Fletcher Academy Inc.

“The membership of the corporation, that is its constituency, shall be composed of not fewer than twenty-four (24) and not more than thirty-two (32) individuals (who will serve for a three-year (3) term). Not less than one-third (1/3) and not more than one-half (1/2) of these shall be employees of the corporation. An officer of the layman foundation of north carolina, a not-for-profit north carolina corporation, the executive secretary of the layman foundation of tennessee, a not-for-profit tennessee corporation, and a pastor of a seventh-day adventist church in the local community each shall be a member. The remaining members shall be chosen from among seventh-day adventist members in good and regular standing who practice and support the standards adopted by the corporation and have an active interest in the spiritual and business development of fletcher academy, inc. And its affiliated entities.”

“The business of the corporation shall be supervised and managed by a board of directors composed of eleven (11) to fifteen (15) members, including the chairperson, at least one (1) member that is an officer of the layman foundation of north carolina, a not-for-profit north carolina corporation, and one (1) of whom shall be employed by the seventh-day adventist church. All other members are to be chosen at large. Each member shall serve for a term of three (3) years, with one-third (1/3) of the members rotating off the board each year. The unexpired term of any vacancy on the board of directors may be filled by the board of directors. If no election is held by the members of the corporation, the directors shall continue to serve until their successors are elected.”

“The form 990 prepared by an independent accounting firm, is reviewed by the cfo, and provided to the board before filing with the internal revenue service.”

“The board members are required to annually disclose any conflicts of interest. Any member with a potential conflict will recuse himself / herself from all discussions and vote.”

“The compensation rates for the fletcher academy (fai) teaching staff are based on the southern union conference of seventhday adventist published rates of pay. The compensation of key employees is set by the ceo. The compensation schedule for all employees are presented, along with the budget, to the fai finance committee each year. The fai finance committee approves and recommends the compensation schedule to the fai board of directors, who have final approval of the fai budget and compensation rates.”

“The organization makes its governing documents, conflict of interest, and financial statements available upon request.”

“Change in value of split-interest agreements 69,386.”