2025-05-15T10:03:50-05:00 2024-06-30 420714325 RSM US LLP 919 EAST MAIN STREET SUITE 1800 RICHMOND VA 23219 990 2023-07-01 540506326 THE PROTESTANT EPISCOPAL HIGH SCHOOL IN VIRGINIA PROT 7039334092 1200 NORTH QUAKER LANE ALEXANDRIA VA 22302 GEOFFREY S BENNETT CFO 7039334092 2025-05-15 1 0 MEREDITH BELL P01696827 8042822121 2025-05-14 2023 2025-03-06 01:10:19Z EPISCOPAL HIGH SCHOOL CHARLES M STILLWELL 1200 NORTH QUAKER LANE ALEXANDRIA VA 22302 201675434 0 X WWW.EPISCOPALHIGHSCHOOL.ORG X 1839 VA THE INSTITUTION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE EDUCATION TO HIGH SCHOOL STUDENTS. 25 25 312 50 334197 298823 10920925 11096070 30761869 32466796 6743220 9396580 907175 372110 49333189 53331556 7792990 8804951 0 0 22180291 22848350 0 0 5676894 24682038 25447913 54655319 57101214 -5322130 -3769658 583924812 617480983 80771037 79820944 503153775 537660039 X GUIDED BY ITS FOUNDING PRINCIPLES OF HONOR, ACADEMIC DISTINCTION, SPIRITUAL GROWTH, AND COMMUNITY, EPISCOPAL HIGH SCHOOL PREPARES YOUNG PEOPLE WITH THE INTELLECTUAL AND MORAL COURAGE TO PURSUE LIVES OF ETHICAL LEADERSHIP AND SERVICE AS CITIZENS OF AN INCREASINGLY CONNECTED WORLD. 0 0 42249816 8804951 32466796 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. 42249816 1 1 0 0 0 0 0 1 0 1 1 1 0 1 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 62 0 1 312 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 0 0 0 1 1 1 1 1 1 1 1 0 X GEOFFREY S BENNETT CFO 7039334092 1200 NORTH QUAKER LANE ALEXANDRIA VA 22302 SARAH KNUTSON CHAIRMAN 1.00 X X 0 0 0 E JENNER WOOD III VICE-CHAIR 1.00 X X 0 0 0 LYNN ALEXANDER TRUSTEE 1.00 X 0 0 0 ZACK BACON TRUSTEE 1.00 X 0 0 0 JONATHAN S BEANE TRUSTEE 1.00 X 0 0 0 CEDRIC M BRIGHT TRUSTEE 1.00 X 0 0 0 GRETCHEN C BYRD TRUSTEE 1.00 X 0 0 0 MAX C CHAPMAN TRUSTEE 1.00 X 0 0 0 JEFF CLARKE TRUSTEE 1.00 X 0 0 0 AMANDA CORNELSON TRUSTEE 1.00 X 0 0 0 ELIZABETH W DAVIS TRUSTEE 1.00 X 0 0 0 CRAIG DIXON TRUSTEE 1.00 X 0 0 0 DAVID DOUGHERTY TRUSTEE 1.00 X 0 0 0 NED DURDEN TRUSTEE 1.00 X 0 0 0 BILL FARISH TRUSTEE 1.00 X 0 0 0 DR LENORA GANT TRUSTEE 1.00 X 0 0 0 BARBARA HARTY TRUSTEE 1.00 X 0 0 0 WILLIAM HUGHES TRUSTEE 1.00 X 0 0 0 STEVEN C LILLY TRUSTEE 1.00 X 0 0 0 ALEX Y LIU TRUSTEE 1.00 X 0 0 0 N THOMPSON LONG TRUSTEE 1.00 X 0 0 0 RANSOM C LUMMIS TRUSTEE 1.00 X 0 0 0 LAUREN MARSHALL TRUSTEE 1.00 X 0 0 0 HELEN GRASSI VEST TRUSTEE 1.00 X 0 0 0 JOHN R WICKHAM TRUSTEE 1.00 X 0 0 0 CHARLEY STILLWELL PRESIDENT & HEAD OF SCHOOL 40.00 X 634869 0 262666 WILLIAM DE BUTTS III SECRETARY/TREASURER/CFO 40.00 X 293554 0 144764 MARY HUMPHRIES MEDICAL DIRECTOR 40.00 X 267605 0 99978 CHRISTINA HOLT ASST. HEAD FOR ADVANCEMENT 40.00 X 206366 0 141299 PHIL SPEARS ASST. HEAD FOR STUDENT LIFE 40.00 X 191558 0 118317 DENNIS SHORES DIRECTOR OF OPERATIONS 40.00 X 186443 0 30036 LUCY GOLDSTEIN DEAN OF FACULTY 40.00 X 154246 0 103218 ADRIANNA BRAVO FORMER MEDICAL DIRECTOR 0.00 X 403766 0 22012 2338407 0 922290 34 1 1 0 EE REED CONSTRUCTION 3076 CENTERVILLE ROAD 210 HERNDON VA 20171 CONSTRUCTION 6478165 FLIK PO BOX 417632 BOSTON MA 022417632 FOOD SERVICE 2978385 MONARC CONSTRUCTION INC 2781 HARTLAND RD FALLS CHURCH VA 22043 CONSTRUCTION 814681 