Solebury School

“The executive committee consists of the duly elected officers of the board, the head of school and the chairperson of the committee on trustees, the finance committee, the development committee, the investment committee, the buildings and grounds committee, and the head evaluation committee. The executive committee has the full authority of the board to act in emergencies or when prudent management requires prompt action during the periods between meetings of the board. Such actions of the executive committee shall require a three-quarters vote of the members of the committee, shall be communicated promptly to the trustees, and shall be presented to the board for formal ratification at the board's next meeting.”

“The form 990 is prepared by an independent accounting firm and then reviewed by the finance committee. After approval by the finance committee, the complete form 990 is shared with the entire board prior to filing with the internal revenue service.”

“The conflict of interest policy applies to all trustees and executive-level administrative employees. Potential conflicts are reported to the chair of the board, the head of school, the director of finance and operations, and the board's executive committee. These parties consult with each other to determine if an actual conflict exists. The final decision belongs to the chair of the board, unless the potential conflict involves that person; then, it goes to the head of the school in consultation with the executive committee of the board. If a conflict is identified, a determination is made about the potential for such a conflict to compromise the school's well-being which involves questions of magnitude (usually financial), consequences, alternatives, etc. The well-being of the school, its students/families, its faculty/staff, and its overall community is always the primary basis for a decision as to whether or not the school can proceed despite the conflict. Annual disclosure of actual and potential conflicts is required.”

“The executive committee determines the compensation of the head of school using compensation data from the school's local and national associations and the results of the head of school's annual review by the head evaluation committee. Compensation decisions are timely documented in a letter from the chair of the board to the head of school.”

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

“Solebury school phased out its middle school (grades 7 and 8) over the course of academic years 2017/2018 and 2018/2019 due to a dramatic reduction in applications for those grades. While the upper school (grades 9 through 12) has seen consistent growth in both day and boarding students, the market for private middle school education has been trending down both locally and nationally. In the geographic area served by the solebury school, it appears to be a combination of high quality local public schools and a desire on the part of families to focus their educational investment on high school and college. Phasing out the middle school allows solebury school to reposition some very good teachers in the high school program and concentrate recruitment efforts on potential high school students.”

“Change in values of gift annuities 49,400.”