Buckley Country Day School

“The form 990 is provided to the audit committee for their review, comment and discussion with the outside accountants. Then the form 990, without schedule b, is distributed to all members of the board of trustees. The board of trustees is afforded ample time to review the form 990 prior to filing with the irs.”

“The school currently has in place a conflict of interest policy which the board annually monitors and enforces. The board mandates each trustee, officer and key employee (if any) of the school to annually sign a conflict of interest policy and disclose any potential or actual conflicts that may exist. In connection with any actual or possible conflict of interest, an interested person discloses the existence of the interest and is given the opportunity to disclose all material facts to the head of the school or audit committee chair who will in-turn disclose such conflict to the audit committee or to the board including disclosure of any material facts. After disclosure of the interest and all other material facts, and after any discussion with the interested person, the interested person is not present at any point while the determination of conflict of interest is discussed and voted upon by remaining board or committee members. The audit committee or the board will evaluate the conflict of interest and take the necessary actions to solve the matter while preventing or minimizing any risks to the school. The trustee, officer or employee with the actual or suspected conflict of interest is prohibited from attempting to influence improperly the deliberation or voting on the matter giving rise to such conflict. The existence and resolution of the conflict will be documented in the school's records, including in the minutes of any meeting at which the conflict was discussed or voted upon.”

“The head of school's compensation is established by the board executive committee; comprised of the board chair and several other long-standing board members who are independent of the individual being hired. In determining this compensation, the committee reviews the individual's professional experience and prior salary history, and refers to current nysais, nais, guidestar and similar salary information, as a benchmark for compensation for similar positions. Annually, the head of school's compensation is reviewed and benchmarked with peer institutions operating similar independent schools in this region. The board of trustees vote and approve the head of school's salary. Officer compensation: the compensation for officers is determined by the head of school, after reviewing the individual's professional experience, credentials and prior salary history and approved by the board of trustees. The head of school refers to industry benchmarking tools to assist in establishing a salary for all officers. Annually, each key employee participates in a review process with the head of school and salary modifications are outlined in a letter of agreement. Officer salaries are included in the school's budget in designated department line items; included with other employees who also serve in those specific departments. The compensation review process last took place during fiscal year 2024.”

“The school makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, and form 990 are also available upon written request.”

“Gain on liquidation of investment 31,013. Loss on disposal of property and equipment -2,415.”

“The audit committee assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”