Springside Chestnut Hill Academy

“The organization amended its by-laws during the year. The changes made include the following: 1) titles and roles of school president and school vice presidents were laid down. 2) ex-officio trustees renamed to honorary trustees. 3) language surrounding the role of non-trustee members of committees was added. 4) audit committee was renamed audit and risk committee, thereby ackowledging the expanding of this committee's role to include risk management. 5) education and enrollment committee was renamed enrollment and marketing committee. All language and responsibility related to "education" was removed, and the responsibility was marketing was added. 6) the newly created compensation committee was added. The compensation committee is responsible for evaluating and setting the compensation of the head of school, subject to the approval of the executive committee, and may establish and review compensation for other management-level employees of the school. 7) the role and signing authority of the head of school was more clearly defined.”

“The form 990 is initially reviewed by the chief financial officer. An electronic version is then provided to the voting members of the board of trustees for their review before the return is filed with the internal revenue service.”

“The board of directors and key employees complete a conflict of interest disclosure statement to disclose any potential conflicts of interest on a yearly basis. Family and business relationships are expressly mentioned in the statement. The statements are collected, reviewed and retained by the chief financial officer. Any potential or actual conflicts will be reviewed by the board. Interested parties to the conflict abstain from any discussions or decisions involving the conflict.”

“The governance committee oversees all matters related to the composition and operations of the board of trustees, including the selection process for new board members and the organization and operational processes of the board. The compensation committee of the board of trustees reviews the compensation for the head of school, using comparable compensation data to ensure that the head's compensation is within fair market range for the industry. The compensation committee then makes recommendations to the executive committee for approval. During the current year, the compensation and executive committees reviewed the compensation for the head of school and, as part of the process, reviewed comparable compensation data for schools in sch peer group (including local schools and schools in the mid-atlantic region). The executive committee made determinations based on this review. In addition, the head of school uses local, regional and national organization comparatives to determine key employees' salaries. These organizations include, but are not limited to, paisboa, nais and nboa. All discussions are documented in committee minutes.”

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

“Net gain on interest swap agreement 3,776,658. Gain on beneficial interest in perpetual trust 1,191,385. Change in value of split-interest arrangements 30,659. Amortization of discount on split-interest arrangements 9,897. Loss on beneficial interest in charitable trust 706,162. Change in cash surrender value of insurance policy 20,777.”