Ms-Sc Trust FBO Phillips Exeter Academy

“Fred e. Pittman, founder trustee, and his son, timothy d. Pittman serve as trustees of the trust. Both attended phillips exeter academy and are devoted to assisting the academy in its efforts to provide scholarship support for needy students from mississippi and south carolina and provide support for educational programs where needed. Neither trustee receives in any form compensation for services provided to the trust.”

“Due to the size of the board of trustees of the trust and the size of the organization, there are no committees authorized to act on behalf of the governing body.”

“Members of the board of trustees are notified when form 990 and related schedules are available for review. If a member of the board of trustees wishes to review form 990 and related schedules, a copy is provided. The orgnanization does not have a formal process for review of form 990 and related schedules. The following review process was approved by the board in april 2009: "the trustees of the ms/sc trust f/b/o phillips exeter academy will have the opportunity to review the completed form 990 and associated documents each year by informing the founder trustee by letter, email or phone message on or before april 1st with the request to receive a copy of the completed tax return. A copy of the completed return will be made available shortly after receipt of the request.”

“The board of trustees has adopted a conflict of interest policy (coip). The ms/sc trust f/b/o phillips exeter academy does not compensate members of the board of trustees, has no directors, staff or other employees. The trust does not engage in activities in which conflict might normally arise. The coip is in place for use in the unlikely event that a conflict is suggested by a proposed action of the board member. The members of the board of trustees are notified of the requirement to report annually to the board by letter any actual or potential conflicts of interest. The board of trustees, excluding the member with the existing or potential conflict of interest, determines whether a conflict exists or will potentially exist and whether a contemplated action may be authorized as just, fair and reasonable to the trust. The decision of the board of trustees on these matters rest in their sole discretion, and their primary concern must be to the welfare and integrity of the trust. Compliance enforcement with the coip is done throughout the year when there is written confirmation to members of the board of trustees. An "acknowledgment of coip compliance" form is included in the envelope. This acknowledgement form requires the signature of the member of the board and is returned to the trust. The acknowledgment form includes a statement reminding the member of the board of the requirement to report annually any existing or possible conflicts or interest.”

“The trust retains indefinitely copies of its governing document, conflict of interest policy, financial statements, correspondence, forms 990, attachments and all other documents submitted to the irs reach year. Requests from the public for copies of specific letters, documents, irs form 990, schedules and attachments are provided to the requester within a reasonable time period, usually no greater than 14 days. The requester is asked to reimburse the trust for the cost of copying, shipping and handling of requested items prior to the shipping of such items. It is understood that according to the irs the requester is under no obligation to pay for this service.”