The Hotchkiss School

“The audit and risk committee reviews and recommends approval of the form 990 to the board of trustees. The audit and risk committee reviews in detail a public disclosure copy of the form 990 with school management and its auditors. All trustees review the public disclosure draft and the copies of the public disclosure form 990 are made available to all trustees prior to filing.”

“Each trustee shall disclose the existence and nature of any personal or outside interest that may affect or be affected by the school's operations or by decisions that the trustee makes on the school's behalf. More specifically, each trustee shall disclose each financial and nonfinancial interest. Each year, every trustee shall complete the required questionnaire and submit it to the chief financial officer. The questionnaire of each trustee will be reviewed by the co-presidents, the secretary, the head of school and the cfo. If, prior to the next annual disclosure, any trustee obtains or develops a financial or nonfinancial interest that has not previously been disclosed, the trustee shall promptly disclose the interest to the chief financial officer and make it a matter of record. The co-presidents and head of school will review in advance the agenda of each annual, regular and special meeting of the board and of the executive committee and identify, to the extent possible, potential conflicts of interest that may exist with respect to a matter on the agenda. If a potential conflict of interest is identified, the co-presidents will notify the individual with the potential conflict prior to the meeting and will notify the full board or executive committee, as the case may be, at the meeting. In addition, each trustee attending a meeting who believes there is or may be a potential or actual conflict of interest either for the trustee himself or herself or for any other trustee shall identify the issue for consideration by the board or executive committee if the co-presidents have not done so. If a trustee may have a conflict of interest as to a matter before the board, the trustee shall leave the meeting after providing all material information relevant to the existence of a conflict. The individuals remaining in the meeting shall decide if a conflict of interest exists. If so, the trustee in question shall not thereafter vote on the substantive matter or be present during deliberations. If it is determined that there is no conflict, the trustee may fully participate in the meeting. In certain circumstances, a trustee may be faced with conflicting duties such that the disclosure of the actual or potential conflict of interest would breach the trustee's duty of confidentiality to another organization. In such cases, the trustee should explain that an actual or potential conflict of interest exists and that the trustee's duties to another organization preclude full disclosure of the nature or extent of the interest. The trustee should then leave the meeting and remain out of the meeting during discussion and the vote. No trustee who has a conflict of interest on a matter shall participate in substantive deliberations or vote on that matter or be counted in determining the quorum for the meeting at which the vote is taken, even when permitted by law. No trustee who has a conflict of interest on a matter shall use his or her personal influence on the matter. These requirements do not prevent a trustee from briefly stating his or her position on a matter, where appropriate, or from answering pertinent questions asked by others, since his or her knowledge may provide assistance to others. The trustee with a conflict of interest must leave the meeting after providing any information requested by others; no trustee shall be present during substantive discussions, deliberations, or voting on the matter on which that trustee has a conflict.”

“The executive committee provides counsel and feedback to the head of school (hos) and determines the hos compensation by reviewing abops compensation survey information to establish the hos compensation. The executive committee continues to review abops compensation survey data each year, informing the hos of his annual compensation. The hos and periodically the executive committee review market data from comparable institutions for the top 20 or so paid employees.”

“The organization makes it 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) at its administrative offices in lakeville, ct. In addition, the form 990 without schedule b is available via guidestar.”

“Change in value of swap agreement -989,954. Change in value of post retirement benefit obligation 663,083. Loss on extinguishment of debt -110,648.”

“The organization did not change its oversight or selection processes during the tax year.”