2025-02-26T14:08:09-06:00 2024-06-30 871353108 EISNER ADVISORY GROUP LLC 111 WOOD AVENUE SOUTH ISELIN NJ 088302700 990 2023-07-01 237365263 MONTCLAIR KIMBERLEY ACADEMY FOUNDATION MONT 9737469800 201 VALLEY ROAD MONTCLAIR NJ 07042 KATHRYN DAVISON CHIEF FINANCIAL & OPT OFFICER 9737469800 2025-02-20 1 1 DOUGLAS TAPP P00200641 7322437000 2025-02-28 2023 2025-03-06 01:10:19Z NIGEL D FURLONGE 201 VALLEY ROAD MONTCLAIR NJ 07042 73705330 0 X WWW.MKA.ORG X 1974 NJ SEE SCHEDULE O 31 30 468 400 0 0 3479798 4268406 47965117 50874717 1901781 2076276 141159 142600 53487855 57361999 5667250 5929221 0 0 29296057 30929726 0 0 732428 14168216 15133909 49131523 51992856 4356332 5369143 92287846 102321822 9631313 10400845 82656533 91920977 X SEE SCHEDULE O 0 0 35674620 5929221 47533980 EDUCATION: PRIMARY, MIDDLE AND UPPER SCHOOL EDUCATION. NUMBER OF STUDENTS- 1,050 5173126 PLANT: REPAIRS, REPLACEMENT & IMPROVEMENTS OF EXISTING GROUNDS & FACILITIES. NUMBER OF STUDENTS- 1,050 2121889 3340737 AUXILIARY OPERATIONS. NUMBER OF STUDENTS- 1,050 42969635 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 X 36 0 1 468 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 31 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X X MONTCLAIR KIMBERLEY 9737469800 ACADEMY 201 VALLEY ROAD MONTCLAIR NJ 07042 NIGEL D FURLONGE HEAD OF SCHOOL 65.00 0.00 X X 378995 0 191192 CRAIG SOLOMON MEMBER TRUSTEE 5.00 0.00 X 0 0 0 CAITLIN DIRUGGIERO MEMBER TRUSTEE 5.00 0.00 X 0 0 0 JEFFREY G SZILAGYI OFFICER: TREASURER 5.00 0.00 X X 0 0 0 JENNIFER BARBETTA MEMBER TRUSTEE 5.00 0.00 X 0 0 0 MARGARET WAGER MEMBER TRUSTEE 5.00 0.00 X 0 0 0 KATHLEEN M LOGAN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 LUKE A SARSFIELD III OFFICER: VICE PRESIDENT 5.00 0.00 X X 0 0 0 LAUREN KAPLAN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 MERRICK G ANDLINGER MEMBER TRUSTEE 5.00 0.00 X 0 0 0 NAVEEN BALLEM OFFICER: PRESIDENT 5.00 0.00 X X 0 0 0 PAIGE L COTTINGHAM STREATER OFFICER: VICE PRESIDENT 5.00 0.00 X X 0 0 0 ROBERT RUBERTON MEMBER TRUSTEE 5.00 0.00 X 0 0 0 SYBIL ENG MEMBER TRUSTEE 5.00 0.00 X 0 0 0 MATTHEW SHERMAN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 STEPHANIE SALZMAN OFFICER: SECRETARY 5.00 0.00 X X 0 0 0 SOLOMON STEPLIGHT MEMBER TRUSTEE 5.00 0.00 X 0 0 0 ANYA BARRETT MEMBER TRUSTEE 5.00 0.00 X 0 0 0 ALISON SLONE MEMBER TRUSTEE 5.00 0.00 X 0 0 0 RALPH PACIFICO DIR, STAR CAMP/PE & HEALTH TEACHER 55.00 0.00 X 174785 0 12082 HEATHER BENJAMIN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 DAN CESAREO MEMBER TRUSTEE 5.00 0.00 X 0 0 0 AUBIN AMES MEMBER TRUSTEE 5.00 0.00 X 0 0 0 JOHN GARIPPA MEMBER TRUSTEE 5.00 0.00 X 0 0 0 ALICE HIRSH MEMBER TRUSTEE 5.00 0.00 X 0 0 