Far Brook School

“The form 990 is a prepared by an outside accounting firm. The audit committee and treasurer review the form 990 and make a recommendation to the board to approve the return. The board is provided a public inspection copy of the form 990 prior to filing with the irs (schedule b is redacted from the copy reviewed by the board).”

“The organization has a conflict of interest policy applicable to the board of trustees. Trustees have a duty to disclose any actual or potential conflicts of interest with the board. After disclosure of any contract or transaction involving a conflict of interest, the board will make a determination on whether to approve the contract or transaction. A person who has a conflict of interest may not participate in the board's discussion on the matter, except to disclose material facts, and may not vote on the contract or transaction. The discussion and deliberation is to be reflected in the minutes of the meeting. Each trustee is required to review a copy of the conflict of interest policy on an annual basis and to acknowledge in writing that he or she has done so. In addition, each trustee is required to complete an annual questionnaire to disclose any potential conflicts of interest. The disclosure forms are provided to the chair of the board, who is responsible for the implementation of the policy.”

“The executive committee of the board of trustees reviews and determines compensation of the head of school. Market analysis is performed using comparability data from forms 990 of other organizations and industry surveys, including salary levels of member schools part of the new jersey association of independent schools. Deliberations and decisions regarding compensation are contemporaneously documented in the schools' records. The compensation of the director of finance of the organization is reviewed by the board of trustees. Comparability data from member schools part of the new jersey association of independent schools is utilized in the process. Annually, the board of trustees approves the compensation increases. The approval is documented in an employee agreement. The process as outlined above was last conducted in 2020.”

“The organization makes its form 990, governing documents, conflict of interest policy, and financial statements available to the public upon request. The form 990 is also available on guidestar.org and similar websites.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”