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 152516170 CUSTODIAL SERVICES 769397 CANNON DESIGN DEPARTMENT CHICAGO 19824 PALATINE IL 60055 ARCHITECT 440074 31 11096070 2205547 11096070 TUITION AND FEES 900099 31943151 31943151 SUMMER PROGRAMS 900099 305769 305769 AUXILIARY FEES 900099 150276 150276 FOREIGN STUDY 900099 67600 67600 32466796 7022304 322097 6700207 178361 0 178361 178361 178361 150308816 147934540 2374276 2374276 2374276 560627 409338 151289 151289 OTHER REVENUE 900099 30360 30360 TENNIS AND SWIM CLUB 713940 12100 12100 42460 53331556 32466796 334197 9434493 8804951 8804951 1075323 786679 152487 136157 15911790 11545651 2304043 2062096 1326174 1039720 153186 133268 3342226 2620304 386059 335863 1192837 935184 137784 119869 6466 6466 126415 126415 1450311 1450311 1563648 919515 495327 148806 344966 104152 5319 235495 1164177 703439 320600 140138 3355649 2583792 353719 418138 504531 471302 33229 238325 155764 82101 460 2322431 1778506 256107 287818 6761124 4962278 995794 803052 545864 545864 FOOD SERVICE 2938619 2938619 CLASSROOM EXPENSES 624261 624261 ON-CAMPUS 585781 242649 343132 ATHLETICS 424767 424767 2490578 850932 1160273 479373 57101214 42249816 9174504 5676894 5459786 7228147 4070658 6592189 19205637 13506362 1090790 581769 119514 119514 75505 78398 872024 950693 263630009 102064682 161240376 161565327 45201759 32654639 139633979 174077622 206954784 220126323 583924812 617480983 3570928 3413134 3346085 3893875 73231013 72102262 623011 411673 80771037 79820944 X 148117818 156196160 355035957 381463879 503153775 537660039 583924812 617480983 X -3769658 27017079 11258843 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 4979473 X X X 0 179599112 4617268 29871463 3470231 5043649 0 205573963 161975060 2136199 24610013 3458290 5663870 179599112 191869720 10924771 -32177889 3108483 4075840 1457219 161975060 149704157 4814032 45844905 2832868 3638105 2022401 191869720 146453604 4355754 5644875 2638369 3438950 672757 149704157 0.29600 0.38700 0.31700 0 0 186120 186120 245402697 92515702 152886995 12437565 9548980 2888585 5603627 5603627 161565327 ART COLLECTIONS 4979473 C CASH SURRENDER VALUE OF LIFE INSURANCE 840174 F LONE CEDAR LTD 111868 F LONE CASCADE, L.P. 16395684 F MAKENA CAPITAL ASSOCIATES, L.P 12376142 F HARBOUR VEST, L.P. 6371075 F MARSHALL WACE LLP 9078009 F CANYON CAPITAL ADVISORS 7751188 F FARALLON CAPITAL MANAGEMENT LLC 11913391 F KABOUTER MANAGEMENT LLC 203919 F GQG PARTNERS 6441964 F SELECT EQUITY 148804 F FARRALLON EQUITY 16197821 F TIGER GLOBAL PRIVATE XIV 3079490 F TIGER GLOBAL PRIVATE XV 1609053 F WHALE ROCK CAPITAL MANAGEMENT LLC 4959699 F RA CAPITAL MANAGEMENT LLC 12430518 F CASDIN CAPITAL LLC 2132282 F ANOMALY CAPITAL INTERNATIONAL. LTD 3991803 F ARROWSTREET CAPITAL GLOBAL 4786358 F GMO QUALITY FUND 9151578 F INDEPENDENT FRANCHISE PARTNERS GLOBAL EQUITY II, LP 8188045 F MARSHALL WACE TOPS WORLD EQUITIES FUND 5201850 F 140 SUMMER PARTNERS OFFSHORE LTD 2568820 F SILCHESTER INTERNATIONAL VALUE EQUITY EXCLUSION TRUST 7992841 F SOROBAN LONG ONLY EQUITY CAYMAN FUND LTD 4102658 F THE CHILDREN'S INVESTMENT FUND 5783800 F PARTNERS CAPITAL CONDOR FUND XVII 80000 F PARTNERS