Poly Prep Country Day School

“The school's draft 990 is reviewed by a committee of the board before filing. The board received a public disclosure copy of the return before it is filed.”

“All trustees, officers, and key employees are asked to complete a formal conflict-of-interest form/questionnaire. This is done at each year's first board meeting and monitored to assure compliance. Each trustee, officer and key person of the school shall promptly disclose any direct or indirect financial or any other interest in any proposed or existing arrangement with the school prior to the start of any negotiations with respect to such matter. A direct or indirect financial interest or any other interest required to be disclosed under this policy shall be disclosed in writing to the chairperson of the board; such disclosure shall include all material facts and supply any reason why the arrangement might be or not be in the best interest of the school. The chairperson of the board shall refer the issue to the full board, the executive committee, or other board committee having decision-making authority over the substantive matter in question (the "committee"). For each interest disclosed, the board or committee will determine whether to: a) take any action; b) assure full disclosure to the board and other individuals covered by the policy, c) ask the person to recuse himself or herself from participation in related discussions or decisions within the board, or d) ask the person to resign from his or her position; or, if the person refuses to resign, become subject to possible removal in accordance with the board's removal procedures. If the board or committee has reasonable cause to believe that a trustee, officer or key person has failed to disclose a direct or indirect financial or any other interest subject to this policy, it shall inform the trustee, officer or key person of the basis for such belief and afford the trustee, officer or key person an opportunity to explain the alleged failure to disclose. If, after hearing the response of such individual and making such further investigation as may be warranted by the circumstances, the board or committee determines that the trustee, officer or key person has in fact failed to disclose a direct or indirect financial or other material interest subject to this policy, it shall take appropriate disciplinary and corrective action.”

“Comparable data is ascertained through new york state association of independent school databases and reported to the compensation committee for review.”

“The governing documents, conflict of interest policy, and financial statements are made available at the offices of poly prep county day school.”

“Loss on uncollectable pledges -400,000. Extraordinary non-operating expense -6,000,000.”