2025-11-17T14:00:11-06:00 2025-06-30 420714325 RSM US LLP 80 CITY SQUARE BOSTON MA 021293742 990 2024-07-01 020222227 ST PAUL'S SCHOOL STPA 6032294635 325 PLEASANT STREET CONCORD NH 03301 CAROLINE BROOKS SEAY VICE RECTOR FOR FIN. & ADMIN. 6032294635 2025-11-17 1 0 KAREN LO P01434915 6179129000 2024 2025-03-06 01:10:19Z KATHLEEN GILES 325 PLEASANT STREET CONCORD NH 03301 421290800 0 X WWW.SPS.EDU X 1856 NH ST. PAUL'S SCHOOL IS A FULLY RESIDENTIAL ACADEMIC COMMUNITY. (SEE SCHEDULE O) IN EDUCATING STUDENTS TO BUILD PURPOSEFUL LIVES IN SERVICE TO THE GREATER GOOD, ST. PAUL'S SCHOOL ENGAGES YOUNG PEOPLE IN A DIVERSE, INCLUSIVE, AND ETHICAL COMMUNITY, DEDICATED TO THE PURSUIT OF EXCELLENCE IN CHARACTER AND SCHOLARSHIP AND INSPIRED BY THE BEAUTY AND SPIRIT OF OUR MILLVILLE HOME. 23 22 413 22 2133011 280090 13632536 15797913 37937128 38843672 46997244 78833901 310651 234188 98877559 133709674 11953651 12836718 0 0 38480829 39833749 0 0 7145996 35179478 36426716 85613958 89097183 13263601 44612491 1017018706 1054322060 102799351 101197719 914219355 953124341 X ST. PAUL'S SCHOOL IS A FULLY RESIDENTIAL ACADEMIC COMMUNITY. IN EDUCATING STUDENTS TO BUILD PURPOSEFUL LIVES IN SERVICE TO THE GREATER GOOD, ST. PAUL'S SCHOOL ENGAGES YOUNG PEOPLE IN A DIVERSE, INCLUSIVE, AND ETHICAL COMMUNITY, DEDICATED TO THE PURSUIT OF (SEE SCHEDULE O) EXCELLENCE IN CHARACTER AND SCHOLARSHIP AND INSPIRED BY THE BEAUTY AND SPIRIT OF OUR MILLVILLE HOME. 0 0 66980721 12589928 38042872 ST. PAUL'S SCHOOL'S PRIMARY PROGRAM SERVICE IS THE EDUCATION OF STUDENTS IN GRADE 9 THROUGH 12, IN A COEDUCATIONAL FULLY RESIDENTIAL SCHOOL ENVIRONMENT. THE SCHOOL STRIVES TO BE AN INCLUSIVE, EQUITABLE, AND RICHLY DIVERSE COMMUNITY, ONE THAT IS COMMITTED TO ENSURING EQUAL ACCESS TO OPPORTUNITIES, AS WELL AS PROMOTING INDIVIDUAL GROWTH THROUGH LEARNING ABOUT THE SELF AND THE PERSPECTIVES AND EXPERIENCE OF OTHERS. THE CONCENTRATED ACADEMIC WORK DONE IN COLLABORATION BY THE STUDENTS AND FACULTY AT ST. PAUL'S SCHOOL IS THE HALLMARK OF OUR ACADEMIC PROGRAM. THROUGH THE SCHOOL'S RIGOROUS ACADEMIC STANDARDS, WE ENCOURAGE OUR MOTIVATED STUDENTS TO ATTAIN THE HIGHEST LEVELS OF SCHOLARSHIP AND INTELLECTUAL GROWTH AND DEVELOPMENT. 1364549 246790 800800 ST. PAUL'S SCHOOL FOUNDED THE ADVANCED STUDIES PROGRAM (ASP) IN 1958 TO PROVIDE TALENTED NEW HAMPSHIRE PUBLIC AND PAROCHIAL HIGH SCHOOL RISKING SENIORS WITH CHALLENGING EDUCATIONAL OPPORTUNITIES OTHERWISE UNAVAILABLE TO THEM. EACH SUMMER, YOUNG MEN AND WOMEN LIVE ON THE ST. PAUL'S SCHOOL'S CAMPUS FOR FIVE AND A HALF WEEKS. STUDENTS ARE IMMERSED IN A COLLEGE-LEVEL CURRICULUM AND CHALLENGED TO DISCOVER NEW WAYS OF LEARNING. ASP OFFERS A WIDE VARIETY OF COURSES FROM SHAKESPEARE TO ASTRONOMY, WHICH THOROUGHLY EXPLORE TOPICS IN SEVERAL DISCIPLINES. IN THEIR TIME AT ASP, STUDENTS BECOME IMMERSED IN THEIR SUBJECT OF CHOICE, SETTING THEM UP FOR A LIFELONG UNDERSTANDING OF THE MATERIAL. (SEE SCHEDULE O FOR CONTINUATION)ADDITIONALLY, ALL ASP STUDENTS HAVE AN OPPORTUNITY TO ENHANCE THEIR WRITING SKILLS THROUGH COMPULSORY INTERACTIVE WRITING WORKSHOPS. 