2024-05-15T12:37:27-05:00 2023-06-30 133628255 CONDON O'MEARA MCGINTY & DONNELLY LLP ONE BATTERY PARK PLAZA 7TH FL NEW YORK NY 10004 990 2022-07-01 131624206 THESSALONICA AGRICULTURAL & INDUSTRIAL INSTITUTE (THE AMERICAN FARM SCHOOL) THES 2124638434 1740 BROADWAY 1500 NEW YORK NY 10019 CONSTANTINE N DARRAS TREASURER 2124638434 2024-05-14 1 CONSTANTINE DARRAS 999009999 0 ALEXANDER LAZZARUOLO P01775353 2126617777 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z CONSTANTINE N DARRAS 1740 BROADWAY 1500 NEW YORK NY 10019 16657875 0 X WWW.AFS.EDU.GR X 1904 NY EDUCATE YOUTH/ADULTS TO BECOME ACCOMPLISHED IN ASPECTS OF AGRICULTURE/ ECOLOGY & LIFE SCIENCES. 29 29 14 29 0 0 6631354 2511989 6494700 6975394 4443740 1714383 131282 429792 17701076 11631558 496888 532474 0 0 5984162 5871052 0 0 235745 8207515 8738591 14688565 15142117 3012511 -3510559 79768133 82535700 20157495 20986374 59610638 61549326 X SEE SCHEDULE O. 0 0 5301809 4214940 AUXILIARY ENTERPRISES PROGRAM - SEE SCHEDULE O. 4999173 532474 2760454 THE SECONDARY SCHOOL - SEE SCHEDULE O. 806732 OTHER PROGRAM SERVICES - SEE SCHEDULE O. 11107714 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 1 1 1 1 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 4 0 1 14 1 0 1 GR 0 0 0 1 1 0 0 0 0 0 0 X 29 29 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 IL MD NY OH X X THE ORGANIZATION 2124638434 1740 BROADWAY 1500 NEW YORK NY 10019 STEFANOS PANTELIADES CHAIRMAN 5.00 X X 0 0 0 KIM E DOOLEY FIRST VICE CHAIR 2.00 X X 0 0 0 PETER H SCHUBE VICE CHAIRMAN 2.00 X X 0 0 0 CONSTANTINE N DARRAS TREASURER 2.00 X X 0 0 0 SOPHIA S HARTCH SECRETARY 2.00 X X 0 0 0 DAVID G ACKER TRUSTEE 1.00 X 0 0 0 DEBORAH ANDROUS TRUSTEE 1.00 X 0 0 0 OLIA AVIDIS TRUSTEE 1.00 X 0 0 0 JOANNIE C DANIELIDES TRUSTEE 1.00 X 0 0 0 ANNIE EFSTATHIOU TRUSTEE 1.00 X 0 0 0 THYMIS EFTHYMIADIS TRUSTEE 1.00 X 0 0 0 SETH E FRANK TRUSTEE 1.00 X 0 0 0 CONSTANTINOS HADJIYANNAKIS TRUSTEE 1.00 X 0 0 0 BARBARA K HEMING TRUSTEE 1.00 X 0 0 0 VICKI KYRIAKOS TRUSTEE 1.00 X 0 0 0 PHOEBE LEGAKIS TRUSTEE 1.00 X 0 0 0 PETROS A LEVIS TRUSTEE 1.00 X 0 0 0 FRANCES MANTHOS TRUSTEE 1.00 X 0 0 0 GEORGE MILONAS TRUSTEE 1.00 X 0 0 0 DANIEL M MORGAN TRUSTEE 1.00 X 0 0 0 NIKOLAOS PENTZOS TRUSTEE 1.00 X 0 0 0 JOEL S POST TRUSTEE 1.00 X 0 0 0 WILLIAM L RICHTER TRUSTEE 1.00 X 0 0 0 WILLIAM A TSACALIS TRUSTEE 1.00 X 0 0 0 ROBERT J UEK TRUSTEE 1.00 X 0 0 0 SHARON W VAINO TRUSTEE 1.00 X 0 0 0 PANAYIOTIS YATAGANTZIDIS TRUSTEE 1.00 X 0 0 0 THEODORA VALENTIS VICE CHAIRMAN 2.00 X X 0 0 0 KAZIS SAYARE TRUSTEE 1.00 X 0 0 0 JEFFREY LANSDALE PRESIDENT 45.00 X 186469 0 47545 