2016-05-09T14:25:13-05:00 2015-06-30 420714325 RSM US LLP 9737 WASHINGTONIAN BLVD 400 GAITHERSBURG MD 208787340 990 2014-07-01 540506326 THE PROTESTANT EPISCOPAL HIGH SCHOOL IN VIRGINIA PROT 7039333000 1200 N QUAKER LANE ALEXANDRIA VA 223023004 WILLIAM H DE BUTTS III CFO 7039333000 2016-05-09 1 WILLIAM E TURCO CPA P00369217 3012963600 2014 2016-08-17 19:52:53Z EPISCOPAL HIGH SCHOOL F ROBERTSON HERSHEY 1200 N QUAKER LANE ALEXANDRIA VA 223023004 42931262 0 X WWW.EPISCOPALHIGHSCHOOL.ORG X 1839 VA THE INSTITUTION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE EDUCATION TO HIGH SCHOOL STUDENTS. 25 25 283 25 37703 -37473 11532985 8336028 22174745 23337217 8791375 7617906 199050 204319 42698155 39495470 5069640 5555737 0 0 15849460 16623952 0 24473 2956031 15748449 16786441 36667549 38990603 6030606 504867 420004315 416142103 42315594 41715465 377688721 374426638 X FOUNDED ON A TRADITION OF HONOR AND THE PURSUIT OF SELF-DISCOVERY, EPISCOPAL HIGH SCHOOL ENGAGES STUDENTS IN A CHALLENGING COLLEGE PREPARATORY EDUCATION. THE SCHOOL FOSTERS EMPATHY AND RESPONSIBILITY FOR SELF AND OTHERS THROUGH A COMMITMENT TO SPIRITUAL INQUIRY AND GROWTH IN A FULLY RESIDENTIAL COMMUNITY. STUDENTS ARE ENCOURAGED TO THINK CREATIVELY, WORK COLLABORATIVELY, DEVELOP INDIVIDUAL PASSIONS, AND CELEBRATE THE TALENTS OF OTHERS. SHARING DIVERSE LIFE EXPERIENCES, IDEAS, AND VALUES, STUDENTS LEARN HUMILITY, RESILIENCE, AND MUTUAL RESPECT. THROUGH ACCESS TO THE EDUCATIONAL AND CULTURAL RESOURCES OF THE NATIONS CAPITAL, STUDENTS ARE INSPIRED TO UNDERSTAND AND EMBRACE A CHANGING WORLD. TOGETHER, FACULTY AND STUDENTS TAKE INITIATIVE AS INFORMED CITIZENS AND ENVIRONMENTAL STEWARDS. 0 0 29086711 5555737 23450066 THE PROTESTANT EPISCOPAL HIGH SCHOOL IN VIRGINIA, FOUNDED IN 1839, IS A CO-ED COLLEGE PREPARATORY, 100% BOARDING SCHOOL (440 STUDENTS IN GRADES 9-12) LOCATED ON A 135-ACRE CAMPUS IN THE CITY OF ALEXANDRIA, VIRGINIA, APPROXIMATELY SEVEN MILES FROM WASHINGTON, DC. EPISCOPAL IS DEDICATED TO THE STUDENT'S PURSUIT OF EXCELLENCE AND TO THE JOY OF LEARNING AND SELF-DISCOVERY IN A CARING AND SUPPORTIVE COMMUNITY. ENRICHED BY THE EDUCATIONAL AND CULTURAL RESOURCES OF THE NATION'S CAPITAL, EPISCOPAL'S DYNAMIC ACADEMIC PROGRAM ENCOURAGES STUDENTS TO DEVELOP INDIVIDUAL TALENTS AND PREPARES THEM TO ATTEND SELECTIVE COLLEGES AND UNIVERSITIES. STUDENTS FROM DIVERSE BACKGROUNDS LIVE AND LEARN TOGETHER IN A RESIDENTIAL COMMUNITY BASED ON A FOUNDATION OF HONOR, RESPONSIBILITY, AND MUTUAL RESPECT. THEY DEVELOP ENDURING RELATIONSHIPS AT EHS AND GROW AS DISCERNING, SELF-RELIANT, CREATIVE, COMPASSIONATE INDIVIDUALS. THE EPISCOPAL HIGH SCHOOL COMMUNITY PREPARES YOUNG PEOPLE TO LEAD PRINCIPLED AND FULFILLING LIVES OF LEADERSHIP AND SERVICE TO OTHERS. 