2014-05-15T09:19:43-05:00 2013-06-30 420714325 MCGLADREY LLP 100 INTERNATIONAL DRIVE SUITE 1400 BALTIMORE MD 21202 990 2012-07-01 520591510 CALVERT SCHOOL INC CALV 4102436054 105 TUSCANY ROAD BALTIMORE MD 21210 JOSEPH P MCGRAW 4102436054 2014-05-15 1 JAMES SWEENEY CPA P01263012 4102469300 2012 2015-11-30 17:44:51Z CALVERT SCHOOL ANDREW D HOLMGREN 105 TUSCANY ROAD BALTIMORE MD 21210 50063506 0 X WWW.CALVERTSCHOOLMD.ORG X 1897 MD CALVERT SCHOOL IS DEDICATED TO EDUCATING BOYS AND GIRLS THROUGH ITS TIME-TESTED METHOD OF TEACHING AND ITS RIGOROUS CURRICULUM. PARTICULAR EMPHASIS IS GIVEN TO MASTERING ESSENTIAL SKILLS, INSPIRING A LIFELONG LOVE OF LEARNING, AND INSTILLING ENTHUSIASM, RESPONSIBILITY, AND SELF-DISCIPLINE. CALVERT SEEKS TO DEVELOP STUDENTS OF HIGH ACADEMIC ACHIEVEMENT, INTELLECTUAL CURIOSITY, AND STRONG MORAL CHARACTER WITHIN A SUPPORTIVE AND DIVERSE COMMUNITY. 20 20 191 250 227860 -375898 3884724 3740379 29799751 23612694 2309156 8181174 213262 17649 36206893 35551896 1650908 1428808 0 0 16636286 11709010 144000 138000 933862 15171918 11819355 33603112 25095173 2603781 10456723 86240279 93589600 25663034 18111846 60577245 75477754 X CALVERT SCHOOL IS DEDICATED TO EDUCATING BOYS AND GIRLS THROUGH ITS TIME-TESTED METHOD OF TEACHING AND ITS RIGOROUS CURRICULUM. PARTICULAR EMPHASIS IS GIVEN TO MASTERING ESSENTIAL SKILLS, INSPIRING A LIFELONG LOVE OF LEARNING, AND INSTILLING ENTHUSIAM, RESPONSIBILITY, AND SELF-DISCIPLINE. CALVERT SEEKS TO DEVELOP STUDENTS OF HIGH ACADEMIC ACHIEVEMENT, INTELLECTUAL CURIOSITY, AND STRONG MORAL CHARACTER WITHIN A SUPPORTIVE AND DIVERSE COMMUNITY. 0 1 9621440 1425903 12491224 DAY SCHOOL - 609 STUDENTS ATTEND CALVERT SCHOOL IN BALTIMORE, MARYLAND. THERE ARE NINE GRADES FROM KINDERGARTEN THROUGH EIGHTH GRADE. 8121031 10529603 CALVERT EDUCATION SERVICES:PRIVATE PAY FAMILIES - MAKE INDIVIDUAL DECISIONS TO PURSUE HOME SCHOOLING AND ELECT TO PAY FOR THEIR OWN EDUCATION SERVICES. THEY HAVE ACCESS TO OUR GRADE-LEVEL PLACEMENT TESTING, AND RECEIVE A COMPLETE CURRICULUM INCLUDING LESSON MANUALS, WHICH OUTLINE ALL DAILY WORK, AND THE LIVE TEACHING SUPPORT OF AN EDUCATION COUNSELOR. THEY HAVE THE OPTION OF ENROLLING IN THE ADVISORY TEACHING SERVICE, A TESTING AND ASSESSMENT SERVICE, WHICH ALLOWS THEM TO SUBMIT PERIODIC TESTS AND RECEIVE INFORMED GRADE ASSESSMENT AND COACHING. THIS QUALIFIES THEM TO RECEIVE A TRANSCRIPT AND CERTIFICATE OF COMPLETION.GROUP PARTNERS - RECEIVE THE SAME CALVERT MATERIALS AND SERVICES PROVIDED TO PRIVATE PAY FAMILIES. THE PARTNER SCHOOL RETAINS THE STUDENT ON THEIR ROLLS AND