68345270 1 1 0 1 0 1 0 0 0 1 1 1 0 0 1 1 1 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 1 0 0 1 1 1 0 0 0 1 X 255 0 1 413 1 1 0 0 0 0 0 0 0 0 0 0 0 0 X 23 22 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH X X MEGAN KINGSLEY DIRECTOR OF FINANCE 6032294635 325 PLEASANT STREET CONCORD NH 03301 KATHY GILES RECTOR 60.00 X X 947300 0 101290 MRS CANDICE BEDNAR TRUSTEE 3.00 X 0 0 0 MR WILLIAM F DOYLE TRUSTEE 3.00 X 0 0 0 MS SUSAN M FALES-HILL TRUSTEE 3.00 X 0 0 0 MR DAVID A FLEISCHNER TRUSTEE 3.00 X 0 0 0 MR TULLY M FRIEDMAN TRUSTEE 3.00 X 0 0 0 MR HENRY C-T HO TRUSTEE 3.00 X 0 0 0 MS ELIZABETH HENRIQUES HUGHES TRUSTEE 3.00 X 0 0 0 MR RAYMOND JOSEPH JR TRUSTEE 3.00 X 0 0 0 MR ALEXANDER L KRONGARD TRUSTEE 3.00 X 0 0 0 MRS CAROLINE GILMAN LA VOIE TRUSTEE 3.00 X 0 0 0 MR BEN A LOEHNEN TRUSTEE 3.00 X 0 0 0 MR EDWARD K-J PARK TRUSTEE 3.00 X 0 0 0 MS ELIZABETH OVERTON ROBBINS TRUSTEE 3.00 X 0 0 0 MR CHASE F ROBINSON TRUSTEE 3.00 X 0 0 0 MS PAGE MONTELLE SARGISSON TRUSTEE 3.00 X 0 0 0 MS AMY SINGER TRUSTEE 3.00 X 0 0 0 MR TIMOTHY A STEINERT TRUSTEE 3.00 X 0 0 0 MRS LAUREN E MCKENNA SURZYN TRUSTEE 3.00 X 0 0 0 MR ARTHUR W ZECKENDORF TRUSTEE 3.00 X 0 0 0 MR DAVID SCULLY PRESIDENT 10.00 X X 0 0 0 MS NANCY WALKER TREASURER 3.00 X X 0 0 0 MR AMACHIE K ACKAH SECRETARY 3.00 X X 0 0 0 DR CAROLINE BROOKS SEAY VICE RECTOR FOR FINANCE & ADMINISTRATION 50.00 X 378277 0 97281 SCOTT P BOHAN CHIEF ADVANCEMENT OFFICER 50.00 X 242216 0 81237 DR THERESA FERNS VICE RECTOR OF SCHOOL LIFE 50.00 X 226297 0 98026 DR JOHN C BASSI MEDICAL DIRECTOR 60.00 X 248296 0 60848 LORI BOHAN VR FOR ACADEMICS & FACULTY 50.00 X 183472 0 36879 DONALD SULLIVAN DIRECTOR OF CAMPUS SAFETY 50.00 X 191924 0 26857 2417782 0 502418 45 0 1 0 HARVEY CONSTRUCTION CORP OF NHC 10 HARVEY ROAD BEDFORD NH 03110 CONSTRUCTION CONTRACTOR 11813475 FLIK HOSPITALITY 2 INTERNATIONAL DRIVE RYE BROOK NY 10573 DINING SERVICES 5746648 JH SPAIN COMMERCIAL SERVICES LLC 210 NORTH STATE STREET CONCORD NH 03301 CONSTRUCTION CONTRACTOR 4940228 KIERANTIMBERLAKE LLC 841 NORTH AMERICAN STREET PHILADELPHIA PA 19123 ARCHITECT SERVICES 1963000 AW THERRIEN CO INC 199 HAYWARD STREET MANCHESTER NH 03103 CONSTRUCTION CONTRACTOR 913510 37 15797913 1136580 15797913 TUITION & FEES 611710 38843672 38843672 38843672 11010176 1150061 9860115 18400 0 18400 18400 18400 354712509 692342 287053034 528092 67659475 164250 67823725 982950 66840775 SCHOOL STORE AND SHOP 722514 131192 131192 MISCELLANEOUS REVENUE 