29086711 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 48 0 1 283 1 1 1 0 0 0 0 1 1 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 X WILLIAM H DE BUTTS III CFO 7039333000 1200 N QUAKER LANE ALEXANDRIA VA 223023004 BAILEY W PATRICK CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 HWINSTON HOLT IV VICE-CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 ALICIA R ALFORD TRUSTEES 1.00 X 0 0 0 LEE S AINSLIE III TRUSTEES 1.00 X 0 0 0 ATTISON L BARNES III TRUSTEES 1.00 X 0 0 0 RICHARD M BERKELEY TRUSTEES 1.00 X 0 0 0 ALEXANDER H BOCOCK TRUSTEES 1.00 X 0 0 0 ABNEY S BOXLEY III TRUSTEES 1.00 X 0 0 0 ROBERT W CHAMBERS III TRUSTEES 1.00 X 0 0 0 WILLIAM R COX III TRUSTEES 1.00 X 0 0 0 JOHN C GLOVER JR TRUSTEES 1.00 X 0 0 0 N PERYN HARMON GRAHAM TRUSTEES 1.00 X 0 0 0 MICHAEL M HOLT TRUSTEES 1.00 X 0 0 0 CHRISTOPHER B HOWARD TRUSTEES 1.00 X 0 0 0 LISA G HUFFINES TRUSTEES 1.00 X 0 0 0 ALEXANDER S JONES TRUSTEES 1.00 X 0 0 0 S JOHN KIM TRUSTEES 1.00 X 0 0 0 SARAH AKRIDGE KNUTSON TRUSTEES 1.00 X 0 0 0 WILLIAM R PEELLE JR TRUSTEES 1.00 X 0 0 0 HOWARD W SMITH III TRUSTEES 1.00 X 0 0 0 KATHRYN G TYREE TRUSTEES 1.00 X 0 0 0 EDWARD B WALKER TRUSTEES 1.00 X 0 0 0 DONALDSON G WILLIAMS TRUSTEES 1.00 X 0 0 0 TOBY S WILT JR TRUSTEES 1.00 X 0 0 0 R HALSEY WISE TRUSTEES 1.00 X 0 0 0 F ROBERTSON HERSHEY PRESIDENT/HEADMASTER 40.00 X 605610 0 114487 WILLIAM H DEBUTTS III SECRETARY/TREASURER/CFO 40.00 X 228461 0 72415 CHRISTINA HOLT DIR. OF INSTITUTIONAL ADVANCEMENT 40.00 X 142167 0 124124 ADRIANNA BRAVO MEDICAL DIRECTOR 40.00 X 185300 0 56438 TIM JAEGER ASST. HEAD FOR STUDENT LIFE 40.00 X 146493 0 60712 MARY FIELDER ASST. HEAD OF ACADEMICS 40.00 X 143949 0 48402 ROBET HEDRICK DIR. OF COLLEGE COUNSELING 40.00 X 124043 0 18638 1576023 0 495216 8 0 1 0 FLIK PO BOX 417632 BOSTON MA 022417632 FOOD SERVICE 2171788 CHAMBERLAIN CONSTRUCTION CORPORATION 2864 HARTLAND ROAD FALLS CHURCH VA 22043 CONSTRUCTION 1446832 SODEXO INC AND AFFILIATES PO BOX 536922 ATLANTA GA 303536922 CUSTODIAL SERVICES 928900 ADVANCED LOGIC INDUSTRIES INC PO BOX 932581 ATLANTA GA 311932581 TECHNOLOGY EQUIPMENT 879087 MOUNT ROYAL PRINTING CO INC 6310 BLAIR HILL LANE BALTIMORE MD 21209 PRINTING & PUBLICATIONS 326254 18 8336028 1025188 8336028 TUITION AND FEES 900099 22638350 22638350 SUMMER RECRUITMENT CAM 900099 311954 311954 AUXILIARY FEES 900099 255701 255701 FOREIGN STUDIES 900099 131212 131212 23337217 4549907 4549907 6273964 3205965 3067999 3067999 3067999 342676 229827 112849 112849 OTHER REVENUE 900099 53767 53767 TENNIS AND SWIM CLUB 713940 37703 37703 91470 39495470 23450066 37703 7671673 5555737 5555737 1012121 755652 178313 