Tilton School

“Policy: tilton school recognizes that the governance role of its board of trustees includes the annual review of form 990(return of organizations exempt from taxation). Accordingly, tilton school requires review of the form 990 by the board of trustees prior to its filing on an annual basis. Schedule b is received by the audit committee only. This committee recommends approval to the full board. Procedures: 1. Senior management of tilton school is responsible for the timely preparation of form 990. 2. The completed form 990 will be provided to the audit committee of the board of trustees sufficiently in advance of the filing deadline to enable a detailed and conscientious review by all members of the committee. All questions, concerns, etc. Of the audit committee will be addressed by the director of finance & operations and incorporated into the form 990 as appropriate. 3. All members of the board of trustees will be invited to review the completed form 990 in advance of filing deadline via the trustee portal of the school's website at www.tiltonschool.org. Should a trustee not have website access, they may request an electronic copy via email or hard copy via us mail to review. All questions, concerns, etc. Of the members of the board of trustees will be addressed by the director of finance & operations and incorporated into the form 990 as appropriate. 4. After all of the input from the board of trustees and the audit committee has been appropriately addressed, senior management of tilton school will file the final form 990 as required.”

“The board of trustees review and execute a conflict of interest policy annually. The board chair is charged with ensuring compliance.”

“The policy on the process of determining compensation of tilton school applies to the compensation of the following persons employed by tilton school: 1. Tilton school employed executive by title: head of school 2. Other officers or key employees of tilton school by title: (n/a) the process of determining compensation includes the following elements: (1) review and approval by the board of trustees as recommended by the compensation committee of the board of trustees; (2) use of industry data as to comparable compensation; (3) review and approval by an independent compensation specialist; (4) contemporaneous documentation and recordkeeping. 1. Review and approval: the compensation of the person is reviewed and approved by the board of trustees as recommended and presented by the compensation committee. Any board member with a conflict of interest with respect to the compensation arrangement is not involved in this review and approval. 2. Use of industry data as to comparable compensation: annually the compensation committee requests industry data on comparable salary that is provided by the director of finance and operations. The school participates in salary surveys of its national and local independent school associations annually in order to obtain comparable data and remain current in the industry trends. 3. Review and approval by an independent compensation specialist: the board of trustees from time-to-time may hire an independent compensation specialist to review and approve the compensation package of the chief employed executive (head of school) and other key employees when appropriate and not required annually. This review helps to ensure that appropriate comparable data is used and the written salary arrangement is properly managed by the school. 4. Contemporaneous documentation and recordkeeping: there is contemporaneous documentation and recordkeeping by the board of trustees with respect to meetings, conversations, deliberations and decisions regarding the compensation arrangement. The compensation arrangement does result in a written, formal contract signed by the chair of the board of trustees and the chief executive officer.”

“Tilton school's 990 is available on-line at www.guidestar.org. Governing documents and the conflict of interest policy are available upon request. Financial statements and the form 990 are available for inspection at the school.”

“Food services: program service expenses 837,669. Management and general expenses 0. Fundraising expenses 0. Total expenses 837,669. Athletic fields: program service expenses 33,521. Management and general expenses 0. Fundraising expenses 0. Total expenses 33,521. Grounds: program service expenses 615,669. Management and general expenses 0. Fundraising expenses 0. Total expenses 615,669. It: program service expenses 202,312. Management and general expenses 0. Fundraising expenses 0. Total expenses 202,312. Other contracted services: program service expenses 466,573. Management and general expenses 429,546. Fundraising expenses 132,911. Total expenses 1,029,030.”

“Provision for uncollectible accounts: program service expenses 7,528. Management and general expenses 0. Fundraising expenses 9,153. Total expenses 16,681.”

“Current year decrease in csv of life insurance -7,193. Change in value of interest rate swap agreement 229,678.”

“The school's audit committee assumes responsibility for the oversight of the audit and recommends the independent auditor. The full board of trustees votes to accept the audit and the independent auditor. There have been no changes in this process from the prior year.”