Morristown-Beard School

“Morristown-beard school has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by the head of school and cfo and is ready to be filed with the internal revenue service, a redacted return (removal of schedule b) is electronically sent to the board of trustees in advance of a board meeting. At that meeting, the chief financial officer summarizes the key highlights of the form 990 and answers any questions prior to the trustees voting to approve the filing of the form 990.”

“The organization has a written conflict of interest policy that is regularly and consistently monitored and enforced. The purpose of this confidentiality and conflict of interest policy ("policy") is to protect morristown beard school's ("school") interests when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer or director of the school, or might result in a possible excess benefit transaction. An "interested person" is any director, principal officer, key employee or member of a committee with board-delegated powers, who has a direct or indirect financial interest. Annually, each interested person must complete a conflict of interest statement to disclose any potential conflicts. In connection with any actual or possible conflict of interest, an interested person is given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“The compensation committee of the board uses available compensation studies, benchmarking data from relevant industry associations, as well as comparative school data gleaned from form 990s to determine the salary for the head of school. The board of trustees appoints a trustee to lead the search committee. The head of school compensation is approved by the board. This process was last undertaken in 2021. Compensation for other officers and key employees is determined by the head of school in consultation with the chief financial officer, using available compensation studies, benchmarking data from relevant industry associations, as well as comparative school data gleaned from form 990s.”

“The organization makes its form 990, governing documents, conflict of interest policy, and financial statements available for public inspection upon request at 70 whippany road, morristown, nj 07960 or by calling the organization directly at 973-539-3032.”

“Peter caldwell, former head of school, received compensation reported in part vii relating to employee services as well as a consulting agreement that was established after he stepped down from his position. He is providing consulting services on an as-needed basis to the school.”

“Pledges write-off -280,750.”

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

“In 2022, the school restated its financial statements in order to properly reflect net assets with donor restrictions as of june 30, 2021 by correcting the recording of contributions. A restatement was also made to correct accumulated depreciation on certain assets. In addition, certain donor restricted amounts have been reclassified to properly reflect donor intention. This resulted in a prior period adjustment of $1,682,665.”