78156 11700400 8675000 2087369 938031 869268 668080 144944 56244 2238124 1720120 373192 144812 804039 603166 128449 72424 200023 200023 24473 24473 780965 780965 1316349 1028867 167723 119759 96560 51123 11359 34078 1806590 921302 648493 236795 342124 204964 49260 87900 1777928 1372434 200816 204678 508956 433613 35003 40340 184493 160851 22095 1547 1630005 1246260 190045 193700 5021809 3839545 585502 596762 348731 348731 FOOD SERVICE 1094107 1094107 STUDENT SERVICES 773420 688164 83632 1624 HEADMASTERS EXPENSES 229855 229855 FEE ON DEBT RETIREMENT 217693 217693 456833 67726 264399 124708 38990603 29086711 6947861 2956031 2253421 5891462 1184057 728637 8174429 8149072 239463 422438 119514 119514 57075 65923 454940 826891 169605275 49540405 122624421 120064870 749426 712507 135416627 139934114 148730942 139226675 420004315 416142103 2403735 1927827 2598434 2941403 37242221 36786468 71204 59767 42315594 41715465 X 125491312 127824641 64952462 68709586 187244947 177892411 377688721 374426638 420004315 416142103 X 504867 5691638 -9458588 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 522337 2109679 X X X 0 133556108 677765 8353044 5500000 137086917 122517306 1429228 14758574 5149000 133556108 108941864 2006335 16428107 4859000 122517306 108582787 4624032 1480045 5745000 108941864 95981294 1346173 16250320 4995000 108582787 0.27050 0.33930 0.39020 0 0 186120 186120 162464568 45895432 116569136 6386431 3644973 2741458 568156 568156 120064870 ART COLLECTIONS 2109679 C CASH SURRENDER VALUE OF LIFE INSURANCE 665802 F LONE CEDAR LTD 8092487 F LONE PINION LTD 1098477 F LONE CASCADE, L.P. 26721892 F STEADFAST INTERNATIONAL LTD 144360 F SWIFTCURRENT OFFSHORE LTD 37308 F MAVERICK STABLE FUND, LTD 40953780 F MAKENA CAPITAL ASSOCIATES, L.P 32743276 F TIFF MULTI-ASSET FUND 18295627 F MAVERICK FUND, LTD. 6193243 F LONE TAMARACK, L.P. 2878183 F 139934114 BOND ISSUANCE COSTS - NET 453138 PERPETUAL TRUSTS HELD BY THIRD PARTIES 126710612 ASSETS HELD IN CHARITABLE REMAINDER TRUSTS 11262925 INVESTMENT IN BUTTERFLY HOUSE 800000 139226675 ANNUITY OBLIGATIONS 59767 59767 X 29391819 5691638 -15014325 -9322687 38714506 780964 780964 39495470 32653902 0 32653902 780964 5555737 6336701 38990603 PART III, LINE 4: THE SCHOOL'S COLLECTIONS ARE MADE UP OF ART OBJECTS AND OTHER ARTIFACTS OF HISTORICAL AND EDUCATIONAL SIGNIFICANCE. EACH ITEM IS DOCUMENTED FOR EDUCATIONAL SIGNIFICANCE AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED PERIODICALLY. PART V, LINE 4: THE OVERALL FINANCIAL OBJECTIVE IS TO PROVIDE FINANCIAL SUPPORT FOR THE SCHOOL'S OPERATIONS AT A LEVEL CONSISTENT WITH MAINTAINING OR INCREASING THE PURCHASING POWER OVER TIME. THE SCHOOL'S POLICY IS TO APPROPRIATE 4.9% OF THE ROLLING THREE-YEAR AVERAGE OF THE JUNE 30 ENDOWMENT VALUE TO SUPPORT OPERATIONS. 