Miss Porter'S School Inc

“The 990 is prepared by the school's independent accounting firm with extensive review from internal business office staff and senior management. Once edits are made, it is reviewed by the audit and risk committee of the board, per the audit and risk committee's charter. All trustees are provided copies for final review prior to filing. For the fiscal year ended june 30, 2024, the board received a full copy of the form 990 and related schedules, excluding schedule b.”

“Each year the assistant to the head of school distributes the conflict of interest policy to each trustee and key employee in advance of the october trustee meeting. The signed policies are reviewed by the associate controller and any conflicts are presented to the audit and risk committee chair for follow up. Completed forms are filed in the business office. During committee meetings, trustees must announce if a conflict arises regarding the subject being discussed. The trustee can describe the conflict and choose to recuse themselves from further conversation and voting on the subject matter.”

“An independent three person committee of the board provides oversight around the head of school's compensation and benefits. This committee includes the chair and vice chair of the board and one other trustee. The committee's recommendations regarding the head of school's compensation and benefits are subject to approval by the full board. The committee utilizes comparative compensation data regarding peer schools, including data from the forty members of the association of business officers of preparatory schools (abops) and the national association of independent schools (nais), with a particular emphasis on a subset of peer schools. The committee engages an outside hr consultant every few years for a more thorough review. The head of school is subject to an employment agreement that was last updated in june 2021, at which time comparative data was collected and a consultant was used to establish the terms of the agreement. The terms of the june 2021 agreement expire in june 2027. The head of school reviews the compensation of the management team including the cfo/coo or chief financial & operating officer and the chief advancement officer on an annual basis and discusses their performance with the chair of the board. The head of school makes recommendations for salary increases and bonus based on their performance and the approved salary pool, utilizing data from peer schools as a basis for her recommendation. Recommended increases are approved by the chair of the board. The process was last completed in june 2024.”

“All of the school's governing documents, its conflict of interest policy and financial statements are available upon request. The business office oversees the distribution of requested documents.”

“Change in valuation of split-interest agreements -291,355. Change in swap value 203,715. Provision for uncollectible pledges -13,451.”

“There have been no changes to the school's oversight or selection processes during the tax year.”