Prep for Prep

“The trustees frank bynum, frank loverro and sandy osborne have a shared ownership interest in kelso & company, inc. The following trustees are associated with the same organization: sue meng is a partner of debevoise & plimpton; john hall is of counsel. Martin lipton, jonathan moses, jeannemarie o'brien, and karessa cain are partners of wachtell, lipton, rosen & katz,”

“Before filing, the 990 is reviewed by the treasurer of prep for prep, distributed to all members of the finance committee for review, approved by the executive committee of trustees, and distributed to all board members.”

“The finance committee is empowered to investigate any matter brought to its attention with full access to all books, records, facilities and personnel of prep. In keeping with its charter, the finance committee annually reviews and discusses with management and the independent auditors the adequacy and effectiveness of prep's legal, regulatory and ethics compliance programs, including prep's conflict of interest policy.”

“The staff recruitment and compensation committee of the board assists the executive committee of the board in determining compensation of senior management. The committee reviews the compensation of the chief executive and key employees each year and recommends changes or adjustments to the executive committee. Review includes use of comparability data and engagement of outside experts and other advisors. The last review was in november 2018.”

“The organization makes its governing documents, conflict of interest policy, and financial reports available to the public upon request.”

“Prep students, alumni, and supporters volunteer to help advance prep's mission. Volunteer opportunities are wide-ranging: prep students, parents, and alumni provide support to the prep admissions office, working with prospective applicants and their parents/guardians during the recruitment and application process; prep students who have completed at least 8th grade in their independent schools serve as volunteers during the preparatory component summer session by assisting with attendance and the collection and distribution of lunches, books and notices. (approximately 30 volunteers support admissions and preparatory component each year.) volunteers also facilitate professional advancement initiatives that expose prep high school and undergraduate students to a range of career options they might not otherwise have considered. These initiatives include summer internships, prep's arts academy and prep's institute for entrepreneurship (ife). Prep alums, employees of partnering firms, trustees, associates council members, and donors help prepare students by conducting mock job interviews. For ife, volunteers from these groups serve as business plan advisors and final competition judges. Prep also uses volunteers to serve as career seminar series panelists. (as many as 428 volunteers support professional advancement each year.) members of the board of trustees and associates council volunteer their time and professional experience to leverage their contacts and advise the organization. (total of 117 trustees and council members participated during fy21.) in addition, our alumni council drives participation in volunteer engagement activities for the benefit of prep, our students, and our entire alumni community, including five active alumni affinity groups.”

“No change in process from prior year”

“Investment expenses of $29,898 are included in part xi, line 2”