2026-05-11T09:15:31-05:00 2025-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2024-07-01 042103574 THE FESSENDEN SCHOOL FESS 6179645350 250 WALTHAM STREET WEST NEWTON MA 02465 JOHN LESAFFRE CFO 6179645350 2026-05-07 1 1 LYNNE JOHNSON P00757336 6179129000 2026-05-07 2024 2025-03-06 01:10:19Z STEVE ARMSTRONG 250 WALTHAM STREET WEST NEWTON MA 02465 56331549 0 X WWW.FESSENDEN.ORG X 1929 MA THE FESSENDEN SCHOOL CULTIVATES EACH BOY'S TALENTS AND DEVELOPS IN BALANCE HIS CHARACTER, MIND, AND BODY IN AN INCLUSIVE AND JOYFUL COMMUNITY. 25 25 404 53 124934 109820 4097294 5138845 34601106 36167600 2186802 2892616 953969 960933 41839171 45159994 3922290 4084200 0 0 24204097 25505334 0 0 2241031 12609623 13071674 40736010 42661208 1103161 2498786 153349431 163240755 53289647 54331538 100059784 108909217 X THE FESSENDEN SCHOOL CULTIVATES EACH BOY'S TALENTS AND DEVELOPS IN BALANCE HIS CHARACTER, MIND, AND BODY IN AN INCLUSIVE AND JOYFUL COMMUNITY. 0 0 30037634 4084200 32783555 THE FESSENDEN SCHOOL IS AN INDEPENDENT BOYS ELEMENTARY SCHOOL FOR BOTH RESIDENT AND DAY STUDENTS WITH GRADES PRE-KINDERGARTEN THROUGH NINTH. THE PROGRAM HAS APPROX. 540 STUDENTS OF BOTH DOMESTIC AND INTERNATIONAL ORIGIN. ACADEMIC, ART AND ATHLETIC PROGRAMS ALL PLAY AN INTEGRAL PART OF EACH STUDENT'S EDUCATIONAL AND PERSONAL GROWTH. 2197991 2230740 THE FESSENDEN SCHOOL SUMMER DAY CAMP PROGRAM PROVIDES APPROXIMATELY 325 CHILDREN WITH A DIVERSIFIED, SAFE AND REWARDING EDUCATIONAL EXPERIENCE. THE PROGRAM OPERATES FROM JULY THROUGH AUGUST AND IS LOCATED ON THE SCHOOL'S 42 ACRE CAMPUS, AND UTILIZES THE SPACIOUS GROUNDS, 2 SWIMMING POOLS, CLASSROOM BUILDINGS, TENNIS COURTS AND ATHLETIC CENTER. 1446890 1051805 THE FESSENDEN DAYCARE SERVICES THE LOCAL COMMUNITY AT LARGE, PROVIDING INFANT, TODDLER, AND PRESCHOOL PROGRAMS TO APPROXIMATELY 50 GIRLS AND BOYS. 445151 101500 AUXILIARY AND VACATION PROGRAMMING 12150 DEPOSITS FORFEITED - THE FESSENDEN SCHOOL RETAINS DEPOSITS PAID BY ENROLLING STUDENTS WHO COME TO THE DECISION TO NOT ATTEND THE SCHOOL. THE DEPOSITS ARE FORFEITED IF THE STUDENTS DO NOT NOTIFY THE SCHOOL BY A CERTAIN DATE AS SPECIFIED IN THE CONTRACT SIGNED BY THE STUDENT. 445151 113650 34127666 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 59 0 1 404 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X MICHAEL DYLINGOWSKI CONTROLLER 6179645350 250 WALTHAM STREET WEST NEWTON MA 02465 ADAM ABRAMSON TRUSTEE 1.00 X 0 0 0 DEVIN CONDRON TRUSTEE 1.00 X 0 0 0 DAVE DAGLIO TRUSTEE 1.00 X 0 0 0 TJ DOUGLAS TRUSTEE 1.00 X 0 0 0 LAUREL FERRETTI TRUSTEE 1.00 X 0 0 0 PETER FOLAN TRUSTEE 1.00 X 0 0 0 DONALD FORNES TRUSTEE 1.00 X 0 0 0 MELANIE HOFFMEISTER TRUSTEE 1.00 X 0 0 0 