2024-04-24T13:23:52-05:00 2023-06-30 135565207 KPMG LLP 401 UNION STREET SUITE 2800 SEATTLE WA 98101 990 2022-07-01 510255746 TAIPEI AMERICAN SCHOOL FOUNDATION TAIP 3102013584 1900 AVE OF THE STARS 7FL LOS ANGELES CA 90067 EVELYNE ESTEY INTERIM HEAD OF SCHOOL 3102013584 2024-04-18 1 EVELYNE ESTEY 999009999 0 KATHRYN OKIMOTO P00746598 2069134000 2024-04-17 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z TAIPEI AMERICAN SCHOOL EVELYNE ESTEY 1900 AVE OF THE STARS 7FL LOS ANGELES CA 90067 84791618 0 X WWW.TAS.EDU.TW X 1971 DE TAIPEI AMERICAN SCHOOL'S ("TAS") MISSION IS TO CULTIVATE AN ENDURING COMMITMENT TO LEARNING, PERSONAL WELL-BEING, AND SERVICE. TAS SERVES STUDENTS FROM PRE-KINDERGARTEN THROUGH GRADE 12 AND PROVIDES A BROAD AMERICAN-BASED EDUCATION WITH A GLOBAL PERSPECTIVE. 12 12 641 200 0 0 327711 285109 80205973 78435760 380033 1077208 3998874 4539163 84912591 84337240 37189 29235 0 0 63286212 59971948 0 0 1007621 19568530 19423768 82891931 79424951 2020660 4912289 200440067 199627598 63126665 63663469 137313402 135964129 TAIPEI AMERICAN SCHOOL'S ("TAS") MISSION IS TO CULTIVATE AN ENDURING COMMITMENT TO LEARNING, PERSONAL WELL-BEING, AND SERVICE. TAS SERVES STUDENTS FROM PRE-KINDERGARTEN THROUGH GRADE 12 AND PROVIDES A BROAD AMERICAN-BASED EDUCATION WITH A GLOBAL PERSPECTIVE. 0 0 69079501 29235 78435760 TAIPEI AMERICAN SCHOOL PROVIDES A FULL EDUCATION PROGRAM (KA - GRADE 12) TO 2,409 STUDENTS FROM 38 COUNTRIES. TAS IS KNOWN FOR ITS RIGOROUS ACADEMIC PROGRAM, DYNAMIC INTEGRATION OF TECHNOLOGY ACROSS THE CURRICULUM, EXTENSIVE CO-CURRICULAR ACTIVITIES, AND RICH HISTORY OF COMMUNITY SERVICE IN TAIWAN AND ASIA. WHILE STRIVING FOR THE HIGHEST STANDARDS OF ACADEMIC RIGOR, TAS BALANCE SCHOLARLY PURSUITS WITH OPPORTUNITIES AND ACTIVITIES TO NURTURE WELL-ROUNDED, SUCCESSFUL INDIVIDUALS WHO CAN FLOURISH AT SCHOOL AND BEYOND. 69079501 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 40 0 1 641 1 0 1 TW 0 0 0 1 1 0 0 0 0 0 0 X 12 12 0 0 1 0 1 1 1 1 1 0 0 1 1 0 1 1 1 1 0 0 X CATHY C HSU 8862775099 800 ZHONGSHAN N RD SECTION 6 TAIPEI TW 11152 JAY CHENG CHAIRMAN, BOD 4.00 X X 0 0 0 BRUCE AITKEN M&R CHAIR, BOD 4.00 X X 0 0 0 T K CHIANG VICE CHAIR, BOD 4.00 X X 0 0 0 LYDIA LIM SECRETARY, BOD 4.00 X X 0 0 0 AMY HSU BOARD OF DIRECTORS SINCE 5/24/23 4.00 X 0 0 0 CARL WEGNER BOARD OF DIRECTORS UNTIL 4/25/23 4.00 X 0 0 0 CAROLYN CLARK BOARD OF DIRECTORS 4.00 X 0 0 0 CHARLOTTE ACKERT BOARD OF DIRECTORS 4.00 X 0 0 0 GRACE LEE BOARD OF DIRECTORS 4.00 X 0 0 0 JOHN CHEN BOARD OF DIRECTORS SINCE 5/24/23 4.00 X 0 0 0 LARRY WASYLIN BOARD OF DIRECTORS 4.00 X 0 0 0 PAUL HSU BOARD OF DIRECTORS SINCE 5/28/23 4.00 X 0 