Civic Intelligence

Passaic Arts and Science Charter School

990 • Fiscal year 2016 • EIN 27-3706398

Jul 01, 2015 to Jun 30, 2016 • Filed on Jan 20, 2017

465 BoulevardElmwood Park, NJ 07407

(201) 773-9140

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

82nd percentile

0.78x

Higher debt load relative to assets than 82% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

45th percentile

0.22x

Higher debt load relative to revenue than 45% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Net Margin

13th percentile

-14%

Higher net margin than 13% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

27th percentile

$94,525

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Asset Growth

4th percentile

-17%

Faster asset growth than 4% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

92nd percentile

37%

Faster revenue growth than 92% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Down

$3,038,293

Down $638,305 (-17%) from 2015

Net Assets

Down

$655,119

Down $1,491,457 (-69%) from 2015

Liabilities

Up

$2,383,174

Up $853,152 (+56%) from 2015

Revenue

Up

$10,961,433

Up $2,935,885 (+37%) from 2015

Expenses

Up

$12,452,890

Up $4,566,817 (+58%) from 2015

Net Income

Down

-$1,491,457

Down $1,630,932 (-1169%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2014: $2,199,303Liabilities 2014: $192,202Net Assets 2014: $2,007,1012014Assets 2015: $3,676,598Liabilities 2015: $1,530,022Net Assets 2015: $2,146,5762015Assets 2016: $3,038,293Liabilities 2016: $2,383,174Net Assets 2016: $655,1192016Assets 2017: $3,121,793Liabilities 2017: $2,303,759Net Assets 2017: $818,0342017Assets 2018: $6,563,438Liabilities 2018: $5,972,665Net Assets 2018: $590,7732018Assets 2019: $8,271,458Liabilities 2019: $6,194,139Net Assets 2019: $2,077,3192019Assets 2020: $14,029,248Liabilities 2020: $10,291,664Net Assets 2020: $3,737,5842020Assets 2021: $18,506,177Liabilities 2021: $7,508,699Net Assets 2021: $10,997,4782021Assets 2022: $20,301,221Liabilities 2022: $885,638Net Assets 2022: $19,415,5832022Assets 2023: $25,776,756Liabilities 2023: $910,511Net Assets 2023: $24,866,2452023Assets 2024: $32,095,805Liabilities 2024: $720,871Net Assets 2024: $31,374,9342024

Highlighted filing

2016

Assets$3,038,293
Liabilities$2,383,174
Net Assets$655,119

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MRevenue 2014: $6,870,308Expenses 2014: $6,821,077Net Income 2014: $49,2312014Revenue 2015: $8,025,548Expenses 2015: $7,886,073Net Income 2015: $139,4752015Revenue 2016: $10,961,433Expenses 2016: $12,452,890Net Income 2016: -$1,491,4572016Revenue 2017: $13,033,250Expenses 2017: $12,870,335Net Income 2017: $162,9152017Revenue 2018: $19,154,088Expenses 2018: $19,381,349Net Income 2018: -$227,2612018Revenue 2019: $22,998,570Expenses 2019: $21,512,024Net Income 2019: $1,486,5462019Revenue 2020: $26,114,491Expenses 2020: $24,454,226Net Income 2020: $1,660,2652020Revenue 2021: $34,515,522Expenses 2021: $27,277,526Net Income 2021: $7,237,9962021Revenue 2022: $37,114,226Expenses 2022: $33,183,608Net Income 2022: $3,930,6182022Revenue 2023: $43,449,732Expenses 2023: $37,999,070Net Income 2023: $5,450,6622023Revenue 2024: $53,020,036Expenses 2024: $46,511,347Net Income 2024: $6,508,6892024

Highlighted filing

2016

Revenue$10,961,433
Expenses$12,452,890
Net Income-$1,491,457
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Jan 20, 2017
Return Version
2015v3.0
Gross Receipts
$11,178,916
Mission and Program Overview

Mission

The mission of passaic arts and science charter school is to provide the ideal environment for the intellectual and social development of its students by utilizing a combined effort of students, educators, families and the community as a whole, and by providing boundless academic and co-curricular opportunities for individual skills and talents to develop.