CONTROLS THE RELATED PER-STUDENT FINANCES. IN ADDITION TO THE MATERIALS AND SERVICES RECEIVED BY PRIVATE PAY FAMILIES, CALVERT PROVIDES TECHNOLOGY TO SUPPORT STUDENT SUPERVISION, COMMUNICATIONS, AND ACADEMIC TRACKING. IN ADDITION, CALVERT DEVELOPS SUPPLEMENTAL CURRICULUM TO MEET LOCAL STANDARDS, PROVIDES TEACHER TRAINING, AND PARTICIPATES AS A MEMBER OF THE PROFESSIONAL LEARNING COMMUNITY WHICH PROVIDES STUDENT INSTRUCTION AND SUPPORT.CALVERT PUBLIC VIRTUAL - CALVERT SCHOOL WORKS IN PARTNERSHIP WITH LOCAL VIRTUAL PUBLIC SCHOOLS WHICH ARE SEPARATE 501(C)(3) NONPROFIT CORPORATIONS. CALVERT PROVIDES ALL THE MATERIALS, SERVICES, TECHNOLOGY, PROFESSIONAL DEVELOPMENT, AND PARTICIPATES IN THE PROFESSIONAL LEARNING COMMUNITY IN THE SAME WAY AS IT DOES FOR GROUP PARTNERS. IN ADDITION, CALVERT SCHOOL OFFERS MANAGEMENT SERVICES TO THESE SCHOOLS, WHICH ARE REPORTED AS UNRELATED BUSINESS INCOME.VERTICY LEARNING IS A SPECIALIZED CURRICULUM OPTION FOR CHILDREN WITH LANGUAGE BASED LEARNING DISABILITIES. IT WAS DEVELOPED THROUGH A JOINT LEARNING INITIATIVE WITH JEMICY SCHOOL, A NOT FOR PROFIT WITH 40 YEARS OF EXPERIENCE IN SUPPORTING THIS PROFILE OF STUDENT IN A CLASSROOM ENVIRONMENT. THE PROGRAM USES THE DISTANCE LEARNING COMPETENCIES OF CALVERT SCHOOL, THE CALVERT CURRICULUM AND SERVICES, AND COMBINES THESE WITH THE SPECIALIZED INSTRUCTION COMPETENCY OF JEMICY. THIS PROGRAM IS USED BY OUR PARTNER SCHOOLS AND OUR PRIVATE PAY FAMILIES AND ENJOYS THE SAME SERVICES AND SOME OF THE SAME MATERIALS. 273370 254176 DAY CARE - 28 CHILDREN ATTENDED KIDDIE CALVERT DAY CARE (KCDC) IN BALTIMORE, MD. THE KCDC PROGRAM IS ONLY OPEN TO CALVERT SCHOOL AND LOCAL INDEPENDENT SCHOOL EMPLOYEES, AND CURRENT FAMILIES OF CALVERT SCHOOL IF SPACE ALLOWS. CHILDREN MUST BE AT LEAST 12 WEEKS OLD AND UNDER 5 YEARS OLD TO ATTEND. 60968 76210 SUMMER CAMPS 45165 2905 246395 AFTER SCHOOL CARE - 127 STUDENTS PARTICIPATE IN OUR AFTER SCHOOL CARE (ASC) PROGRAM. THE ASC PROGRAM RAN FROM 12:15 TO 6:OO P.M. EACH DAY THE SCHOOL WAS IN SESSION. 106133 2905 322605 18121974 1 1 0 1 0 0 1 0 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 1 23 0 1 191 1 1 1 1 CJ 0 0 0 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MD X JOSEPH P MCGRAW 4102436054 105 TUSCANY ROAD BALTIMORE MD 21210 CARVILLE B COLLINS 5.00 X X 0 0 0 JAMES B STRADTNER 2.00 X X 0 0 0 WILLIAM S HARRISON 2.00 X X 0 0 0 MARK DEWIRE 2.00 X X 0 0 0 GINA ADAMS 2.00 X 0 0 0 DAVID ALLAN 2.00 X 0 0 0 CURTIS CAMPBELL 2.00 X 0 0 0 H WARD CLASSEN 2.00 X 0 0 0 FRED CROZIER 2.00 X 0 0 0 FELIX DAWSON 2.00 X 0 0 0 WESLEY