0 0 SETH A CORNELL BOARD OF DIRECTORS UNTIL 11/18/22 4.00 X 0 0 0 STEVE C QUAY BOARD OF DIRECTORS 4.00 X 0 0 0 TINA KOO BOARD OF DIRECTORS 4.00 X 0 0 0 WILLIAM A STANTON BOARD OF DIRECTORS UNTIL 4/23 4.00 X 0 0 0 GRACE SHANG CHENG HEAD OF SCHOOL UNTIL 7/31/23 40.00 X 578534 0 95542 RICK RABON LS ASSOCIATE PRINCIPAL 40.00 X 160287 0 21039 TARA SIMEONIDIS LS PRINCIPAL 40.00 X 238269 0 33182 DAN HUDKINS CHIEF INFORMATION OFFICER 40.00 X 203302 0 17042 MATT FAGEN DIR. OF TECHCUBE 40.00 X 174760 0 88598 KATHRYN LOUISE LIMMER DIRECTOR OF ADVANCEMENT 40.00 X 380245 0 65439 CAROL CHEN HUMAN RESOURCES DIRECTOR 40.00 X 185119 0 24376 JOSH BUDDE MS PRINCIPAL 40.00 X 235680 0 34258 LARRY KRAUT CHIEF OPERATING OFFICER 40.00 X 316804 0 37901 CATHY C HSU CONTROLLER 40.00 X 272054 0 36372 EVELYN CHEN US ASSOCIATE PRINCIPAL 40.00 X 162584 0 24486 BECKY KLAR LS ASSOCIATE PRINCIPAL 40.00 X 159447 0 91075 SAMUEL QUEK DIRECTOR OF TECHNOLOGY 40.00 X 200591 0 31026 MICHAEL O' NEILL DIR OF ADMISSIONS 40.00 X 153944 0 58936 ADAM NELSON INTERIM DEPUTY HEAD OF SCHOOL 40.00 X 164685 0 18389 GARY PETTIGREW MS ASSOCIATE PRINCIPAL 40.00 X 187323 0 26715 ANDREW LOWMAN US PRINCIPAL 40.00 X 239314 0 130927 LIZ GALE DEPUTY HEAD OF SCHOOL 40.00 X 183033 0 47632 ALLAN BAYNTUN TEACHER 40.00 X 167313 0 83142 MELANIE HAMRE US DIR OF COLLEGE COUNSELING 40.00 X 165208 0 21923 DARBY SINCLAIR TEACHER 40.00 X 159872 0 89739 LEANDRO LOPEZ TEACHER 40.00 X 167877 0 84927 RYAN HAYNES DIR. OF US PERSONAL & ACAD. COUNSEL 40.00 X 163646 0 71868 5019891 0 1234534 221 0 1 0 QUINN EMANUEL 865 S FIGUEROA ST 10TH FL LOS ANGELES CA 90017 LEGAL SERVICES 907115 1 8269 19910 256930 47033 285109 INSTRUCTIONAL PROGRAMS 900099 78313024 78313024 USE OF SCHOOL FACILITY 900099 122736 122736 78435760 1293205 1293205 687 216684 -215997 -215997 -215997 82603 8269 86976 -4373 -4373 4608 0 4608 4608 227392 150718 76674 76674 CAFETERIA SERVICE 900099 2174713 2174713 STUDENT BUS 480000 1581958 1581958 FOREIGN EXCHANGE GAIN 900099 580411 580411 125172 125172 4462254 84337240 78435760 0 5616371 29235 29235 4921946 2106063 2289398 526485 35031545 32617006 2154093 260446 3279770 3055118 200839 23813 14735661 14002924 687179 45558 2003026 1848851 148413 5762 676017 676017 76394 76394 1027243 1027243 62383 6463 55920 1065233 563142 485190 16901 973676 973676 3488961 3248485 214537 25939 666955 436019 230936 243795 131474 108359 3962 98077 98077 5761567 5364453 354279 42835 223830 223830 TEXTBOOKS/TEACHING MAT. 1134958 1134958 STUDENT BUS RENTAL 1048940 1048940 CO-CURRICULAR ACT. 1038186 1038186 CAFETERIA SERVICE COST 1032691 1032691 804862 224450 580412 79424951 69079501 9337829 