Parker School

“As a result of the merger with parker school trust corporation, described previously in this schedule o pursuant to part iii, line 2 of this form 990, the school amended its articles of incorporation by filing restated articles of incorporation and articles of merger with the state of hawaii, which became effective 6-30-2015, wherein parker school is named as the surviving entity of the merger.”

“The finance committee of the board of directors reviews the working drafts of the form 990, which are completed by the school's auditors and business manager. The finance committee is responsible for coordinating the provision of any governance-related and policy-related components/requirements of the return. Upon satisfactory completion of the form 990, prior to filing with the irs, the finance committee electronically distributes such draft to the full board of directors for its review. The form 990 is signed by the treasurer of the board or an officer, and then filed with the irs. The annual tax return process is completed no later than the last available irs filing date. Any necessary applications for extension of time to file are completed by the auditors or by the business manager and filed within all applicable deadlines.”

“The school's conflict of interest policy sets forth the processes and procedures for monitoring proposed or ongoing transactions for conflicts of interest and dealing with potential and actual conflicts. Officers, directors and key employees are required annually to review and certify their compliance with the school's conflict of interest policy. Further, under the conflict of interest policy, interested persons have an ongoing duty to disclose any actual or potential conflicts of interest. The board of directors is responsible for reviewing and determining whether a conflict of interest exists. In the event the conflict of interest involves a director, the director is required to recuse himself or herself from such discussions.”

“Beyond the basic benefits package made available to school employees, the headmaster's compensation for the subsequent fiscal year is established at the conclusion of the performance review process in the spring. The headmaster performance review committee of the board of directors, in consultation with the chair of the finance committee, makes a compensation recommendation to the board based on the following: (a) the headmaster's performance during the last fiscal year; (b) available data regarding headmaster compensation in comparable schools, regionally and nationally; and (c) a review of the compensation of other members of the school's administrative team. Final approval of the headmaster's compensation is made by the school's board of directors, which is determined and communicated to the headmaster before the new fiscal year begins. A letter documenting the process and stating the compensation is drafted by the headmaster compensation committee, and delivered to the business office for the personnel file. This process was last undertaken during the fiscal year 2014 - 2015.”

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

“Parker school trust corporation ("trust") was established in 1978 to provide education to people in the state of hawaii. To carry out this mission, the trustees were directed to establish, maintain, and administer parker school. The trust supported parker school through annual funding. As of the close of business on june 30, 2015, the trust transferred its assets and liabilities to parker school, subject to the terms and conditions of an agreement and plan of merger. The merger was performed in order to reduce the duplicative administrative and economic burdens imposed collectively on the trust and parker school by operating two separate corporations. The trust's board of directors also concluded that the original purposes of the trust can most efficiently and effectively be carried out by a single entity; that the management of the trust's investments as an endowment for parker school can and should be undertaken directly by parker school itself; and that the charitable purpose of the trust will best be served by the merger. Parker school received net assets totaling $42,006,760 in the merger, $35,583,530 of which represents the beneficial interest in parker ranch foundation trust to which the school became a direct beneficiary as a result of the merger with the trust.”