ("BOARD") AND MEMBERS OF ANY COMMITTEE WITH BOARD-DELEGATED POWERS CONSIDERING THE PROPOSED OR CONTEMPLATED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST, THE INTERESTED PERSON SHALL LEAVE THE BOARD MEETING OR COMMITTEE MEETING WHILE THE FINANCIAL INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF AN ACTUAL CONFLICT OF INTEREST EXISTS. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE THAT A BOARD MEMBER, OFFICER OR MEMBER OF A COMMITTEE HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE RESPONSE OF THE MEMBER AND MAKING SUCH FURTHER INVESTIGATION AS MAY BE WARRANTED UNDER THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THAT THE MEMBER HAS IN FACT FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES REVIEWS, DOCUMENTS AND DECIDES ON THE COMPENSATION FOR THE HEADMASTER. THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES HAS DELEGATED THE REVIEW OF OTHER KEY EMPLOYEES TO THE HEADMASTER. THE HEADMASTER CONSULTS WITH THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES FOR ANY CHANGES TO COMPENSATION FOR KEY EMPLOYEES. OUTSIDE COMPENSATION SURVEYS ARE USED FOR ALL HEADMASTER AND KEY EMPLOYEE COMPENSATION REVIEWS. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST TO THE PUBLIC IN THE FINANCE OFFICE FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: PARENTS & ALUMNAE ASSOCS ACTIVITY ON THIS RETURN ON A CONSOLIDATED BASIS -34,784. GAIN ON INTEREST RATE SWAP 489,881.