Wheaton Academy Foundation

“The Executive Committee, consisting of the Officers of the Corporation, the Head of School of Wheaton Academy and the Director of Development of Wheaton Academy, will act for the Board of Directors in the day to day management of this Corporation in the absence of action by the Board, where legally permissible. The Chairperson of the Corporation shall serve as the Chairperson of the Executive Committee.”

“If the Board of Directors endorse any or all of the candidates so tendered, the Secretary of the Board of Directors shall tender the names and qualification of the candidates so endorsed to the Board of Trustees of Wheaton Academy not later than the regularly scheduled June meeting of the Board of Trustees of Wheaton Academy for a vote to be elected or not elected as Directors of this Corporation.”

“A Director may be removed with or without cause by the Board of Trustees of Wheaton Academy at any time. The power to alter, amend, or repeal these Bylaws, or to adopt new Bylaws, is vested in the Board of Directors subject to the approval of the Board of Trustees of Wheaton Academy.”

“Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's Chairman and Treasurer prior to filing with the IRS.”

“The organization requires all officers and board members to annually complete and sign a conflict of interest questionnaire. The Executive Director is responsible for reviewing the signed statements and ensuring that interested persons are in compliance with the conflict of interest policy. The Chairman reviews the Executive Director's conflict of interest statement. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“The organization does not compensate any officers or key employees. Therefore, these lines were answered "no" in accordance with the instructions.”

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

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 7/31/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $ 85,840 Line 29 - Net assets with donor restrictions $2,839,916 Total net assets $2,925,756”

“The organization's board assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”