Providence St. Mel School

“The Executive Committee shall consist of the Chairman of the Board of Trustees, the officers of the corporation and the Chairmen of the various committees of the Board of Trustees. In addition, the Governing Committee, by a majority vote of the total number of members of the Governing Committee, may include any individual Trustees on the Executive Committee who have taken special assignments of responsibility and may designate one or more Trustees as alternate members of such committee, who may replace any absent or disqualified member at any meeting thereof. The Executive Committee, to the extent permitted by law, shall have and may exercise all the powers and authority of the Governing Committee in the management of the business and affairs of the corporation and may authorize the seal of the corporation to be affixed to all papers which it may require it. The Chairman of the Board shall serve as Chairman of the Executive Committee. The Executive Committee shall record minutes of each meeting of the Executive Committee and shall submit the same to the Governing Committee at the next meeting of the Governing Committee following such meeting of the Executive Committee. At all meetings of the Executive Committee, a majority of the total number of the members thereof shall constitute a quorum for the transaction of business. Members of the Executive Committee may participate in any meeting by conference telephone or similar device (See Section 6 of Article VI). The vote of the majority of the members of the Executive Committee present at a meeting at which a quorum is present shall be the act of the Executive Committee. Meetings of the Executive Committee shall, unless otherwise by written notice to the members of the Executive Committee, either personally, or by mail, e-mail, facsimile or other communication system, be held whenever called by the Chairman of the Board at such time and place as shall be determined by the Chairman of the Board.”

“The business manager and finance committee chair review a draft of the form 990 prepared by the outside cpa firm, with assistance from management. A final copy of the return is provided to all board members for review prior to filing.”

“Annually, directors and officers sign the conflict of interest form and disclose areas of potential conflict. These forms are reviewed by the board chair and president. Potential conflicts arising during the year are also reviewed by the board chair and president, when required. If further action needs to be taken, the issue is brought before the executive committee and if necessary, the full board.”

“FOR the top management position, COMPARABLE SALARIES FROM THE CHICAGO PUBLIC SCHOOLS AND LOCAL PRIVATE SCHOOLS WERE OBTAINED AND USED BY THE BOARD'S AD HOC COMPENSATION COMMITTEE TO BENCHMARK SALARIES OFFERED TO top management. WHEN MAJOR CHANGES ARE MADE, THIS INFORMATION IS BROUGHT TO THE FINANCE COMMITTEE OF THE BOARD. This process is documented in board minutes, and was last reviewed during FY20.”

“FOR OTHER KEY POSITIONS WITH THE SCHOOL, SALARIES WERE APPROVED AS PART OF THE ANNUAL BUDGET PROCESS. AS THE NEED ARISES, SURVEY DATA IS OBTAINED TO BENCHMARK OTHER POSITION SALARIES. WHEN MAJOR CHANGES ARE MADE, THIS INFORMATION IS BROUGHT TO THE FINANCE COMMITTEE OF THE BOARD. This process is documented in board minutes, and was last reviewed during FY20.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public to the extent provided by law.”

“CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS - -728753; Change in payable on behalf of related entity - 377953; Prior Period Adjusment - -4797;”