Berkeley-Carroll Street School

“The draft Form 990 is reviewed by the Director of Finance, CFO and Head of School for accuracy and completeness. Then, a copy of the draft Form 990 is posted to Diligent (board document software) for review by the entire Board. Comments and Reviews are then forwarded by email to the Director of Finance, CFO and Head of School where edits are addressed. A revised copy is then provided to the Board members for approval at the Board meeting before filing.”

“The conflict of interest policy applies to all employees, officers and Trustees of the School. The Chief Operations Officer and the Directors of Finance routinely review all vendor contracts for all material items, including potential conflicts of interest. The policy is detailed in the Employee Handbook, and all employees are required to sign an acknowledgement annually of all policies, including the conflict of interest policy. In addition, all Trustees submit written statements annually that they are in compliance with the policy. With the exception of the Head of School, any potential conflict involving an employee would be brought to the Head of School. If the potential conflict involved the Head of School or a Trustee, the matter would be brought to the attention of the Chair of the Board of Trustees. A Person with a Conflict of Interest may make a presentation at a Board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and vote on, the transaction or arrangement involving the Conflict of Interest. In addition, only persons who are Independent Trustees as defined in the bylaws may vote on the transaction or arrangement.”

“Head of school: whenever an employment contract for the head of school is prepared, an ad hoc committee of the board of trustees is formed. In addition, an independent consultant is hired to provide independent research and comparability data. The school's law firm gets involved in providing the exact language for the contract, amounts and methods of compensation. All other employees: all other employment contracts are determined by the head of the school, who, refers to the national association of independent schools and market comparability data when deciding all compensation.”

“The Exempt Organization makes its form 990 and Form 1023 available for public inspection as required under section 6104 of the Internal Revenue Code. it is posted on guidestar.org and other similar types of websites. In addition, financial statements, governing documents and conflict of interest policy are available upon written request at 152 sterling place, Brooklyn, NY 11217 or by calling the organization directly at 718-534-6579.”

“Unrealized Gain on Interest Rate Swap 1,681,502. lOSS ON UNCOLLECTIBLE PLEDGE -2,001.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”

“Prior Period Adjustments - Restatement of 2016 Financial Statements: In 2017, the School restated its financial statements as of and for the year ended June 30, 2016, in order to properly record pledges receivable and to record the 457(b) and (f) deferred compensation plans. This resulted in the restatement of net assets, pledges receivable, prepaid expenses and other assets, and accounts payable and accrued expenses at July 1, 2016. Thus, temporarily restricted net assets at July 1, 2016 was decreased by $1,505,560.”