1007621 2547 2918 131273655 133072669 3181032 1854325 106247 204579 145574 109773 1509953 1354190 111072743 52976228 62366122 58096515 760431 725755 1094506 4206874 200440067 199627598 10246962 9982524 43615719 42054532 6554285 5750837 2709699 5875576 63126665 63663469 X 126410801 125694486 10902601 10269643 137313402 135964129 200440067 199627598 X 4912289 -6261562 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 53306602 1054010 742998 1944630 53158980 54026791 1679510 206378 -336474 2942551 53306602 48998556 1494422 227758 -358938 -2947117 54026791 35091823 11564382 311257 -337496 -1693598 48998556 34028982 1117603 280633 -321957 657352 35091823 0.97250 0.02750 0 0 49632772 16254673 33378099 51148121 31501130 19646991 10291850 5220425 5071425 58096515 OPERATING LEASE OBLIGATIONS 3344034 ASSET RETIREMENT OBLIGATIONS 1502536 STUDENT CLUBS PAYABLES 1029006 5875576 X 84164868 408039 408039 83756829 580411 580411 84337240 79252579 408039 408039 78844540 580411 580411 79424951 PART V, LINE 4: ENDOWMENT FUNDS INCLUDE QUASI-ENDOWMENT FUND AND EMERGENCY RESERVE FUND. QUASI-ENDOWMENT FUND IS A RESERVE THAT PROTECTS THE SCHOOL AGAINST UNEXPECTED EVENTS, AND PROVIDES FUNDING FOR THE CURRENT OPERATION, IF NEEDED. EMERGENCY RESERVE FUND IS A RESERVE SET ASIDE FOR EMERGENCY SUPPORT OF OPERATIONS SHOULD THE SCHOOL BE TEMPORARILY OR PERMANENTLY CLOSED BY ORDER OF R.O.C. GOVERNMENT OR THE BOARD OF DIRECTORS AS A RESULT OF A FORCE MAJEURE SITUATION, NATURAL DISASTERS THAT HAVE A MAJOR IMPACT ON THE SCHOOL OR ANY OTHER EMERGENCIES ISSUES RESULTING IN ECONOMIC DISTRESS. PART X, LINE 2: THE SCHOOL BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS IN THE U.S.A, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF ASSETS SOLD 216,684. STUDENT STORE COST OF GOODS SOLD 150,718. GALA EXPENSES 40,637. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXCHANGE GAIN BOOKED 580,411. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF ASSETS SOLD 216,684. STUDENT STORE COST OF GOODS SOLD 150,718. GALA EXPENSES 40,637. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXCHANGE GAIN BOOKED 580,411. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL'S RACIALLY NONDISCRIMINATORY POLICY IS AVAILABLE ON THE SCHOOL'S WEBSITE AND ON SCHOOL PUBLICATIONS. SCHEDULE E, PART I, LINE 6 AMERICAN INSTITUTE IN TAIWAN HAS PROVIDED SPECIAL GRANTS IN THE AMOUNT OF $19,910 IN 2022 TO SUPPORT ADMINISTRATORS AND FACULTY PROFESSIONAL DEVELOPMENT. 