The Reece School

“Erika greenblatt and leonard greenblatt have a family relationship.”

“The School has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the Form 990 has been prepared, reviewed by management and is ready to be filed with the Internal Revenue Service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the Internal Revenue Service.”

“At the Annual Meeting of the Board, the Conflict of Interest policy is reviewed with the officers and trustees. Annually, each officer and trustee is required to sign an Annual Statement indicating whether conflicts may exist, inclding an agreement to disclose any conflicts that mat arise in the interm. In addition to the Annual Statements required by this Policy, a Trustee, officer, key employee, or designated professional staff member, must disclose to the Audit Committee the existence of a personal interest that may give rise to a Conflict of Interest, and must be given the opportunity to disclose all material facts to the Audit Committee. A Key Employee (or any professional staff member designated by the Board) may disclose this interest to the Executive Director who may address the issue directly or refer it to the Audit Committee, but if the Executive Director deals directly with the report of a conflicting interest, he will report his determination to the Audit Committee prior to the next meeting of the Board. At a regular or special meeting of the Audit Committee, the interested Trustee or Officer (or, upon referral of the Executive Director, the Key Employee or other designated professional) shall disclose the financial or other personal interest giving rise to the conflict and all material facts. The following conditions will apply: a) The interested individual shall not attempt to influence the Committee deliberation or voting related to the transaction or arrangement. b) After the presentation, the interested individual shall leave the meeting during the discussion of, and the vote on, any such transaction or arrangement. c) After review, the Audit Committee shall determine by a majority vote of the disinterested members, whether a Conflict of Interest exists and whether the transaction or arrangement involving a possible Conflict of Interest is in the Corporation's best interest and whether it is fair and reasonable. It shall then make its decision as to whether to approve the proposed transaction or arrangement. Because the Corporation relies upon trustees who are actively engaged in the community, it is not unusual for its trustees to be on the volunteer governing boards of not for profit organizations with which the Corporation may undertake transactions. In such cases, the trustee must disclose the relationship, may present any relevant information, but must leave the room for discussion and voting upon that particular transaction.”

“The school's labor and hr matters are reviewed by reece legal counsel. A review of the executive director's and cfo's compensation and medical benefits is conducted by the board of trustees' compensation committee. The board calculates the executive salaries based on the rsu (rate setting unit) methodology and puts their determination in a five-year contract. The board also reviews the counsel's report and votes on the recommendation. Approval of the final determination of compensation for the officers is documented in the board minutes.”

“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, conflict of interest policy, articles of incorporation and by-laws are also available upon written request.”

“The school has a finance committee that assumes responsibility for the audit of its financial statements and the selection of an independent accountant. This selection process has not changed from prior years.”

“An amended return is being filed to in order to conform to the organization's June 30,2017 financial statements. A listing of all of the changes to the Form 990 is as follows: 1. Page 1, Box G: Gross receipts was restated to reflect the updated program service revenue reported in Part VIII. 2. Part I, Lines 9, 12, 17, 18, 19, 20, and 22: These amounts were updated to reflect the changes reported in their respective parts of the return due to the changes. 3. Part III, Line 4a: The total program expenses and revenue reported for this program was updated to agree to the functional allocation in Part VIII and Part IX. 4. Part VIII, Lines 2a: Program service revenue for this line was updated to agree to the financial statements. 5. Part IX, Line 22: Depreciation expense for this line was updated to agree to the financial statements. 6. Part X, Line 4: Accounts receivables for this line was updated to agree to the financial statements. 7. Part X, Line 10: land, buildings, and equipment for this line was updated to agree to the financial statements. 8. Part X, Line 27: The total unrestricted net assets was updated due to the changes to the expenses and revenue recorded on the financial statements. 9. Part XI, Lines 1 - 4: These amounts were updated for the changes reported in Part VIII and Part IX, as discussed above. 10. Schedule D, Part VI: The amounts reported in this section were updated to agree with the land, buildings, and equipment cost and accumulated depreciation, per the audited financial statements. 11. Schedule D, Part XI and XII: The amounts reported in these sections were updated to agree with the revenue and expenses, per the audited financial statements.”