900099 84596 84596 215788 133709674 38843672 2133011 76935078 12836718 12836718 1321374 688487 530398 102489 29075915 24159410 2222091 2694414 2899305 2335255 249640 314410 4770801 2751996 1013520 1005285 1766354 1092430 493871 180053 147866 3103 144340 423 234467 22978 208675 2814 5887576 5887576 115170 32119 77893 5158 1350347 441943 303711 604693 860977 657171 175077 28729 7544563 6832765 683684 28114 761124 459745 58845 242534 19643 19643 2750873 2613329 27509 110035 10747134 9028762 238393 1479979 1271183 554998 669278 46907 EDUCATION SUPPORT FOR P 1645972 1644070 1235 667 ENTERTAINMENT / SPECIAL 1471858 673727 521347 276784 SUPPLIES FOR PROGRAMS 1371591 1287910 77704 5977 DUES AND MEMBERSHIPS 246372 208711 21130 16531 89097183 68345270 13605917 7145996 8801201 5132044 2820830 495410 3493478 2966049 382012 385610 174329 148246 1876717 2197244 368521199 143122068 213015506 225399131 146742568 127986111 630210888 679145072 9501177 10467143 1017018706 1054322060 11820212 8523440 81460142 81483663 9518997 11190616 102799351 101197719 X 321441768 338978023 592777587 614146318 914219355 953124341 1017018706 1054322060 X 44612491 -6399394 691889 X 0 1 X 1 0 X 19414754 14267677 10888075 13632536 15797913 74000955 19414754 14267677 10888075 13632536 15797913 74000955 12708570 61292385 1560807 4041000 10302122 9243782 9878515 35026226 1856044 1406583 3262627 107167 138278 162914 294451 215788 918598 113208406 181213286 0.54140 0.58100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 13580 13580 0 PART II-B, LINE 1: ST. PAUL'S SCHOOL IS A MEMBER OF A NUMBER OF ASSOCIATIONS SUCH AS THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND COUNCIL OF ADVANCEMENT AND SUPPORT OF EDUCATION, WHICH MAY USE A PORTION OF MEMBERSHIP DUES TO LOBBY ON BEHALF OF ITS MEMBERS. TOTAL DUES AND FEES PAID TO THESE TYPES OF ORGANIZATIONS WAS $13,580 IN FISCAL YEAR 2025. THE PORTION OF DUES AND FEES ALLOCATED TO LOBBYING ACTIVITIES IS NOT DETERMINABLE. 1 0 464137 6235946 0 1 755457495 6804179 67395202 7719361 27458015 6194048 788285452 702438205 1106833 89266492 6984938 27184429 3184668 755457495 673159678 7733588 59423910 6927869 25294953 5656149 702438205 742994887 4703402 -39273285 6284550 23052391 5928385 673159678 614403597 23755225 136520063 6085594 22556652 3041752 742994887 0.27000 0.73000 0.00000 1 0 4946813 4946813 315736229 118431865 197304364 42978492 24690203 18288289 4859665 4859665 225399131 US EQUITY 165145234 F INTERNATIONAL EQUITY 89586400 F MARKETABLE ALTERNATIVES 194922776 F NON-MARKETABLE ALTERNATIVES 178392078 F INFLATION HEDGING 51098584 F 679145072 CONTRACT LIABILITIES 8157680 LIABILITIES UNDER SPLIT INTEREST AGREEMENTS 1990279 INTEREST RATE SWAP AGREEMENT 1042657 11190616 X 109618228 -6399394 -17692052 -24091446 133709674 