1 EAST ASIA AND THE PACIFIC 1 641 PROGRAM SERVICES K-12 EDUCATION 79395716 EAST ASIA AND THE PACIFIC GRANT MAKING 29235 1 641 0 0 1 641 79424951 0 79424951 SCHOLARSHIPS EAST ASIA AND THE PACIFIC 3 29235 BANK TRANSFER 0 0 0 0 0 0 PART I, LINE 2: THE SCHOOL HAS WRITTEN PROCEDURES FOR AWARDING SCHOLARSHIP GRANTS. THIS PROCEDURE CLEARLY OUTLINES THE SCHOLARSHIP COMMITTEE MEMBERS' AUTHORITY AND SELECTION PROCESS OF COMMITTEE MEMBERS. PART I, LINE 3: THE SCHOOL HAS USED ACCRUAL METHOD OF ACCOUNTING FOR EXPENDITURES. PART III ACCOUNTING METHOD: PART II, LINE 1: THE SCHOOL HAS USED ACCRUAL METHOD OF ACCOUNTING FOR FOREIGN GRANTS TO INDIVIDUALS. CHARITY GALA 90872 8269 82603 47033 39120 823 90872 8269 82603 47033 39120 823 86976 -4373 X X X X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 GRACE SHANG CHENG HEAD OF SCHOOL UNTIL 7/31/23 429246 0 100000 0 49288 0 49425 0 46117 0 674076 0 0 0 KATHRYN LOUISE LIMMER DIRECTOR OF ADVANCEMENT 316443 0 0 0 63802 0 47577 0 17862 0 445684 0 0 0 ANDREW LOWMAN US PRINCIPAL 192499 0 5000 0 41815 0 19250 0 111677 0 370241 0 0 0 LARRY KRAUT CHIEF OPERATING OFFICER 219235 0 6000 0 91569 0 21923 0 15978 0 354705 0 0 0 CATHY C HSU CONTROLLER 207661 0 0 0 64393 0 20766 0 15606 0 308426 0 0 0 TARA SIMEONIDIS LS PRINCIPAL 195166 0 0 0 43103 0 19250 0 13932 0 271451 0 0 0 JOSH BUDDE MS PRINCIPAL 192505 0 0 0 43175 0 18987 0 15271 0 269938 0 0 0 MATT FAGEN DIR. OF TECHCUBE 142403 0 0 0 32357 0 9352 0 79246 0 263358 0 0 0 LEANDRO LOPEZ TEACHER 135370 0 0 0 32507 0 11078 0 73849 0 252804 0 0 0 BECKY KLAR LS ASSOCIATE PRINCIPAL 119313 0 0 0 40134 0 11931 0 79144 0 250522 0 0 0 ALLAN BAYNTUN TEACHER 134566 0 0 0 32747 0 10045 0 73097 0 250455 0 0 0 DARBY SINCLAIR TEACHER 131791 0 0 0 28081 0 10467 0 79272 0 249611 0 0 0 RYAN HAYNES DIR. OF US PERSONAL & ACAD. COUNSEL 145673 0 0 0 17973 0 9256 0 62612 0 235514 0 0 0 SAMUEL QUEK DIRECTOR OF TECHNOLOGY 163746 0 0 0 36845 0 16374 0 14652 0 231617 0 0 0 LIZ GALE DEPUTY HEAD OF SCHOOL 111791 0 0 0 71242 0 11179 0 36453 0 230665 0 0 0 DAN HUDKINS CHIEF INFORMATION OFFICER 105400 0 0 0 97902 0 10199 0 6843 0 220344 0 0 0 GARY PETTIGREW MS ASSOCIATE PRINCIPAL 148958 0 0 0 38365 0 12285 0 14430 0 214038 0 0 0 MICHAEL O' NEILL DIR OF ADMISSIONS 153449 0 0 0 495 0 15345 0 43591 0 212880 0 0 0 CAROL CHEN HUMAN RESOURCES DIRECTOR 174315 0 0 0 10804 0 17338 0 7038 0 209495 0 0 0 MELANIE HAMRE US DIR OF COLLEGE COUNSELING 141482 0 0 0 23726 0 9353 0 12570 0 187131 0 0 0 EVELYN CHEN US ASSOCIATE PRINCIPAL 126242 0 0 0 36342 0 11811 0 12675 0 187070 0 0 0 ADAM NELSON INTERIM DEPUTY HEAD OF SCHOOL 118656 0 0 0 46029 0 11866 0 6523 0 183074 0 0 0 RICK RABON LS ASSOCIATE PRINCIPAL 126485 0 0 0 33802 0 12476 0 8563 0 181326 0 0 0 PART I, LINE 1A THE SCHOOL PROVIDES LIVELIHOOD SUPPLEMENTS WHICH INCLUDE HOUSING ALLOWANCES TO OVERSEAS HIRED