Sheridan School

“Prior to filing the form 990, the management team, consisting of the director of finance, senior finance staff and head of school reviewed the draft form 990 prepared by the organization's independent accountants. The draft form 990, with donor names redacted, was then made available to the audit committee for review. The membership of the audit committee includes trustees with practical and/or professional expertise, such as nonprofit management, accounting, and federal tax law governing exempt organizations. Before the organization submitted form 990 to the irs, the audit committee reported to the board of trustees that the audit committee had, to the best of its ability, determined that the draft form 990 was complete, accurate and correct. The draft 990, with donor names redacted, was then made available to the full board of trustees for review and comment prior to filing. At that time the trustees were also provided with the opportunity to request an unredacted draft for review.”

“Full disclosure of all actual and potential conflicts of interest is required. Each trustee and officer of the school is required to disclose any and all facts that may be construed as a conflict of interest annually via a form and questionnaire, as well as whenever such actual or potential conflict occurs before any relevant action by the board of trustees or a committee of the board. The forms are reviewed by the director of finance to identify any potential conflicts to be reviewed with the audit committee. The committee will review whether or not a conflict exists and whether it may materially or adversely affect the interests of the school. The trustee with the potential conflict may not participate in this determination by the committee. If the committee determines that a conflict may exist, the board of trustees shall determine an appropriate remedy. This remedy may include the recusal of the trustee from certain matters pending before the board.”

“The head of school's compensation was set under a three year contract executed in december 2022 and effective in july 2023. The board of trustees formed a committee for the purposes of negotiating a contract with the head of school. The committee looked at comparable compensation data from peer schools, from forms 990, and a compensation survey when establishing the compensation in the contract. The contract was reviewed by the board of trustees at a portion of a meeting at which the head of school was not present. The contract provides for annual increases to the base salary in each successive year of the contract.”

“The governing documents, conflict of interest policy, and financial statements of the school are made available to the public upon request for the same period of disclosure as set forth in section 6104(d).”