LAURA SOMMERS FINANCE OFFICER 40.00 X 103856 0 58429 290325 0 105974 2 0 1 0 PAGONI SA MAVILI 3 THESSALONIKI GR CONSTRUCTION COMPANY 459191 DIMITRIAKI SA BISSARIONOS 9 ATHENS GR AGRICULTURAL PRODUCTS/ANIMAL FEEDS 366835 SOGIA HELLAS SA VOUKOYRESTIOU 46-48 ATHENS GR TRADE OF VETERINARY PRODUCTS COMPANY/ANI 335591 PATTERSON BELKNAP WEBB & TYLER LLC 1133 AVENUE OF THE AMERICAS NEW YORK NY 10036 LEGAL SERVICES 314147 PAP CORP SA MARINOU ANTIPA 54/THESSALONIKI THESSALONIKI GR CATERING/HOTELS 302061 7 177896 521784 1812309 47572 2511989 AUXILIARY ENTERPRISES 900099 4214940 4214940 EDUCATIONAL INCOME 611710 2760454 2760454 6975394 561323 561323 6096034 18142 4961116 0 1134918 18142 1153060 1153060 81664 177896 65201 16463 16463 OTHER INCOME 900099 413329 413329 413329 11631558 7388723 0 1730846 532474 532474 261542 261542 4266884 3463838 688492 114554 23070 16521 5551 998 388814 165868 220967 1979 930742 748986 162585 19171 289587 289587 82098 82098 219355 160601 40494 18260 207773 62302 135992 9479 87510 39725 36841 10944 203746 14564 163923 25259 842592 717873 124046 673 214218 152436 50782 11000 38333 17034 15586 5713 254769 250469 112 4188 1386564 1179203 194695 12666 65755 65755 MILL & FARM EQUIPMENT 2457872 2455876 1135 861 BAD DEBT 960834 960834 OTH SCHOOL/OTH COLLEGE 472922 472922 OTHER CAMPUS OPERATIONA 442072 442072 512591 149195 363396 15142117 11107714 3798658 235745 800 800 1418851 919214 3679052 867924 1965971 1615263 366435 414580 184779 262412 56538530 22777738 32289315 33760792 39831237 44661622 31693 33093 79768133 82535700 12048126 13460684 384131 636451 2500000 2500000 5225238 4389239 20157495 20986374 X 35635643 38317071 23974995 23232255 59610638 61549326 79768133 82535700 X -3510559 4544992 904255 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 23974995 1368816 1243273 3354829 23232255 22810433 5570766 -1456289 2949915 23974995 20468144 1395536 2502991 1556238 22810433 18919809 4003173 532260 2987098 20468144 16903466 2360056 1437411 1781124 18919809 0.59310 0.40690 0 0 2560696 2560696 39016198 11059564 27956634 2561389 667978 1893411 12233459 11050196 1183263 166788 166788 33760792 SHORT-TERM BORROWINGS 725485 LONG-TERM BORROWINGS AND OTHER 2701841 PROVISION FOR GREEK RETIREMENT BENEFITS 961913 4389239 PART V, LINE 4: THE INTENDED USE OF THE PERMANENT AND TEMPORARILY RESTRICTED FUNDS IS SOLELY TO SUPPORT THE EDUCATIONAL MISSION OF THE SCHOOL. THE PERROTIS COLLEGE ENDOWMENT PIECE IS RESTRICTED FOR PERROTIS COLLEGE NEEDS. 