Ravenscroft School

“Form 990 review process: the form 990 draft is provided to the director of finance and the chief financial and operations officer for their review. Once their review is completed a revised draft is provided to the audit committee of the board of trustees for their review. The form 990 draft will then be presented to the full board of trustees for their review. Once all questions, comments and changes have been completed, the head of school will sign form 8879-te, irs e-file signature authorization for a tax exempt entity, and the return will be e-filed.”

“Monitoring conflicts of interest: board trustees and key employees are asked annually to disclose any business relationships that could result in a conflict of interest with their fiduciary obligation to the school. An annual survey is sent to each trustee and key employee to monitor compliance with the school's conflict of interest policy to determine if an actual or potential conflict of interest exists. When the school becomes aware that a conflict exists, whether potential or actual, action is taken immediately to correct the situation.”

“The process for determining compensation: - periodic use of outside consultant to provide compensation data for heads of school to executive committee of the board. - review of data by executive committee of the board. - individual evaluation of head of school by board members using a formal evaluation instrument; head of school self evaluation. - summarization of individual evaluations by executive committee of the board. - discussion of evaluation in both verbal and written form with the head of school and the executive committee of the board.”

“Making documents available to the public: the tax return is made available upon request from the ravenscroft business office.”

“Change in fair value of interest rate swap 318,420.”

“Additional financial assistance provided to students: ravenscroft uses an outside service to collect and process financial aid applicants' financial information. This service is provided by facts on a nondiscriminatory basis. Applicants submit their family financial information to facts for processing. A summary report of the family financial information is generated and sent to ravenscroft school. Once this report is received the financial aid committee reviews the report and makes awards considering the information provided in that report. Applicants are required to provide supporting documentation of the information provided on the facts application. In addition to the financial assistance awarded through the above process, the school maintains twenty-one financial aid endowments as well as four scholarship endowments to benefit students. Some of these endowments have no criteria and others are awarded based on specific criteria such as the student being enrolled in an academic skills program, disadvantaged with financial need, a member of a minority class, excel in fine arts, and other selected criteria. The additional endowments are intended to support, promote and enhance the overall composition of the school's academic, minority and socially diverse community.”