Roessler-Chadwick Foundation Chadwick School

“Describe any material differences in voting rights among members of the governing body. Our bylaws state that "the executive committee shall have and may exercise any and all of the powers and authority of the board of trustees during intervals between meetings of the full board of trustees, except that it shall not have the power to adopt, amend or repeal the bylaws or take such other action as is prohibited or not authorized by law."”

“Describe the process the organization uses to review form 990. The finance committee is presented a draft of the form 990 for review. A copy of the final form 990 is then distributed to the board of directors before it is filed with the irs.”

“Describe how the organization monitors and enforces compliance with its conflict of interest policy. Each new trustee completes a "conflict of interest" questionnaire and then annually each board member completes the "governance conflict" questionnaire. Upon identification of a conflict of interest, the chairman and the board will best determine how to proceed and whether resignation is appropriate.”

“Describe the process for determining compensation of the organization's officers, management, and other employees. The board of trustees annually reviews the total compensation of the school's headmaster. Each year, competitive compensation guidelines are established through the use of market data provided by third party surveys and public disclosures by relevant comparable schools. In all cases, the process includes: use of comparables, approval by either the board of trustees or a designated committee thereof, and contemporaneous documentation of the decision making process. The process described above is applied to other executive positions, including the chief financial officer and director of advancement, in the event of material changes.”

“Describe how the organization makes its governing documents, conflict of interest policy, and financial statements available to the public. The form 990, the determination letter, the conflict of interest, and governing documents are available upon request by the public. A copy of the form 990 is also available on guidestar.org.”

“In march 2020, congress passed the paycheck protection program (ppp), authorizing loans to small businesses for use in paying employees that they continue to employ throughout the covid-19 pandemic and for rent, utilities, and interest on mortgages. Loans obtained through the ppp are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met. In may 2021, the organization received a loan in the amount of $1,930,000 through the ppp. In august 2022, the organization received notification from the small business administration that the loan was forgiven in full and the forgiveness of the loan was recognized in the statement of activities in the fiscal year ending june 30, 2023.”

“Change in defined benefit obligation 64,631. Capital expenditure appropriation -1,373,111. Intercompany transfers 563,284.”