HERBERT HOLTZ TRUSTEE 1.00 X 0 0 0 ASHANA HURD TRUSTEE 1.00 X 0 0 0 BADAR KHAN TRUSTEE 1.00 X 0 0 0 KATE LENESS TRUSTEE 1.00 X 0 0 0 AMANDA LOVEJOY TRUSTEE 1.00 X 0 0 0 HIREN MANKODI TRUSTEE 1.00 X 0 0 0 ALEX MARX TRUSTEE 1.00 X 0 0 0 CRAIG MAURER TRUSTEE 1.00 X 0 0 0 JIHOON PARK TRUSTEE 1.00 X 0 0 0 JOE ROGERS TRUSTEE 1.00 X 0 0 0 MICHELLE SANCHEZ TRUSTEE 1.00 X 0 0 0 LIZ SHORTSLEEVE TRUSTEE 1.00 X 0 0 0 SOPHIA SUN TRUSTEE 1.00 X 0 0 0 SOL KUMIN TRUSTEE/PRESIDENT 1.00 X X 0 0 0 TAD S YANAGI TRUSTEE/VICE PRESIDENT 1.00 X X 0 0 0 VINCENT MONTEMAGGIORE TRUSTEE/TREASURER 1.00 X X 0 0 0 TARA CIONGOLI TRUSTEE/CLERK 1.00 X X 0 0 0 STEVE ARMSTRONG HEAD OF SCHOOL 45.00 X 535918 0 173044 ABIGAIL BUCCELLA CHIEF ADVANCEMENT OFFICER 45.00 X 226033 0 152722 JOHN LESAFFRE CFO 45.00 X 250943 0 37966 MICHAEL GROSSMAN COO 45.00 X 211312 0 64295 SEAN GUTHRIE ASST HEAD OF SCHOOL 45.00 X 174231 0 200828 BRANDON ODOM HEAD OF MIDDLE SCHOOL 45.00 X 136826 0 156555 CHRIS YOUNG DIRECTOR OF ADMISSIONS 45.00 X 138493 0 131120 SAMI ATIF DIRECTOR OF EQUITY & INCLUSION 45.00 X 142506 0 50364 CURT LEWELLYN INNOVATION CENTER DIRECTOR 45.00 X 144996 0 41711 1961258 0 1008605 37 0 1 0 ERLAND CONSTRUCTION INC 71 3RD AVENUE BURLINGTON MA 01803 CONSTRUCTION 1249248 UTILE INC 115 KINGSTON STREET BOSTON MA 02111 ARCHITECTURE AND PLANNING 958300 COMPASS FACILITY SERVICES 65 JACKMAN STREET GEORGETOWN MA 01833 CLEANING SERVICES 416988 LOCAL MOTION INC 66B ROCSAM PARK ROAD BRAINTREE MA 02184 TRANSPORTATION SERVICES 341113 LEAHY LANDSCAPING INC 56 SANDERSON AVENUE LYNN MA 01092 LANDSCAPING SERVICES 274859 15 14112 5124733 230439 5138845 TUITION AND FEES 611600 32783555 32783555 SUMMER DAY CAMP 611710 2230740 2230740 AUXILIARY - DAY CARE 611710 1051805 1051805 VACATION PROGRAM 611710 101500 101500 36167600 2935439 -6931 2942370 1428412 620424 807988 807988 111057 696931 10389575 2500 10434898 0 -45323 2500 -42823 9999 -52822 146201 116233 29968 7888 22080 FINANCIAL CHARGES INCOME 611710 81418 81418 DEPOSITS FORFEITED 900099 12150 12150 VEHICLE CHARGING 900099 3437 2921 516 25972 25972 122977 45159994 36179750 124934 3716465 4084200 4084200 1354962 202729 816319 335914 17484943 14489856 2084141 910946 1796006 1442231 266435 87340 3091936 2418176 503661 170099 1777487 1358911 311378 107198 23200 8200 15000 86283 86283 148032 148032 580354 580354 1946458 1664627 220129 61702 151764 33482 7117 111165 275005 111633 99975 63397 312841 168526 117419 26896 779496 754993 15049 9454 125610 30152 65739 29719 134303 129509 3474 1320 680508 663223 10616 6669 3221088 3139272 50249 31567 397586 397586 SUPPLIES & EQUIPMENT 1619010 1467229 106645 45136 FOOD 1069923 980049 74360 15514 EVENTS & FUNCTIONS 645595 370313 63287 211995 STUDENT ACTIVITIES 444666 444666 429952 173889 256063 42661208 34127666 6292511 2241031 13153566 10530605 20251209 19155081 88175 94395 583353 546107 88926899 45596895 44323794 43330004 11904403 17483247 59565502 65524098 3479429 6577218 153349431 163240755 4023709 4762841 27146155 28427233 21785773 20897584 53927 25240 280083 218640 53289647 54331538 X 76536927 81618348 23522857 27290869 100059784 108909217 153349431 163240755 2498786 6350647 0 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 71656596 1491290 7677723 249641 2431404 78144564 65751618 1235253 7255549 229842 2355982 71656596 61093828 4397196 2659023 223020 2175409 65751618 67508248 841057 -5140617 192076 1922784 61093828 49563446 2198616 17698298 170672 1781440 67508248 0.67000 0.19000 0.14000 0 0 159808 159808 80305187 39817300 40487887 7639140 5157913 2481227 822764 621682 201082 43330004 LIMITED PARTERNSHIPS 39590315 F INTERNATIONAL EQUITY INSTITUTIONAL FUNDS 15188812 F DEVELOPED US EQUITY 8345488 F ANNUITY CONTRACTS 835116 F EMERGING MARKETS EQUITY 1564367 F 65524098 FINANCE LEASE LIABILITY 218640 218640 X 47582744 6350647 -4664554 1686093 45896651 -736657 -736657 45159994 38733311 736657 736657 37996654 580354 4084200 4664554 42661208 PART IV, LINE 2B: ALL BOARDING STUDENTS HAVE A SMALL CASH BALANCE OF $300 TO $1,000 FOR SPENDING MONEY ON THE WEEKENDS AND FOR TRAVEL MONEY WHEN THEY RETURN HOME FOR BREAKS. THE FUNDS ARE KEPT IN A SEPARATE BANK ACCOUNT, AND STUDENTS DRAW FROM IT ON A WEEKLY BASIS BY SUBMITTING CASH REQUEST. PART V, LINE 4: THE ENDOWMENT FUND ENSURES THAT CURRENT AND FUTURE GENERATIONS OF FESSENDEN STUDENTS HAVE ACCESS TO THE BEST FACULTY, COMMUNITY, CURRICULUM, AND FACILITIES. SPECIFICALLY, THE ENDOWMENT SUPPORTS: SALARY ENHANCEMENT, FINANCIAL AID, PROFESSIONAL DEVELOPMENT, PLANT MAINTENANCE, AND INSTRUCTIONAL AND PROGRAM MATERIALS. PART X, LINE 2: THE SCHOOL IS QUALIFIED UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES EXCEPT FOR NET REVENUE FROM UNRELATED BUSINESS ACTIVITIES. THE SCHOOL IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ON UNRELATED BUSINESS INCOME. THE SCHOOL RECOGNIZES A TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES. MANAGEMENT EVALUATED THE SCHOOL'S TAX POSITIONS AND CONCLUDED THAT THE SCHOOL HAD NO MATERIAL UNCERTAINTIES IN INCOME TAXES AS OF JUNE 30, 2025 AND 2024. THE SCHOOL WILL ACCOUNT FOR INTEREST AND PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, AS PART OF TAX EXPENSE. WITH FEW EXCEPTIONS, THE SCHOOL IS ONLY SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL AUTHORITIES FOR THREE YEARS FROM THE FILING DATE. INTEREST AND PENALTIES, IF ANY, ARE INCLUDED IN INCOME TAX EXPENSE. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION NETTED WITH REVENUE -4,084,200. INVESTMENT EXPENSES NETTED WITH INVESTMENT REVENUE ON AUDITED FINANCIAL STMT -580,354. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED IN FORM 990, PART VIII, LINE 6B -620,424. COST OF GOODS SOLD EXPENSE REPORTED IN FORM 990, PART VIII, LINE 10B -116,233. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED IN FORM 990, PART VIII, LINE 6B 620,424. COST OF GOODS SOLD EXPENSE REPORTED IN FORM 990, PART VIII, LINE 10B 116,233. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID REPORTED IN FORM 990, PART IX, LINE 2 4,084,200. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY IS INCLUDED IN ALL COMMUNICATIONS TO THE COMMUNITY. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 34555418 EAST ASIA AND THE PACIFIC INVESTMENTS 354485 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 787041 0 0 0 0 0 0 35696944 0 35696944 1 0 1 1 1 0 1 FINANCIAL AID FOR TUITION AND FEES 93 4084200 FMV PART I, LINE 2: THE FESSENDEN SCHOOL UTILIZES THE SERVICES OF THE SCHOOL AND STUDENT SERVICE (SSS) BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS (NAIS). BASED UPON A WRITTEN APPLICATION, SSS ASSESSES A FAMILY'S RESOURCES TO DETERMINE HOW MUCH THAT FAMILY CAN AFFORD FOR EDUCATION. USING THIS REPORT, OTHER AVAILABLE INFORMATION AND THE SCHOOL'S OWN POLICIES, THE FESSENDEN FINANCIAL AID COMMITTEE DETERMINES AN APPROPRIATE GRANT BASED UPON THE STUDENT'S NEED, THE SCHOOL'S PRIORITIES AND FINANCIAL AID RESOURCES. RECORDS ARE MAINTAINED AND REVIEWED AS EACH STUDENT MUST RE-APPLY EACH YEAR TO QUALIFY AND RECEIVE ASSISTANCE. X 1 1 X X X X 0 1 0 0 0 0 0 0 0 STEVE ARMSTRONG HEAD OF SCHOOL 410918 0 0 0 125000 0 84500 0 88544 0 708962 0 125000 0 ABIGAIL BUCCELLA CHIEF ADVANCEMENT OFFICER 226033 0 0 0 0 0 23750 0 128972 0 378755 0 0 0 SEAN GUTHRIE ASST HEAD OF SCHOOL 174231 0 0 0 0 0 18374 0 182454 0 375059 0 0 0 BRANDON ODOM HEAD OF MIDDLE SCHOOL 136826 0 0 0 0 0 13800 0 142755 0 293381 0 0 0 JOHN LESAFFRE CFO 250943 0 0 0 0 0 25450 0 12516 0 288909 0 0 0 MICHAEL GROSSMAN COO 211312 0 0 0 0 0 22700 0 41595 0 275607 0 0 0 CHRIS YOUNG DIRECTOR OF ADMISSIONS 138493 0 0 0 0 0 13850 0 117270 0 269613 0 0 0 SAMI ATIF DIRECTOR OF EQUITY & INCLUSION 142506 0 0 0 0 0 15270 0 35094 0 192870 0 0 0 CURT LEWELLYN INNOVATION CENTER DIRECTOR 144996 0 0 0 0 0 15194 0 26517 0 186707 0 0 0 PART I, LINE 1A QUALIFIED CAMPUS LODGING IS LOCATED ON THE CAMPUS OF THE EDUCATIONAL INSTITUTION AND IS FURNISHED TO AN EMPLOYEE, THE EMPLOYEE'S SPOUSE, OR ANY DEPENDENTS, BY OR ON BEHALF OF, THE INSTITUTION FOR USE AS A RESIDENCE AND IS EXCLUDED FROM GROSS