The Allen-Stevenson School

“Management reviews the 990 to obtain an understanding of the reporting requirements and to ensure it is accurate and complete. Subsequently, a copy of the draft 990 is provided to the audit committee for their review. The audit committee will discuss the 990 with management and resolve any questions that may arise. The draft 990 will then be distributed, either electronically or by hard copy, to the board for review and comments. Thereafter, the 990 will be filed.”

“Board members, officers, key employees and all other employees sign a conflict of interest policy statement annually, which is reviewed by management. If a conflict appears to exist, management and the board of trustees audit committee will meet with the individual to obtain all the facts. If a conflict is identified, the individual to whom it pertains must refrain from participating in the decision making concerning the matter that gave rise to the conflict. Additionally, an employee who recommends a vendor to the school must disclose to the the director of finance and operations and the head of school whether he or she has a relationship with that vendor. If approved as appropriate, that vendor must provide the school with a minimum of three professional references. Additionally, there will be a bidding process where two additional outside independent vendors will be asked to bid on the job or service as well.”

“The the director of finance and operations obtains information from nais, nyc guild schools and nysais that shows detailed salary figures for various positions of 14 schools. The three school groups are used for comparison of current salaries to allen-stevenson school's highly compensated and key employees such as head of school, the director of finance and operations, division heads, director of admissions, facilities director, director of athletics, and director of development. The compensation committee, made up of 4 board members, reviews the head's recommendation of the salaries of the above listed positions, except for his own salary, for fairness and appropriateness. The headmaster's salary is recommended by the president of the board, and approved by the other members of the compensation committee. The meetings of the compensation committee are contemporaneously documented. This process was last completed may 2015.”

“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, form 990, conflict of interest policy, governing documents, financial statements and faculty and staff handbooks are available upon request at 132 east 78th street, new york, ny 10075. The financial statements are also submitted to msrb and electronically posted as this is a covenant of the nyc ida bond documents. Financials are required to be available to ida bond purchasers and the letter of credit bank providing the bonds credit enhancement.”

“Write-off of uncollectible revenues -9,500. Write-off of building -1,598,563. Pledge receivable adjustment 6,466.”

“The process for assuming responsibility over the audit of the organization and for the selection of an independent accountant has not changed since the prior year.”