0 133709674 70713242 100834 100834 70612408 5887576 12597199 18484775 89097183 PART V, LINE 4: THE SCHOOL'S ENDOWMENT FUNDS ARE USED IN PERPETUITY TO FUND THE SPS PROGRAMS. THE PRINCIPAL IS INVESTED FOR LONG-TERM GROWTH TO PRESERVE THE PURCHASING POWER OF THE ENDOWMENT ASSETS FOR THE USE OF PRESENT AND FUTURE GENERATIONS OF STUDENTS. PART X, LINE 2: THE SCHOOL FOLLOWS FASB ASC 740, INCOME TAXES, REGARDING ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES BY PRESCRIBING THE RECOGNITION THRESHOLD A TAX POSITION IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE ON DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION. MANAGEMENT BELIEVES THAT THE SCHOOL HAS NO MATERIAL UNCERTAINTIES IN INCOME TAXES. THE SCHOOL IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR THREE YEARS FROM THE FILING DATE OF TAX RETURNS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE -12,597,199. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 1,113,652. UNREALIZED GAIN ON INTEREST RATE SWAP -320,929. INVESTMENT MANAGEMENT EXPENSES NETTED WITH REVENUE -5,887,576. PART XII, LINE 2D - OTHER ADJUSTMENTS: NON-OPERATING LEGAL & PROFESSIONAL FEES 100,834. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID NETTED WITH REVENUE 12,597,199. PART I, LINE 5 & 6: THE SCHOOL HAS NO DONOR ADVISED FUNDS. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 OUR POLICY IS PUBLISHED ANNUALLY IN A REGIONAL NEWSPAPER, INCLUDED IN ALL PROSPECTIVE STUDENT LITERATURE AND DISTRIBUTED TO STUDENTS IN OUR STUDENT HANDBOOK. THE POLICY IS ALSO NOTED ON OUR WEBSITE, AND IS INCLUDED WITH ALL EMPLOYMENT ADVERTISEMENTS INCLUDED IN NEWSPAPERS OR OTHER PUBLICATIONS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS N/A 318856218 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 INVESTMENTS N/A 7992289 NORTH AMERICA 0 0 INVESTMENTS N/A 12640486 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES ADMISSION VISITS 22010 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ADMISSION VISITS 14984 NORTH AMERICA 0 0 PROGRAM SERVICES ADMISSION VISITS 5529 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICES ADMISSION VISITS 791 EAST ASIA AND THE PACIFIC 0 0 FUNDRAISING 21704 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 FUNDRAISING 9049 0 0 0 0 0 0 339554011 9049 339563060 1 0 1 1 1 0 1 FINANCIAL AID ASSISTANCE TO ATTEND ST. PAUL'S SCHOOL 205 0 12836718 FAIR MARKET VALUE FINANCIAL AID ASSISTANCE AWARDED TO ATTEND ST. PAUL'S SCHOOL PART I, LINE 2: ANY STUDENT OR APPLICANT REQUESTING FINANCIAL AID FROM ST. PAUL'S SCHOOL MUST COMPLETE THE PERSONAL FINANCIAL STATEMENT (PFS) OFFERED BY THE SCHOOL AND STUDENT SERVICES - NAIS, AS WELL AS PROVIDE COPIES OF RECENT TAX INFORMATION BY A SPECIFIED DEADLINE. THE SCHOOL'S DIRECTOR OF FINANCIAL AID