FACULTY AND ADMINISTRATORS TO SUPPLEMENT A PORTION OF HIS OR HER LIVING EXPENSES IN TAIWAN. NINETEEN PERSONS, INCLUDING FOURTEEN KEY EMPLOYEES AND FIVE HIGHEST COMPENSATED EMPLOYEES LISTED ON PART II RECEIVED THE LIVELIHOOD SUPPLEMENTS DURING THE YEAR. THE LIVELIHOOD SUPPLEMENTS ARE REPORTED AS TAXABLE COMPENSATION. THE HEAD OF SCHOOL'S MONTHLY DUES OF AMERICAN CLUB IN TAIPEI ARE REIMBURSED BY THE SCHOOL. THE SCHOOL ALSO REIMBURSES THE INITIATION FEE FOR THREE ADMINISTRATORS TO JOIN THE AMERICAN CLUB IN TAIPEI. THE CLUB DUES AND INITIATION FEE ARE CONSIDERED REASONABLE BUSINESS EXPENSES AND THUS NOT REPORTED AS TAXABLE COMPENSATION. AS A CONDITION OF EMPLOYMENT, THE HEAD OF SCHOOL IS PROVIDED A HOUSE NEARBY CAMPUS. THE HOUSE IS AVAILABLE FOR SCHOOL SPONSORED EVENTS AND TO CONDUCT SCHOOL BUSINESS OUTSIDE NORMAL BUSINESS HOURS. THE HOUSEKEEPING SERVICES AND UTILITIES ALLOCABLE TO BUSINESS PORTION ARE REPORTED AS BUSINESS EXPENSES. THE PORTION OF THE HOUSEKEEPING EXPENSES AND UTILITIES ALLOCABLE TO THE HEAD OF SCHOOL'S PERSONAL QUARTERS IS A TAXABLE BENEFIT. THE VALUE OF THE HOUSING AND BUSINESS PORTION OF HOUSEKEEPING SERVICES AND UTILITIES IS TREATED AS NON-TAXABLE COMPENSATION UNDER SECTION 119 (A) AND IS REPORTED ON SCHEDULE J, PART II, AND COLUMN (D). AS STIPULATED IN THE HEAD OF SCHOOL'S EMPLOYMENT CONTRACT, CERTAIN TRAVEL OF A FAMILY MEMBER ARE BORNE BY THE SCHOOL AND APPROPRIATELY REPORTED AS TAXABLE COMPENSATION TO THE INDIVIDUAL. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED A DISCRETIONARY BONUS DURING THIS TAX YEAR. THE BONUS HAS BEEN REPORTED ON SCHEDULE J, PART II, COLUMN (B)II. X 15409 SELLING PRICE X 16 25257 SELLING PRICE X VOUCHERS 21 6367 SELLING PRICE 0 1 0 PART I, COLUMN (B): THESE ITEMS HAVE BEEN REPORTED BASED ON THE NUMBER OF ITEMS CONTRIBUTED. FORM 990, PART VI, SECTION A, LINE 4 THE FOLLOWING CHANGES WERE MADE IN THE SCHOOL'S CERTIFICATE OF INCORPORATION AND BYLAWS THAT BETTER REFLECTS EXISTING DELAWARE LAW IN MARCH 2023. THE MEMBERS OR THE BOARD OF DIRECTORS MAY ADOPT, AMEND, OR REPEAL BYLAWS OF THIS CORPORATION. THE ADOPTION, AMENDMENT, OR REPEAL OF BYLAWS BY THE MEMBERS SHALL REQUIRE THE AFFIRMATIVE VOTE OF A MAJORITY OF THIS CORPORATION'S MEMBERS (AS DEFINED IN THE BYLAWS OF THIS CORPORATION); IN ANY SUCH VOTE, ANY GENERAL MEMBER WHO IS ALSO A SPECIAL MEMBER SHALL HAVE ONLY ONE VOTE. THE ADOPTION, AMENDMENT, OR REPEAL OF BYLAWS BY THE BOARD OF DIRECTORS SHALL REQUIRE THE AFFIRMATIVE VOTE OF A MAJORITY OF THE DIRECTORS THEN IN OFFICE. FORM 990, PART VI, SECTION A, LINE 6 THE SCHOOL SHALL HAVE TWO CLASSES OF MEMBERSHIP, GENERAL MEMBERS AND SPECIAL MEMBERS. EACH PARENT