Oakwood School

“The board's audit committee met and reviewed the form 990 prior to the january 13, 2016 board meeting. The form 990 has been made available to all trustees prior to the january 13, 2016 board of trustees' meeting, after which the tax return will be filed.”

“On an annual basis, the organization distributes its conflict of interest policy to the trustees and officers. The trustees and officers are required to sign a statement that they are in compliance with the conflict of interest policy.”

“The organization uses various methods to establish compensation of the organization's headmaster, c.o.o. And c.f.o. The methods include review by an independent compensation consultant, compensation survey or study, etc. Additionally, the compensation is reviewed and approved by the executive committee of the board of trustees in accordance with the organization's bylaws for the headmaster's compensation, and by the headmaster, the board chair, and the chair of the finance committee for the compensation of the c.o.o. And c.f.o. This process ordinarily occurs every year for the c.o.o. And c.f.o., and was last undertaken for the 2014-2015 fiscal year. The contract for the headmaster was renewed in july 2014 for a four-year term, retroactive to july 1, 2013.”

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

“In summary, oakwood school's statement of philosophy states that it intends an oakwood education: 1. To guide students toward mastery in a wide variety of scholastic, artistic, and athletic endeavors. 2. To spark passion. 3. To cultivate depth of character. 4. To help students gain self-knowledge. 5. To foster a sense of community.”

“Oakwood school had business transactions with a trustee/officer which were under the threshold for reporting on schedule l, part iv. Therefore, part iv question 28(c) is being answered no, and these transactions are not being included in schedule l, part iv.”

“The $17,500 of other compensation reported for james astman in schedule j, part ii, column b (iii) represents the amount of his 2014 deferred compensation which is reported on his form w-2. This amount is not reported in schedule j, part ii, column c deferred compensation because column c is reserved for deferred compensation amounts which are not includible in an employee's form w-2. This compensation is reviewed and approved by the executive committee of the board of trustees in accordance with the organization's bylaws.”

“Compensation amounts and benefits reported in schedule j, part ii, include a loan in the amount of $60,000 which was owed by james astman to oakwood school and was forgiven on june 30,2014. This $60,000 is shown on james astman's 2014 form w-2 as miscellaneous taxable compensation and is included in wages. This arrangement is reviewed and approved by the executive committee of the board of trustees in accordance with the organization's bylaws.”