Island Pacific Academy Inc.

“A copy of the form 990 is provided to the board of trustees for review prior to filing.”

“If the board considers entering into any transaction or arrangement with a corporation, entity, or individual in which a board member has an interest: a. The interested board member must disclose the potential conflict of interest to the board; b. The board may ask the interested board member to leave the meeting during discussion of the matter that gives rise to the potential conflict; c. The interested board member will not vote on the matter that gives rise to the potential conflict; d. The board must approve the transaction or arrangement by a 2/3 majority vote of disinterested board members at a duly called meeting of the board; and e. The board meeting minutes must state which board members were not present for the discussion and vote, the content of the discussion, and any roll call of the vote.”

“For the head of school position, the board obtained and reviewed the national association of independent schools ("nais") salary data for other heads of school positions. The board approved the head of school's compensation which is considered to be in the 40 percentile of other nais heads.”

“For other officers or key employees, the board obtained and reviewed the national association of independent schools ("nais") salary data for other similar positions. The board approved the other officers- or key employees' compensation.”

“Copies are available in the business office and can be reviewed upon request.”

“Island pacific academy has grounded its educational program in a mission to provide an environment where students develop: strength of character, based upon the core values of respect for others, recognition of the inherent value of each human being, generosity of spirit and the power of human kindness; commitment to become involved citizens both within their communities and the world- citizens who understand and practice democratic values; confidence to maximize the use of their intellectual, academic, physical, artistic, and creative gifts in preparation for college and as long-life learners. Vision: i mua me ka ha'aheo go forward with confidence our purpose is to provide children with an academically challenging and developementally appropriate educational experience led by talented and caring teachers in a nurturing and supportive learning environment. Our goal is to graduate young men and women whose performance matches their abilites and refelcts the fundamental values of kindess and generosity of spirit. Ipa enrolled its first students in september 2004. Under the leadership of the founding headmaster, dr. Daniel white, the school has grown from 200 original students to a current enrollment of approximately 529, and graduated its first class of 45 seniors in may 2010. Ipa's current head of school is gerald teramae.”