2026-04-10T16:24:09-05:00 2025-06-30 871353108 EISNER ADVISORY GROUP LLC 111 WOOD AVENUE SOUTH ISELIN NJ 088302700 990 2024-07-01 237365263 MONTCLAIR KIMBERLEY ACADEMY FOUNDATION MONT 9737469800 201 VALLEY ROAD MONTCLAIR NJ 07042 KATHRYN DAVISON CHIEF FINANCIAL & OPT OFFICER 9737469800 2026-04-07 1 1 GINA RACHEL P01216293 7322437000 2026-03-31 2024 2025-03-06 01:10:19Z NIGEL D FURLONGE 201 VALLEY ROAD MONTCLAIR NJ 07042 73766841 0 X WWW.MKA.ORG X 1974 NJ SEE SCHEDULE O 29 28 484 400 0 0 4268406 4223926 50874717 52653464 2076276 3469817 142600 149310 57361999 60496517 5929221 6219241 0 0 30929726 32398081 0 0 733573 15133909 14657526 51992856 53274848 5369143 7221669 102321822 126603472 10400845 24445228 91920977 102158244 X SEE SCHEDULE O 0 0 36871147 6219241 49149363 MONTCLAIR KIMBERLEY ACADEMY OPERATES AN ACCREDITED PRE-K12 EDUCATIONAL PROGRAM SERVING APPROXIMATELY 1,050 STUDENTS WITHIN THREE CAMPUSES DURING THE TAX YEAR. THE SCHOOL PROVIDES ACADEMIC PROGRAMS, WHICH INCLUDE CORE ACADEMIC SUBJECTS, ARTS, EDUCATION, TECHNOLOGY INTEGRATION, AND EXTRACURRICULAR OPPORTUNITIES, THAT PROVIDE A VIBRANT AND TRANSFORMATIVE EDUCATION FOR ITS STUDENTS. DURING THE YEAR, THE SCHOOL AWARDED OVER $6.2 MILLION IN NEED BASED FINANCIAL AID TO 174 STUDENTS. MKA WAS ISSUED A BOND FOR $13 MILLION DURING THE YEAR TO IMPLEMENT THE COSTS OF THEIR STEM BUILDING PROJECT TO EXPAND THEIR STEM CURRICULUM IN THE UPPER SCHOOL. 4664011 MKA'S PHYSICAL PLANT PLAYS AN IMPORTANT ROLE IN SUPPORT OF THE EDUCATIONAL PROCESS FOR OUR STUDENTS AND ULTIMATELY THE MISSION OF THE SCHOOL. THE PHYSICAL PLANT, WHICH CONSISTS OF MAINTENANCE, BUS DRIVERS, AND SECURITY PERSONNEL, MAINTAINS ALL OF THE BUILDINGS ON THREE CAMPUSES AS WELL AS FOUR ATHLETIC FIELDS. TYPICAL DUTIES INCLUDE THE DAILY MAINTENANCE AND REPAIR OF ALL FACILITIES AND ATHLETIC EQUIPMENT AND FIELDS AS WELL AS INVOLVEMENT IN MINOR CONSTRUCTION PROJECTS. THE PHYSICAL PLANT SCHEDULES AND PROVIDES VEHICLES USED TO TRANSPORT STUDENTS TO AND FROM SCHOOL ON A DAILY BASIS, AS WELL AS TO SCHOOL-SANCTIONED ACTIVITIES AND ATHLETIC EVENTS. OUR SECURITY PERSONNEL OVERSEE STUDENTS AND GUEST ARRIVALS AND DEPARTURES ON A DAILY BASIS AS WELL AS COVER AFTER-HOUR EVENTS AND SECURITY DRILLS. 2106741 3511341 THE ORGANIZATION OPERATES A VARIETY OF STUDENT AUXILIARY PROGRAMS DESIGNED TO ENHANCE THE EDUCATIONAL EXPERIENCE AND SUPPORT STUDENT SUCCESS. THESE PROGRAMS INCLUDE AFTER SCHOOL PROGRAMS, SPORTS CLUBS, SUMMER LEARNING PROGRAMS, AND EXTRACURRICULAR PROGRAMS. THE AUXILIARY PROGRAMS PROVIDE STRUCTURED SUPERVISION, LEADERSHIP DEVELOPMENT, AND RECREATIONAL PROGRAMMING, WHICH ARE AN IMPORTANT PART OF OUR PROGRAM AND MISSION. OTHER PROGRAMS INCLUDE TRANSPORTATION SERVICES AND LUNCH PROGRAMS FOR STUDENTS WHICH DIRECTLY SUPPORT OUR EDUCATIONAL PROGRAMS. FEES ARE MAINTAINED AT AFFORDABLE LEVELS AND FINANCIAL ASSISTANCE IS AVAILABLE FOR THOSE WHO ARE ELIGIBLE. 