EVALUATES ALL APPLICATIONS USING BOTH THE PFS FORMULA AND INSTITUTIONAL POLICY TO DETERMINE THE FINANCIAL NEED OF EACH APPLICANT. STUDENTS WHO ARE DETERMINED TO HAVE FINANCIAL NEEDS ARE AWARDED GRANT FUNDS TO MEET 100% OF THEIR DETERMINED NEED. X 1 1 X X X X X 0 1 0 0 0 0 0 1 0 KATHY GILES RECTOR 726325 0 94975 0 126000 0 41400 0 59890 0 1048590 0 0 0 DR CAROLINE BROOKS SEAY VICE RECTOR FOR FINANCE & ADMINISTRATION 353752 0 0 0 24525 0 41400 0 55881 0 475558 0 0 0 DR THERESA FERNS VICE RECTOR OF SCHOOL LIFE 226059 0 0 0 238 0 29002 0 69024 0 324323 0 0 0 SCOTT P BOHAN CHIEF ADVANCEMENT OFFICER 242133 0 0 0 83 0 30235 0 51002 0 323453 0 0 0 DR JOHN C BASSI MEDICAL DIRECTOR 248058 0 0 0 238 0 29897 0 30951 0 309144 0 0 0 LORI BOHAN VR FOR ACADEMICS & FACULTY 183472 0 0 0 0 0 22017 0 14862 0 220351 0 0 0 DONALD SULLIVAN DIRECTOR OF CAMPUS SAFETY 191841 0 0 0 83 0 23387 0 3470 0 218781 0 0 0 PART I, LINE 1A HOUSING ALLOWANCE - ST. PAUL'S SCHOOL IS A COEDUCATIONAL FULLY RESIDENTIAL SCHOOL. AS A REQUIREMENT OF EMPLOYMENT, ALL FACULTY MEMBERS MUST LIVE ON CAMPUS AND ARE PROVIDED NONTAXABLE HOUSING BY THE SCHOOL. LISTED EMPLOYEES WHO RECEIVED SCHOOL HOUSING ARE AS FOLLOWS: - MS. KATHY GILES - $28,800 - DR. CAROLINE BROOKS SEAY - $28,800 - DR. JOHN C. BASSI - $28,800 - MR. SCOTT BOHAN - $14,400 - DR. THERESA FERNS - $28,800 - MS. LORI BOHAN - $14,400 PART I, LINE 4B MS. KATHLEEN GILES PARTICIPATES IN THE SCHOOL'S SECTION 457(B) NONQUALIFIED RETIREMENT PLANS AND ACCRUED BENEFITS OF $23,000 FOR CALENDAR YEAR 2024 WHICH WAS PROCESSED THROUGH PAYROLL IN JULY 2024. THE BENEFIT WILL NOT BE PAID UNTIL OCTOBER FOLLOWING THE END OF HER TERM. THE SCHOOL ALSO ACCRUED ANOTHER $23,500 AT THE END OF FISCAL YEAR 2025 FOR MS. KATHLEEN GILES. SHE ALSO PARTICIPATES IN THE SCHOOL'S SECTION 457(F) PLAN AND $100,000 PLUS EARNINGS OF $3,000 WERE VESTED AND PAID IN CALENDAR YEAR 2024. THESE AMOUNTS ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). IN 2024, $23,000 FROM SECTION 457(B) PLAN AND $103,000 FROM SECTION 457(F) PLAN WERE VESTED AND TAXABLE FOR MS. KATHLEEN GILES AND THEY ARE REPORTED ON SCHEDULE J, PART II, COLUMN B(III). DURING THE FISCAL YEAR 2025, THE SCHOOL ACCRUED $100,000 PLUS $3,000 EARNINGS UNDER THE SECTION 457(F) PLAN FOR MS. KATHLEEN GILES. PART I, LINE 7 THE RECTOR RECEIVED A BONUS THAT WAS BASED ON PERFORMANCES AND WAS DETERMINED AT THE DISCRETION OF THE COMPENSATION COMMITTEE. A NHHEFA REVENUE BONDS ST PAUL'S SCHOOL 020279866 2020-07-09 30000000 SEE PART VI 0 0 0 B NHHEFA REVENUE BONDS ST PAUL'S SCHOOL 020279866 2015-06-01 12000000 SEE PART VI 0 0 0 A 30000000 8550226 5072 7789702 13655000 1 0 0 1 B 12000000 120000 11880000 2016 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 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 