The Passaic Arts and Science Charter School (PASCS) Mission is to provide the ideal environment for the intellectual and social development for its students by utilizing a combined effort of students, educators, families, and the community as a whole. PASCS believes an effective and adequate education necessary for citizens of the future relies heavily on a multidimensional academic curriculum in which all core subjects will be blended together through various teaching methods while promoting the development of a strong character that supports and respects society. PASCS believes that focusing on an overall high academic achievement includes providing opportunities for individual skills and talents to develop to higher levels. This inspires in students a lifelong love of learning and desire for self-improvement and creativity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,996,473$934,125▼ $1,062,348
Accounts Receivable$397,111$319,266▼ $77,845
Prepaid Expenses and Deferred Charges$94,600$114,600▲ $20,000
Land, Buildings, and Equipment, Net$64,697$50,164▼ $14,533
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$3,676,598$3,038,293▼ $638,305
Other Assets Total$1,123,717$1,620,138▲ $496,421
Liabilities
Other Liabilities$1,401,335$2,165,746▲ $764,411
Accounts Payable and Accrued Expenses$128,687$217,428▲ $88,741
Total Liabilities$1,530,022$2,383,174▲ $853,152
Net Assets / Fund Balance
Unrestricted Net Assets$2,138,561$655,119▼ $1,483,442
Permanently Rstr Net Assets$8,015--
Total Net Assets Fund Balance$2,146,576$655,119▼ $1,491,457
Total Liabilities and Net Assets / Fund Balance$3,676,598$3,038,293▼ $638,305

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$30,201$110,061$140,262
Buildings$19,963$13,050$33,013
Other Assets Org$1,620,138--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Vahit SavincSchool DirectorFT$94,525$94,525
Yanivs FragozoSchool DirectorFT$86,350$86,350
Durim MemediSchool DirectorFT$46,377$46,377

Board Members and Trustees

NameTitle
Ozgur DogruPres-trustees
Yasemin KunukcuTreas'r/Trustee
Ismail OralTrustee
Julian CabreraTrustee
Mona DavidTrustee
Ozlem Yasar AvciogluTrustee
Tawana WilderVP-trustees
Nihat GuvercinLead Person
Recep OrnekSch Bus Adm/CFO
Christopher LessardTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Maschios Food Services INCFood Service525 E MAIN STREET, Chester, NJ 07930$381,892
Revenue and Support

Revenue Composition

Contributions and Grants
$11,093,879
Program Service Revenue
$8,905
Investment Income
$0
Other Revenue
$-141,351
All Other Contributions
$612,563
Change in Net Assets
$-1,491,457
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,571,873
Other Expenses$4,881,017
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,929,197$1,655,419-$5,584,616
Fees for Services Other$1,270,695$608,852-$1,879,547
Office Expenses$826,517$535,894-$1,362,411
Occupancy$888,057$425,511-$1,313,568
Other Employee Benefits$660,224$316,346-$976,570
Payroll Taxes$523,753$250,956-$774,709
Other Expenses$181,178$86,811-$267,989
Current Officers, Directors, Trustees, and Key Employees-$227,252-$227,252
Depreciation Depletion$7,933$27,695-$35,628
Fees for Services Accounting-$18,565-$18,565
Pension Plan Contributions$5,899$2,827-$8,726
Fees for Services Legal-$2,214-$2,214
Conferences and Meetings-$1,095-$1,095
Total Functional Expenses$8,293,453$4,159,437$0$12,452,890
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$2,131,477
Deferred Inflows of Resources-pensions$34,269
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The board of trustees and designated school officials review the tax form 990 return prior to submission and filing with the irs.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Each school official and key employee, and each member of the board of trustees must complete a "school ethics/personal/relative disclosure statement," pursuant to applicable new jersey state law. These forms are filed with the appropriate governmental entities, also per applicable new jersey state law.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

Salary and compensation of the ceo/lead person of the school is reviewed and evaluated by board of trustees of the passaic arts and science charter school on an annual basis. In conducting such review and evaluation, factors such as personal strengths and weaknesses, as well as goals and achievements of the charter school, and comparable salary data are all given due weight and consideration. The ultimate compensation evaluation and recommendation is thereafter approved by the board of trustees of the charter school.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

Salary and compensation of officers, key employees and all teachers are reviewed and evaluated by the charter school lead person and business adminstrator on an annual basis. In conducting such review and evaluation, factors such as teacher performance, education, experience, longevity and comparable area standards for the profession, are given due weight and consideration. All such compensation evaluations and recommendations are reviewed and approved by the board of trustees of the charter school.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

The minutes for the meetings of the board of trustees of the passaic arts and science charter school are available to the public on the school's website. Annual audit and financial reports of the charter school are available on the state of new jersey department of education website. Other charter school information is available on the school website, or will be provided upon request.

Filing and Contact Details

Filer

Filer Name
Passaic Arts and Science Charter School
EIN
27-3706398
Phone
2017739140
Address
465 BOULEVARD, ELMWOOD PARK, NJ 07407

Signing Officer

Name
Nihat Guvercin
Title
Lead Person
Signed
2017-01-20
Discuss with paid preparer
Yes

Organization Details

Legal Domicile
Nj
Voting Board Members
7
Independent Board Members
7
Employees
156

Preparer

Firm
Barre & Co
Address
2204 MORRIS AVE STE 206, UNION, NJ 07083-5914
Preparer
Richard Barre
Phone
9086863484
Supplemental Narrative

Additional Explanations

Document Retention & Destruction Policy

The charter school follows state and federal regulations and standards governing record retention and destruction.