43641899 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 X 32 0 1 484 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X X MONTCLAIR KIMBERLEY 9737469800 ACADEMY 201 VALLEY ROAD MONTCLAIR NJ 07042 NIGEL D FURLONGE HEAD OF SCHOOL 65.00 0.00 X X 391015 0 292224 CRAIG SOLOMON MEMBER TRUSTEE 5.00 0.00 X 0 0 0 JEFFREY G SZILAGYI MEMBER TRUSTEE 5.00 0.00 X 0 0 0 JENNIFER BARBETTA MEMBER TRUSTEE 5.00 0.00 X 0 0 0 MARGARET WAGER MEMBER TRUSTEE 5.00 0.00 X 0 0 0 KATHLEEN M LOGAN HONORARY TRUSTEE 5.00 0.00 X 0 0 0 LUKE A SARSFIELD III OFFICER: VICE PRESIDENT 5.00 0.00 X X 0 0 0 LAUREN KAPLAN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 MERRICK G ANDLINGER OFFICER: TREASURER 5.00 0.00 X X 0 0 0 NAVEEN BALLEM OFFICER: PRESIDENT 5.00 0.00 X X 0 0 0 PAIGE L COTTINGHAM-STREATER OFFICER: VICE PRESIDENT 5.00 0.00 X X 0 0 0 ROBERT RUBERTON MEMBER TRUSTEE 5.00 0.00 X 0 0 0 SYBIL ENG MEMBER TRUSTEE 5.00 0.00 X 0 0 0 MATTHEW SHERMAN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 STEPHANIE SALZMAN OFFICER: SECRETARY 5.00 0.00 X X 0 0 0 SOLOMON STEPLIGHT MEMBER TRUSTEE 5.00 0.00 X 0 0 0 ANYA BARRETT MEMBER TRUSTEE 5.00 0.00 X 0 0 0 ALISON SLONE MEMBER TRUSTEE 5.00 0.00 X 0 0 0 HEATHER BENJAMIN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 DAN CESAREO MEMBER TRUSTEE 5.00 0.00 X 0 0 0 AUBIN AMES HONORARY TRUSTEE 5.00 0.00 X 0 0 0 JOHN GARIPPA HONORARY TRUSTEE 5.00 0.00 X 0 0 0 ALICE HIRSH HONORARY TRUSTEE 5.00 0.00 X 0 0 0 MICHAEL V JOHNSON HONORARY TRUSTEE 5.00 0.00 X 0 0 0 NEWTON SCHOTT HONORARY TRUSTEE 5.00 0.00 X 0 0 0 BRIAN GLATT MEMBER TRUSTEE 5.00 0.00 X 0 0 0 LAUREN TABAK FASS MEMBER TRUSTEE 5.00 0.00 X 0 0 0 DENNIS GOLDSTEIN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 KAREN HEATH-WADE MEMBER TRUSTEE 5.00 0.00 X 0 0 0 SCOTT ROSENBERG MEMBER TRUSTEE 5.00 0.00 X 0 0 0 MOUSHUMI SANGHAVI KHUBLALL MEMBER TRUSTEE 5.00 0.00 X 0 0 0 LIZA HELWIG MEMBER TRUSTEE 5.00 0.00 X 0 0 0 STUART HARWOOD MEMBER TRUSTEE 5.00 0.00 X 0 0 0 DAVID HARRISON MEMBER TRUSTEE 5.00 0.00 X 0 0 0 KATHRYN DAVISON CHIEF FINANCIAL & OPERATION 65.00 0.00 X 317949 0 102729 DAVID FLOCCO HEAD, UPPER SCHOOL 55.00 0.00 X 209899 0 240244 JAMES CASTELLI DIRECTOR, PHYSICAL PLANT 55.00 0.00 X 176655 0 115589 KAREN NEWMAN ASST. HEAD OF SCHOOL 55.00 0.00 X 180259 0 51358 STEPHEN VALENTINE ASSOCIATE HEAD OF SCHOOL 55.00 0.00 X 197189 0 99713 CARLAINA BELL HEAD, MIDDLE CAMPUS 55.00 0.00 X 169670 0 106432 1642636 0 1008289 57 0 1 0 JOSEPH A NATOLI CONSTRUCTION CORPORATION 293 CHANGE BRIDGE ROAD PINE BROOK NJ 07058 CONSTRUCTION