CAPITAL SECONDARIES SMA 2024 180000 F ARES STRATEGIC INCOME FUND 5029315 F 174077622 PERPETUAL TRUSTS HELD BY THIRD PARTIES 211593807 ASSETS HELD IN CHARITABLE REMAINDER TRUSTS 7727255 INVESTMENT IN BUTTERFLY HOUSE 350000 RIGHT-OF-USE ASSETS, NET 422075 DUE FROM UNITRUSTS 33186 220126323 RIGHT-OF-USE LEASE OBLIGATIONS, NET 411673 411673 X 81373387 27017079 21171 4665561 31703811 49669576 1450311 2211669 3661980 53331556 46867123 21171 21171 46845952 1450311 8804951 10255262 57101214 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 4.5% OF THE ROLLING TWELVE QUARTER AVERAGE OF THE JUNE 30 ENDOWMENT VALUE TO SUPPORT OPERATIONS. PART X, LINE 2: THE SCHOOL IS ORGANIZED AS A VIRGINIA NONPROFIT CORPORATION AND HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRS SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRS SECTION 501(C)(3), QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER INTERNAL REVENUE CODE (IRC) SECTIONS 170(B)(1)(A)(VI) AND (VIII), AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION UNDER IRS SECTIONS 509(A)(1) AND (3). THE SCHOOL IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, THE SCHOOL IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSE. ACTIVITIES UNRELATED TO THE EXEMPT PURPOSE ARE TENNIS AND SWIM CLUB MEMBERSHIPS, AND THE SCHOOL INVESTS IN CERTAIN ALTERNATIVE INVESTMENTS. THE SCHOOL HAD NOMINAL TAXES FROM THESE ACTIVITIES AND HAS FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. THE SCHOOL APPLIES 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. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE -8,804,951. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 13,470,512. PART XI, LINE 4B - OTHER ADJUSTMENTS: DISCOUNT ON PLEDGES 2,211,669. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED AGAINST TUITION REVENUE 8,804,951. 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. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 49846845 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS 5201850 0 0 0 0 0 0 55048695 0 55048695 1 0 0 0 1 0 1 SCHOLARSHIPS FOR EHS STUDENTS 175 8771025 FINANCIAL AID - HEALTH INSURANCE 6 33926 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 1 0 0 0 0 0 0 1 0 CHARLEY STILLWELL PRESIDENT & HEAD OF SCHOOL 502798 0 96755 0 35316 0 33000 0 238767 0 906636 0 0 0 WILLIAM DE BUTTS III SECRETARY/TREASURER/CFO 252792 0 0 0 40762 0 28560 0 116851 0 438965 0 0 0 ADRIANNA BRAVO FORMER MEDICAL DIRECTOR 0 0 0 0 403766 0 22012 0 0 0 425778 0 0 0 MARY HUMPHRIES MEDICAL DIRECTOR 263795 0 0 0 3810 0 26329 0 74156 0 368090 0 0 0 CHRISTINA HOLT ASST. HEAD FOR ADVANCEMENT 204818 0 0 0 1548 0 20991 0 120815 0 348172 0 0 0 PHIL SPEARS ASST. HEAD FOR STUDENT LIFE 177605 0 0 0 13953 0 20010 0 98958 0 310526 0 0 0 LUCY GOLDSTEIN DEAN OF FACULTY 153717 0 0 0 529 0 15798 0 87420 0 257464 0 0 0 DENNIS SHORES DIRECTOR OF OPERATIONS 159137 0 0 0 27306 0 16320 0 14176 0 216939 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: CHARLES STILLWELL - $171,868 WILLIAM H. DEBUTTS, III - $89,670 MARY K. HUMPHRIES - $73,649 CHRISTINA HOLT - $89,670 PHIL SPEARS - $65,280 LUCY GOLDSTEIN - $68,747 C. STILLWELL RECEIVED TAXABLE DUES IN THE