INCOME IF IT QUALIFIES UNDER CODE SECTION 119. HOUSING FOR STEVEN ARMSTRONG, SEAN GUTHRIE, BRANDON ODOM QUALIFIES UNDER CODE SECTION 119. THIS NONTAXABLE BENEFIT IS REPORTED IN PART II, COLUMN (D) FOR THESE INDIVIDUALS. PART I, LINE 4B THE FESSENDEN SCHOOL HAS ESTABLISHED A DEFERRED COMPENSATION PLAN FOR THE HEAD OF SCHOOL, STEVE ARMSTRONG. THE HEAD OF SCHOOL WILL EARN AN ADDITIONAL $50,000 FOR EACH OF THE FOLLOWING FISCAL YEARS: 2022, 2023, 2024, 2025, AND 2026. TWO PAYMENTS OF $125,000 EACH WILL BE MADE TO THE HEAD OF SCHOOL: ONE ON JUNE 28, 2024, AND THE OTHER ON JUNE 30, 2026. THE HEAD OF SCHOOL MUST BE AN ACTIVE EMPLOYEE OF THE SCHOOL ON THE PAYMENT DATE TO RECEIVE THE INCENTIVE. $50,000 HAS BEEN ACCRUED AND REPORTED IN PART II, COLUMN (C) FOR THE HEAD OF SCHOOL. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 999999999 2017-09-08 16000000 SEE PAGE 4 FOR SERIES 2017A BOND DESCRIPTION OF PURPOSE 0 0 0 B MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 999999999 2017-09-08 9000000 SEE PAGE 4 FOR SERIES 2017A BOND DESCRIPTION OF PURPOSE 0 0 0 A 3733333 16000000 75416 260745 15663839 2018 1 0 1 1 B 682135 9000000 50277 8949723 2019 0 0 1 1 A 0 1 0 0 0.01000 0.01250 0.02250 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MASSACHUSETTS DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 06/28/2019 SCHEDULE K, PART I: ON SEPTEMBER 8, 2017, THE SCHOOL REFINANCED THEIR EXISTING BONDS AND WAS APPROVED FOR FINANCING UP TO $25,000,000 THROUGH THE MASSACHUSETTS DEVELOPMENT FINANCE AGENCY. THE BONDS INCLUDED $16,000,000 SERIES 2017A AND UP TO $9,000,000 SERIES 2017B. THE SERIES 2017A BONDS WERE USED FIRST TO REFINANCE THE OUTSTANDING AMOUNT OF THE SERIES 2014A AND SERIES 2014B BONDS AND, SECOND, TO FUND COSTS OF ISSUANCE WITH RESPECT TO THE SERIES 2017A BOND. THE SERIES 2017B BONDS WERE AVAILABLE FOR THE CONSTRUCTION OF AN ARTS CENTER AND VARIOUS CAPITAL PROJECTS AND WERE REQUIRED TO BE FULLY DRAWN NO LATER THAN 24 MONTHS FROM CLOSING. THESE BONDS ARE SECURED BY ALL BUSINESS ASSETS. INTEREST ON THE 2017A BONDS IS PAYABLE MONTHLY AT A FIXED RATE OF 3.1% BASED ON A 30-YEAR AMORTIZATION SCHEDULE. THE 2017A BONDS ARE SUBJECT TO CERTAIN FINANCIAL COVENANTS AND REQUIRE ANNUAL PRINCIPAL PAYMENTS THROUGH AUGUST 31, 2031. THE 2017B BONDS ARE SUBJECT TO CERTAIN FINANCIAL COVENANTS AND REQUIRE INTEREST-ONLY PAYMENTS PAID MONTHLY AT A FIXED RATE OF 3.1% FOR THE FIRST FIVE YEARS FROM CLOSING. IN YEAR SIX THROUGH MATURITY OF AUGUST 31, 2031, MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST AT A FIXED RATE OF 3.1% ARE REQUIRED BASED ON A 25-YEAR AMORTIZATION SCHEDULE. THE OUTSTANDING BALANCE OF THE BONDS AT JUNE 30, 2025 AND 