0 B 0 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: NHHEFA REVENUE BONDS ST. PAUL'S SCHOOL DATE THE REBATE COMPUTATION WAS PERFORMED: 07/09/2025 ISSUER NAME: NHHEFA REVENUE BONDS ST. PAUL'S SCHOOL DATE THE REBATE COMPUTATION WAS PERFORMED: 06/01/2025 SCHEDULE K, PART I, A, COLUMN (F): TO RETIRE THE SERIES 2010 BONDS FOR $13,655,000 AND TO FINANCE THE RENOVATION AND CONSTRUCTION OF CERTAIN SCHOOL FACILITIES. AT JUNE 30, 2025 AND 2024, THE SCHOOL HAS RECEIVED $30,000,000 IN BOND PROCEEDS, OF WHICH $2,820,830 HELD IN ESCROW AS OF JUNE 30, 2024 UNTIL THE SCHOOL INCURS EXPENDITURES FOR THE RELATED CONSTRUCTION PROJECTS. SCHEDULE K, PART I, B, COLUMN (F): CONSTRUCTION AND/OR RENOVATION OF SCHOOL FACILITIES X 1 16000 MARKET VALUE X 61 1110551 MARKET VALUE X PROGRAM SUPPLIES 2 10029 MARKET VALUE 0 0 1 1 PART I, COLUMN (B): THE SCHOOL IS REPORTING THE NUMBER OF CONTRIBUTIONS OF SECURITIES BASED ON THE NUMBER OF GIFTS RECEIVED. THE NUMBER OF OTHER DONATIONS IS BASED ON THE NUMBER OF CONTRIBUTORS. PART I, LINE 32B: ALL STOCK ARE RECEIVED, PROCESSED AND SOLD BY THE SCHOOL'S CUSTODIAN BANK. FORM 990, PART V, LINE 3B ST. PAUL'S HAS FILED FORM 8868, APPLICATION FOR EXTENSION OF TIME TO FILE AN EXEMPT ORGANIZATION RETURN, TO REQUEST AN EXTENSION FOR FORM 990-T FOR THE TAX YEAR ENDING JUNE 30, 2025. FORM 990, PART VI, SECTION A, LINE 6 THE SCHOOL'S GOVERNING BODY CONSISTED OF A BOARD OF TRUSTEES. THE TRUSTEES HAVE A FIDUCIARY RESPONSIBILITY FOR THE SCHOOL'S GOVERNANCE. ALL TRUSTEES HAVE THE SAME VOTING RIGHTS. THE FULL BOARD OF TRUSTEES MUST VOTE ON THE REMOVAL OF TRUSTEES OR THE HIRING OR FIRING OF THE RECTOR OR DISSOLUTION OF THE SCHOOL. THE FULL BOARD APPROVES ALL SIGNIFICANT DECISIONS OF THE SCHOOL. FORM 990, PART VI, SECTION A, LINE 7A CERTAIN DESIGNEES OF THE ALUMNI AND PARENTS ASSOCIATIONS SERVE AS MEMBERS OF THE BOARD OF TRUSTEES OF ST. PAUL'S SCHOOL AND HAVE THE SAME AUTHORITY AS OTHER ELECTED MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B ST. PAUL'S SCHOOL WORKS WITH ITS OUTSIDE ACCOUNTANT TO PREPARE THE FORMS IN WHICH THE DIRECTOR OF FINANCE AND VICE RECTOR OF FINANCE AND ADMINISTRATION PERFORM A REVIEW PRIOR TO BEING PRESENTED TO THE AUDIT AND RISK COMMITTEE. AN AUDIT AND RISK COMMITTEE MEETING WAS HELD PRIOR TO THE FILING OF THE FORM 990. AT THIS TIME, THE FORM 990 WAS REVIEWED IN DETAIL AND APPROVED FOR SUBMISSION TO THE INTERNAL REVENUE SERVICE. PRIOR TO THE FINAL FORM BEING ELECTRONICALLY SUBMITTED TO THE INTERNAL REVENUE SERVICE A COPY WAS PROVIDED TO ALL THE MEMBERS OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C ST. PAUL'S SCHOOL MAINTAINS A WRITTEN CONFLICT OF INTEREST POLICY THAT IS INCLUDED IN THE SCHOOL'S POLICIES AND PROCEDURES MANUAL WHICH IS UPDATED AND DISSEMINATED TO EMPLOYEES