Valley School of Ligonier

“It shall be the duty of the executive committee to supervise the operations of the corporation between meetings of the board. The executive committee may, in its discretion, delegate to the president of the corporation of the head of school or to a subcommittee detail of operation or expenditures of the organization.”

“Catharine cathey, paul hannah and ed morgan, board trustees, have a business relationship.”

“The school's treasurer oversees the form 990 review. The school's head of finance and operations works with the external auditors to establish a schedule for preparation and review of the form 990. The treasurer presents a draft return with all schedules and attachments to the audit committee for review. The treasurer provides a complete copy of the final return with all schedules and attachments including comments from the audit committee, to each school officer and member of the board of trustees prior to filing form 990 with the service.”

“Pursuant to the school's policy for monitoring conflicts of interest, the head of school is responsible for monitoring compliance with the school's conflict and disclosure procedures and reports regularly to the audit committee and school's board of trustees. All covered persons annually complete the covered person disclosure form. The head of school prepares lists to track and organize the information gathered on the forms. The head of school reports instances of non-compliance to the audit committee. The head of school works with the board chair to determine whether a conflict of interest may exist. If a conflict of interest is identified, the head of school monitors procedures to ensure compliance with the conflict of interest policy. Pursuant to the school's conflict of interest policy, if a conflict exists the individual involved will not participate in or be present during the audit committee's or board's consideration of the matter except as requested to answer questions or provide information. Violations of the policy are addressed by the board of appropriate disciplinary and corrective actions are taken.”

“The board of trustees benchmarked the head of school's compensation package against other similar schools within the national assocation of independent schools. Once compensation was determined, the package and accompanying contract was approved by the board of trustees. On an annual basis, the head of school's salary is reviewed by the board of trustees and adjusted based upon performance in accordance with parameters approved by the board. For this fiscal year, the executive committee of the board evaluated the head of school based on board source's head-of-school assessment tool and a new 3-yr. Contract was assigned. The business manager's compensation is determined by the head of school and benchmarked against other similar schools using nais statistics.”

“If requested, the school's governing documents, conflict of interest policy and financial statements would be made available upon request to any inquiring parties at the school during normal business hours.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Investment fee allocated to 990t -2,371. Expenses allocated to 990t -1,500.”

“The audit committee assumes responsibility for the audit of the organization's financial statements as well as the selection of an independent accounting firm. This process has not changed from the prior year.”