Eton School Foundation

“The form 990 is provided to the chair and board of trustees for review. The completed 990 is provided to all board members prior to filing with the internal revenue service.”

“The head of school, who is also an ex-officio non-voting member of the board, and all other board members, are covered by this policy. Each board member receives and provides a signed acknowledgement of the receipt of the conflict of interest policy. If the governing board or committee has a reasonable case to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the members of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take the appropriate disciplinary and corrective action.”

“The board of directors negotiates and determines the compensation of the head of school. The board uses salary surveys from various sources, especially the statistics from the northwest association of independent schools and nais. The board contracted with a compensation consultant during the 2017 fy to realign the head of school's compensation to be competive with industry standards. The last compensation review occured december 2017. The head of school uses information gathered from nwais and nais to determine compensation for officers.”

“The governing documents, conflict of interest policy, financial statements, and filed form 990 are provided to the public upon request and are available for viewing at the school's business office.”

“Goodwill impairment -3,274,639.”

“On january 1, 2010 the school purchased the assets and liabilities of eton, inc. Resulting in the recognition of goodwill. As the goodwill is considered to have an indefinite life, u.s. Gaap does not allow amortization. However, goodwill is subject to a no less than annual impairment test. During the year ended june 30, 2018, management determined that the goodwill was fully impaired, and a loss on impairment of $3,274,639 was recognized in the 2018 statement of activities. Management made the determination that the goodwill was impaired, as the last class of students who were enrolled at the school at the time of the purchase from eton, inc. Have graduated, and management believes there is no more goodwill associated with the original purchase.”