Princeton Nursery School Inc.

“The Board of Trustees adopted revised bylaws in April 2018. The number of trustees was increased from a maximum of 20 to a maximum of 25. The President's duties were changed to include the requirement to notify the Executive Committee of any major issues that the school faces in a timely manner. The President's duties were clarified to include the signing of checks in the Executive Director's absence. The composition of the Executive Committee was changed to include the officers of the Board and the chairperson of the Development Committee. The Personnel Committee was dissolved. The Executive Committee was given the power to make critical decisions between board meetings. The requirement for board members to sign a conflict of interest statement annually was added to the bylaws.”

“A draft copy of the Form 990 is emailed to board members prior to a board meeting. At the board meeting the form is reviewed and any questions that the board has are addressed by the Finance Chair, members of the Finance Committee, or the Certified Public Accountant who prepared the forms. Once the form has been approved by the board, it is filed with the IRS.”

“At the beginning of each academic year, each Trustee and officer is asked to prepare a written statement detailing potential conflicts of interest, based on employment, business, civic affiliations or other activities. These statements are reviewed by the President of the Board of Trustees and the Governance Committee. The statements are on file at the school office and will be available for review by any Trustee or officer. Employees are given a copy of the policy annually in December.”

“The board of trustees meet in closed session to review and discuss the annual performance and compensation for the Executive Director. The discussion is based, in part, on the Executive Director's compensation as compared to directors of other local organizations. The board obtains information periodically from outside sources on compensation paid to executive directors of other similarly sized not-for-profit organizations in the community. After the discussion, recommendations are made and voted on by the board. Minutes of the meeting are taken, which are approved by the Board at the next meeting. There are no other officers or key employees of the School.”

“A packet of documents including the conflict of interest policy and past three years financial statements and 990s are kept on file for anyone requesting a copy. Governing documents would also be made available upon request.”

“The Governance Committee is in the process of establishing a written document retention policy which the School plans to have in effect before June 30, 2019.”

“Although the School hired a new independent acccountant for the June 30, 2018 fiscal yearend, the process of selecting that accountant and overseeing their work has not changed.”