2025-05-14T17:40:14-05:00 2024-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 02129 990 2023-07-01 060647018 THE HOTCHKISS SCHOOL HOTC 8604353159 11 INTERLAKEN ROAD LAKEVILLE CT 06039 SANDRA J LYNCH CFO 8604353159 2025-05-13 1 0 LYNNE JOHNSON P00757336 6179129000 2025-05-14 2023 2025-03-06 01:10:19Z SANDRA J LYNCH 11 INTERLAKEN ROAD LAKEVILLE CT 06039 135780442 0 X WWW.HOTCHKISS.ORG X 1891 CT THE HOTCHKISS SCHOOL SEEKS TO INSPIRE A DIVERSE RANGE OF STUDENTS (SEE CONTINUATION ON SCHEDULE O) WHO ARE COMMITTED TO THE BETTERMENT OF SELF AND SOCIETY, AND TO CULTIVATE IN THEM AT THE HIGHEST STANDARDS OF EXCELLENCE (IMAGINATION AND INTELLECT, OPENNESS AND PERSONAL INTEGRITY, EMPATHY AND RESPONSIBLE CITIZENSHIP) THAT THEY MAY DISCOVER AND FULFILL THEIR POTENTIAL AS INDIVIDUALS FULLY ENGAGED IN OUR WORLD. 31 30 507 924 299420 0 24183183 42146608 39860892 42032828 19252506 27291443 5510679 1445047 88807260 112915926 12281251 13428970 0 0 36996250 39244366 0 0 5408706 34440135 42880258 83717636 95553594 5089624 17362332 784204110 861225504 93832628 118800511 690371482 742424993 X THE HOTCHKISS SCHOOL SEEKS TO INSPIRE A DIVERSE RANGE OF STUDENTS WHO ARE COMMITTED TO THE BETTERMENT OF SELF AND SOCIETY, AND TO CULTIVATE IN THEM AT THE HIGHEST STANDARDS OF EXCELLENCE (IMAGINATION AND INTELLECT, OPENNESS AND PERSONAL INTEGRITY, EMPATHY AND RESPONSIBLE CITIZENSHIP) THAT THEY MAY DISCOVER AND FULFILL THEIR POTENTIAL AS INDIVIDUALS FULLY ENGAGED IN OUR WORLD. 0 0 67130770 13428970 43197839 THE SCHOOL IS COMMITTED TO MASTERY OF LEARNING SKILLS, DEVELOPMENT OF INTELLECTUAL CURIOSITY, EXCELLENCE AND CREATIVITY IN ALL DISCIPLINES, AND ENTHUSIASTIC PARTICIPATION IN ATHLETICS AND OTHER SCHOOL ACTIVITIES. WE ENCOURAGE OUR STUDENTS TO DEVELOP CLARITY OF THOUGHT, CONFIDENCE AND FACILITY IN EXPRESSING IDEAS, AND ARTISTIC AND AESTHETIC SENSITIVITY. WE EXPECT ALL MEMBERS OF THE COMMUNITY, IN AND OUT OF THE CLASSROOM, TO SUBJECT THEIR VIEWS AND ACTIONS TO CRITICAL EXAMINATION AND TO ACCEPT RESPONSIBILITY FOR THEM. WE HOPE THAT OUR GRADUATES WILL LEAVE HOTCHKISS WITH A COMMITMENT TO SERVICE TO OTHERS AND TO ENVIRONMENTAL STEWARDSHIP, AND WITH A GREATER UNDERSTANDING OF THEMSELVES AND OF THEIR RESPONSIBILITIES IN A GLOBAL SOCIETY. THE ENROLLMENT FOR THE TAX YEAR WAS APPROXIMATELY 615 STUDENTS. 67130770 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 325 0 1 507 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CT X SANDRA J LYNCH 8604353159 11 INTERLAKEN ROAD LAKEVILLE CT 06039 CRAIG W BRADLEY HEAD OF SCHOOL 40.00 0.00 X X 992596 0 204989 CHARLES AYRES JR TRUSTEE 3.00 0.00 X 0 0 0 JOSEPH BARATTA TRUSTEE 3.00 0.00 X 0 0 0 ANNE MATLOCK DINNEEN TRUSTEE 3.00 0.00 X 0 0 0 PATRICIA B FARMAN-FARMAIAN