Doane Academy

“The CFO and the Finance Commitee, including the Treasurer, review the 990 in detail. Then the form is distributed to entire board. Once all questions are resolved, the Form is filed with the IRS.”

“The conflict of interest policy is reviewed annually for the information and guidance of the Board. Any new Trustee is advised of this policy upon undertaking the duties of such office.”

“An annual review of the performance of the Head of School (Head) is conducted at the conclusion of the academic year. As part of the evaluation process, each member of the Board, as he/she is able, must complete a written evaluation of the Head and submit it to the Chair of the Head Relations Committee (the Committee) by a date certain. Upon receipt of the evaluations, the Committee shall compile and organize the results and share them with the Board. The Chair of the Committee, or its designate, will also share and discuss the results with Head, who will then have the opportunity to respond to the evaluation either in writing or orally to the Board. The final results of the evaluation shall be kept in the Head's personnel file. On an annual basis prior to the start of the school year, and based in part on the evaluation results, the Board shall review and set the Head's annual compensation in accordance with the Head's contract and its provision for an increase and/or bonus. The Board accesses comparable compensation information through the National Association of Independent Schools' DASL (Data and Analysis for School Leadership). The Finance Committee and Board determine the overall amount of the budget to be allotted to salary increases. The Head of School allocates the budgeted amount to the staff based on performance and market value of the position. The Head accesses comparability information through the National Association of Independent Schools' DASL (Data and Analysis for School Leadership). The board approves all compensation increases of senior staff members - including the Chief Financial Officer's (CFO's). This process is documented in the Finance committee and Board minutes as well as the CFO's personnel file.”

“Governing documents, conflict of interest policy, and financial statements are available upon request.”

“Net unrealized gains (losses) on investments -4,722,226.”

“A new independent accountant was selected to audit the financial statements this year. However, the process of selecting an independent accountant and overseeing the audit has not changed.”

“While the unrealized loss during the fiscal year was $4,722,226, the cumulative unrealized loss at June 30, 2022 was $1,145,443.”