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL DOES NOT ADVERTISE OR SOLICIT THROUGH THE MEDIA. SCHEDULE E, PART I, LINE 4 IT IS NOT THE POLICY OF THE SCHOOL TO TRACK THE RACIAL COMPOSITION. THE SCHOOL DOES NOT DISCRIMINATE BASED ON RACE. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES GRANTS FROM USAID/ASHA, EUROPEAN UNION AND GREEK STATE. PART I - QUESTION 3 THE SCHOOL DOES NOT ADVERTISE IN THE MEDIA WHEN FILLING JOB POSITIONS OR RECRUITING STUDENTS. HOWEVER, A DISCLAIMER APPEARS IN THE "ADMISSIONS AND "JOB OPPORTUNITIES" PAGES OF OUR WEBSITE: WWW.AFS.EDU.GR. IT READS: "THE AMERICAN FARM SCHOOL DOES NOT DISCRIMINATE AGAINST ANY PERSON ON THE BASIS OF RACE, RELIGION, COLOR, GENDER, NATIONAL ORIGIN, DISABILITY OR ANY OTHER STATUS OR CONDITION PROTECTED BY LAW". 1 EUROPE 1 204 PROGRAM SERVICES SCHOOL 12674218 EUROPE 0 0 GRANTMAKING GRANTS TO INDIVIDUALS 532474 1 204 0 0 1 204 13206692 0 13206692 TUITION FEE WAIVER EUROPE/ICELAND/GREENLAND 238 323325 WIRE FMV SCHOLARSHIPS EUROPE/ICELAND/GREENLAND 36 209149 WIRE FMV 0 0 0 0 0 0 PART I, LINE 2: THE SCHOOL'S FINANCE OFFICE MONITORS THE EXPENDITURE OF ALL GRANTS RECEIVED BY GOVERNMENT AND FOUNDATION ENTITIES FOLLOWING ACCEPTANCE BY THE SCHOOL'S DEVELOPMENT OFFICE AND ACCORDING TO THE DONOR'S RESTRICTIONS, IF ANY. PART III ACCOUNTING METHOD: CHICAGO GOLF OUTING 120460 107746 12714 12714 GREEK SUMMER 50TH REUNION 90700 61000 29700 29747 2 48400 9150 39250 15300 3800 3640 259560 177896 81664 15300 3800 46101 65201 16463 X 1 1 X X X 0 0 0 0 0 0 0 0 0 JEFFREY LANSDALE PRESIDENT 186469 0 0 0 0 0 18646 0 28899 0 234014 0 0 0 LAURA SOMMERS FINANCE OFFICER 103856 0 0 0 0 0 10386 0 48043 0 162285 0 0 0 X 9 29083 FMV X HARVEST ITEMS 2 18489 FMV 0 1 0 PART III - LINE 1 THE AMERICAN FARM SCHOOL OF THESSALONIKI, GREECE (THE "SCHOOL") OFFERS SEVERAL LEVELS OF EDUCATION FOR STUDENTS INCLUDING PRE-KINDERGARTEN, A KINDERGARTEN, A PRIMARY SCHOOL, A MIDDLE SCHOOL, A HIGH SCHOOL, AND PERROTIS COLLEGE. THE SCHOOL ALSO MAINTAINS A SIGNIFICANT EDUCATIONAL AND RESEARCH FARM OPERATION. SOME OF THESE SCHOOLS ARE ORGANIZED AS GREEK CORPORATIONS AND SOME, INCLUDING THE EDUCATIONAL FARM, ARE ORGANIZED AS A U.S. CORPORATION IN THE STATE OF NEW YORK. THIS FORM 990 FILING INCLUDES THE UNITED STATES CORPORATION AND EXCLUDES THE GREEK CORPORATIONS. THE SCHOOL APPLIES ITS HALLMARK "LEARNING BY DOING" APPROACH TO EDUCATE STUDENTS TOWARDS RESPONSIBLE STEWARDSHIP IN THE AREAS OF AGRICULTURE, FOOD SYSTEMS, THE ENVIRONMENT AND OTHER LIFE SCIENCES RELATED TO OUR SUSTAINABLE FUTURE. FOUNDED IN 1904 BY AMERICAN EDUCATORS, THE SCHOOL TODAY IS CONSIDERED THE PREMIER INSTITUTION IN SOUTHEASTERN EUROPE FOR EDUCATION IN THESE AREAS. AT THE