TRUSTEE 3.00 0.00 X 0 0 0 ELIZABETH J FORD TRUSTEE 3.00 0.00 X 0 0 0 JOHN R GRUBE TRUSTEE 3.00 0.00 X 0 0 0 BROOKE HARLOW TRUSTEE 3.00 0.00 X 0 0 0 ALEXANDER HURST TRUSTEE 3.00 0.00 X 0 0 0 IGNACIO JAYANTI TRUSTEE 3.00 0.00 X 0 0 0 JOHN KHOURY TRUSTEE 3.00 0.00 X 0 0 0 ANNIKA LESCOTT-MARTINEZ TRUSTEE 3.00 0.00 X 0 0 0 BERNICE LEUNG LIN TRUSTEE 3.00 0.00 X 0 0 0 MICHAEL MARS TRUSTEE 3.00 0.00 X 0 0 0 CRISTINA MARIANI-MAY TRUSTEE 3.00 0.00 X 0 0 0 PAUL MUTTER TRUSTEE 3.00 0.00 X 0 0 0 AARON OBERMAN TRUSTEE 3.00 0.00 X 0 0 0 CARLOS A PEREZ TRUSTEE 3.00 0.00 X 0 0 0 THOMAS S QUINN III TRUSTEE 3.00 0.00 X 0 0 0 CHRISTOPHER R REDLICH JR TRUSTEE 3.00 0.00 X 0 0 0 THOMAS SEIDENSTEIN TRUSTEE 3.00 0.00 X 0 0 0 ROGER K SMITH TRUSTEE (UNTIL 07/01/23) 3.00 0.00 X 0 0 0 TIMOTHY P SULLIVAN TRUSTEE 3.00 0.00 X 0 0 0 RHONDA R TROTTER TRUSTEE 3.00 0.00 X 0 0 0 RICHARD WEIL TRUSTEE 3.00 0.00 X 0 0 0 ROBERT R GOULD CO-PRESIDENT 3.00 0.00 X X 0 0 0 ELIZABETH GARDNER HINES CO-PRESIDENT 3.00 0.00 X X 0 0 0 REBECCA VAN DER BOGERT VICE PRESIDENT 3.00 0.00 X X 0 0 0 ROBERT CHARTENER VICE PRESIDENT 3.00 0.00 X X 0 0 0 RAYMOND MCGUIRE VICE PRESIDENT 3.00 0.00 X X 0 0 0 DAVID WYSHNER TREASURER 3.00 0.00 X X 0 0 0 U GWYN WILLIAMS SECRETARY 3.00 0.00 X X 0 0 0 SANDRA J LYNCH CFO 40.00 0.00 X 387900 0 59276 NINETTE ENRIQUE CHIEF ADVANCEMENT OFFICER 40.00 0.00 X 372034 0 94909 ERBY L MITCHELL JR DEAN OF ADMISSON & FINANCIAL AID 40.00 0.00 X 257494 0 151550 RICHARD HAZELTON DEAN OF SUMMER PROGRAMS 40.00 0.00 X 191321 0 127237 HOPE COBERA CHIEF COMMUNICATIONS OFFICER 40.00 0.00 X 228482 0 40693 ZACHARY MCCLAIN MEDICAL DIRECTOR 40.00 0.00 X 222491 0 38537 GRETCHEN DWYER EXECUTIVE DIRECTOR OF LEADERSHIP GIVING 40.00 0.00 X 218763 0 30389 MERRILEE MARDON FORMER ASSOCIATE HEAD OF SCHOOL 0.00 0.00 X 127379 0 74581 MELISSA WOODIN CONTROLLER/FORMER INTERIM CFO 40.00 0.00 X 188131 0 65743 3186591 0 887904 53 1 1 0 GILBANE 7 JACKSON WALKWAY PROVIDENCE RI 02903 CONTRUCTION 12293420 TORY HILL LLC 11 INTERLAKEN ROAD LAKEVILLE CT 06039 FOOD SERVICE 4801143 BURLINGTON CONSTRUCTION CO INC 67 PROSPECT STREET TORRINGTON CT 06790 CONSTRUCTION 3129130 MEGA MECHANICAL 98 COMMERCE STREET GLASTONBURY CT 06033 CONSTRUCTION 1059882 PREMIER BUILDING ASSOCIATES 100 SHAW ROAD NORTH BRANFORD CT 06471 CONSTRUCTION 317627 34 42146608 6776319 42146608 TUITION AND FEES 611600 42032828 42032828 42032828 2583589 -109804 2693393 47019075 2300 22313521 0 24705554 2300 24707854 24707854 421807 550995 -129188 -129188 STUDENT FEES AND OTHER 611710 985670 985670 CHILD CARE INCOME 611710 292354 292354 STUDENT ACTIVITIES 611710 179341 179341 116870 116870 1574235 112915926 43197839 299420 27272059 148774 148774 13280196 13280196 1916506 