FINNERTY 2.00 X 0 0 0 F WHITINGTON FOSTER 2.00 X 0 0 0 JOSEPH HABERMAN 2.00 X 0 0 0 EDWARD HART III 2.00 X 0 0 0 F BARTON HARVEY III 2.00 X 0 0 0 DAVID S KNIPP 2.00 X 0 0 0 KEVIN A MCCREADIE 2.00 X 0 0 0 LEE H RILEY III 2.00 X 0 0 0 AMY T SETO 2.00 X 0 0 0 MATTHEW W WYSKIEL III 2.00 X 0 0 0 ANDREW D MARTIRE 40.00 X 399181 0 96520 JOSEPH P MCGRAW 40.00 X 182424 0 76034 RICHARD N RASMUS 40.00 X 710660 0 59366 STEVEN BROWN 40.00 X 315699 0 52411 IRVING QUIMBY 40.00 X 132162 0 30772 JOHN ZABETAKIS 40.00 X 263340 0 32091 DAVID SHOOTS 40.00 X 168637 0 27136 KERRY JOHNSTON 40.00 X 125179 0 57800 R BRADY LOCHER JR 40.00 X 164866 0 54389 2462148 0 486519 16 0 1 0 MULLAN CONTRACTING COMPANY 2330 W JOPPA ROAD SUITE 210 OUTHERVILLE MD 21093 CONSTRUCTION 1508385 CHARTWELLS COMPASS GROUP USA PO BOX 417632 BOSTON MA 02241 FOOD SERVICES 681903 HORD COPLAN MACHT INC 750 E PRATT STREET SUITE 1100 BALTIMORE MD 21202 ARCHITECT 458363 WILMERHALE PO BOX 7247-8760 PHILADELPHIA PA 19170 LEGAL 289220 MCGLADREY & PULLEN LLP 100 INTERNATIONAL DRIVE SUITE 1400 BALTIMORE MD 21202 ACCOUNTING & TAX 144737 9 80 3740299 410439 3740379 SCHOOL TUITION 511190 22928103 22706677 221426 DAY CARE 611710 254176 254176 AFTER SCHOOL CARE 611710 246395 246395 SUMMER CAMPS 611710 76210 76210 MISC INCOME & FEES 900099 55177 55177 52633 52633 23612694 1696265 6434 1689831 13833459 7103494 12772185 1679859 1061274 5423635 6484909 6484909 77215 80 59566 17649 17649 35551896 23391268 227860 8192389 1428808 1428808 1420806 910929 439268 70609 7835393 5015854 2421972 397567 119407 77551 36979 4877 1856286 1205592 574877 75817 477118 298188 147671 31259 20202 7768 12434 44420 44420 138000 138000 150378 150378 834337 580204 251633 2500 1030361 918020 80642 31699 4997605 4737119 210245 50241 178979 85015 85015 8949 1254701 803115 451586 35520 27471 4790 3259 185495 96517 66499 22479 134296 134296 1137220 961666 175554 140585 112468 28117 ADMINISTRATIVE 566673 391004 175669 MISCELLANEOUS 442747 61637 376509 4601 STUDENT SERVICES 176795 176667 128 ADVISORY TEACHING SERVI 165072 165072 323969 61309 170783 91877 25095173 18121974 6039337 933862 1916 1050 5514756 5921816 2915135 2933414 992574 239686 144295 384890 4804061 67343 941106 263233 39930154 9855392 29505239 30074762 23985450 28306738 14415444 18931016 2635413 6850542 86240279 93589600 4080790 1574737 3901190 2292041 8704949 11510000 8976105 2735068 25663034 18111846 X 52115783 66854680 4025963 4017752 4435499 4605322 60577245 75477754 86240279 93589600 X 10456723 1587802 2855984 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 