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. HOWEVER, THE SCHOOL IS SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME, AS DEFINED BY THE INTERNAL REVENUE SERVICE. ACTIVITIES UNRELATED TO THE EXEMPT PURPOSE ARE TENNIS AND SWIM CLUB MEMBERSHIPS AND THE SCHOOL INVESTS IN CERTAIN ALTERNATIVE INVESTMENTS, WHICH GENERATED NO TAX AND, ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS REQUIRED IN THE ACCOMPANYING FINANCIAL STATEMENTS. ACCORDING TO THE ACCOUNTING STANDARD FOR UNCERTAINTY IN INCOME TAXES FOR THE PERIOD FROM THE SCHOOL'S INCEPTION TO JUNE 30, 2015, NO UNRECOGNIZED TAX PROVISION OR BENEFIT EXISTED. DEFERRED INCOME TAXES ARE PROVIDED USING THE LIABILITY METHOD, WHEREBY, DEFERRED TAX ASSETS ARE RECOGNIZED FOR DEDUCTIBLE TEMPORARY DIFFERENCES AND OPERATING LOSS AND TAX CREDIT CARRYFORWARDS AND DEFERRED TAX LIABILITIES ARE RECOGNIZED FOR TAXABLE TEMPORARY DIFFERENCES. TEMPORARY DIFFERENCES ARE THE DIFFERENCES BETWEEN THE REPORTED AMOUNTS OF ASSETS AND LIABILITIES AND THEIR TAX BASES. DEFERRED TAX ASSETS ARE REDUCED BY A VALUATION ALLOWANCE WHEN, IN THE OPINION OF MANAGEMENT, IT IS MORE-LIKELY-THAN-NOT THAT SOME PORTION OR ALL OF THE DEFERRED TAX ASSETS WILL NOT BE REALIZED. DEFERRED TAX ASSETS AND LIABILITIES ARE ADJUSTED FOR THE EFFECTS OF THE CHANGES IN TAX LAWS AND RATES ON THE DATE OF ENACTMENT. WHEN TAX RETURNS ARE FILED, IT IS HIGHLY CERTAIN THAT SOME POSITIONS TAKEN WOULD BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES, WHILE OTHERS ARE SUBJECT TO UNCERTAINTY ABOUT THE MERITS OF THE POSITION TAKEN OR THE AMOUNT OF THE POSITION THAT WOULD BE ULTIMATELY SUSTAINED. THE BENEFIT OF A TAX POSITION IS RECOGNIZED IN THE FINANCIAL STATEMENTS IN THE PERIOD DURING WHICH, BASED ON ALL AVAILABLE EVIDENCE, MANAGEMENT BELIEVES IT IS MORE-LIKELY-THAN-NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING THE RESOLUTION OF APPEALS OR LITIGATION PROCESSES, IF ANY. TAX POSITIONS TAKEN ARE NOT OFFSET OR AGGREGATED WITH OTHER POSITIONS. TAX POSITIONS THAT MEET THE MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD ARE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS MORE THAN 50% LIKELY OF BEING REALIZED UPON SETTLEMENT WITH THE APPLICABLE TAXING AUTHORITY. THE PORTION OF THE BENEFITS ASSOCIATED WITH TAX POSITIONS TAKEN THAT EXCEEDS THE AMOUNT MEASURED AS DESCRIBED ABOVE WOULD BE REFLECTED AS A LIABILITY FOR UNRECOGNIZED TAX BENEFITS IN THE ACCOMPANYING BALANCE SHEET, ALONG WITH ANY ASSOCIATED INTEREST AND PENALTIES THAT WOULD BE PAYABLE TO THE TAXING AUTHORITIES UPON EXAMINATION. MANAGEMENT BELIEVES THERE ARE NO