Cary Academy

“Family or business relationships: james goodnight and ann goodnight - family relationship john sall and virginia sall - family relationship james goodnight and ann goodnight - business relationship james goodnight and john sall - business relationship james goodnight and jeffrey eakes - business relationship”

“Significant changes to governing document: in november 2013, the school amended its bylaws. Included in this amendment were the following changes: 1. The total number of directors allowed was changed from "3 to 21 directors" to "the total number of board officers plus no less than 5 additional directors and no more than 17 additional directors." 2. The qualifications for directors now restrict an individual employed by the school or an individual who has a family member that works for the school (as defined in bylaws) from serving on the board during the period of employment. 3. Most board members are now limited to a certain number of terms. 4. The chair of the parent-teacher-administrator association and the chair of the alumni council are automatically members of the board of directors for the length of time that they hold those positions. 5. An audit committee (separate from the finance committee) was established. It is comprised of at least 3 board members. It is responsible for hiring and overseeing the independent auditors and providing reports directly to the full board of directors regarding auditor findings. 6. The policies and procedures already in place for establishing the compensation of the key employees of the school were added to the bylaws.”

“Form 990 review: the form 990 is provided to the finance committee of the board of directors as well as to the head of school for review prior to filing. The finance committee is comprised of the board president, the board treasurer, and one additional board member. The form 990 is also made available to all other board members for review prior to filing.”

“Conflict of interest policy: the policy is provided for review and the acknowledgement form must be signed in january of each year.”

“Process for determining compensation: compensation of the head of school - annually, the director of business operations provides the board chair with benchmarking salary data from the national association of independent schools for sais (southeast) schools as well as north carolina peer schools. That information is used by the board chair, taking into consideration years of experience and performance, to determine the salary for the upcoming year. Both compensation and benefits are documented in an annual contract signed by both the board chair and the head of school. Compensation of other officers - the head of school and the human resources manager collect salary and benefits data from both independent school and geographical job market sources, as applicable to the particular position. Taking into consideration years of experience and position responsibilities, the salary is established. The salary and benefits are then reviewed and approved by the board of directors executive committee. This review is completed every year. Compensation of key employees - the head of school, the director of business operations, and the human resources manager collect salary and benefits data from both independent school and geographical job market sources, as applicable to the particular position. Taking into consideration years of experience and position responsibilities, the salary is established by the head of school. Any significant increases in compensation are discussed with the board executive committee in advance of being finalized. This review takes place every three years.”

“Making documents available to the public: upon request, cary academy will make its governing documents, conflict of interest policy, and audited financial statements available to the public. The request would be made through the office of the head of school, who would approve the request and forward it to the director of business operations for execution.”