HEART OF AN AMERICAN FARM SCHOOL EDUCATION IS THE INSTITUTION'S DIVERSIFIED RESEARCH, DEMONSTRATION AND TRAINING FARM THAT SERVES/FUNCTIONS AS A LIVING LABORATORY FOR STUDENTS OF ALL AGES TO EXPERIENCE HANDS-ON DISCOVERY, ENGAGEMENT AND INQUIRY IN THE LIFE SCIENCES. LEGAL DESCRIPTION AND ORGANIZATION: THE SCHOOL IS AN INDEPENDENT, PRIVATE, NON-PROFIT CO-EDUCATIONAL INSTITUTION, REGISTERED AS A 501(C)(3) IN THE STATE OF NEW YORK. THE SCHOOL IS GOVERNED BY A BOARD OF TRUSTEES OF UP TO 36 AMERICANS AND GREEKS WHO ARE RESPONSIBLE FOR SETTING POLICY, MONITORING PROGRAM PROGRESS, STEWARDSHIP OF ASSETS, AND SECURING FINANCIAL RESOURCES. THE INSTITUTION'S FIELD OPERATIONS ARE LOCATED IN THESSALONIKI, GREECE. UNDER ITS UMBRELLA, A WIDE RANGE OF EDUCATIONAL PROGRAMS, FROM PRE-K THROUGH UNDERGRADUATE AND GRADUATE STUDIES, ARE OFFERED. THE AMERICAN FARM SCHOOL TODAY CONSISTS OF A PRE-K, A HIGH SCHOOL AND A DEMONSTRATION AND EDUCATIONAL FARM. IN ADDITION, IN ORDER TO EXPAND THE INSTITUTION'S EDUCATIONAL OFFERINGS, TWO NON-FOR-PROFIT ASSOCIATIONS HAVE BEEN ESTABLISHED AND ARE OPERATING IN GREECE, AS FOLLOWS: THE AMERICAN FARM SCHOOL POST-SECONDARY EDUCATIONAL AND TRAINING ASSOCIATION ("PERROTIS COLLEGE") PERROTIS COLLEGE (THE "COLLEGE") WAS ESTABLISHED IN 1996 AS A DIVISION OF THE AMERICAN FARM SCHOOL. FOLLOWING CHANGES IN THE REGULATORY FRAMEWORK OF PRIVATE COLLEGES IN GREECE, A NOT-FOR PROFIT ASSOCIATION, UNDER THE NAME OF "AMERICAN FARM SCHOOL POST-SECONDARY EDUCATIONAL AND TRAINING ASSOCIATION" WAS FOUNDED IN 2008 IN THESSALONIKI TO ESTABLISH AND OPERATE A PRIVATE COLLEGE UNDER THE COMMERCIAL NAME PERROTIS COLLEGE. PERROTIS COLLEGE, OFFERS B.SC. DEGREES IN THE FIELDS OF SUSTAINABLE AGRICULTURE AND MANAGEMENT, INTERNATIONAL BUSINESS, FOOD SCIENCE AND TECHNOLOGY, DIGITAL MARKETING AND ENVIRONMENTAL SCIENCE AS WELL AS M.SC. DEGREES IN THE FIELDS OF NEW FOOD PRODUCT & BUSINESS DEVELOPMENT, MARKETING FOR THE AGRO - FOOD SECTOR AND SUSTAINABLE AGRICULTURE AND MANAGEMENT. THE COLLEGE IS ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION IN THE U.S., AND CARDIFF METROPOLITAN UNIVERSITY. IN ADDITION, PERROTIS COLLEGE OPERATES A TWO-YEAR VOCATIONAL TRAINING PROGRAM AND A LIFE-LONG LEARNING DEPARTMENT OFFERING ADULT EDUCATION SEMINARS AND PROFESSIONAL TRAINING TO FARMERS AND AGRO-FOOD EMPLOYEES. IT ALSO OPERATES A CENTER FOR AGRICULTURAL ENTREPRENEURSHIP AND AN OLIVE CENTER AND PARTICIPATES IN A SIGNIFICANT NUMBER OF STATE AND PRIVATELY SPONSORED PROJECTS RELATED MAINLY TO AGRO FOOD TRAINING AND CONSULTATION. DURING FISCAL YEAR 2023, PERROTIS COLLEGE SERVED MORE THAN 