The Hutchison School

“The governing body reviews the 990 before it is filed.”

“As outlined in the by-laws, potential conflicts of interest require immediate disclosure and review by the board of trustees. An annual disclosure statement is required to be submitted to the head of school and the board of trustees.”

“The compensation committee of the board uses comparability data and deliberation/decision substantiation of accomplishments, etc. To determine compensation. Independent compensation consultants are used periodically to review/advise on compensation.”

“The school makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“On june 1, 1997, the school established a non-qualified retirement plan ("plan"), in which dr. Smith was a participant until her retirement in 2017. The plan provided for specified contributions to be made by the school on an annual basis and provided dr. Smith the option to defer a portion of her annual compensation by paying it into the plan instead of receiving it directly. All amounts deferred by dr. Smith were properly reported as deferred compensation on previously filed forms 990. The plan's funds were invested and managed in a manner to obtain capital appreciation, and substantial appreciation was achieved over the 20 year period from the plan's creation to dr. Smith's retirement. During the current fiscal year, dr. Smith retired from the school and the plan liquidated and distributed all amounts owed to dr. Smith. Total deferred compensation of $2,960,531 was distributed during the year to dr. Smith. Of this amount, the school's contributions over the 20 year plan period account for modest amount of the balance; dr. Smith's contributions and capital appreciation account for the significant majority of the balance. All contributions made in previous years by both the school and dr. Smith have been reported on previous forms 990, part vii, as required. Due to nuances in the tax law related to reporting and disclosures for nonprofit entities, these same contributions must be reported again in the year the amounts are distributed. Therefore, the result is that the contributions are reported in two separate years: the year of contribution and the year of distribution.”

“On-line store merchandise cogs: program service expenses 264,325. Management and general expenses 0. Fundraising expenses 0. Total expenses 264,325. Printing and publications: program service expenses 0. Management and general expenses 185,196. Fundraising expenses 0. Total expenses 185,196. Instructional: program service expenses 183,548. Management and general expenses 0. Fundraising expenses 0. Total expenses 183,548. Buzz shop cogs: program service expenses 181,442. Management and general expenses 0. Fundraising expenses 0. Total expenses 181,442. Promotional events: program service expenses 0. Management and general expenses 101,948. Fundraising expenses 0. Total expenses 101,948. Advertising: program service expenses 0. Management and general expenses 75,298. Fundraising expenses 0. Total expenses 75,298. Membership dues: program service expenses 0. Management and general expenses 69,992. Fundraising expenses 0. Total expenses 69,992. Capital campaign expenses: program service expenses 0. Management and general expenses 61,212. Fundraising expenses 0. Total expenses 61,212. Student activities: program service expenses 51,527. Management and general expenses 0. Fundraising expenses 0. Total expenses 51,527. Conferences and conventions: program service expenses 0. Management and general expenses 43,763. Fundraising expenses 0. Total expenses 43,763. Telephone: program service expenses 0. Management and general expenses 33,247. Fundraising expenses 0. Total expenses 33,247. Strategic planning: program service expenses 0. Management and general expenses 32,977. Fundraising expenses 0. Total expenses 32,977. Postage and shipping: program service expenses 0. Management and general expenses 31,472. Fundraising expenses 0. Total expenses 31,472. Equipment rental: program service expenses 0. Management and general expenses 20,858. Fundraising expenses 0. Total expenses 20,858. Taxes and licences: program service expenses 0. Management and general expenses 18,110. Fundraising expenses 0. Total expenses 18,110. Bad debts: program service expenses 0. Management and general expenses 10,677. Fundraising expenses 0. Total expenses 10,677.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and the selection of an independent accountant.”

“Section 1.263(a)-1(f) de minimis safe harbor election the hutchison school 1740 ridgeway road memphis, tn 38119 employer identification number: 62-0540400 for the year ending june 30, 2017 the hutchison school is making the de minimis safe harbor election under reg. Sec. 1.263(a)-1(f).”