0 MICHAEL V JOHNSON MEMBER TRUSTEE 5.00 0.00 X 0 0 0 NEWTON SCHOTT MEMBER TRUSTEE 5.00 0.00 X 0 0 0 BRIAN GLATT MEMBER TRUSTEE 5.00 0.00 X 0 0 0 LAUREN TABAK FASS MEMBER TRUSTEE 5.00 0.00 X 0 0 0 DENNIS GOLDSTEIN MEMBER TRUSTEE 5.00 0.00 X 0 0 0 KAREN HEATH-WADE MEMBER TRUSTEE 5.00 0.00 X 0 0 0 SCOTT ROSENBERG MEMBER TRUSTEE 5.00 0.00 X 0 0 0 KATHRYN DAVISON CHIEF FINANCIAL & OPERATING OFFICER 65.00 0.00 X 306251 0 97804 CARLAINA BELL HEAD, MIDDLE CAMPUS 55.00 0.00 X 176797 0 105841 DAVID FLOCCO HEAD, UPPER SCHOOL 55.00 0.00 X 205888 0 140109 JAMES CASTELLI DIRECTOR, PHYSICAL PLANT 55.00 0.00 X 170852 0 101911 KAREN NEWMAN ASST. HEAD OF SCHOOL 55.00 0.00 X 173958 0 49672 1587526 0 698611 47 0 1 0 0 X 439151 3829255 476246 4268406 TUITION INCOME 611710 47164937 47164937 SCHOOL SERVICES & FEES 611710 3076922 3076922 STUDENT & PARENT ACTIVITY 611710 369044 369044 LUNCH PROGRAM 722320 183272 183272 BOOKSTORE SALES 459900 80542 80542 50874717 1952596 1952596 142600 0 142600 142600 142600 16467011 16343331 123680 123680 123680 57361999 50874717 0 2218876 5929221 5929221 814495 814495 22110614 17903994 3949168 257452 1507617 1138822 355951 12844 4917875 3919505 959853 38517 1579125 1215820 344152 19153 41051 41051 41600 41600 146552 146552 248582 179978 68604 417446 271340 146106 443483 47525 349958 46000 907503 907503 743393 743393 695525 665074 14250 16201 2147373 2147373 416834 416834 MAINTENANCE, REPAIRS & 3143082 3025754 117328 AUXILIARY OPERATIONS 2196781 2196781 ACADEMIC PROGRAM EXPENS 2121889 2121889 MISCELLANEOUS 1072093 239425 705117 127551 350722 350722 51992856 42969635 8290793 732428 13234842 20681001 995468 1462491 85801 23045 567156 752361 61905380 29734068 31052736 32171312 46318670 47197434 33173 34178 92287846 102321822 914012 1306483 8717301 9094362 9631313 10400845 X 69291830 77920718 13364703 14000259 82656533 91920977 92287846 102321822 X 5369143 3894298 1003 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 37290533 61412 4595145 9350 0 133434 41804306 34268290 267455 3194945 11700 428457 37290533 38887249 183529 -4454243 10450 337795 34268290 25292689 1442671 7232386 11400 -5029043 98140 38887249 24745812 169490 485220 11600 96233 25292689 0.71860 0.28140 1 0 3760499 3760499 47287194 23348146 23939048 8939577 6385922 2553655 1918110 1918110 32171312 X 55328081 3894298 1005 3895303 51432778 5929221 5929221 57361999 46063635 0 46063635 5929221 5929221 51992856 PART X, LINE 2: THE SCHOOL HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICES ("THE IRS") AS AN ORGANIZATION DESCRIBED UNDER 501(C)(3) OF THE INTERNAL REVENUE CODE ("THE "CODE) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE CODE. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE SCHOOL AND HAS CONCLUDED THAT AS OF JUNE 30, 2024 AND 2023, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE THE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX PROVISIONS, IF ANY. THERE WERE NO INCOME TAX-RELATED INTEREST AND PENALTIES RECORDED FOR THE YEARS ENDED JUNE 30, 2024 AND 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF POOLED INCOME FUND 1,005. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND ALLOWANCES NETTED AGAINST TUITION REVENUE FOR BOOK 5,929,221. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND ALLOWANCES NETTED AGAINST TUITION REVENUE FOR BOOK 5,929,221. SCHEDULE D PART V #4 USE OF THE ORGANIZATION'S ENDOWMENT FUNDS: THE SCHOOL'S INVESTMENT OBJECTIVES ARE TO ACHIEVE CONSISTENT LEVELS OF RETURN THROUGH GROWTH IN PRINCIPAL AND INCOME ON INVESTMENTS. THIS APPROACH ATTEMPTS TO MAXIMIZE RETURNS FOR EACH CLASS OF ASSETS WHILE PROVIDING SUFFICIENT DIVERSIFICATION IN THE PORTFOLIO TO DAMPEN THE EFFECTS OF MARKET FLUCTUATIONS ON THE PORTFOLIO'S OVERALL RETURN. THE SCHOOL'S CURRENT SPENDING POLICY IS TO APPROPRIATE APPROXIMATELY 4.0% OF THE ENDOWMENT FUND PORTFOLIO'S AVERAGE MARKET VALUE FROM THE PREVIOUS THREE YEARS, TO BE USED FOR DONOR AND BOARD SPECIFIED PROGRAMS. THE BALANCE OF THE TOTAL RETURN IS AVAILABLE FOR APPROPRIATION IS REINVESTED IN THE PORTFOLIO. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT OF POLICY APPEARS IN LOCAL NEWSPAPERS. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES THE STATE OF NEW JERSEY ENTITLEMENTS FOR SECURITY, NURSING AID, TECHNOLOGY AND NON PUBLIC SCHOOL TEXTBOOKS. THESE ENTITLEMENTS ARE BASED UPON THE NUMBER OF STUDENTS. 1 NEED-BASED FINANCIAL AID TO 170 STUDENTS 170 5929221 SCHEDULE I, PART I, LINE 2 GRANTS AND ASSISTANCE TO PRIMARY AND SECONDARY SCHOOL STUDENTS. FINANCIAL AID IS AWARDED AND MONITORED BY THE FINANCIAL AID COMMITTEE THAT CONSISTS OF THE HEAD OF SCHOOL, DIRECTOR OF ADMISSIONS, ASSOCIATE DIRECTOR OF ADMISSIONS, CHIEF FINANCIAL AND OPERATING OFFICER AND THE HEADS OF THE MIDDLE AND UPPER CAMPUSES. FINANCIAL AID GRANTS SHALL BE AWARDED TO STUDENTS WHO HAVE BEEN ACCEPTED TO MKA THROUGH THE NORMAL ADMISSIONS PROCESS. AID IS PROVIDED TO STUDENTS/FAMILIES WHO, AS BEST AS CAN BE DISCERNED, VALUE AND SUPPORT EDUCATION. GRANTS SHALL BE CONSIDERED ONLY ON THE BASIS OF FINANCIAL NEED AS ATTESTED TO BY "CLARITY" (TUITION AID AND DATA SERVICES). FORMS MUST BE FILED EACH YEAR FOR WHICH AID IS SOUGHT. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 NIGEL D FURLONGE HEAD OF SCHOOL 377995 0 1000 0 0 0 16500 0 174692 0 570187 0 0 0 KATHRYN DAVISON CHIEF FINANCIAL & OPERATING OFFICER 305251 0 1000 0 0 0 23417 0 74387 0 404055 0 0 0 DAVID FLOCCO HEAD, UPPER SCHOOL 204888 0 1000 0 0 0 21000 0 119109 0 345997 0 0 0 CARLAINA BELL HEAD, MIDDLE CAMPUS 175797 0 1000 0 0 0 17724 0 88117 0 282638 0 0 0 JAMES CASTELLI DIRECTOR, PHYSICAL PLANT 169852 0 1000 0 0 0 17400 0 84511 0 272763 0 0 0 KAREN NEWMAN ASST. HEAD OF SCHOOL 172958 0 1000 0 0 0 18192 0 31480 0 223630 0 0 0 RALPH PACIFICO DIR, STAR CAMP/PE & HEALTH TEACHER 117285 0 1000 0 56500 0 11729 0 353 0 186867 0 0 0 SCHEDULE J PART I Q1A THE FOLLOWING PEOPLE: NIGEL D. FURLONGE, DAVID FLOCCO, CARLAINA BELL, AND JAMES CASTELLI LIVE IN SCHOOL PROVIDED HOUSING LOCATED ON SCHOOL GROUNDS AS A REQUIRED CONDITION OF THEIR EMPLOYMENT, FOR THE CONVENIENCE OF THE EMPLOYER AND THE SUPERVISION OF THE SCHOOL GROUNDS AND ON-CALL DUTIES. THIS BENEFIT IS NON-TAXABLE UNDER CODE SECTION 119 AND IS INCLUDED IN THE NON-TAXABLE BENEFITS ON SCHEDULE J PART II COLUMN D. PHILIPPA DAVISON FAMILY MEMBER OF AN OFFICER OF THE ORGANIZATION 43695 FINANCIAL AID EDUCATION LUCAS FURLONGE FAMILY MEMBER OF AN OFFICER OF THE ORGANIZATION 48550 FINANCIAL AID EDUCATION JULIA FLOCCO FAMILY MEMBER OF AN EMPLOYEE OF THE ORGANIZATION 43695 FINANCIAL AID EDUCATION CARL FLOCCO FAMILY MEMBER OF AN EMPLOYEE OF THE ORGANIZATION 43695 FINANCIAL AID EDUCATION WILLOW FURLONGE FAMILY MEMBER OF AN EMPLOYEE OF THE ORGANIZATION 45400 FINANCIAL AID EDUCATION X 36 476245 FAIR MARKET VALUE 0 1 1 PART I, LINE 32B: THE SCHOOL USED AN OUTSIDE BROKER TO SELL PUBLICLY TRADED SECURITIES THAT HAVE BEEN DONATED TO THE SCHOOL. THE NON CASH CONTRIBUTIONS RELATED TO THESE PUBLICLY TRADED SECURITIES ARE REPORTED UNDER SCHEDULE B. FORM 990, PART I, LINE 1 MKA'S CHALLENGING, ENGAGING AND INNOVATIVE ACADEMIC PROGRAM PROVIDES A VIBRANT AND TRANSFORMATIVE EDUCATION. OUR FACULTY'S DEEP AND GENUINE UNDERSTANDING OF OUR STUDENTS AS INDIVIDUALS AND LEARNERS FOSTERS THEIR ETHICAL DEVELOPMENT, INTELLECTUAL GROWTH AND PERSONAL SUCCESS. MKA'S DIVERSE, COLLABORATIVE AND INCLUSIVE COMMUNITY INSPIRES STUDENTS TO LEAD LIVES OF NOBLE CHARACTER, PURPOSE AND DISTINCTION. EVIDENCE OF OUR MISSION IS FOUND IN THE KNOWLEDGE, THE VISION AND THE INTEGRITY OF OUR STUDENTS AND OUR ALUMNI: KNOWLEDGE: ACADEMIC EXCELLENCE INTELLECTUAL INDEPENDENCE LOVE OF LEARNING. VISION: PERSONAL ENGAGEMENT WITH THE WORLD UNDERSTANDING OF HUMAN COMPLEXITY A SENSE OF HUMILITY AND COMPASSION. INTEGRITY: STRENGTH OF CHARACTER RESPONSIBILITY AS A CITIZEN AND LEAD AN HONORABLE AND GENEROUS LIFE. FORM 990, PART III, LINE 1: MKA'S CHALLENGING, ENGAGING AND INNOVATIVE ACADEMIC PROGRAM PROVIDES A VIBRANT AND TRANSFORMATIVE EDUCATION. OUR FACULTY'S DEEP AND GENUINE UNDERSTANDING OF OUR STUDENTS AS INDIVIDUALS AND LEARNERS