AMOUNT OF $11,091 C. STILLWELL RECEIVED NON-TAXABLE PERSONAL SERVICES IN THE AMOUNT OF $8,397. C. STILLWELL RECEIVED NON-TAXABLE DISCRETIONARY SPENDING IN THE AMOUNT OF $24,110. PART I, LINE 4A ADRIANNA BRAVO RECEIVED A SEVERANCE PAYMENT DURING THE CALENDAR YEAR. THE PAYMENT IS INCLUDED IN PART VII, COLUMN D AND SCHEDULE J, PART II, COLUMN BIII. THE TERMS AND CONDITIONS OF THE CONFIDENTIAL SEVERANCE AGREEMENT ARE AVAILABLE TO THE INTERNAL REVENUE SERVICE UPON REQUEST. PART I, LINE 7 HEAD OF SCHOOL IS AWARDED A DISCRETIONARY BONUS BY THE BOARD OF TRUSTEES. A INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA SERIES 2014 521381432 015304ES3 2014-10-07 14176023 REFUND PRIOR ISSUE 0 0 0 B INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA SERIES 2017 521381432 015304FG8 2017-02-02 11456498 REFUND PRIOR ISSUE 0 0 0 C TD BANK 2021 SERIES A 541381432 2021-08-05 20000000 NEW CONSTRUCTION 0 0 0 D TD BANK 2021 SERIES B 541381432 2021-08-05 10000000 NEW CONSTRUCTION 0 0 0 A 6840000 14176023 247282 13928741 2014 1 0 1 1 B 340000 11456498 229912 11226586 2017 0 1 1 1 C 20000000 20000000 2023 0 0 1 1 D 10000000 527500 4472500 2023 0 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 0 C 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 D 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 1 B 0 0 1 0 0 0 0 0 1 C 0 0 1 0 0 0 0 0 1 D 0 0 1 0 1 0 0 0 1 A 1 B 1 C 1 D 1 SCHEDULE K, PART IV, LINE 2B, EXCEPTION TO REBATE ALL OF THE SCHOOL'S BONDS HAVE ARBITRAGE REPORTS COMPLETED AND SINCE THE SCHOOL DID NOT OWE ANY MONEY, THE SCHOOL DID NOT FILE 8038-T. A 2021 SERIES C 521381432 2021-10-05 26001601 REFUNDING/NEW CONSTRUCTION 0 0 0 A 680000 26001601 442557 25559044 2023 0 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 1 0 0 0 0 0 1 A 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 1097 FMV X 22 2204450 FMV 0 0 1 0 PART I, COLUMN (B): REPORTING THE NUMBER OF CONTRIBUTIONS FORM 990, PART 1, LINE 06, NUMBER OF VOLUNTEERS: THE NUMBER OF VOLUNTEERS REPRESENTS TRUSTEES AND PARENT ADVISORY COUNCIL. FORM 990, PART VI, SECTION A, LINE 8B NO COMMITTEE HAS AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B 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 THE CFO. ONCE APPROVED BY THE CFO THE RETURN IS MADE AVAILABLE TO THE BOARD MEMBERS ON THE BOARD PORTAL FOR THEM TO REVIEW. 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. IF A CONFLICT OF INTERESTS IS DEEMED TO EXIST, THE PERSON HAVING THE CONFLICT OF INTERESTS SHALL NOT VOTE ON OR USE HIS OR HER PERSONAL INFLUENCE IN CONNECTION WITH THE DISCUSSIONS, DELIBERATIONS, OR VOTE WITH RESPECT TO SUCHCONTRACT, TRANSACTION, ARRANGEMENT, OR RELATED MATTERS AFFECTING THE SCHOOL. THE VIOLATION OF THIS CONFLICTS OF INTEREST POLICY IS A SERIOUS MATTER AND MAY CONSTITUTE "CAUSE" FOR REMOVAL OR TERMINATION OF A TRUSTEE OR OFFICER. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS MEETS ANNUALLY TO REVIEW THE COMPENSATION OF THE HEAD OF SCHOOL AND CFO. THE BOARD USES SALARY DATA FROM SIMILAR ORGANIZATIONS 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 FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 13,470,512. DISCOUNT ON PLEDGES -2,211,669.