Denver Montessori Society

“The Board of Trustees has adopted a policy whereby the detailed review of the Form 990 is delegated to a sub-committee of the board, the Finance Committee. The Finance Committee reviews the Form 990 prior to filing and questions and comments are referred to the external auditor. When the Finance Committee is satisfied with the Form 990, it is made available upon request to interested board members.”

“The voting members of the Board of Trustees and key employees yearly sign the Conflict of Interest Policy and complete a Conflict of Interest Questionnaire to determine a family relationship or a business relationship. If one is found then the Board of Trustees reviews the conflict and determines the course of action.”

“At Montessori School of Denver, the Executive Committee of the Board of Trustees, consisting of the Chair, Vice Chair, Treasurer, Secretary, and Trustee-at-Large sits in its role as the Compensation Committee to consider and set the salary and benefits for the Head of School each year. The process for setting the compensation for the Head of School is as follows: In the Spring during the next year's budget setting process, the Executive Committee meets to discuss the Head of School's salary and benefits for the next school year. At this meeting, the Executive Committee members review a comparable compensation report that is compiled by the school's Business Manager. This comparable compensation report considers compensation comparability data compiled from the National Association of Independent Schools (NAIS), and includes data from the Colorado Association of Independent Schools (ACIS) and other statewide associations of independent schools. The data is collected and categorized by the mean, the median, the maximum and minimum value, the 90th percentile, the 75th percentile, the 50th percentile, and the 25th percentile. The data report provides comparable compensation statistics from schools in the following categories: 1)all NAIS schools (boarding and day schools); 2)all ACIS schools (boarding and day schools); 3)NAIS schools with elementary students (K-6th grade day schools); 4)NAIS schools with enrollment of 201-300 students (boarding and day schools); 5)NAIS southwest regional schools (boarding and day schools); and 6) NAIS schools with membership in the National Business Officers Association (boarding and day schools). All of this data is compiled into a worksheet that includes backup documentation and reflects compensation statistics for Heads of School who have been in their position for an average of ten years. The Business Manager also provides a report that contains the Head's current year salary and benefits information, the number of years at the school, and the estimated number of years to retirement. All of these comparative statistics, plus information concerning the Head's performance based on annual goal-setting, are reviewed and discussed by the Executive Committee and a preliminary compensation number is devised for budget purposes. The following June, the Chair and the Treasurer of the Board of Trustees meet with the Head of School to review the budget based on the most current enrollment numbers. The Business Manager will be available to present the budget numbers and answer questions. The Executive Committee meets to finalize the compensation package for the Head of School based on the budget review. The employment contract, with the agreed upon compensation package, is issued to the Head of School for the upcoming school year.”

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

“The School's finance and audit committee is responsible for the selection of the independent auditor and oversight of the annual audit. The board treasurer meets individually with the independent auditor at least twice a year to stay abreast of current accounting and auditing matters. In addition, the independent auditor meets annually with the Finance Committee to review the results of the audit and answer questions. This process has been in place for several years and there is no change in the current year.”