SERVICES 6658107 VOITH & MACTAVISH ARCHITECTS LLP 2401 WALNUT STREET 6TH FLOOR PHILADELPHIA PA 19103 ARCHITECTURAL & DESIGN SERVICES 1203616 DINING PARTNERSHIP GROUP LLC 685 BLOOMFIELD AVENUE UNIT 204 VERONA NJ 07044 DINNING SERVICES 567425 MAINTENANCE MART 14 D TENNANT ROAD MORGANVILLE NJ 07751 JANITORIAL SERVICES 499004 ALLIED MODULAR BUILDING SYSTEMS INC 642 W NICOLAS AVE ORANGE CA 92868 CONSTRUCTION SERVICES 455216 14 X 450805 3773121 585204 4223926 TUITION INCOME 611710 48764808 48764808 SCHOOL SERVICES & FEES 611710 3211600 3211600 STUDENT & PARENT ACTIVITY 611710 377315 377315 LUNCH PROGRAM 722320 204612 204612 BOOKSTORE SALES 459900 95129 95129 52653464 2391212 2391212 142070 0 142070 142070 142070 14348929 13259863 10461 1089066 -10461 1078605 1078605 OTHER INCOME 611600 7240 7240 7240 60496517 52660704 0 3611887 6219241 6219241 847817 847817 23209995 18686047 4254332 269616 1655884 1245197 395648 15039 5025719 3866720 1127228 31771 1658666 1272684 365811 20171 41051 41051 41600 41600 171938 171938 194303 157653 36650 405984 263890 142094 425865 62333 313514 50018 820584 820584 669926 669926 708725 684975 17037 6713 2104995 2104995 442357 442357 MAINTENANCE, REPAIRS & 2662722 2559015 103707 AUXILIARY OPERATIONS 2236009 2236009 ACADEMIC PROGRAM EXPENS 2106741 2106741 MISCELLANEOUS 1251628 291977 798150 161501 373098 373098 53274848 43641899 8899376 733573 20681001 24525742 1462491 1461229 23045 102905 752361 437907 79146746 31946617 32171312 47200129 47197434 52839387 34178 36173 102321822 126603472 1306483 2680987 9094362 8911175 12853066 10400845 24445228 X 77920718 87465320 14000259 14692924 91920977 102158244 102321822 126603472 X 7221669 3013603 1995 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 41804306 135029 4845217 11450 0 156930 46616172 37290533 61412 4595145 9350 133434 41804306 34268290 267455 3194945 11700 428457 37290533 38887249 183529 -4454243 10450 337795 34268290 25292689 1442671 7232386 11400 -5029043 98140 38887249 0.74474 0.25526 1 0 3760499 3760499 47257304 25069272 22188032 10581510 6877345 3704165 17547433 17547433 47200129 X 57292874 3013603 1995 3015598 54277276 6219241 6219241 60496517 47055607 0 47055607 6219241 6219241 53274848 PART X, LINE 2: THE SCHOOL HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICES ("THE IRS") AS AN ORGANIZATION DESCRIBED UNDER 501(C)(3) OF THE INTERNAL REVENUE CODE ("THE "CODE) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE CODE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE SCHOOL AND HAS CONCLUDED THAT AS OF JUNE 30, 2025 AND 2024, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE THE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX PROVISIONS, IF ANY. THERE WERE NO INCOME TAX-RELATED INTEREST AND PENALTIES RECORDED FOR THE YEARS ENDED JUNE 30, 2025 AND 2024. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF POOLED INCOME FUND 1,995. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND ALLOWANCES NETTED AGAINST TUITION REVENUE FOR BOOK 6,219,241. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND ALLOWANCES NETTED AGAINST TUITION REVENUE FOR BOOK 6,219,241. SCHEDULE D PART V #4 USE OF THE ORGANIZATION'S ENDOWMENT FUNDS: THE SCHOOL'S INVESTMENT OBJECTIVES ARE TO ACHIEVE CONSISTENT LEVELS OF RETURN THROUGH GROWTH IN PRINCIPAL AND INCOME ON INVESTMENTS. THIS APPROACH ATTEMPTS TO MAXIMIZE RETURNS FOR EACH CLASS OF ASSETS WHILE PROVIDING SUFFICIENT DIVERSIFICATION IN THE PORTFOLIO TO DAMPEN THE EFFECTS OF MARKET FLUCTUATIONS ON THE PORTFOLIO'S OVERALL RETURN. THE SCHOOL'S CURRENT SPENDING POLICY IS TO APPROPRIATE APPROXIMATELY 4.0% OF THE ENDOWMENT FUND PORTFOLIO'S AVERAGE MARKET VALUE FROM THE PREVIOUS THREE YEARS, TO BE USED FOR DONOR AND BOARD SPECIFIED PROGRAMS. THE BALANCE OF THE TOTAL RETURN IS AVAILABLE FOR APPROPRIATION IS REINVESTED IN THE PORTFOLIO. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT OF POLICY APPEARS IN LOCAL NEWSPAPERS. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES THE STATE OF NEW JERSEY ENTITLEMENTS FOR SECURITY, NURSING AID, TECHNOLOGY AND NON PUBLIC SCHOOL TEXTBOOKS. THESE ENTITLEMENTS ARE BASED UPON THE NUMBER OF STUDENTS. 1 FINANCIAL AID TO 165 STUDENTS 165 5768481 COMMUNITY SCHOLARS PROGRAM ASSISTANCE TO 9 STUDENTS 9 450760 SCHEDULE I, PART I, LINE 2 GRANTS AND ASSISTANCE TO PRIMARY AND SECONDARY SCHOOL STUDENTS. FINANCIAL AID IS AWARDED AND MONITORED BY THE FINANCIAL AID COMMITTEE THAT CONSISTS OF THE HEAD OF SCHOOL, DIRECTOR OF ADMISSIONS, ASSOCIATE DIRECTOR OF ADMISSIONS, CHIEF FINANCIAL AND OPERATING OFFICER AND THE HEADS OF THE MIDDLE AND UPPER CAMPUSES. FINANCIAL AID GRANTS SHALL BE AWARDED TO STUDENTS WHO HAVE BEEN ACCEPTED TO MKA THROUGH THE NORMAL ADMISSIONS PROCESS. AID IS PROVIDED TO STUDENTS/FAMILIES WHO, AS BEST AS CAN BE DISCERNED, VALUE AND SUPPORT EDUCATION. GRANTS SHALL BE CONSIDERED ONLY ON THE BASIS OF FINANCIAL NEED AS ATTESTED TO BY "CLARITY" (TUITION AID AND DATA SERVICES). FORMS MUST BE FILED EACH YEAR FOR WHICH AID IS SOUGHT. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 NIGEL D FURLONGE HEAD OF SCHOOL 390015 0 1000 0 0 0 17250 0 274974 0 683239 0 0 0 DAVID FLOCCO HEAD, UPPER SCHOOL 208899 0 1000 0 0 0 21710 0 218534 0 450143 0 0 0 KATHRYN DAVISON CHIEF FINANCIAL & OPERATION 316949 0 1000 0 0 0 24415 0 78314 0 420678 0 0 0 STEPHEN VALENTINE ASSOCIATE HEAD OF SCHOOL 196189 0 1000 0 0 0 20500 0 79213 0 296902 0 0 0 JAMES CASTELLI DIRECTOR, PHYSICAL PLANT 175655 0 1000 