Norfolk Collegiate School

“The school had board members.”

“There is a committee of trustees that oversees board membership. The needs of the board/school are always reviewed for items such as geographic/work/gender/diversity. This committee solicits members from within the community (other board, staff). The committee reviews their attributes as being a part of the board. They are also interviewed by the board chair and committee on trustee chair prior to being presented to board for voting approval.”

“The board normally works through a committee structure which includes advancement, building & grounds, finance, student life, and governance. Initially most items are discussed and brought to the committee level for background, research, and review. Areas that require approval are voted on by committee, taken to the executive committee for discussion/vote, and then taken to the full board for discussion/vote.”

“The 990 is reviewed by the audit committee prior to its filing. It is also available to the board prior to filing with the irs.”

“Annually, board members are required to submit conflict of interest statements (reflecting none or stated conflicts) to the governance committee chair.”

“Compensation for administrative positions is benchmarked using seven criteria fields of salary by position from national association of independent school and virginia association of independent schools. For administrative positions, the median of that data is used as a benchmark for salary determination within the budget guidelines and overall staff and faculty cost of living guidelines for each fiscal year. Headmaster compensation also used the benchmarking criteria and is reviewed and set by a compensation committee of board members.”

“Norfolk collegiate school provides and reviews governing documents and its conflict of interest policy with the board of trustees members annually. The annual financial statemetns are presented to the board of trustees audit committee, who subsequently presents the financials to the finance committee and the executive board of the trustees. The annual financial statements are also available for review by all members of the board of trustees upon presentation to the aforementioned committees. All of these documents are available to the public upon request.”

“Gain on derivative instruments 6,680. Change in interest in net assets of recipient organization -4,090.”

“Form 990, part xii, line 2c: the organization has a committee that assumes responsibility for oversight of the audit. The organization has not changed its oversight process or selection process during the year.”