1373005 543501 25946949 19956316 3020466 2970167 2869011 2202422 313968 352621 6544118 4708348 991706 844064 1967782 1428472 299496 239814 93196 93196 253613 253613 3942769 3942769 1607592 1370852 236740 148172 148172 676025 494495 181530 1737355 1272618 464737 7789059 7013441 555978 219640 1049600 768937 280663 1605364 1284291 321073 7681099 6144879 1536220 1224683 1224683 LEGAL-OTHER 5951302 5951302 INSTRUCTIONAL EXPENSES 847300 847300 REPAIRS & MAINTENANCE 605701 605701 STUDENT ACTIVITES 366354 366354 7301074 5694903 1604012 2159 95553594 67130770 23014118 5408706 6143037 328288 3128296 21505702 33645157 11222930 10902737 40587 41327 171547 232535 4621496 5303205 317451937 135497279 173484352 181954658 42623720 45894987 512642565 546612380 11748174 33181934 784204110 861225504 5355048 10438426 31854393 33900983 34889353 54600888 21733834 19860214 93832628 118800511 X 305979381 320790976 384392101 421634017 690371482 742424993 784204110 861225504 X 17362332 35128698 -437519 X X 0 1 X 1 0 X 14322717 21890881 23438993 24183183 42146608 125982382 14322717 21890881 23438993 24183183 42146608 125982382 1872853 124109529 1429301 1829667 1711098 955454 2693393 8618913 303892 12922 495208 3330119 421807 4563948 139165243 203280600 0.89180 0.81550 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 178,980. 2020 AMOUNT: $ 12,922. 2021 AMOUNT: $ 495,208. 2022 AMOUNT: $ 517,899. 2023 AMOUNT: $ 421,807. CHILD CARE INCOME - 2019 AMOUNT: $ 124,912. EMPLOYEE RETENTION CREDIT - 2022 AMOUNT: $ 2,812,220. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 1 260.00 1 0 X X X EDUCATION 0 553908444 7529990 56858000 33808395 584488039 548081965 6744764 34100237 35018522 553908444 618398123 8387439 -57053364 21650233 548081965 490963572 7752606 148584445 28902500 618398123 494205161 3246314 15693813 22181716 490963572 0.37000 0.34000 0.29000 0 0 3011287 3011287 283496819 111238158 172258661 24871241 21178340 3692901 6072590 3080781 2991809 181954658 MARKETABLE HEDGE FUNDS 223736564 F MARKETABLE ALTERNATIVES 120231786 F NON-MARKETABLE ALTERNATIVE ASSETS 202644030 F 546612380 OTHER LIABILITIES 620248 DEFINED BENEFIT LIABILITIES 19239966 19860214 X 124962433 35128698 -19690417 15438281 109524152 3942769 -550995 3391774 112915926 72908922 550995 550995 72357927 3942769 19252898 23195667 95553594 PART II, LINE 9: THE EASEMENT IS PART OF A PARCEL OF LAND PURCHASED BY THE SCHOOL IN 2004. IT HAD BEEN CREATED IN THE 1980'S BY THE OWNER OF THE LAND AT THAT POINT IN TIME AND THE LOSS OF ECONOMIC VALUE OF THE EASEMENT HAD BEEN REFLECTED IN THE APPRAISED VALUE OF THE PARCEL. THIS APPRAISAL SERVED AS THE BASIS OF THE PURCHASE PRICE. THE LAND IS REPORTED ON THE SCHOOL'S STATEMENT OF FINANCIAL POSITION AT PURCHASED COST. PART V, LINE 4: INCOME FROM ENDOWMENT FUNDS IS DRAWN IN ACCORDANCE WITH THE SCHOOL'S SPENDING POLICY AND USED IN ACCORDANCE WITH DONOR-IMPOSED STIPULATIONS OR, IN THE ABSENCE THEREOF, TO SUPPORT THE SCHOOL'S GENERAL OPERATING EXPENSES, INCLUDING SALARIES, FINANCIAL AID AND FACILITIES MAINTENANCE. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR UNCERTAIN INCOME TAX PROVISIONS INCLUDED IN ACCOUNTING STANDARDS CODIFICATION ("ASC") 740. ASC 740 WHICH PRESCRIBES DETAILED GUIDANCE FOR FINANCIAL STATEMENT RECOGNITION, MEASUREMENT AND DISCLOSURE OF UNCERTAIN TAX POSITIONS RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS. TAX POSITIONS MUST MEET A MORE-LIKELY-THAN-NOT RECOGNITION THRESHOLD TO BE RECOGNIZED, AND THE SCHOOL MONITORS ITS POTENTIAL TAX POSITIONS THROUGHOUT THE YEAR. THE SCHOOL BELIEVES THERE ARE NO UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2024 AND 2023. THE SCHOOL IS GENERALLY EXEMPT FROM INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR THREE YEARS FROM THE FILING DATE. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE -13,280,196. CHANGE IN VALUE OF INTEREST RATE SWAP 663,083. CHANGE IN VALUE OF POST RETIREMENT BENEFIT OBLIGATION -989,954. STATE EXCISE TAX -21,400. LITIGATION EXPENSES -5,951,302. LOSS ON EXTINGUISHMENT OF DEBT -110,648. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -550,995. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 550,995. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL ASSISTANCE 13,280,196. STATE EXCISE TAX 21,400. LITIGATION EXPENSES 5,951,302. PART III, LINE 1A & 4: THE SCHOOL'S COLLECTIONS INCLUDE WORKS OF ART, LITERARY WORKS, HISTORICAL TREASURES AND ARTIFACTS. THESE COLLECTIONS ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION, RESEARCH AND FURTHERANCE OF PUBLIC SERVICE. THE COLLECTIONS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS SINCE THE SCHOOL'S INCEPTION, ARE NOT RECOGNIZED AS ASSETS IN THE STATEMENTS OF FINANCIAL POSITION OR CONTRIBUTIONS IN THE STATEMENTS OF ACTIVITIES. PROCEEDS FROM DEACCESSIONS OR INSURANCE RECOVERIES ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. THE COLLECTIONS ARE SUBJECT TO A POLICY THAT REQUIRES PROCEEDS FROM THEIR DEACCESSIONS OR INSURANCE RECOVERIES TO BE USED TO ACQUIRE OTHER ITEMS FOR COLLECTIONS. 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 SCHOOL PUBLICIZES THE POLICY ALONG WITH OTHER AREA SCHOOLS IN THE LOCAL NEWSPAPER. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 229851503 EUROPE (INCLUDING ICELAND & GREENLAND) INVESTMENTS 59628806 0 0 0 0 0 0 289480309 0 289480309 1 0 1 1 1 0 1 TOWN OF SALISBURY PO BOX 548 SALISBURY CT 06068 133175693 118450 0 DONATION SALISBURY HOUSING COMMITTEE PO BOX 10 SALISBURY CT 06068 115309016 501(C)(3) 10000 0 DONATION 1 1 FINANCIAL AID 225 13207246 TUITION VALUE TUITION AID FINANCIAL AID-SUMMER PORTALS 36 72950 SUMMER PORTAL FEES SUMMER PORTAL AID PART I, LINE 2: THE HOTCHKISS SCHOOL HAS DEDICATED AN INDIVIDUAL IN THE ADMISSIONS OFFICE TO WORK SOLELY WITH FINANCIAL AID. FINANCIAL AID AWARDS ARE ALSO TRACKED ON AN INDIVIDUAL BASIS IN THE BUSINESS OFFICE FOR BILLING PURPOSES. X 1 1 X X X 0 0 0 0 0 0 0 1 0 CRAIG W BRADLEY HEAD OF SCHOOL 563841 0 200000 0 228755 0 59160 0 145829 0 1197585 0 0 0 NINETTE ENRIQUE CHIEF ADVANCEMENT OFFICER 318634 0 0 0 53400 0 59160 0 35749 0 466943 0 0 0 SANDRA J LYNCH CFO 342900 0 0 0 45000 0 59160 0 116 0 447176 0 0 0 ERBY L MITCHELL JR DEAN OF ADMISSON & FINANCIAL AID 241894 0 0 0 15600 0 50740 0 100810 0 409044 0 0 0 RICHARD HAZELTON DEAN OF SUMMER PROGRAMS 189521 0 0 0 1800 0 26470 0 100767 0 318558 0 0 0 HOPE COBERA CHIEF COMMUNICATIONS OFFICER 185282 0 0 0 43200 0 25240 0 15453 0 269175 0 0 0 ZACHARY MCCLAIN MEDICAL DIRECTOR 222491 0 0 0 0 0 25644 0 12893 0 261028 0 0 0 MELISSA WOODIN CONTROLLER/FORMER INTERIM CFO 188131 0 0 0 0 0 26953 0 38790 0 253874 0 0 0 GRETCHEN DWYER EXECUTIVE DIRECTOR OF LEADERSHIP GIVING 218763 0 0 0 0 0 30273 0 116 0 249152 0 0 0 MERRILEE MARDON FORMER ASSOCIATE HEAD OF SCHOOL 119879 0 0 0 7500 0 23125 0 51456 0 201960 0 0 0 PART I, LINE 1A FOR THE BENEFIT AND CONVENIENCE OF THE SCHOOL AND AS A CONDITION OF THEIR EMPLOYMENT, CERTAIN EMPLOYEES ARE PROVIDED WITH ON-CAMPUS RESIDENCES AT THE SCHOOL'S EXPENSE. FOR THE CONVENIENCE OF THE SCHOOL, THESE RESIDENCES ARE READILY AVAILABLE AND USED FOR SCHOOL-RELATED ORDINARY AND NECESSARY BUSINESS FUNCTIONS ON A REGULAR AND CONTINUING BASIS. CHIEF FINANCIAL OFFICER, CHIEF COMMUNICATIONS OFFICER, AND CHIEF ADVANCEMENT OFFICER RECEIVED HOUSING ALLOWANCE THAT IS TREATED AS TAXABLE INCOME AND REPORTED ON 2023 FORM W-2S. PART I, LINE 3 THE EXECUTIVE COMMITTEE PROVIDES COUNSEL AND FEEDBACK TO THE HEAD OF SCHOOL (HOS) AND DETERMINES THE HOS COMPENSATION BY REVIEWING ABOPS COMPENSATION SURVEY INFORMATION TO ESTABLISH THE HOS COMPENSATION. THE EXECUTIVE COMMITTEE CONTINUES TO REVIEW ABOPS COMPENSATION SURVEY DATA EACH YEAR, INFORMING THE HOS OF HIS ANNUAL COMPENSATION. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A BOARD APPROVED BONUS $200,000 FOR THE CALENDAR YEAR 2023, WHICH WAS REPORTED IN HIS 2023 W-2. THE HEAD OF SCHOOL'S BONUS WAS DETERMINED UNDER THE DISCRETION OF THE BOARD. A STATE OF CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 060806186 2023-11-02 55000000 CONSTRUCTION 0 0 0 A 55000000 302875 54697125 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 0 0 0 0 0 0 1 A 1 X 68 6776319 FAIR MARKET VALUE 0 0 1 1 PART I, COLUMN (B): THE AMOUNT IN COLUMN B REPRESENTS THE NUMBER OF CONTRIBUTORS. PART I, LINE 32B: THE SCHOOL MAINTAINS AN ACCOUNT WITH A FINANCIAL INSTITUTION THROUGH WHICH GIFTS OF APPRECIATED SECURITIES ARE RECEIVED AND LIQUIDATED. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT AND RISK COMMITTEE REVIEWS AND RECOMMENDS APPROVAL OF THE FORM 990 TO THE BOARD OF TRUSTEES. THE AUDIT AND RISK COMMITTEE REVIEWS IN DETAIL A PUBLIC DISCLOSURE COPY OF THE FORM 990 WITH SCHOOL MANAGEMENT AND ITS AUDITORS. ALL TRUSTEES REVIEW THE PUBLIC DISCLOSURE DRAFT AND THE COPIES OF THE PUBLIC DISCLOSURE FORM 990 ARE MADE AVAILABLE TO ALL TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C EACH TRUSTEE SHALL DISCLOSE THE EXISTENCE AND NATURE OF ANY PERSONAL OR OUTSIDE INTEREST THAT MAY AFFECT OR BE AFFECTED BY THE SCHOOL'S OPERATIONS OR BY DECISIONS THAT THE TRUSTEE MAKES ON THE SCHOOL'S BEHALF. MORE SPECIFICALLY, EACH TRUSTEE SHALL DISCLOSE EACH FINANCIAL AND NONFINANCIAL INTEREST. EACH YEAR, EVERY TRUSTEE SHALL COMPLETE THE REQUIRED QUESTIONNAIRE AND SUBMIT IT TO THE CHIEF FINANCIAL OFFICER. THE QUESTIONNAIRE OF EACH TRUSTEE WILL BE REVIEWED BY THE CO-PRESIDENTS, THE SECRETARY, THE HEAD OF SCHOOL AND THE CFO. IF, PRIOR TO THE NEXT ANNUAL DISCLOSURE, ANY TRUSTEE OBTAINS OR DEVELOPS A FINANCIAL OR NONFINANCIAL INTEREST THAT HAS NOT PREVIOUSLY BEEN DISCLOSED, THE TRUSTEE SHALL PROMPTLY DISCLOSE THE INTEREST TO THE CHIEF FINANCIAL OFFICER AND MAKE IT A MATTER OF RECORD. THE CO-PRESIDENTS AND HEAD OF SCHOOL WILL REVIEW IN ADVANCE THE AGENDA OF EACH ANNUAL, REGULAR AND SPECIAL MEETING OF THE BOARD AND OF THE EXECUTIVE COMMITTEE AND IDENTIFY, TO THE EXTENT POSSIBLE, POTENTIAL CONFLICTS OF INTEREST THAT MAY EXIST WITH RESPECT TO A MATTER ON THE AGENDA. IF A POTENTIAL CONFLICT OF INTEREST IS IDENTIFIED, THE CO-PRESIDENTS WILL NOTIFY THE INDIVIDUAL WITH THE POTENTIAL CONFLICT PRIOR TO THE MEETING AND WILL NOTIFY THE FULL BOARD OR EXECUTIVE COMMITTEE, AS THE CASE MAY BE, AT THE MEETING. IN ADDITION, EACH TRUSTEE ATTENDING A MEETING WHO BELIEVES THERE IS OR MAY BE A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EITHER FOR THE TRUSTEE HIMSELF OR HERSELF OR FOR ANY OTHER TRUSTEE SHALL IDENTIFY THE ISSUE FOR CONSIDERATION BY THE BOARD OR EXECUTIVE COMMITTEE IF THE CO-PRESIDENTS HAVE NOT DONE SO. IF A TRUSTEE MAY HAVE A CONFLICT OF INTEREST AS TO A MATTER BEFORE THE BOARD, THE TRUSTEE SHALL LEAVE THE MEETING AFTER PROVIDING ALL MATERIAL INFORMATION RELEVANT TO THE EXISTENCE OF A CONFLICT. THE INDIVIDUALS REMAINING IN THE MEETING SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. IF SO, THE TRUSTEE IN QUESTION SHALL NOT THEREAFTER VOTE ON THE SUBSTANTIVE MATTER OR BE PRESENT