POSITIONS THAT WOULD RESULT IN ADDITIONAL TAX LIABILITY. INTEREST AND PENALTIES ASSOCIATED WITH UNRECOGNIZED TAX BENEFITS ARE CLASSIFIED AS ADDITIONAL INCOME TAXES IN THE STATEMENT OF ACTIVITIES. THE SCHOOL FILES INCOME TAX RETURNS IN THE U.S. FEDERAL JURISDICTION. AS OF JUNE 30, 2015, AND FOR THE YEAR THEN ENDED, THERE WERE NO MATERIAL UNRECOGNIZED/DERECOGNIZED TAX BENEFITS OR TAX PENALTIES OR INTEREST. GENERALLY, THE SCHOOL IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2012. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE -5,555,737. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -9,458,588. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE 5,555,737. 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 POLICY IS PUBLICIZED THROUGH PRINTED MATERIALS AND PERIODIC NOTICES IN NEWSPAPERS. EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES SCHOOL TRIP 41878 NORTH AMERICA 0 0 PROGRAM SERVICES SCHOOL TRIP 13587 SOUTH ASIA 0 0 PROGRAM SERVICES SCHOOL TRIP 25638 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES SCHOOL TRIP 65005 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 50289104 0 0 0 0 0 0 50435212 0 50435212 0 0 0 0 0 0 X X X X 1 MARTS & LUNDY 1200 WALL ST 5TH FLOOR LYNDHURST NJ 07071 CONSULTING SERVICES 0 0 24473 -24473 24473 -24473 VA 1 SCHOLARSHIPS FOR EHS STUDENTS 154 5555737 PART I, LINE 2: PARENTS REQUESTING SCHOLARSHIP ASSISTANCE COMPLETE AND FILE AN APPLICATION, INCLUDING FINANCIAL INFORMATION, WITH THE SCHOOL SCHOLARSHIP SERVICE TO WHICH THE SCHOOL IS A SUBSCRIBER. THE SCHOOL SCHOLARSHIP SERVICE ADVISES THE SCHOOL OF THE ELIGIBILITY OF THE STUDENT FOR THE SCHOLARSHIP ASSISTANCE. ONCE ELIGIBILITY IS ESTABLISHED, SPECIFIC DOLLAR AMOUNTS ARE RECOMMENDED. THE SCHOOL THEN FINALIZES THE AMOUNT OF SCHOLARSHIP AID TO BE GIVEN TO EACH CHILD. SCHOLARSHIPS BASED ON MERIT ARE ALSO GIVEN TO DESERVING STUDENTS. X X X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 F ROBERTSON HERSHEY PRESIDENT/HEADMASTER 359044 0 204677 0 41889 0 26000 0 92230 0 723840 0 0 0 WILLIAM H DEBUTTS III SECRETARY/TREASURER/CFO 212459 0 0 0 16002 0 22127 0 53091 0 303679 0 0 0 CHRISTINA HOLT DIR. OF INSTITUTIONAL ADVANCEMENT 141754 0 0 0 413 0 13419 0 110705 0 266291 0 0 0 ADRIANNA BRAVO MEDICAL DIRECTOR 184943 0 0 0 357 0 17808 0 38630 0 241738 0 0 0 TIM JAEGER ASST. HEAD FOR STUDENT LIFE 145857 0 0 0 636 0 15055 0 45657 0 207205 0 0 0 MARY FIELDER ASST. HEAD OF ACADEMICS 125996 0 0 0 17953 0 14902 0 38500 0 197351 0 0 0 PART I, LINE 1A ON CAMPUS HOUSING WAS FURNISHED TO CERTAIN EMPLOYEES FOR THE CONVENIENCE OF THE EMPLOYER. THE HOUSING IS NECESSARY TO CARRY OUT THE DUTIES OF THEIR JOBS. WE HAVE DISCLOSED FAIR RENTAL VALUE AS THE