OF A STUDENT AT ANY TIME THEN CURRENTLY ENROLLED IN THE SCHOOL SHALL AUTOMATICALLY BECOME A GENERAL MEMBER. EACH PERSON ELECTED OR APPOINTED TO SCHOOL BOARD OF DIRECTORS (INCLUDING BOTH ELECTED DIRECTORS AND APPOINTED DIRECTORS) SHALL AUTOMATICALLY BE A SPECIAL MEMBER, UNTIL SUCH STATUS IS TERMINATED. STATUS AS A SPECIAL MEMBER SHALL NOT AFFECT AN INDIVIDUAL STATUS AS A GENERAL MEMBER, IF ANY. AT ANY MEETING OF THE GENERAL MEMBERS OR SPECIAL MEMBERS, EACH MEMBER PRESENT, IN PERSON OR BY PROXY, WILL BE ENTITLED TO ONE (1) VOTE. FORM 990, PART VI, SECTION A, LINE 7A AT ALL TIMES THE BOARD OF DIRECTORS SHALL BE COMPRISED OF A MINIMUM OF NINE (9) AND A MAXIMUM OF THIRTEEN (13) INDIVIDUALS AS FOLLOWS: (A) A MINIMUM OF SEVEN (7) AND A MAXIMUM OF NINE (9) INDIVIDUALS ELECTED BY THE GENERAL MEMBERS (B) A MINIMUM OF TWO (2) AND A MAXIMUM OF FOUR (4) INDIVIDUALS APPOINTED BY THE SPECIAL MEMBERS. THE ELECTED DIRECTORS SHALL BE ELECTED FROM TIME TO TIME BY A MAJORITY VOTE OF THE GENERAL MEMBERS OF THE SCHOOL, FOLLOWING THE NOMINATION PROCEDURES PROVIDED IN SECTION 5 OF THE ARTICLE. EACH FULL TERM OF AN ELECTED DIRECTOR SHALL BE THIRTY-SIX (36) MONTHS. THE APPOINTED DIRECTORS SHALL BE APPOINTED FROM TIME TO TIME BY A TWO-THIRDS (2/3) VOTE OF THE SPECIAL MEMBERS. EACH FULL TERM OF AN APPOINTED DIRECTOR SHALL BE FORTY-EIGHT (48) MONTHS. FORM 990, PART VI, SECTION A, LINE 7B ALONGSIDE THE GOVERNING BODY, THE GENERAL MEMBERS SHALL HAVE RIGHTS (GOVERNANCE DECISIONS) IN THEIR CAPACITY AS MEMBERS (I) THE RIGHT TO VOTE ON ADOPTION, AMENDMENT, OR REPEAL OF BYLAWS BY THE MEMBERS AS PROVIDED IN ARTICLE VIII, SECTION 3; AND (II) OTHER VOTING RIGHTS REQUIRED BY THE DELAWARE GENERAL CORPORATION LAW. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED BY AN INDEPENDENT PUBLIC ACCOUNTING FIRM BEFORE SENDING IT TO THE HEAD OF SCHOOL AND CHAIRPERSON OF THE BOARD. SUBSEQUENT TO THE HEAD OF SCHOOL'S AND CHAIR'S REVIEW, ALL BOARD MEMBERS WERE PROVIDED A COMPLETE COPY OF THE FORM 990. THE FORM 990 WAS THEN FILED WITH THE INTERNAL REVENUE SERVICE FOLLOWING THE VOTING BOARD MEMBERS' REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS IS THE AUTHORIZED BODY EMPOWERED TO REVIEW AND APPROVE CONFLICT OF INTEREST TRANSACTIONS. COVERED PERSONS (ANY BOARD MEMBERS AND WITH THEIR FAMILY MEMBERS OR THEIR BUSINESSES) INTERESTED IN A TRANSACTION WITH TAS SHALL PROMPTLY ADVISE AND DISCLOSE ALL MATERIAL FACTS TO THE AUTHORIZED BODY, WHICH SHALL DETERMINE (A) WHETHER A CONFLICT EXISTS AND, IF SO (B) WHETHER IT IS PROPER LEGALLY AND ETHICALLY TO ENTER INTO THE TRANSACTION. EACH COVERED PERSON SHALL ANNUALLY SIGN A STATEMENT THAT (A) THE