Country Day School

“Form 990 is reviewed by the finance committee chair and head of the school prior to filing. Then, the final form 990 is provided to all members of the board of the directors prior to filing the return.”

“The school has a conflict of interest policy that is a part of the school's personnel policies and included in the personnel handbook. The chairman of the board of directors formally asks board members regularly to disclose any conflicts of interest. Board members are required to review the policy annually, disclose in writing any conflicts or confirm that there are no conflicts. Each board member signs the policy annually. The school also reviews the conflict of interest policy with staff annually during the august faculty meetings.”

“Compensation increases are reviewed and approved annually at the june board of directors meeting using publicly available data on similar positions at similar local schools. Prior to the meeting, a designated board member compiles information gathered from board members, a parent survey of school operations, and a facility survey. The head of the school serves under a contract with annual increases documented through an addendum to the contract.”

“The school makes its organizing documents and financial statements available to the public upon request. Federal form 990 is available for inspection in the front office of the school and on the guidestar website.”

“The founder of country day school, dorothy b. Mccormick, created an irrevocable charitable remainder unitrust called the dorothy b. Mccormick charitable remainder unitrust. Under the trust agreement, dorothy b. Mccormick was granted a life interest and the school was granted a remainder interest. With a remainder interest, the school is entitled to all trust assets upon termination of the trust which currently consists of real estate leased to the school. Dorothy b. Mccormick, with a life interest, is receiving income for life from the trust which consists of the rental payments made by the school. The trust will terminate upon the grantor's death and the real estate and any additional contributions made to the trust will be transferred to the school. At august 31, 2014, the fair value of land was $1,382,350 and has been recorded as a beneficial interest in the charitable remainder unitrust on the accompanying statement of financial position. Fair value for the beneficial interest in charitable remainder unitrust is based on annual real estate assessments from the county in which the land is located. Dorothy mccormick is the founder, former head of school and a former board member. The school has the right of first refusal to purchase her residence and currently pays for routine grounds maintenance while she owns the property. Payments are at a fixed amount of $9,000 per annum and are adjusted based on increases in the consumer price index (cpi). For the year ended august 31, 2014, the school made payments totaling $11,820. The school leases land from the dorothy b. Mccormick charitable remainder unitrust. The lease expires upon termination of the trust. The rent is adjusted annually based on the consumer price index, not to exceed eight percent for a single year or 22 percent for any three year period.”

“Neither the oversight process nor the selection process changed during the tax year.”