DURING DELIBERATIONS. IF IT IS DETERMINED THAT THERE IS NO CONFLICT, THE TRUSTEE MAY FULLY PARTICIPATE IN THE MEETING. IN CERTAIN CIRCUMSTANCES, A TRUSTEE MAY BE FACED WITH CONFLICTING DUTIES SUCH THAT THE DISCLOSURE OF THE ACTUAL OR POTENTIAL CONFLICT OF INTEREST WOULD BREACH THE TRUSTEE'S DUTY OF CONFIDENTIALITY TO ANOTHER ORGANIZATION. IN SUCH CASES, THE TRUSTEE SHOULD EXPLAIN THAT AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST EXISTS AND THAT THE TRUSTEE'S DUTIES TO ANOTHER ORGANIZATION PRECLUDE FULL DISCLOSURE OF THE NATURE OR EXTENT OF THE INTEREST. THE TRUSTEE SHOULD THEN LEAVE THE MEETING AND REMAIN OUT OF THE MEETING DURING DISCUSSION AND THE VOTE. NO TRUSTEE WHO HAS A CONFLICT OF INTEREST ON A MATTER SHALL PARTICIPATE IN SUBSTANTIVE DELIBERATIONS OR VOTE ON THAT MATTER OR BE COUNTED IN DETERMINING THE QUORUM FOR THE MEETING AT WHICH THE VOTE IS TAKEN, EVEN WHEN PERMITTED BY LAW. NO TRUSTEE WHO HAS A CONFLICT OF INTEREST ON A MATTER SHALL USE HIS OR HER PERSONAL INFLUENCE ON THE MATTER. THESE REQUIREMENTS DO NOT PREVENT A TRUSTEE FROM BRIEFLY STATING HIS OR HER POSITION ON A MATTER, WHERE APPROPRIATE, OR FROM ANSWERING PERTINENT QUESTIONS ASKED BY OTHERS, SINCE HIS OR HER KNOWLEDGE MAY PROVIDE ASSISTANCE TO OTHERS. THE TRUSTEE WITH A CONFLICT OF INTEREST MUST LEAVE THE MEETING AFTER PROVIDING ANY INFORMATION REQUESTED BY OTHERS; NO TRUSTEE SHALL BE PRESENT DURING SUBSTANTIVE DISCUSSIONS, DELIBERATIONS, OR VOTING ON THE MATTER ON WHICH THAT TRUSTEE HAS A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE PROVIDES COUNSEL AND FEEDBACK TO THE HEAD OF SCHOOL (HOS) AND DETERMINES THE HOS COMPENSATION BY REVIEWING ABOPS COMPENSATION SURVEY INFORMATION TO ESTABLISH THE HOS COMPENSATION. THE EXECUTIVE COMMITTEE CONTINUES TO REVIEW ABOPS COMPENSATION SURVEY DATA EACH YEAR, INFORMING THE HOS OF HIS ANNUAL COMPENSATION. THE HOS AND PERIODICALLY THE EXECUTIVE COMMITTEE REVIEW MARKET DATA FROM COMPARABLE INSTITUTIONS FOR THE TOP 20 OR SO PAID EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES IT 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) AT ITS ADMINISTRATIVE OFFICES IN LAKEVILLE, CT. IN ADDITION, THE FORM 990 WITHOUT SCHEDULE B IS AVAILABLE VIA GUIDESTAR. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP AGREEMENT -989,954. CHANGE IN VALUE OF POST RETIREMENT BENEFIT OBLIGATION 663,083. LOSS ON EXTINGUISHMENT OF DEBT -110,648. FORM 990, PART XII, LINE 2C: THE ORGANIZATION DID NOT CHANGE ITS OVERSIGHT OR SELECTION PROCESSES DURING THE TAX YEAR. CHARITABLE REMAINDER TRUST (3) CHARITABLE TRUST MA THE HOTCHKISS SCHOOL 1 CHARITABLE REMAINDER TRUST (2) CHARITABLE TRUST CT THE HOTCHKISS SCHOOL 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0