88750 88750 24393110 24481860 1000000 250000 0 0 1000000 1000000 1000000 3000000 4500000 128909 187376 88750 405035 250000 250000 250000 750000 1125000 X X 1 1.00 1 1 0 5.00 103 40004455 5077736 4169872 1441890 47810173 40988083 22973 467891 1474492 40004455 36053637 1557440 7359660 3982654 40988083 33711943 197181 3871960 1727447 36053637 43242907 478323 -8161657 1847630 33711943 0.88220 0.09630 0.02150 0 0 12087718 12087718 25720640 8122390 17598250 2121796 1733002 388794 30074762 LIMITED PARTNERSHIPS 6180104 F PREFERRED STOCK IN A LIMITED LIABILITY COMPANY 4625000 F VANGUARD INSTL INDEX FD (VINIX) 8125912 F 18931016 CONSTRUCTION IN PROGRESS 4520230 CAPITALIZED BOND COSTS 139474 PERPETUAL CHARITABLE TRUST 1590838 ESCROW FROM SALE 600000 6850542 ACCRUED PENSION OBLIGATION 2735068 2735068 X 19666856 1587802 59566 1647368 18019488 141992 17390416 17532408 35551896 13376286 59566 59566 13316720 141992 11636461 11778453 25095173 DESCRIPTION OF HOW ORGANIZATION REPORTS CONSERVATION EASEMENTS: PART II, LINE 9: ASSETS ARE RECORDED AT COST AND INCLUDED IN THE VALUE OF LAND ON THE SCHOOL'S BALANCE SHEET. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: TO SUPPORT SPECIFIC PURPOSES IDENTIFIED BY DONORS AND THE OVERALL OPERATION OF THE SCHOOL. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: 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. AS OF JUNE 30, 2013 AND 2012, AND FOR THE YEARS THEN ENDED, THERE ARE NO MATERIAL UNRECOGNIZED/DERECOGNIZED TAX BENEFITS OR TAX PENALTIES OR INTEREST. THE SCHOOL IS NO LONGER SUBJECT TO U.S. FEDERAL AND STATE INCOME TAX EXAMINATIONS BY TAX AUTHORITIES BEFORE 2009. PART XI, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING AND GAMING EXPENSE NETTED ON THE FINANCIAL STATEMENT 59,566. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSES NETTED WITH TUITION ON FINANCIAL STATEMENTS 1,428,808. GAIN ON DISPOSAL OF CALVERT EDUCATION SERVICES, LLC 5,423,635. CALVERT EDUCATION SERVICES, LLC INCOME 10,537,973. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING AND GAMING EXPENSE NETTED ON THE FINANCIAL STATEMENT 59,566. RECOVERY OF BAD DEBT PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID EXPENSES NETTED WITH TUITION ON FINANCIAL STATEMENTS 1,428,808. CALVERT EDUCATION SERVICES, LLC EXPENSES 10,207,653. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 NONDISCRIMINATORY POLICY IS PUBLISHED IN SCHOOL BROCHURES, APPLICATIONS FOR ADMISSION AND IN THE LOCAL TRADE NEWSPAPERS AND PERIODICALS. CENTRAL AMERICA AND THE CARIBBEAN - 0 0 INVESTMENTS 8050198 0 0 0 0 0 0 8050198 0 8050198 1 0 0 0 0 0 X X X X 1 CCS 461 FIFTH AVENUE 3RD FLOOR NEW YORK NY 10017 CAMPAIGN FEASIBILITY STUDY 0 2464534 138000 2326534 2464534 138000 2326534 MD GOLF TOURNAMENT 23860 80 23780 15038 21369 1576 CORKS FOR CALVERT 53435 53435 5000 594 15989 77295 80 77215 5000 15632 21369 17565 59566 17649 1 FINANCIAL AID 142 1428808 FMV PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: ALL GRANTS REDUCE THE TUITION BILL OF STUDENTS. NO CASH IS GIVEN DIRECTLY TO STUDENTS. X X X X 1 1 X X X X X 1 0 0 0 1 0 0 0 0 ANDREW D MARTIRE 279984 0 0 0 119197 0 34853 0 61667 0 495701 0 0 0 JOSEPH P MCGRAW 162209 0 9500 0 10715 0 26096 0 49938 0 258458 0 0 0 RICHARD N RASMUS 293858 0 0 0 416802 0 33000 0 26366 0 770026 0 0 0 STEVEN BROWN 175917 0 0 0 139782 0 35394 0 17017 0 368110 0 0 0 IRVING QUIMBY 130578 0 0 0 1584 0 7987 0 22785 0 162934 0 0 0 JOHN ZABETAKIS 123558 0 0 0 139782 0 3900 0 28191 0 295431 0 0 0 DAVID SHOOTS 97458 0 70909 0 270 0 4950 0 22186 0 195773 0 0 0 KERRY JOHNSTON 112674 0 4500 0 8005 0 15307 0 42493 0 182979 0 0 0 R BRADY LOCHER JR 163834 0 0 0 1032 0 32648 0 21741 0 219255 0 0 0 PART I, LINE 1A ANDREW MARTIRE, THE HEAD MASTER, RECEIVES THESE BENEFITS. TAX INDEMNIFICATION AND GROSS UP PAYMENTS THAT INCLUDED IN HIS TAXABLE WAGES. SOCIAL CLUB DUES, HOUSING AND PERSONAL SERVICES ARE NONTAXABLE BENEFITS. PART I, LINE 4A THE INDIVIDUALS LISTED BELOW RECEIVED A SEVERANCE PACKAGE FROM CALVERT SCHOOL THAT WAS WITHIN THE TERMS AND CONDITIONS OF THE CONTRACT. THE SEVERANCE WAS BASED ON LENGTH OF SERVICE AND RESPONSIBILITIES. ADDITIONAL TERMS AND CONDITIONS OF THE CONFIDENTIAL SEVERANCE AGREEMENTS WILL BE PROVIDED TO THE IRS UPON REQUEST. RICHARD RASMUS $416,250 STEVEN BROWN $138,750 JOHN ZABETAKIS $138,750 PART I, LINE 5 DAVID SHOOTS RECEIVED A BI-WEEKLY COMMISSION FROM CALVERT EDUCATION SERVICES, A DISREGARDED ENTITY OF CALVERT SCHOOL, INC., EQUAL TO $2,727.27 (ANNUALIZED TO $60,000 FOR FY12). AFTER FY12 THE COMMISSION AT 100% QUOTA ATTAINMENT WILL BE EQUIVALENT TO $60,000.00 PER ANNUM. A MARYLAND INDUSTRIAL DEVELOPMENT FINANCING AUTHORITY 526002033 NONEAVAIL 2011-06-01 12200000 TO REFUND 2001 BONDS AND TO FUND CAPITAL IMPROVEMENTS TO THE FACILITIES 0 0 0 A 690000 12200000 3200000 9000000 1 0 0 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 0 A 1 ANNE C MCGRAW WIFE OF JOSEPH P. MCGRAW, DIRECTOR OF FINANCE & OPERATIONS 53580 CALVERT SCHOOL TEACHER 0 X 19 410439 FAIR MARKET VALUE 0 1 0 CHANGES IN PROGRAM SERVICES FORM 990, PART III, LINE 3 ON DECEMBER 27, 2012, THE SCHOOL SOLD CALVERT EDUCATION SERVICES, LLC, WHICH