1,800 PEOPLE INCLUDING STUDENTS, PARTICIPANTS IN THE ADULT EDUCATION SEMINARS AND BUSINESS TRAINING PROGRAMS AS WELL AS BENEFICIARIES IMPACTED FROM THE IMPLEMENTATION OF FUNDED PROJECTS. IN 1996, THE "PERROTIS COLLEGE ENDOWMENT" ("DPCAS ENDOWMENT") WAS INITIATED BY CONTRIBUTIONS IN SUPPORT OF THE ESTABLISHMENT OF A POST-SECONDARY DIVISION AT THE AMERICAN FARM SCHOOL. IT IS MAINTAINED IN THE U.S. AND IS OVERSEEN BY THE INSTITUTION'S INVESTMENT COMMITTEE. THE DPCAS ENDOWMENT IS PERMANENTLY RESTRICTED IN ITS EXCLUSIVE USE TO PERROTIS COLLEGE. THIS ENDOWMENT CONSTITUTES PART OF THE AMERICAN FARM SCHOOL'S INVESTMENTS IN THE U.S. AS OF JUNE 30, 2023, THE FAIR VALUE OF THE DPCAS RELATED INVESTMENTS AMOUNTED TO US$ 18.6 MILLION. THE AMERICAN FARM SCHOOL MAINTAINS MAJORITY VOTING INTEREST IN PERROTIS COLLEGE WHICH HAS REMAINED FOR ALL PURPOSES UNDER THE AMERICAN FARM SCHOOL UMBRELLA UNDER THE GOVERNANCE OF THE PERROTIS COLLEGE'S COUNCIL FOR ORGANIZATION AND GOVERNANCE, THE MEMBERS OF WHICH INCLUDE: THE CHAIR AND VICE-CHAIR OF THE AMERICAN FARM SCHOOL'S BOARD, EX-OFFICIO, THE AND CHAIR OF EACH OF THE LEGAL, FINANCE, AUDIT AND INVESTMENT COMMITTEES AND THE HIGHER EDUCATION COMMITTEE. FROM A FINANCIAL PERSPECTIVE, PERROTIS COLLEGE IS CONSIDERED AN AFFILIATE TO THE AMERICAN FARM SCHOOL AND AS SUCH IS CONSOLIDATED IN THE INSTITUTION'S FIELD OPERATIONS CONSOLIDATED FINANCIAL STATEMENTS. THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI IN FY2012, THE INSTITUTION FORMED THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI, WHICH CONSISTED OF A NURSERY, A KINDERGARTEN AS WELL AS AN ELEMENTARY SCHOOL, AND A MIDDLE SCHOOL, FOCUSING ON ENVIRONMENTAL EDUCATION AND EXPERIENTIAL LEARNING. DURING FISCAL YEAR 2023, THE SCHOOLS SERVED A TOTAL OF 624 STUDENTS. IN THE SAME FISCAL YEAR, AND FOLLOWING THE NECESSARY PERMIT OBTAINED BY THE SUPERVISING STATE AUTHORITY, THE AFS ADMINISTRATION DECIDED TO OPERATE THE NURSERY UNDER THE LEGAL ENTITY OF THE AMERICAN FARM SCHOOL (AFS). AS SUCH, ALL 69 STUDENTS ALONG WITH 11 STAFF MEMBERS WERE TRANSFERRED FROM THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI TO THE AFS. THE FINANCIAL IMPACT OF THIS MOVE IS AN INCREASE OF THE AFS REVENUES AND EXPENDITURES BY $381K AND $315K RESPECTIVELY. THE INSTITUTION MAINTAINS MAJORITY VOTING INTEREST IN THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI WHICH HAS REMAINED FOR ALL PURPOSES UNDER THE AMERICAN FARM SCHOOL UMBRELLA UNDER THE GOVERNANCE OF THE PRIMARY, SECONDARY, FINANCE, AND AUDIT COMMITTEES OF THE AMERICAN FARM SCHOOL'S BOARD. FROM A FINANCIAL