Arch Street Preschool

“The executive committee is comprised of the officers of the board. For the fiscal year ended june 30, 2023 the officers were the president and finance committee chair. The executive committee has the full authority to act on behalf of the board between meetings, without limitation. All actions taken by the executive committee must be reported to the full board at the next full board meeting.”

“Arch street presbyterian church is the sole member.”

“The board of directors shall be elected by the sole member.”

“Without the prior written consent of the sole member, the organization shall not take any of the following actions (a) the sale, lease, transfer or disposition of any material assets, (b) any acquisition of any assets, (c) increasing in the number of directors constituting the entire board, (d) amending, repealing or otherwise modifying any provision of the corporation's articles of incorporation, (e) the liquidation, dissolution or winding up of the corporation, (f) incurring any debt that would increase the corporation's total indebtedness in any fiscal year, (g) hiring or terminating the corporation's executive director, or (h) altering, amending or repealing the bylaws.”

“The form 990 is prepared by an independent accounting firm and then reviewed by the treasurer who will approve for filing before filing with the internal revenue service. A complete copy of the form 990 is provided to all voting members of the board prior to submission.”

“The organization requires an annual review for all board members of potential or actual conflicts of interest. No member of the board shall participate in any discussion or vote on any matter in which he or she or a member of his or her immediate family has potential conflict of interest due to having material economic involvement regarding the matter being discussed. When such a situation presents itself, the director must announce his or her potential conflict, disqualify himself or herself, and be excused from the meeting until discussion is over on the matter involved. The chair of the meeting is expected to make inquiry if such conflict appears to exist and the board member has not made it known.”

“All compensation, including the executive director's compensation, is reviewed by members of the board. The board/original steering committee of the school conducted market research using other preschools and child care centers in philadelphia and surrounding areas to determine compensation of the executive director. Fund for quality in philadelphia gathered comparability data regarding compensation. Deliberations and decisions regarding employment are documented in meeting minutes and director reports in a timely manner.”

“Currently the organization does not compensate any other individual that meets the irs definition of officer and/or key employee.”

“The governing documents, conflict of interest policy and financial statements are made available to the public upon request.”