Whistleblower Policy

Passaic arts and science charter school has an express written whistleblower policy, as follows: the board prohibits discrimination or retaliation against any school employee who does any of the following:a. Discloses or threatens to disclose to a supervisor or to a public body an activity, policy or practice of the board that the employee reasonably believes is in violation of a law, or a rule or regulation established pursuant to law;b. Provides information to, or testifies before, any public body conducting an investigation, hearing or inquiry into any violation of law, or a rule or regulation established pursuant to law by the board; orc. Objects to, or refuses to participate in any activity, policy or practice which the employee reasonably believes is in violation of law, rule or regulation; is fraudulent or criminal; or is incompatible with public health, safety or welfare or protection of the environment.the board shall ensure that notices are posted conspicuously in each school, informing employees that they are protected under the conscientious employee protection act.

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IRS990/Form990PartVIISectionAGrp/TitleTxt8Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt9SCH BUS ADM/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt10SCHOOL DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11SCHOOL DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12SCHOOL DIRECTOR
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IRS990/MissionDesc0The Passaic Arts and Science Charter School (PASCS) Mission is to provide the ideal environment for the intellectual and social development for its students by utilizing a combined effort of students, educators, families, and the community as a whole. PASCS believes an effective and adequate education necessary for citizens of the future relies heavily on a multidimensional academic curriculum in which all core subjects will be blended together through various teaching methods while promoting the development of a strong character that supports and respects society. PASCS believes that focusing on an overall high academic achievement includes providing opportunities for individual skills and talents to develop to higher levels. This inspires in students a lifelong love of learning and desire for self-improvement and creativity.
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE CHARTER SCHOOL RECEIVES PUBLIC ASSISTANCE BY WAY OF PERCENTAGE OF LOCAL TAX LEVY PURSUANT TO REGULATIONS PROMULGATED BY THE STATE OF NEW JERSEY DEPARTMENT OF EDUCATION. IN ADDITION, THE CHARTER SCHOOL RECEIVES FEDERAL ASSISTANCE BY WAY OF GRANTS FROM NCLB/TITLE I AND I.D.E.A. PROGRAMS. OTHER FINANCIAL ASSISTANCE FROM GOVERNMENTAL PROGRAMS IS ALSO AVAILABLE VIA APPLICATION.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1PASSAIC ARTS AND SCIENCE CHARTER SCHOOL MAINTAINS A RACIALLY NONDISCRIMINATORY POLICY TOWARDS ALL STUDENTS, IN THAT NO STUDENT, OR EMPLOYEE, SHALL BE SUBJECTED TO DISCRIMINATION IN ANY EDUCATIONAL PROGRAM OR ACTIVITY OF THE SCHOOL ON THE BASIS OF RACE, COLOR, CREED, NATIONAL ORIGIN, ANCESTRY, AGE, MARITAL STATUS, DOMESTIC PARTNERSHIP STATUS, AFFECTIONAL OR SEXUAL ORIENTATION, GENDER IDENTITY OR EXPRESSION, GENETIC INFORMATION, SEX, DISABILITY OR ATYPICAL HEREDITARY CELLULAR OR BLOOD TRAIT OF ANY INDIVIDUAL, OR BECAUSE OF LIABILITY FOR SERVICE IN THE UNITED STATES ARMED FORCES, NATIONALITY, NATIONAL ORIGIN, PLACE OF RESIDENCE IN THE SCHOOL, SOCIAL OR ECONOMIC CONDITION, NONAPPLICABLE DISABILITY OR BECAUSE OF GENETIC INFORMATION OR REFUSAL TO SUBMIT TO OR MAKE AVAILABLE THE RESULTS OF A GENETIC TEST. THE RACIALLY NONDISCRIMINATORY POLICY IS EXPRESSLY STATED THE SCHOOL BY-LAWS AND POLICIES, AND IS COMMUNICATED TO STUDENTS AND PARENTS. THE SCHOOL