PERSPECTIVE, THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI IS CONSIDERED AN AFFILIATE OF THE AMERICAN FARM SCHOOL AND, AS SUCH, IS CONSOLIDATED IN THE INSTITUTION'S FIELD OPERATIONS CONSOLIDATED FINANCIAL STATEMENTS. PART III - LINE 4A ECONOMIC OUTLOOK AND ITS IMPACT ON THE SCHOOL THE COVID-19 PANDEMIC AND THE UNPRECEDENTED GLOBAL RISES IN ENERGY COSTS AND COMMODITIES HAD SIGNIFICANT EFFECTS ON GLOBAL NON-PROFIT ORGANIZATIONS, BUSINESSES AND COMMUNITIES. SPECIFIC TO THE AMERICAN FARM SCHOOL, CERTAIN REVENUE STREAMS AS WELL AS EXPENDITURES IN BOTH FISCAL 2021 AND 2022 WERE IMPACTED. DESPITE THE GENERAL ECONOMIC CONDITIONS, THE SCHOOL MANAGED TO RETAIN THE QUALITY OF ITS EDUCATIONAL OFFERINGS AND THE DISTRIBUTION OF ITS FARM PRODUCTS UNDISRUPTIVE. THE SCHOOL REMAINS FINANCIALLY STRONG AND THE MANAGEMENT BELIEVES THAT IT HAS SUFFICIENT RESOURCES TO MEET, IF NECESSARY, ANY UNFORESEEN DAMAGES. PART III - LINE 4B AUXILIARY ENTERPRISES PROGRAM: SELECT AUXILIARY ENTERPRISES CONSIST OF A DIVERSIFIED DEMONSTRATION AND TEACHING FARM THAT INCLUDES ONE OF THE MOST IMPORTANT HOLSTEIN FRIESIAN DAIRY HERDS IN GREECE; A POULTRY UNIT USING THE LATEST RESEARCH FOR EGG AND TURKEY PRODUCTION; GREENHOUSES; VEGETABLE GARDENS; VINEYARDS; FRUIT AND OLIVE TREES. FURTHER, EXTENSIVE EXPERIMENTAL AND PRODUCTION FIELD CROPS ARE GROWN AT THE ZANNAS FARM LOCATED NEAR THE DELTA OF THE AXIOS RIVER, NEAR THESSALONIKI, GREECE. THE SCHOOL'S FARM PRODUCTS ARE SOLD TO THE GENERAL PUBLIC VIA THIRD PARTY DISTRIBUTION AGREEMENTS TO SUPPORT THE EDUCATIONAL MISSION OF THE SCHOOL. PART III - LINE 4C OTHER PROGRAM SERVICES: OTHER PROGRAMS MAINLY RELATE TO THE SCHOOL'S WIDE REACHING EXTENSION SERVICES INCLUDING PROFESSIONAL EDUCATION AND TRAINING, STUDIES AND RESEARCH, JOINTLY MANAGED BY THE SCHOOL'S STRATEGIC PROJECT MANAGEMENT OFFICE AND THE SCHOOL OF PROFESSIONAL EDUCATION IN COLLABORATION WITH PERROTIS COLLEGE. IT SHOULD BE NOTED THAT THE REVENUES FOR THOSE SERVICES ARE MOSTLY RECEIVED AS GRANTS FROM PRIVATE AND STATE ORGANIZATIONS AND AS SUCH ARE SHOWN UNDER RESPECTIVE INCOME CATEGORIES OF THE FINANCIAL STATEMENTS. FORM 990, PART VI, SECTION B, LINE 11B THE CHAIRMAN OF THE AUDIT COMMITTEE, THE TREASURER AND THE SCHOOL'S SENIOR FINANCIAL MANAGEMENT REVIEW THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST STATEMENTS ARE SIGNED ANNUALLY. TRUSTEES AND DECISION MAKING EMPLOYEES ARE REQUIRED TO REPORT REAL OR POTENTIAL CONFLICTS THAT ARISE. THE AFFECTED INDIVIDUALS ARE REMINDED ANNUALLY OF THEIR RESPONSIBILITY IN THIS REGARD. THE CHAIRMAN OF THE BOARD MONITORS THE RESPONSES FROM ALL TRUSTEES ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE PRESIDENT SERVES PURSUANT TO A THREE-YEAR PERSONAL SERVICE CONTRACT. THE PRESIDENT'S CONTRACT DEFINES THE FIXED AMOUNT OF SALARY AND THE VARIOUS BENEFITS HE WILL RECEIVE ANNUALLY AS DETERMINED BY A GENERAL REFERENCE TO OTHER COMPARABLE AMERICAN SCHOOLS OPERATING IN GREECE AND TO COMPARABLE SALARIES OF OTHER NOT-FOR-PROFIT SENIOR EXECUTIVES LIVING AND OPERATING IN GREECE. THE CONTRACT ALSO INCLUDES THE PROVISION FOR A POTENTIAL, UNDEFINED AMOUNT OF ANNUAL BONUS TO BE PAID CONTINGENT UPON PERFORMANCE AND MEETING ANNUAL GOALS. A SMALL GROUP OF INDEPENDENT TRUSTEES, HEADED BY THE CHAIRMAN OF THE BOARD, UNDERTAKES AN ANNUAL REVIEW OF THE PERFORMANCE OF THE PRESIDENT INCLUDING INFORMAL INTERVIEWS WITH TRUSTEES AND STAFF. EVERY THREE YEARS THE CHAIRMAN AND THESE FEW INDEPENDENT TRUSTEES UNDERTAKE AN IN-DEPTH REVIEW OF THE PRESIDENT'S PERFORMANCE WHICH INCLUDES DIRECTLY INTERVIEWING AND SURVEYING A NUMBER OF BOTH RESIDENT TRUSTEES AND OF AMERICAN TRUSTEES AND ALSO INCLUDES A NUMBER OF KEY DIRECT-REPORT STAFF/TEACHERS TO THE PRESIDENT ALL WITH THE OBJECTIVE OF CLOSELY EVALUATING THE PERFORMANCE OF THE PRESIDENT. WITH RESPECT TO BONUS, THE CHAIRMAN, BASED ON THE REVIEW, PROPOSES THERE BE, OR NOT BE, A BONUS FOR THE YEAR, AND IF SO, IN WHAT AMOUNT. THIS IS ORALLY DISCUSSED WITH THE BOARD OF TRUSTEES AT THE ANNUAL TRUSTEE MEETING, CONSENSUS IS REACHED AND VOTED ON, AND PAYMENT IS MADE IF APPROPRIATE. WITH RESPECT TO THE COMPENSATION PROCESS FOR OTHER KEY EMPLOYEES, THE CHAIRMAN ENGAGES IN PERIODIC GENERAL DISCUSSIONS WITH THE PRESIDENT AS TO THE SALARIES AND BENEFITS PAID TO THE SCHOOL'S KEY EMPLOYEES WITH THE OBJECTIVE OF ENSURING THESE COMPENSATION AMOUNTS ARE REASONABLE IN THE CONTEXT OF THE SCHOOL, OF THE ECONOMIC TRENDS EFFECTING GREECE AND IN RELATIONSHIP TO THEIR RESPECTIVE RESPONSIBILITIES. THE CHAIRMAN AND THE BOARD MEMBERS DO NOT DIRECTLY DETERMINE THE COMPENSATION OF THE SCHOOL'S KEY EMPLOYEES. THIS FUNCTION IS MANAGEMENTS. THE BOARD'S ROLE IS ONE OF OVERSIGHT, WITH RESPECT TO THE COMPENSATION MATTERS OF KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: FOREIGN CURRENCY TRANSLATION GAIN (LOSS), NET 854,042. PENSION ADJUSTMENT 44,248. FOREIGN EXCHANGE GAIN (LOSS), NET 5,965. AMERICAN FARM SCHOOL POST SECONDARY EDUCATION MARINOU ANTIPA 54 PO BOX 60097 THERMI THESSALONIKI GR SCHOOL GR N/A N/A THE SCHOOL 0 ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI MARINOU ANTIPA 54 PO BOX 60097 THERMI THESSALONIKI GR SCHOOL GR N/A N/A THE SCHOOL 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0