Oakwood School

“The board's audit committee met and reviewed the form 990 prior to the next board meeting. The form 990 has been made available to all trustees prior to the 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 and c.o.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. This process ordinarily occurs every year for the c.o.o., and was last undertaken for the 2016-2017 fiscal year. The headmaster's contract has been renewed through june 30, 2017.”

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

“The organization has an audit committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. The organization did not change its oversight process or selection process during the tax year.”

“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.”

“Other reportable compensation shown on schedule j, part ii, column (b)(iii), line 1 includes deferred compensation payment of $2,415,017, loan and interest forgiveness of $62,444, and group term life insurance of $22,098. In 1993, the school established a deferred compensation plan for mr. Astman. A portion of mr. Astman's compensation was deferred from 1993 through the plan's termination in 2013. The plan required that benefits be distributed in a lump sum between 12 to 24 months of the plan termination. The deferred compensation payment represents the total amount of a deferred compensation account that was liquidated and paid to james astman in 2015. The total deferred compensation payment is comprised of amounts contributed from 1993 through 2013 totaling $1,060,000 plus investment earnings of $1,205,017, and an adjustment for lost earnings of $150,000. Compensation amounts and benefits reported in schedule j, part ii, include a loan in the amount of $60,000 and related interest of $2,444 which was owed by james astman to oakwood school and was forgiven on june 30, 2015. This $60,000 is shown on james astman's 2015 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 school's bylaws.”