The Storm King School

“The executive committee shall be comprised of the chair, first, second, or third vice chair, secretary, treasurer, head of school and such other trustees and officers as the rest of the executive committee shall determine appropriate. The executive committee shall assist the board of trustees and shall, if appropriate in case of an emercency act in lieu of the board, absent a quorum of that board, subject to subsequent ratification of that board, as provided in the bylaws.”

“The audit committee reviews the 990 documents and then with any suggested changes or issues (if any) it goes to the board for vote to accept/reject.”

“Any trustee, officer, committee member or key employee with a potential conflict of interest shall give prompt, full and frank disclosure of his/her interest to the board or a committee prior to the contract or other transaction being presented to the board or committee for authorization, approval or ratification. The board shall thereupon determine, by majority vote, whether the disclosure shows that a conflict of interest exists or can reasonably be construed to exist. If a conflict of interest is deemed to exist, such person shall not vote on nor use her/his personal influence on, nor participate (other than to present factorial information or to respond to questions) in the discussions or deliberations with respect to such contract or transactions. Such person also may not be present at a board or committee meeting on the matter giving rise to the conflict of interest. In addition, should a trustee have evidence that another trustee, officer, committee member, key employee who has not made a disclosure, might possibly have a conflict of interest, it is his/her responsibility to bring this to the attention of the board of trustees. The minutes of the meeting shall reflect any allegation of or any actual conflict of interest disclosure that was made, the vote thereon and, where applicable, the abstention from voting, participation and attendance, and whether a quorum was present. All trustees, officers, committee members and key employees of the school shall submit annually to the secretary of the board (and trustees shall submit them prior to or at the time of their initial election), a fully completed conflict of interest statement which shall include, at a minimum, the following: (i) a written summary of holdings, or positions or functions that would give rise to a conflict of interest, including indicating any entity where the person is an officer, director, member, owner (sole or partner) or employee with which the school has a relationship; and (ii) any transaction in which the school is a participant and in which the trustee might have a conflict interest. The secretary of the board shall provide a copy of all completed conflict of interest statements to the chair of the audit committee.”

“The school has a compensation committee that is chaired by the president of the board of trustees. The committee reviews statistical data from the national association of independent schools and information from forms 990 of other independent schools to provide comparative data in determining compensation. A performance review is also completed. This process was most recently undertaken in june 2023, resulting in a one-year employment agreement extension for the head of school through june 30, 2024. The chair of the board of trustees and the head of school annually review data from comparable schools to ensure that senior management compensation is in line with other similar schools. The compensation committee reviews the pertinent data and the decision process with the head of school for senior management compensation. The process described here was last completed in 2024.”

“Available upon written request to the school.”

“Change in value of interest rate swap -80,840. Uncollectible pledges -17,800.”

“There have been no changes to the organization's oversight or selection process during the tax year.”