Silver Spring Day School Inc

“The form 990 is prepared by outside accountants. When a final copy of the form 990 is received by the school, the executive director is required to review the form 990 for any inconsistencies on the form 990 from the executive director and board reviewed and approved final financial statements. After review and approval of the return, the form 990 is then filed with the irs.”

“Whenever there is reason to believe an actual or potential conflict of interest exists between silver spring day school and an interested party, the executive director, the executive committee of the board of directors or the board of directors shall determine the appropriate organizational response. The following procedures shall be followed with respect to a specific proposed action or transaction: where an actual or potential conflict exists between the interests of silver spring day school and an interested party with respect to a specific proposed action or transaction, silver spring day school shall refrain from the proposed action or transaction until such time as the proposed action or transaction has been approved by the appropriate person or people as described in this policy. An interested party who has an actual or potential conflict of interest with respect to a proposed action or transaction of the corporation shall not participate in any way in, or be present during, the deliberations and decision making of the school with respect to such action or transaction. The interested party may, upon request, be available to answer questions or provide material factual information about the proposed action or transaction. Where the actual or potential conflict involves an employee of the school other than the executive director and an amount of money equaling $5,000 or less, the executive director shall, in the first instance, be responsible for reviewing the matter and may take approporaite action as necessary to protect the interests of the school. The executive director shall report to the president the results of any action taken. The president, at his/her discretion may consult with the executive committee to determine if further board review or action is required. Where the actual or potential conflict involves the executive director or a member of the board of directors and an amount of money equaling $5,000 or less, the executive committee of the board of directors shall be responsible for reviewing the matter and may take appropriate action as necessary to protect the interests of the school. The president shall report to the full board of directors the results of any review and the action taken. Where the actual or potential conflict involves an amount of money that exceeds $5,000, the board of directors shall be responsible for reviewing the matter and may take appropriate action as necessary to protect the interests of the school. The disinterested members of the board of directors may approve the proposed action or transaction upon finding it is in the best interest of the school. The board shall consider whether the terms of the proposed transaction are fair and reasonable to the school and whether it would be possible, with a reasonable effort, to find a more advantageous arrangement with a party or entity that is not an interested party. Approval by the disinterested members of the board of directors shall be by vote of a majority of directors in attendance at a meeting which a quorum is present. An interested party shall not be counted for purposes of determining whether a quorum is present, or for determining what constitutes a majority vote of directors in attendance. The minutes of the meeting shall reflect that the conflict disclosure was made, the vote taken and, where applicable, the abstention from voting and participation by the interested party.”

“The director's compensation is approved by the board as part of the annual budget process. The board did a compensation study in recent years and adjusts it for inflation. Another compensation study will take place in the near future. The review is conducted by board members who then report their findings to the board. The director's increase in salary is included as part of the general increase for all staff, and these increases were approved by the board as a whole. All deliberations and decisions regarding compensation are documented in the board minutes.”

“The governing documents, conflict of interest policy, and financial statements are available electronically upon request. They are also available on the guidestar website.”