Delphi Schools Inc.

“SEE SCHEDULE L PART IV”

“The form 990 is reviewed by the corporation's management and board of directors.”

“Delphi schools, inc., has a conflict-of-interest policy and a whistleblower policy, which together ensure that any member of the corporation'sboard of directors (or any committee of the board of directors), and/or anyofficer, employee, fiduciary, or agent of the corporation (collectively"interested person"), who has a direct or indirect financial interest (adefined term, which includes all circumstances in which an interestedperson may profit from an action or decision by the corporation in whichthe interested personnel participates, and of which he or she hasknowledge) in a transaction or activity, discloses the exsistence of thefinancial interest. Such disclosure must be made to the board of directors(or it's appropriate committee) which, in turn, must make a decision ofwhether a conflict exists, and if it does, whether the subject transactionor actitivy is in the corporation's best interest, is for the corporation'sbenefit, and is fair and reasonable. Violations result in appropriatedisiplinary and corrective action. All officers, board members, and keypersonnel sign annual statements attesting to their compliance with thecorporation's conflict-of-interest policy. All members of the board ofdirectors, and all officers, employees, ficudicaries, and agents of thecorporation, are also provided with a copy of the corporation's conflict-of-interest policy and whistle blower policy.”

“Delphi schools, inc., has a compensation policy that ensures against payments in excess of reasonable compensation to its officers, directors, and key employees -- that is, against payments in excess of compensation amounts that would ordinarily be paid for like services by a like organization under like circumstances. In addition, the corporation's conflict-of-interest policy requires periodic review by the board of directors to ensure that compensation arrangements and benefits for the corporation's officers, directors, and key employees do not exceed levels that are reasonable based on independent compensation consultant's written analysis and independent schools' salary information provided by the national association of independent schools.”

“Delphi schools, inc., makes its governing documents, conflict-of-interest policy, and/or financial statements available to the public only as required by federal and state law.”

“Uncollectible pledge from prior year -500,000.”

“NO CHANGE”