The Galloway Schools Inc

“Form 990 is reviewed by the vice president of finance, the chair of the finance committee and the audit committee (including the audit committee chair). The audit committee votes to approve the 990 and a copy is provided to the board before the 990 is filed.”

“All board members are required to sign conflict of interest policy statement annually at the beginning of each year.”

“Comparable salaries at other schools are researched using online and other data sources.”

“FINANCIAL STATEMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. THE FORM 990 IS PROVIDED TO THE PUBLIC UPON REQUEST. FORM 990, PART X, LINE 15 The school has a loan agreement with the Head of School. FORM 990, PART X, LINE 23 In April 2020, the School obtained a Small Business Administration loan UNDER THE PAYCHECK PROTECTION PROGRAM ("ppp") IN THE AMOUNT OF $2,348,300. The PPP loan bears interest at 1.00% and may require repayment under certain circumstances. Under the terms of CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITIES ACT (THE "CARES ACT") AND THE PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT ("PPPFA"), THE School may apply with the lending institution for PPP loan proceeds used within a specified time period to be forgiven, provided the Proceeds are used to cover certain payroll and other expenses as defined by the CARES Act and the PPPFA. Initial repayments of the loan amount are deferred until the date the SBA remits the loan forgiveness funds to the lending institution, or until 10 months after the end of the forgiveness coverage period if the School does not apply for forgiveness. The loan currently matures in April 2022. As of the date of this report, the School intends on applying for loan forgiveness. FORM 990, PART XI, LINE 9 -67,139 SPLIT INTEREST ARRANGEMENT CHANGE”

“Persuant to The Galloway Schools Inc.'s investment in Granville Equity Partners, LP which is a domestic partnership, the following form 8865 exception statement is required to be filed. Controlled Foreign Partnership Reporting (1 OF 2): The taxpayer was required to file form 8865, but is not doing so under the constructive owners exception. The taxpayer has an interest in the following entity which filed a constructive owners exception: Granville Equity Partners, LP 300 North Greene Street, suite 1750 Greensboro, NC 27401 The partnership has a direct partnership interest in the following which filed form 8865: RTW Onshore Fund One, LP 412 W 15TH STREET, 9TH FLOOR New York, NY 10011 The taxpayer would have had to file form 8865 for its indirect ownership in the fund listed below but for this exception. RTW Master Fund, LTD. 412 W 15TH STREET, 9TH FLOOR New York, NY 10011 Controlled Foreign Partnership Reporting (2 OF 2): The taxpayer was required to file form 8865, but is not doing so under the constructive owners exception. The taxpayer has an interest in the following entity which filed a constructive owners exception: Granville Equity Partners, LP 300 North Greene Street, suite 1750 Greensboro, NC 27401 The partnership has a direct partnership interest in the following which filed form 8865: yulan onshore fund, lp 185 madison avenue, suite 1702 New York, NY 10016 The taxpayer would have had to file form 8865 for its indirect ownership in the fund listed below but for this exception. yulan onshore fund, lp 185 madison avenue, suite 1702 New York, NY 10016”