AND TRUSTEES ANNUALLY AND IS INCLUDED ON THE SCHOOL'S INTRANET. AT THE START OF EACH FISCAL YEAR, THE VICE RECTOR OF FINANCE AND ADMINISTRATION OF THE SCHOOL REQUIRES THAT EACH TRUSTEE, OFFICER, AND KEY EMPLOYEE COMPLETES A CONFLICT OF INTEREST DISCLOSURE FORM. ANY CONFLICTS IDENTIFIED BY THE CONFLICT OF INTEREST DISCLOSURE FORM ARE SUMMARIZED IN A REPORT TO THE PRESIDENT OF THE BOARD OF TRUSTEES AND THE CHAIR OF THE TRUSTEES & GOVERNANCE COMMITTEE. THE BOARD OF TRUSTEES IS NOTIFIED OF ANY CONFLICTS AND ACTION, IF NECESSARY, IS TAKEN BY THE TRUSTEES. AT THE CONCLUSION OF THE FISCAL YEAR, PRIOR TO THE SUBMISSION OF THE FORM 990, A GOVERNING BODY MEMBER ANNUAL QUESTIONNAIRE IS PROVIDED TO EACH TRUSTEE, OFFICER AND/OR KEY EMPLOYEE. THIS QUESTIONNAIRE REQUIRES THE DISCLOSURE OF ANY CONFLICTS OF INTEREST THAT MAY HAVE EXISTED DURING THE PRIOR FISCAL YEAR. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE, CONSISTING SOLELY OF OUTSIDE DIRECTORS, IS RESPONSIBLE FOR ADMINISTERING THE COMPENSATION OF THE RECTOR AND ANY OTHER OFFICERS AND KEY EMPLOYEES. THE COMMITTEE MEETS APPROXIMATELY THREE TIMES A YEAR TO: 1. SET GOALS FOR THE RECTOR. 2. DETERMINE WHAT, IF ANY, OUTSIDE RESOURCES ARE NECESSARY TO SET APPROPRIATE COMPENSATION IN THAT YEAR. 3. HIRE ANY NECESSARY OUTSIDE CONSULTANTS. 4. REVIEW AND SET COMPENSATION BY A REVIEW OF COMPARABLE OUTSIDE DATA INCLUDING 990 AND PEER SCHOOL INFORMATION. 5. REVIEW THE RECTOR'S PERFORMANCE. 6. AMEND, IF NECESSARY, EMPLOYMENT CONTRACTS. 7. SET COMPENSATION FOR RECTOR, OTHER OFFICERS AND KEY EMPLOYEES. 8. REVIEW AND APPROVE THE MINUTES OF THE PREVIOUS COMPENSATION COMMITTEE MEETING. THE COMPENSATION COMMITTEE REPORTS ON ITS MEETINGS TO THE FULL BOARD OF TRUSTEES AND THE ACTIONS OF THE COMPENSATION COMMITTEE ARE RATIFIED AT THE NEXT MEETING OF THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION C, LINE 19 ST. PAUL'S SCHOOL MAKES AVAILABLE TO THE PUBLIC VIA ITS WEBSITE THE FOLLOWING GOVERNING DOCUMENTS: - BY-LAWS - INTERNAL REVENUE SERVICE TAX DETERMINATION LETTER - FILED PUBLIC DISCLOSURE COPY OF FORM 990 FOR THE THREE MOST RECENT FISCAL YEARS - AUDITED FINANCIAL STATEMENTS FOR THE TWO MOST RECENT FISCAL YEARS FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 1,113,652. UNREALIZED LOSS ON INTEREST RATE SWAP -320,929. NON-OPERATING LEGAL & PROFESSIONAL FEES -100,834. ST PAUL'S SCHOOL - E BURKE ROSS JR NEW JERSEY FINANCIAL AID FUND LLC 172 SOUTH OCEAN BLVD PALM BEACH FL 33480 161673430 FINANCIAL AID FUND NJ 464137 6235946 ST PAUL'S SCHOOL CHARITABLE REMAINDER TRUST (5) CHARITABLE TRUST NH ST PAUL'S SCHOOL 1 POOLED INCOME FUND (1) CHARITABLE TRUST NH ST PAUL'S SCHOOL 1 PERPETUAL TRUST (1) CHARITABLE TRUST PA ST PAUL'S SCHOOL 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0