Fenn School Inc.

“Each committee comtemporaneously documents the meetings held or written actions undertaken during the year. However, none of the committees have authority to act on behalf of the governing body.”

“Prior to its submission to the irs, the form 990 is reviewed by a committee which consists of members of the audit committee, as well as the chair, vice-chair, and treasurer of the board. In addition, a public disclosure copy of the form 990 is provided to the full board of trustees.”

“All trustees shall complete a conflict of interest form annually. No trustee, committee member, officer or employee shall engage in any action or activity, acting on behalf of the corporation, which also results in a gain or advantage to that individual or to a member of his or her immediate family or a business organization in which such person has a significant interest such that such individual may be deemed to have an "interest" in the transaction (hereinafter, an "interested person"), without compliance with such appropriate requirements with respect to disclosure as the board of trustees of the corporation may establish from time to time. In addition, no person who may be deemed interested in any matter based on his or her capacity as trustee, committee member, officer or employee shall vote or use his or her personal influence on the matter, and he or she should not be counted in determining the quorum for the applicable meeting, even where permitted by law. The minutes of the meeting shall reflect the abstention by such interested person(s) from voting, the quorum count, and that a disclosure of such potential conflict of interest was made at the meeting of the board of trustees.”

“The headmaster's three year contract is reviewed by the officers of the board - chair, vice chair, secretary and treasurer. This group also reviews compensation annually. On a regular basis (last time, in march 2013) we benchmark the headmaster's compensation (cash and benefits) against other equivalent headmasters. For this review we use an outside consultant.”

“The organization makes its 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). In addition, the form 990 is available via guidestar and the massachusetts attorney general's website.”

“Loss on pledge activity -50,000. Unrealized gain on interest rate swap agreement 55,393.”