0 0 0 18009 0 97580 0 292244 0 0 0 CARLAINA BELL HEAD, MIDDLE CAMPUS 168670 0 1000 0 0 0 16923 0 89509 0 276102 0 0 0 KAREN NEWMAN ASST. HEAD OF SCHOOL 179259 0 1000 0 0 0 18784 0 32574 0 231617 0 0 0 SCHEDULE J PART I Q1A NIGEL D. FURLONGE, KATHRYN DAVISON, STEPHEN VALENTINE AND DAVID FLOCCO, RECEIVED TUITION REDUCTION FOR DEPENDENT STUDENTS ATTENDING THE SCHOOL. THIS BENEFIT IS NON-TAXABLE UNDER CODE SECTION 119 AND IS INCLUDED IN THE NON-TAXABLE BENEFITS ON SCHEDULE J PART II COLUMN D. THESE AMOUNT ARE PROVIDED BELOW: NIGEL D. FURLONGE - $98,380 KATHRYN DAVISON - $45,720 STEPHEN VALENTINE- $45,720 DAVID FLOCCO - $91,440 THE FOLLOWING PEOPLE: NIGEL D. FURLONGE, DAVID FLOCCO, CARLAINA BELL AND JAMES CASTELLI LIVE IN SCHOOL PROVIDED HOUSING LOCATED ON SCHOOL GROUNDS AS A REQUIRED CONDITION OF THEIR EMPLOYMENT, FOR THE CONVENIENCE OF THE EMPLOYER AND THE SUPERVISION OF THE SCHOOL GROUNDS AND ON-CALL DUTIES. THIS BENEFIT IS NON-TAXABLE UNDER CODE SECTION 119 AND IS INCLUDED IN THE NON-TAXABLE BENEFITS ON SCHEDULE J PART II COLUMN D. THESE AMOUNTS ARE PROVIDED BELOW: NIGEL D. FURLONGE - $144,000 DAVID FLOCCO - $94,500 CARLAINA BELL - $77,100 JAMES CASTELLI - $72,000 A NATIONAL FINANCE AUTHORITY REVENUE BOND SERIES 2024 521304598 2024-07-30 13000000 BUILDING RENOVATION AND EXPANSION FOR UPPER SCHOOL CAMPUS FOR STEM PROGRAM 0 0 0 A 13000000 194000 156498 12362239 637761 2025 0 0 1 1 A 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 SCH K PART 1 LINE A THE PROCEEDS OF NATIONAL FINANCE AUTHORITY REVENUE BOND (MONTCLAIR KIMBERLY ACADEMY PROJECT) SERIES 2024 ARE BEING USED TO FUND THE COSTS OF THE STEM PROJECT IN UPPER SCHOOL CAMPUS. PHILIPPA DAVISON FAMILY MEMBER OF AN OFFICER OF THE ORGANIZATION 45720 FINANCIAL AID EDUCATION LUCAS FURLONGE FAMILY MEMBER OF AN OFFICER OF THE ORGANIZATION 50800 FINANCIAL AID EDUCATION JULIA FLOCCO FAMILY MEMBER OF AN EMPLOYEE OF THE ORGANIZATION 45720 FINANCIAL AID EDUCATION CARL FLOCCO FAMILY MEMBER OF AN EMPLOYEE OF THE ORGANIZATION 45720 FINANCIAL AID EDUCATION WILLOW FURLONGE FAMILY MEMBER OF AN EMPLOYEE OF THE ORGANIZATION 47580 FINANCIAL AID EDUCATION CHLOE VALENTINE FAMILY MEMBER OF AN EMPLOYEE OF THE ORGANIZATION 45720 FINANCIAL AID EDUCATION X 35 585204 FAIR MARKET VALUE 0 1 1 PART I, LINE 32B: THE SCHOOL USED AN OUTSIDE BROKER TO SELL PUBLICLY TRADED SECURITIES THAT HAVE BEEN DONATED TO THE SCHOOL. THE NON CASH CONTRIBUTIONS RELATED TO THESE PUBLICLY TRADED SECURITIES ARE REPORTED UNDER SCHEDULE B. FORM 990, PART I, LINE 1 MKA'S CHALLENGING, ENGAGING AND INNOVATIVE ACADEMIC PROGRAM PROVIDES A VIBRANT AND TRANSFORMATIVE EDUCATION. OUR FACULTY'S DEEP AND GENUINE UNDERSTANDING OF OUR STUDENTS AS INDIVIDUALS AND LEARNERS FOSTERS THEIR