PERSON HAS RECEIVED A COPY OF THIS POLICY, HAS READ AND UNDERSTOOD IT, AND HAS AGREED TO COMPLY WITH IT; AND (B) IF REQUIRED, DISCLOSES THE PERSON'S FINANCIAL INTERESTS AND FAMILY RELATIONSHIPS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS, NONE OF WHOM HAD A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT, EVALUATED THE HEAD OF SCHOOL'S COMPENSATION DURING THE TAX YEAR. THE SALARY ADJUSTMENT, IF ANY, WAS REVIEWED BY THE COMPENSATION COMMITTEE WHICH CONSISTS OF THE BOARD CHAIR, VICE CHAIR, SECRETARY, THE GOVERNANCE COMMITTEE CHAIR AND THE M&R (MANAGEMENT & RESOURCES) COMMITTEE CHAIR. IT WAS THEN APPROVED BY THE FULL BOARD OF DIRECTORS BEFORE BECOMING PART OF THE BUDGET. THE BOARD SOUGHT FEEDBACK FROM AN INDEPENDENT COMPENSATION & BENEFIT FIRM, GATHERED BENCHMARKING DATA FROM COMPARABLE SCHOOLS IN THE EARCOS REGION AND REVIEWED THE HEAD OF SCHOOL'S COMPENSATION AS DISCLOSED IN FORM 990S OF SIMILARLY SIZED PRIVATE SCHOOLS. THE COMMITTEE'S DISCUSSIONS AND DELIBERATIONS WERE CONTEMPORANEOUSLY DOCUMENTED. THE LAST COMPENSATION REVIEW FOR THE HEAD OF SCHOOL OCCURRED IN JUNE 2023. FORM 990, PART VI, SECTION B, LINE 15B: THE ADMINISTRATORS' COMPENSATION IS DETERMINED BY THE HEAD OF SCHOOL UPON INITIAL HIRE USING BENCHMARK COMPENSATION OF SIMILAR SIZE OVERSEAS SCHOOLS. PERIODIC SALARY ADJUSTMENTS ARE APPROVED BY THE HEAD OF SCHOOL AND ARE PROVIDED TO HUMAN RESOURCES AND CONTROLLER OFFICES FOR INCLUSION IN THE ANNUAL BUDGET CYCLE FOR BOARD OF DIRECTORS' APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 TAS POLICY MANUAL INCLUDING GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY IS AVAILABLE AT SECURED SCHOOL PORTALS. THE AUDITED FINANCIAL STATEMENTS ARE NOT OPEN TO THE PUBLIC EXCEPT THE DATA CONTAINED IN FORM 990. FORM 990, PART XI, LINE 9: CURRENCY EXCHANGE LOSS -6,261,562. FORM 990, GENERAL EXPLANATION ATTACHMENT: STATE OF LEGAL DOMICILE (ITEM M), THE SCHOOL IS LOCATED IN 800 ZHONGSHAN N. RD., SEC. 6, TAIPEI, TAIWAN ROC 11152 (TW). TOTAL NUMBER OF EMPLOYEES (PART I, LINE 5), 641 EMPLOYEES INCLUDED 252 U.S. EMPLOYEES AND 389 NON-U.S. EMPLOYEES AS OF DECEMBER 31, 2022. THE STATES WITH WHICH A COPY OF THIS FORM 990 IS REQUIRED TO BE FILED (PART VI, LINE 17), THE SCHOOL IS NOT REQUIRED TO FILE FORM 990 IN ANY STATE. STATE THE NAME, PHYSICAL ADDRESS, AND TELEPHONE NUMBER OF THE PERSON WHO POSSESSES THE BOOKS AND RECORDS OF THE ORGANIZATION (PART VI, LINE 20), CATHY HSU, CONTROLLER, TAIPEI AMERICAN SCHOOL FOUNDATION, 800 ZHONGSHAN N. RD., SEC. 6, TAIPEI, TAIWAN ROC 11152, +886-2-7750-9900 EXT. 332. DUE TO SOFTWARE LIMITATIONS, THE TAIWAN TELEPHONE NUMBER DOES NOT APPEAR ON PART VI, LINE 20.