Montclair Kimberley Academy Foundation

“The governing body has delegated broad authority to the executive committee to act on behalf of the board of trustees during the interim period between scheduled board meetings or when an emergency requires.”

“The school's management provides information sufficient for its outside accountant to prepare the return. After preparation by the accountant, a board of trustees 990 review committee consisting of the current president of the board of trustees, current treasurer/chairperson of the finance committee, headmaster, cfo, the assistant business manager, plus one trustee member review the return. After the review committee reviews the return, the return is distributed to the entire board of trustees.”

“The conflict of interest policies are included in the organization's bylaws and personnel policy guides. The policies are continuously monitored by the board of trustees and key employees of the organization to ensure compliance. Yearly sign-off sheets stating that they have received and read a copy of the conflict of interest policy and a declaratory form are required to be filled out, signed, and dated.”

“THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SERVES AS THE COMPENSATION COMMITTEE. THE COMMITTEE IS CHAIRED BY THE PRESIDENT OF THE BOARD OF TRUSTEES AND CONSISTS OF ALL OTHER COMMITTEE CHAIRPERSONS (7 PEOPLE), PLUS 4 ADDITIONAL BOARD OF TRUSTEE MEMBERS - FOR A TOTAL OF 11 BOARD OF TRUSTEE MEMBERS. THEY REVIEW AND APPROVE THE COMPENSATION OF THE TOP SEVEN PAID EMPLOYEES WHICH INCLUDES THE TOP MANAGEMENT OFFICIAL (HEADMASTER) AND KEY EMPLOYEE (cfo). THEY ARE PROVIDED WITH THE LAST FIVE YEARS OF SALARY AND BONUSES, IF APPLICABLE, CURRENT TAXABLE AND NON-TAXABLE BENEFITS AND COMPARATIVE STATISTICS FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS as well as group statistics for the New Jersey, New York and Connecticut Association of Independent Schools (OUR TRI-STATE AREA DIRECT COMPETITORS). THE HEADMASTER PROPOSES THE COMPENSATION FOR ALL EMPLOYEES EXCEPT HIMSELF. THE COMMITTEE DISCUSSES AND DECIDES ON THE FINAL COMPENSATION OFFERED TO THE SEVEN EMPLOYEES. CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION IS MAINTAINED. NO MEMBER OF THE COMMITTEE IS A RELATED PARTY TO ANY OF THE SEVEN PEOPLE BEING REVIEWED. IF THERE WAS A RELATED PARTY, THAT TRUSTEE WOULD BE EXCUSED FROM THE REVIEW OF THE RELATED INDIVIDUALS. WRITTEN CONTRACTS ARE SIGNED AND EXECUTED WITH ALL OF THE INDIVIDUALS. THE EXECUTIVE COMMITTEE INFORMS THE FULL BOARD OF TRUSTEES OF THE ACTIONS TAKEN.”

“The school provides the public with the rights to review its governing documents, conflict of interest policy and financial statements upon written request to the school at its main address. The audited financial statements and a copy of the 990 are filed along with the state of new jersey annual renewal registration statement and financial report for a charitable organization with the new jersey office of the attorney general, division of consumer affairs, office of consumer protection, charities registration section. These documents are of public record.”

“Trustee compensation- all of the trustees listed in part vii are volunteers. They receive no compensation, no employee benefits and no deferred compensation. They did not receive any reimbursements for expenses and any other allowances. However, expense reimbursement is allowable so long as no trustee approves their own expenses. The average number of hours devoted to the position is based on the individual's duties on the board of trustees and the time of year.”

“The school issued a form 1099 in lieu of the form w-2g- certain gambling winnings- in respect to a raffle conducted by the foundation during the year.”

“Reconciliation of net assets: other changes in net assets or fund balances of $7,200 is the change in value of split interest agreements.”