ETHICAL DEVELOPMENT, INTELLECTUAL GROWTH AND PERSONAL SUCCESS. MKA'S DIVERSE, COLLABORATIVE AND INCLUSIVE COMMUNITY INSPIRES STUDENTS TO LEAD LIVES OF NOBLE CHARACTER, PURPOSE AND DISTINCTION. EVIDENCE OF OUR MISSION IS FOUND IN THE KNOWLEDGE, THE VISION AND THE INTEGRITY OF OUR STUDENTS AND OUR ALUMNI: KNOWLEDGE: ACADEMIC EXCELLENCE INTELLECTUAL INDEPENDENCE LOVE OF LEARNING. VISION: PERSONAL ENGAGEMENT WITH THE WORLD UNDERSTANDING OF HUMAN COMPLEXITY A SENSE OF HUMILITY AND COMPASSION. INTEGRITY: STRENGTH OF CHARACTER RESPONSIBILITY AS A CITIZEN AND LEAD AN HONORABLE AND GENEROUS LIFE. FORM 990, PART III, LINE 1: MKA'S CHALLENGING, ENGAGING AND INNOVATIVE ACADEMIC PROGRAM PROVIDES A VIBRANT AND TRANSFORMATIVE EDUCATION. OUR FACULTY'S DEEP AND GENUINE UNDERSTANDING OF OUR STUDENTS AS INDIVIDUALS AND LEARNERS FOSTERS THEIR ETHICAL DEVELOPMENT, INTELLECTUAL GROWTH AND PERSONAL SUCCESS. MKA'S DIVERSE, COLLABORATIVE AND INCLUSIVE COMMUNITY INSPIRES STUDENTS TO LEAD LIVES OF NOBLE CHARACTER, PURPOSE AND DISTINCTION. EVIDENCE OF OUR MISSION IS FOUND IN THE KNOWLEDGE, THE VISION AND THE INTEGRITY OF OUR STUDENTS AND OUR ALUMNI: KNOWLEDGE: ACADEMIC EXCELLENCE INTELLECTUAL INDEPENDENCE LOVE OF LEARNING. VISION: PERSONAL ENGAGEMENT WITH THE WORLD UNDERSTANDING OF HUMAN COMPLEXITY A SENSE OF HUMILITY AND COMPASSION. INTEGRITY: STRENGTH OF CHARACTER RESPONSIBILITY AS A CITIZEN AND LEAD AN HONORABLE AND GENEROUS LIFE. FORM 990-PART V Q1B THE SCHOOL ISSUED A FORM 1099 IN LIEU OF THE FORM W-2G- CERTAIN GAMBLING WINNINGS- IN RESPECT TO A RAFFLE CONDUCTED BY THE FOUNDATION DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE SCHOOL'S MANAGEMENT PROVIDES INFORMATION SUFFICIENT FOR ITS OUTSIDE ACCOUNTANT TO PREPARE THE RETURN. AFTER PREPARATION BY THE ACCOUNTANT, A BOARD OF TRUSTEES 990 REVIEW COMMITTEE CONSISTING OF THE CURRENT PRESIDENT OF THE BOARD OF TRUSTEES, CURRENT TREASURER/CHAIRPERSON OF THE FINANCE & FACILITIES COMMITTEE, HEAD OF SCHOOL, CHIEF FINANCIAL & OPERATING OFFICER, BUSINESS MANAGER/CONTROLLER, PLUS ONE TRUSTEE MEMBER REVIEW THE RETURN. AFTER THE REVIEW COMMITTEE REVIEWS THE RETURN, THE RETURN IS DISTRIBUTED TO THE ENTIRE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICIES ARE INCLUDED IN THE ORGANIZATION'S BYLAWS AND PERSONNEL POLICY GUIDES. THE POLICIES ARE CONTINUOUSLY MONITORED BY THE BOARD OF TRUSTEES AND KEY EMPLOYEES OF THE ORGANIZATION TO ENSURE COMPLIANCE. YEARLY SIGN-OFF SHEETS STATING THAT THEY HAVE RECEIVED AND READ A COPY OF THE CONFLICT OF INTEREST POLICY AND A DECLARATORY FORM ARE REQUIRED TO BE FILLED OUT, SIGNED, AND DATED. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SERVES AS THE COMPENSATION COMMITTEE. THE COMMITTEE IS CHAIRED BY THE PRESIDENT OF THE BOARD OF TRUSTEES AND CONSISTS OF ALL OTHER COMMITTEE CHAIRPERSONS (6 PEOPLE), PLUS 2 VICE PRESIDENTS & COMMITTEE CHAIR - FOR A TOTAL OF 9 BOARD OF TRUSTEE MEMBERS. THEY REVIEW AND APPROVE THE COMPENSATION OF THE TOP SEVEN PAID EMPLOYEES WHICH INCLUDES THE TOP MANAGEMENT OFFICIAL (HEAD OF SCHOOL) AND KEY EMPLOYEE (CHIEF FINANCIAL & OPERATING OFFICER). THEY ARE PROVIDED WITH THE LAST FIVE YEARS OF SALARY AND BONUSES, IF APPLICABLE, CURRENT TAXABLE AND NON-TAXABLE BENEFITS AND COMPARATIVE STATISTICS FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AS WELL AS GROUP STATISTICS FOR THE NEW JERSEY, NEW YORK AND CONNECTICUT ASSOCIATION OF INDEPENDENT SCHOOLS (OUR TRI-STATE AREA DIRECT COMPETITORS). THE HEAD OF SCHOOL PROPOSES THE COMPENSATION FOR ALL EMPLOYEES EXCEPT HIMSELF. THE COMMITTEE DISCUSSES AND DECIDES ON THE FINAL COMPENSATION OFFERED TO THE SEVEN EMPLOYEES. CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION IS MAINTAINED. NO MEMBER OF THE COMMITTEE IS A RELATED PARTY TO ANY OF THE SEVEN PEOPLE BEING REVIEWED. IF THERE WAS A RELATED PARTY, THAT TRUSTEE WOULD BE EXCUSED FROM THE REVIEW OF THE RELATED INDIVIDUALS. WRITTEN CONTRACTS ARE SIGNED AND EXECUTED WITH ALL OF THE INDIVIDUALS. THE EXECUTIVE COMMITTEE INFORMS THE FULL BOARD OF TRUSTEES OF THE ACTIONS TAKEN. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL PROVIDES THE PUBLIC WITH THE RIGHTS TO REVIEW ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS UPON WRITTEN REQUEST TO THE SCHOOL AT ITS MAIN ADDRESS. THE AUDITED FINANCIAL STATEMENTS AND A COPY OF THE 990 ARE FILED ALONG WITH THE STATE OF NEW JERSEY ANNUAL RENEWAL REGISTRATION STATEMENT AND FINANCIAL REPORT FOR A CHARITABLE ORGANIZATION WITH THE NEW JERSEY OFFICE OF THE ATTORNEY GENERAL, DIVISION OF CONSUMER AFFAIRS, OFFICE OF CONSUMER PROTECTION, CHARITIES REGISTRATION SECTION. THESE DOCUMENTS ARE OF PUBLIC RECORD. FORM 990- PART VI SECTION A Q1A THE GOVERNING BODY HAS DELEGATED BROAD AUTHORITY TO THE EXECUTIVE COMMITTEE TO ACT ON BEHALF OF THE BOARD OF TRUSTEES DURING THE INTERIM PERIOD BETWEEN SCHEDULED BOARD MEETINGS OR WHEN AN EMERGENCY REQUIRES. FORM 990 - PART VII TRUSTEE COMPENSATION- ALL OF THE TRUSTEES LISTED IN PART VII ARE VOLUNTEERS. THEY RECEIVE NO COMPENSATION, NO EMPLOYEE BENEFITS AND NO DEFERRED COMPENSATION. THEY DID NOT RECEIVE ANY REIMBURSEMENTS FOR EXPENSES AND ANY OTHER ALLOWANCES. HOWEVER, EXPENSE REIMBURSEMENT IS ALLOWABLE SO LONG AS NO TRUSTEE APPROVES THEIR OWN EXPENSES. THE AVERAGE NUMBER OF HOURS DEVOTED TO THE POSITION IS BASED ON THE INDIVIDUAL'S DUTIES ON THE BOARD OF TRUSTEES AND THE TIME OF YEAR. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF POOLED INCOME FUND 1,995. ROUNDING - DIFF B/W FS & PBC