The Lovett School Inc

“The Audit Standing Committee of the Board reviews, comments upon, and as authorized in the School's corporate bylaws, approves the final version of the Form 990. Prior to filing the Form 990 each year, copies of the Form 990 approved by the Audit Standing Committee of the Board are provided for review by the School's Board of Trustees.”

“Annually all members of the Board of Trustees, key employees, and highest compensated employees complete a conflict of interest and family and business relationship disclosure.”

“On an annual basis, the Compensation Standing Committee reviews, negotiates and recommends the compensation and benefits package for the CEO and Headmaster of the School, and evaluates the performance of the CEO and Headmaster at minimum on a bi-annual basis. The Compensation Committee also reviews and evaluates the compensation and benefits packages for the Chief Financial Officer and for the top ten (10) compensated employees of the School. The Compensation Standing Committee performs its work with respect to the compensation and benefits package for the CEO and Headmaster in accordance with applicable Legal Requirements, including, but not limited to, all applicable rules, regulations and guidelines (sometimes collectively "IRS Guidelines") of the Internal Revenue Service ("IRS") with respect to the policies, processes, procedures and determinations (sometimes collectively "IRS Compliance Policies and Procedures") regarding payment of executive compensation and benefits by non-profit entities which have been granted tax exempt status under Section 501(c)(3) of the Internal Revenue Code, as the same may be amended from time to time, with the goal of establishing, and of paying or providing, as applicable, to the CEO and Headmaster of the School an executive compensation and benefits package during each School Year (or other relevant period of time) which is "fair and reasonable" (but not excessive") under applicable IRS Guidelines, and to endeavor to follow the IRS Compliance Policies and Procedures in a manner sufficient to create a "rebuttable presumption of reasonableness." In performing its work with respect to the compensation and benefits package for the CEO and Headmaster, the Compensation Standing Committee reviews and considers compensation and benefits packages for persons serving in comparable positions at other peer independent schools (which are required to file Form 990s), compensation surveys available from educational and other associations and groups of which the School is a member, as well as other relevant information and documentation. In accordance with IRS Compliance Policies and Procedures, the Compensation Standing Committee also prepares minutes, together with related documentation, memorializing performance of its work, and setting forth its recommendations, and the basis therefor (collectively "Recommendation Documentation"), being made to the Executive Committee of the Board regarding the executive compensation and benefits package for the CEO and Headmaster. On an annual basis, the Executive Committee of the Board of Trustees reviews and considers compensation and benefits packages for key employees and the top ten compensated employees of the School, including the School's CEO and Headmaster. In connection with such review and consideration process, the Executive Committee of the Board reviews and considers the Recommendation Documentation from the Compensation Standing Committee with respect to the CEO and Headmaster, as well as information and documentation regarding persons serving at other peer independent schools in positions comparable to such key employees and top ten compensated employees of the School, including information and documentation regarding compensation and benefits contained in Form 990s of other peer independent schools required to file Form 990s, compensation surveys available from educational and other associations and groups of which the School is a member, as well as other relevant information and documentation. Following such review and consideration process, the Executive Committee of the Board of Trustees provides approvals on behalf of the School for all such compensation and benefits packages for such key employees and the ten compensated employees of the School, including the School's CEO and Headmaster and the Chief Financial Officer. Minutes for the Meeting of the Executive Committee of the Board at which such approvals are made on behalf of the School for all s”

“The School's Form 990 is made available upon request. The School's articles of incorporation and annual registration filings are available to the public from the Georgia Secretary of State Office Website. The School's bylaws, conflict of interest policy, and audited financial statements may also be made available upon request.”

“The Governance Committee shall present to the Board nominations for Trustees and officers to be elected by the Board. The Committee shall furnish information relating to the background and qualifications of all such nominees with the notice of the Board meeting at which an election or appointment is scheduled to be considered by the Board. The Committee, on an on-going basis, shall determine the characteristics and profile for Trustee candidates and shall maintain a current profile of the Board's membership composition to guide the selection process. The Committee shall annually review and evaluate the performance of incumbent Trustees and Board officers whose terms expire during such school year and who are eligible for reelection, and shall develop and help administer a program of orientation with the Board Chair and the Headmaster and CEO for newly-elected Trustees.”

“Board Standing Committees (and Board Special Committees when and if created) are authorized to make certain recommendations to Executive Committee of the Board of Trustees or to the full Board of Trustees as provided in the School's corporate bylaws, but such Board Standing Committees and, if applicable, Board Special Committees are not authorized to make any final decisions or approvals on behalf of the School except in certain limited circumstances. All final decisions and approvals on behalf of the School are made by the Executive Committee of the Board of Trustees or by the full Board of Trustees as provided in the School's corporate bylaws, except for a limited number of final decisions and approvals authorized to be made as specified in the School's corporate bylaws by the Endowment Standing Committee or by the Audit Standing Committee, as applicable.”

“Total fundraising expenses incurred of $2,870,398 are almost entirely internal expenses of the School and include direct and indirect expenses. Direct expenses are attributed to the School's advancement department operating expenses, including expenses for advancement department personnel. Indirect expenses (i.e. depreciation) are allocated by the School's management based upon identified cost drivers associated with fundraising and the School's advancement department.”

“Interest swap gain -1,494,956. Increase in allowance for doubtful accounts -893,624.”