INTENDS TO PUBLISH THIS POLICY IN ITS BROCHURE AND ON ITS WEBSITE.IN ADDITION, PASSAIC ARTS AND SCIENCE CHARTER SCHOOL CUSTOMARILY DRAWS ITS STUDENTS FROM LOCAL COMMUNITIES, AND FURTHER, THE CHARTER SCHOOL ENROLLS STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc3Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990/ScheduleJRequiredInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF TRUSTEES AND DESIGNATED SCHOOL OFFICIALS REVIEW THE TAX FORM 990 RETURN PRIOR TO SUBMISSION AND FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1EACH SCHOOL OFFICIAL AND KEY EMPLOYEE, AND EACH MEMBER OF THE BOARD OF TRUSTEES MUST COMPLETE A "SCHOOL ETHICS/PERSONAL/RELATIVE DISCLOSURE STATEMENT," PURSUANT TO APPLICABLE NEW JERSEY STATE LAW. THESE FORMS ARE FILED WITH THE APPROPRIATE GOVERNMENTAL ENTITIES, ALSO PER APPLICABLE NEW JERSEY STATE LAW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SALARY AND COMPENSATION OF THE CEO/LEAD PERSON OF THE SCHOOL IS REVIEWED AND EVALUATED BY BOARD OF TRUSTEES OF THE PASSAIC ARTS AND SCIENCE CHARTER SCHOOL ON AN ANNUAL BASIS. IN CONDUCTING SUCH REVIEW AND EVALUATION, FACTORS SUCH AS PERSONAL STRENGTHS AND WEAKNESSES, AS WELL AS GOALS AND ACHIEVEMENTS OF THE CHARTER SCHOOL, AND COMPARABLE SALARY DATA ARE ALL GIVEN DUE WEIGHT AND CONSIDERATION. THE ULTIMATE COMPENSATION EVALUATION AND RECOMMENDATION IS THEREAFTER APPROVED BY THE BOARD OF TRUSTEES OF THE CHARTER SCHOOL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SALARY AND COMPENSATION OF OFFICERS, KEY EMPLOYEES AND ALL TEACHERS ARE REVIEWED AND EVALUATED BY THE CHARTER SCHOOL LEAD PERSON AND BUSINESS ADMINSTRATOR ON AN ANNUAL BASIS. IN CONDUCTING SUCH REVIEW AND EVALUATION, FACTORS SUCH AS TEACHER PERFORMANCE, EDUCATION, EXPERIENCE, LONGEVITY AND COMPARABLE AREA STANDARDS FOR THE PROFESSION, ARE GIVEN DUE WEIGHT AND CONSIDERATION. ALL SUCH COMPENSATION EVALUATIONS AND RECOMMENDATIONS ARE REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES OF THE CHARTER SCHOOL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE MINUTES FOR THE MEETINGS OF THE BOARD OF TRUSTEES OF THE PASSAIC ARTS AND SCIENCE CHARTER SCHOOL ARE AVAILABLE TO THE PUBLIC ON THE SCHOOL'S WEBSITE. ANNUAL AUDIT AND FINANCIAL REPORTS OF THE CHARTER SCHOOL ARE AVAILABLE ON THE STATE OF NEW JERSEY DEPARTMENT OF EDUCATION WEBSITE. OTHER CHARTER SCHOOL INFORMATION IS AVAILABLE ON THE SCHOOL WEBSITE, OR WILL BE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE CHARTER SCHOOL FOLLOWS STATE AND FEDERAL REGULATIONS AND STANDARDS GOVERNING RECORD RETENTION AND DESTRUCTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6PASSAIC ARTS AND SCIENCE CHARTER SCHOOL HAS AN EXPRESS WRITTEN WHISTLEBLOWER POLICY, AS FOLLOWS: THE BOARD PROHIBITS DISCRIMINATION OR RETALIATION AGAINST ANY SCHOOL EMPLOYEE WHO DOES ANY OF THE FOLLOWING:A. DISCLOSES OR THREATENS TO DISCLOSE TO A SUPERVISOR OR TO A PUBLIC BODY AN ACTIVITY, POLICY OR PRACTICE OF THE BOARD THAT THE EMPLOYEE REASONABLY BELIEVES IS IN VIOLATION OF A LAW, OR A RULE OR REGULATION ESTABLISHED PURSUANT TO LAW;B. PROVIDES INFORMATION TO, OR TESTIFIES BEFORE, ANY PUBLIC BODY CONDUCTING AN INVESTIGATION, HEARING OR INQUIRY INTO ANY VIOLATION OF LAW, OR A RULE OR REGULATION ESTABLISHED PURSUANT TO LAW BY THE BOARD; ORC. OBJECTS TO, OR REFUSES TO PARTICIPATE IN ANY ACTIVITY, POLICY OR PRACTICE WHICH THE EMPLOYEE REASONABLY BELIEVES IS IN VIOLATION OF LAW, RULE OR REGULATION; IS FRAUDULENT OR CRIMINAL; OR IS INCOMPATIBLE WITH PUBLIC HEALTH, SAFETY OR WELFARE OR PROTECTION OF THE ENVIRONMENT.THE BOARD SHALL ENSURE THAT NOTICES ARE POSTED CONSPICUOUSLY IN EACH SCHOOL, INFORMING EMPLOYEES THAT THEY ARE PROTECTED UNDER THE CONSCIENTIOUS EMPLOYEE PROTECTION ACT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees

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