The Ancona School

“Members shall be each parent or guardian or legal custodian from each family which has a child enrolled in the school. Each member shall have one vote as to the election of the board of directors or the amendment of the bylaws. Information about the perspective board members are sent to parents in advance of the election and placed in the school newspaper. Election day is announced in the school paper and balloting is held online.”

“Please refer to 990 part vi questions 6 for explanation.”

“The board retains the services of an independent cpa firm to prepare the organization's form 990. Management reviews the completed form 990. A completed copy of the form 990 will be posted on the board portal of ancona's website for review prior to submission.”

“Where a conflict of interest or a potential conflict of interest exists, it shall be the responsibility of the person involved or any other director, officer, administrator, or other fiduciary of the school to notify the board of directors of the circumstance resulting in the potential conflict of interest so that the board of directors can provide such guidance and take such action as it shall deem appropriate to protect the interests of the school. Provided, however, that no director or officer, who is, directly or indirectly, involved in a conflict of interest or potential conflict of interest shall be counted in determining the existence of a quorum at any meeting where the potential conflict is considered, nor shall the director participate in any way in board activities relating to, or vote on any action of the board regarding that potential conflict.”

“The overall compensation level of the director, the organization's top management position, is externally benchmarked against comparative data from the national association of independent schools for similar leadership positions in comparable institutions in urban areas. Internally, in the beginning of each acedemic year, the executive committee of the board determines performance goals for the director for that year. Throughout the year, the executive committee monitors progress toward completion of these goals, and the board president meets regularly with the director to track progress. In the final quarter of the year, the director completes a self-assessment of performance which is subsequently reviewed jointly by the director and the board president and results in a formal recommendation. A final assessment of overall performance and progress towards identified objectives is reviewed with the executive committee which approves final compensation. Compensation for other management positions within the organization are similarly benchmarked against data from the nais, and determined by the director based on performance and the annual budget as approved by the board of directors.”

“Governing documents and financial statements are available through applicable governmental agencies the conflict of interest policy is available upon written request to the organization.”

“Included in the current year administrative expenses of $319,813 are the following amounts: restatement of prior year account balance = $82,499 administrative expenses = $237,314”