PROVIDED HOMESCHOOLING MATERIALS AND SERVICES. THE SCHOOL TRANSFERRED ALL MEMBERSHIP INTEREST TO THE PURCHASING PARTY. AS A RESULT OF THE SALE, THE SCHOOL TRANSFERRED ALL MANAGEMENT TO THE PURCHASER. FORM 990, PART VI, SECTION B, LINE 11 THE SCHOOL'S FINANCIAL MANAGERS AND STAFF PROVIDE THE NECESSARY INFORMATION TO PREPARE THE TAX RETURN. A COMMITTEE OF FOUR BOARD MEMBERS WITH FINANCIAL BACKGROUNDS AND KNOWLEDGE OF THE SCHOOL'S FINANCIAL REPORTING REVIEW A DRAFT OF THE COMPLETED RETURN PRIOR TO FILING THE RETURN. THE ENTIRE BOARD OF TRUSTEES RECEIVES A FULL COPY OF THE RETURN BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD OF TRUSTEE MEMBERS AND TOP MANAGEMENT OFFICIALS ANNUALLY COMPLETE A CONFLICT OF INTEREST DISCLOSURE STATEMENT. THE STATEMENT REQUIRES DISCLOSURE TO THE EXECUTIVE COMMITTEE OF "ANY MATTER THAT THE BOARD MEMBER BELIEVES MAY INVOLVE A POSSIBLE CONFLICT OF INTEREST AND SHALL THEREAFTER SUPPLEMENT SUCH ANNUAL WRITTEN DISCLOSURE WITH INFORMATION PERTAINING TO CONFLICTS OF INTEREST ARISING AFTER THE ANNUAL DISCLOSURE HAS BEEN FILED." EVERY BOARD MEMBER SHALL DISCLOSE TO THE BOARD AND TO ANY BOARD COMMITTEE ON WHICH HE OR SHE MAY SERVE ANY CONFLICT OF INTEREST INVOLVING A MATTER BEFORE THE BOARD OR COMMITTEE, AS THE CASE MAY BE, AND SHALL REFRAIN FROM VOTING ON ANY SUCH MATTER. A TRUSTEE WHO HAS DISCLOSED A POSSIBLE CONFLICT OF INTEREST MAY BE COUNTED IN DETERMINING THE PRESENCE OF A QUORUM AT THE MEETING AND THE PERTINENT TRANSACTION MAY BE AUTHORIZED, APPROVED OR RATIFIED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF DISINTERESTED TRUSTEES. ANY MINUTES OF THE MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE AFFECTED TRUSTEE DID NOT VOTE ON THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 THE SCHOOL HAS A COMPENSATION COMMITTEE COMPRISED OF TWO BOARD MEMBERS AND A FORMER BOARD MEMBER. THE COMMITTEE MEETS ANNUALLY TO REVIEW THE COMPENSATION OF TOP MANAGEMENT OFFICIALS AND REVIEWS WRITTEN EMPLOYMENT CONTRACTS WHEN RENEWED OR REVISED. AN INDEPENDENT CONSULTANT IS HIRED TO PREPARE A MARKET STUDY REPORT OF COMPENSATION PACKAGES OF COMPARABLE SCHOOL'S MANAGEMENT. THE COMMITTEE REVIEWS THE PERFORMANCE OF MANAGEMENT AND THE INDEPENDENT CONSULTANT'S REPORT. THE COMPENSATION COMMITTEE APPROVES THE COMPENSATION PLANS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON REQUEST. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: PENSION RELATED CHANGES 2,855,984. CALVERT EDUCATION SERVICES LLC 105 TUSCANY ROAD BALTIMORE MD 21210 274297066 EDUCATION MD 15961607 CALVERT SCHOOL INC