VALUE OF THE HOUSING BENEFIT. THE ENTIRE COMPENSATION PACKAGES, INCLUDING THE HOUSING ARRANGEMENT, WERE APPROVED BY THE BOARD OF TRUSTEES WITH PROPER DOCUMENTATION. FOLLOWING EMPLOYEES RECEIVED NON-TAXABLE HOUSING BENEFITS: F. ROBERTSON HERSHEY - $57,500 WILLIAM H. DEBUTTS, III - $30,000 CHRISTINA HOLT - $16,400 ADRIANNA BRAVO - $24,640 TIM JAEGER - $24,280 MARY FIELDER - $31,000 F. ROBERTSON HERSHEY RECEIVED TAXABLE DUES IN THE AMOUNT OF $7,129. F. ROBERTSON HERSHEY RECEIVED NON-TAXABLE PERSONAL SERVICES IN THE AMOUNT OF $13,000. F. ROBERTSON HERSHEY RECEIVED NON-TAXABLE DISCRETIONARY SPENDING IN THE AMOUNT OF $6,913. PART I, LINE 7 BONUS IS DETERMINED BY THE EXECUTIVE COMMITTEE OF THE BOARD AND IT IS BASED ON PERFORMANCE. A INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA SERIES 2010 521381432 015304DE5 2010-02-04 10973597 CAPITAL CONSTRUCTION AND REFUND OF PRIOR ISSUE 0 0 0 B INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA SERIES 2012 521381432 015304EB0 2012-04-05 13447645 REFUND PRIOR ISSUE 0 0 0 C INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA SERIES 2014 521381432 015304ES3 2014-10-07 14176023 REFUND PRIOR ISSUE 0 0 0 A 808597 10973597 219472 10754125 2010 1 0 1 1 B 1112645 13447645 240041 13207604 2012 0 1 1 1 C 14176023 247282 13928741 2014 1 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 C 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 C 0 0 0 1 0 0 0 0 1 A 1 B 1 C 1 RICHARD F YARBOROUGH FORMER CFO AND SECRETARY/TREASURER OF THE BOARD TO PURCHASE A LIFE INSURANCE POLICY IN WHICH SCHOOL IS THE BENEFICARY X 119514 119514 0 1 1 119514 X 1 136237 APPRAISAL X 386100 APPRAISAL X 3510 INVOICE X 14 499341 FMV 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 THE INFORMATION FOR THE 990 IS PREPARED BY THE CONTROLLER. THE INFORMATION IS THEN SENT TO AN ACCOUNTING FIRM FOR ENTRY ONTO THE 990 FORM. THE COMPLETED 990 IS THEN SENT BACK TO THE SCHOOL AND IS REVIEWED BY THE CONTROLLER AND THEN THE CFO. ONCE APPROVED BY THE CFO THE RETURN IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL HAS ITS ADMINISTRATIVE TEAM AND ALL BOARD MEMBERS SIGN CONFLICT OF INTEREST STATEMENTS ONCE A YEAR. ON THESE STATEMENTS THEY LIST ANY CONFLICTS OF INTEREST THEY MAY HAVE WITH THE SCHOOL OR WITH EACH OTHER. THE SCHOOL REVIEWS ANY CONFLICTS TO DETERMINE IF THEY WOULD REQUIRE ANY FURTHER ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS MEETS ANNUALLY TO REVIEW THE COMPENSATION OF THE HEADMASTER AND CFO. THE BOARD USES SALARY DATA FROM SIMILAR ORGANIZATION TO DETERMINE REASONABLE COMPENSATION. A RECORD OF THIS DECISION IS FILED WITH THE SECRETARY OF THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -9,458,588.