Shady Side Academy

“The executive committee of the board is comprised of 14 members; chair of the board, chair elect of the board, past chair of the board, vice chair for community life, vice chair for buildings and grounds, vice chair for development, vice chair for finance, chair for benedum commitee, chair for community connections, chair for endowment and 3 at large members. All members are members of the full board of trustees. This group meets regularly to discuss strategic initiatives of the academy and to ensure that management is meeting the goals and objectives as established by the board. Decisions not requiring a full board vote may be made by this committee if needed.”

“The business and affairs of the corporation are managed by a board of trustees, who also constitute the members of the corporation.”

“Two trustees are elected or appointed each year by the shady side academy alumni association. In the event that the alumni association fails to select two trustees in any year, the board fills any resulting vacancy by electing an alumnus of the academy.”

“The form 990 is reviewed by management and by the audit committee. A copy of form 990 is distributed to board members prior to filing with the internal revenue service.”

“An explanation of the conflict of interest policy is presented to all board of trustee members at the start of each school year. Annual disclosure forms are distributed and information is then sent to the business office where it is reviewed and maintained on file throughout the year. Conflicts of interest disclosure forms are forwarded to the board of directors.”

“The academy's chairman of the board selects certain board members to comprise a compensation committee. This group analyzes data from the national association of independent schools and other local surveys to determine appropriate salary ranges. For top management, the academy engages the services of local legal counsel to assist in the review and preparation of employment contracts and/or agreements.”

“Shady side academy makes its governing documents, conflict of interest policy statement and financial statements available for public inspection upon request through the academy's business office.”

“G. Nicholas beckwith, iii, paul g. Benedum, jr., michael p. Casey, m.d., floyd a. Cephas, sr., mary ellen costa, john p. Davis, jr., john h. Demmler, william p. Getty, lawrence n. Gumberg, stephen halpern, karl f. Krieger, anne v. Lewis, w. Thomas mcgough, jr., edwin f. Scheetz, jr., susanne c. Wean.”

“Change in fair value of interest rate swap -129,818.”

“As a sub-committee of the finance committee, the audit committee is charged with the selection of an outside independent audit firm. This is reviewed annually and, based on contract terms with the current firm at the time, the committee determines when to negotiate continued rates and/or to request bids from other firms. Prior to the release of the final financial statements the audit committee meets with the audit team from the independent audit firm as well as management charged with audit responsibilities to review and discuss the draft financial statements and the audit process.”