2024, AMOUNTED TO $20,585,734 AND $21,373,555, RESPECTIVELY. SCHEDULE K, PART I, BOND ISSUES: SERIES 2017A BOND DESCRIPTION OF PURPOSE: TO REFINANCE THE OUTSTANDING AMOUNT OF THE SERIES 2014A AND SERIES 2014B BONDS AND TO FUND COSTS OF ISSUANCE WITH RESPECT TO THE SERIES 2017A BOND. SCHEDULE K, PART I, BOND ISSUES: SERIES 2017B BOND DESCRIPTION OF PURPOSE: SERIES 2017B BONDS ARE FOR THE CONSTRUCTION OF AN ARTS CENTER AND VARIOUS CAPITAL PROJECTS. X 8 230439 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS IS BASED ON THE NUMBER OF GIFTS RECEIVED FORM 990, PART VI, SECTION B, LINE 11B THE BOARD OF TRUSTEES RECEIVES AN ELECTRONIC COPY OF THE FORM 990, 990-T AND ANY OTHER RELATED AND REQUIRED FILINGS, AS FILED, BEFORE THE FILING DEADLINE. BEFORE FILING, MEMBERS OF MANAGEMENT REVIEW THE RETURNS FOR ACCURACY AND COMPLETENESS. AT A LATER DATE AFTER THE FILING OF THE RETURNS, THE SCHOOL'S AUDIT COMMITTEE ALONG WITH MEMBERS OF SCHOOL'S MANAGEMENT REVIEW THE RETURNS ALONG WITH THE RESULTS OF THE AUDIT. THE RESULTS OF THE YEAR-END AUDIT, REVIEW OF THE FORM 990, AND ANY FINDINGS, CHANGES OR AREAS OF CONCERN ARE COMMUNICATED TO THE BOARD AT THE FIRST BOARD MEETING OF THE FISCAL YEAR SO APPROPRIATE CORRECTIVE ACTION, IF ANY, CAN BE TAKEN. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED ANNUALLY BY THE CLERK OR ASSISTANT CLERK OF THE SCHOOL TO THE BOARD OF TRUSTEES, OFFICERS AND SENIOR ADMINISTRATIVE STAFF AS THEY ARE THE INDIVIDUALS WHO MAKE DECISIONS ON THE SCHOOL'S BEHALF. EACH PERSON COVERED BY THE POLICY SHALL BE REQUIRED TO PROMPTLY COMPLETE THE DISCLOSURE FORM AND RETURN THE COMPLETED FORM TO THE CLERK OR ASSISTANT CLERK BY THE ASSIGNED DEADLINE. THE ASSISTANT CLERK SHALL REVIEW THE COMPLETED FORMS AND PROMPTLY PROVIDE TO THE AUDIT COMMITTEE AND THE PRESIDENT A COPY OF ANY FORM THAT DISCLOSES AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST OR ANY OTHER MATTER THAT WARRANTS REVIEW BY THAT COMMITTEE. THE AUDIT COMMITTEE SHALL DETERMINE WHETHER ANY DISLCOSED MATTER IS OF SUCH SIGNIFICANCE THAT IT MERITS REVIEW AND APPROVAL BY A DISINTERESTED MAJORITY OF THE EXECTIVE COMMITTEE; PROVIDED THAT, IN THE EVENT A DISCLOSED MATTER INVOLVES A MEMBER OF THE AUDIT COMMITTEE, THE PRESIDENT SHALL REFER THE MATTER DIRECTLY TO THE EXECUTIVE COMMITTEE. A MATTER REFERRED TO THE EXECUTIVE COMMITTEE MAY BE DECIDED BY THAT COMMITTEE OR FURTHER REFERRED TO THE FULL BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION ISSUES SALARY LETTERS CONTAINING THE DETAILS OF THE COMPENSATION PACKAGE FOR ALL NEW OFFICERS, TOP MANAGEMENT AND KEY EMPLOYEES. THE INITIAL PROCESS FOR HIRING OFFICERS, TOP MANAGEMENT AND KEY EMPLOYEES USUALLY INVOLVES AN INDEPENDENT SEARCH COMMITTEE AND CONSULTANTS WHO IDENTIFY CANDIDATES BASED UPON THE REQUIRED SKILLS, EXPERIENCE, ETC., SET FORTH BY THE ORGANIZATION. THE POOL OF CANDIDATES WILL THEN BE INTERVIEWED BY A COMMITTEE OF BOARD MEMBERS AND OTHER TOP MANAGEMENT. DURING THIS PROCESS, THE CONSULTANTS, BOARD AND TOP MANAGEMENT ALSO DETERMINE THE COMPENSATION BASED UPON THE LEVEL OF POSITION, EXPERIENCE OF CANDIDATE, THE MARKETPLACE, DEMOGRAPHICS AND COMPARING DATA WITH SIMILAR ORGANIZATIONS AND POSITIONS. THE YEARS FOLLOWING THE HIRE OF AN OFFICER, TOP MANAGEMENT OR KEY EMPLOYEE INVOLVE A REVIEW PROCESS THAT INCLUDES AN EVALUATION UTILIZING COMPARABILITY DATA. UNLESS THERE ARE SIGNIFICANT CHANGES TO THE ORIGINAL DUTIES ASSIGNED FOR THE POSITION OR OTHER FACTORS THAT MAY WARRANT A CHANGE IN COMPENSATION, INCREASES ARE IN THE RANGE VOTED BY THE BOARD FOR ALL EMPLOYEES OF THE ORGANIZATION. THE PROCESS OF DETERMINING COMPENSATION FOR THE HEAD OF SCHOOL (CEO) IS MORE IN DEPTH. EACH SPRING, AN ELECTRONIC SURVEY ABOUT THE HEAD OF SCHOOL'S PERFORMANCE IS SENT TO ALL MEMBERS OF THE BOARD OF TRUSTEES. THE PRESIDENT OF THE BOARD OF TRUSTEES AND THE CHAIR OF THE COMMITTEE ON TRUSTEES REVIEW THE SURVEY RESULTS, AND THE BOARD PRESIDENT WILL HOLD A MEETING WITH THE HEAD OF SCHOOL TO DISCUSS THE SURVEY RESULTS AND THE HEAD'S PERFORMANCE. THIS MEETING THEN LEADS TO THE ESTABLISHMENT OF THE HEAD'S GOALS FOR THE UPCOMING YEAR. EACH JANUARY, THE BOARD OF TRUSTEES VOTES ON A SALARY POOL INCREASE FOR EMPLOYEES FOR THE UPCOMING FISCAL YEAR. IN GENERAL, ANNUAL SALARY INCREASES FOR THE HEAD OF SCHOOL ARE IN ALIGNMENT WITH INCREASES FOR EMPLOYEES OF THE ORGANIZATION. THE HEAD OF SCHOOL HOLDS A MULTI-YEAR EMPLOYMENT AGREEMENT THAT INCLUDES SALARY AND COMPENSATION DETAILS. THE HEAD OF SCHOOL'S EMPLOYMENT AGREEMENT CAN BE AMENDED AT ANY TIME AT THE DISCRETION OF THE BOARD OF TRUSTEES. IN ANTICIPATION OF THE CONCLUSION OF A MULTI-YEAR EMPLOYMENT AGREEMENT, THE BOARD OF TRUSTEES REVIEWS THE PERFORMANCE OF THE HEAD OF SCHOOL AND DETERMINES WHETHER TO EXTEND THE HEAD'S LEADERSHIP BY OFFERING A NEW EMPLOYMENT AGREEMENT. THE PRESIDENT OF THE BOARD WORKS WITH THE CHIEF FINANCIAL OFFICER TO DRAFT THE EMPLOYMENT AGREEMENT THAT IS THEN OFFERED TO THE HEAD OF SCHOOL. WHEN AN EMPLOYMENT AGREEMENT IS OFFERED AND EXECUTED BY BOTH PARTIES, IT IS THEN FORWARDED TO THE CHIEF FINANCIAL OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 990, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). ALL DOCUMENTS ARE AVAILABLE TO BE VIEWED ON-SITE AS WELL. IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA CANDID (FORMERLY KNOWN AS GUIDESTAR) AND THE MASSACHUSETTS ATTORNEY GENERAL'S WEBSITE.