FOSTERS THEIR ETHICAL DEVELOPMENT, INTELLECTUAL GROWTH AND PERSONAL SUCCESS. MKA'S DIVERSE, COLLABORATIVE AND INCLUSIVE COMMUNITY INSPIRES STUDENTS TO LEAD LIVES OF NOBLE CHARACTER, PURPOSE AND DISTINCTION. EVIDENCE OF OUR MISSION IS FOUND IN THE KNOWLEDGE, THE VISION AND THE INTEGRITY OF OUR STUDENTS AND OUR ALUMNI: KNOWLEDGE: ACADEMIC EXCELLENCE INTELLECTUAL INDEPENDENCE LOVE OF LEARNING. VISION: PERSONAL ENGAGEMENT WITH THE WORLD UNDERSTANDING OF HUMAN COMPLEXITY A SENSE OF HUMILITY AND COMPASSION. INTEGRITY: STRENGTH OF CHARACTER RESPONSIBILITY AS A CITIZEN AND LEAD AN HONORABLE AND GENEROUS LIFE. FORM 990-PART V Q1B THE SCHOOL ISSUED A FORM 1099 IN LIEU OF THE FORM W-2G- CERTAIN GAMBLING WINNINGS- IN RESPECT TO A RAFFLE CONDUCTED BY THE FOUNDATION DURING THE YEAR. FORM 990, PART VI, SECTION B, LINE 11B THE SCHOOL'S MANAGEMENT PROVIDES INFORMATION SUFFICIENT FOR ITS OUTSIDE ACCOUNTANT TO PREPARE THE RETURN. AFTER PREPARATION BY THE ACCOUNTANT, A BOARD OF TRUSTEES 990 REVIEW COMMITTEE CONSISTING OF THE CURRENT PRESIDENT OF THE BOARD OF TRUSTEES, CURRENT TREASURER/CHAIRPERSON OF THE FINANCE & FACILITIES COMMITTEE, HEAD OF SCHOOL, CHIEF FINANCIAL & OPERATING OFFICER, BUSINESS MANAGER/CONTROLLER, PLUS ONE TRUSTEE MEMBER REVIEW THE RETURN. AFTER THE REVIEW COMMITTEE REVIEWS THE RETURN, THE RETURN IS DISTRIBUTED TO THE ENTIRE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICIES ARE INCLUDED IN THE ORGANIZATION'S BYLAWS AND PERSONNEL POLICY GUIDES. THE POLICIES ARE CONTINUOUSLY MONITORED BY THE BOARD OF TRUSTEES AND KEY EMPLOYEES OF THE ORGANIZATION TO ENSURE COMPLIANCE. YEARLY SIGN-OFF SHEETS STATING THAT THEY HAVE RECEIVED AND READ A COPY OF THE CONFLICT OF INTEREST POLICY AND A DECLARATORY FORM ARE REQUIRED TO BE FILLED OUT, SIGNED, AND DATED. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SERVES AS THE COMPENSATION COMMITTEE. THE COMMITTEE IS CHAIRED BY THE PRESIDENT OF THE BOARD OF TRUSTEES AND CONSISTS OF ALL OTHER COMMITTEE CHAIRPERSONS (6 PEOPLE), PLUS 2 VICE PRESIDENTS & COMMITTEE CHAIR - FOR A TOTAL OF 9 BOARD OF TRUSTEE MEMBERS. THEY REVIEW AND APPROVE THE COMPENSATION OF THE TOP SEVEN PAID EMPLOYEES WHICH INCLUDES THE TOP MANAGEMENT OFFICIAL (HEAD OF SCHOOL) AND KEY EMPLOYEE (CHIEF FINANCIAL & OPERATING OFFICER). THEY ARE PROVIDED WITH THE LAST FIVE YEARS OF SALARY AND BONUSES, IF APPLICABLE, CURRENT TAXABLE AND NON-TAXABLE BENEFITS AND COMPARATIVE STATISTICS FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AS WELL AS GROUP STATISTICS FOR THE NEW JERSEY, NEW YORK AND CONNECTICUT ASSOCIATION OF INDEPENDENT SCHOOLS (OUR TRI-STATE AREA DIRECT COMPETITORS). THE HEAD OF SCHOOL PROPOSES THE COMPENSATION FOR ALL EMPLOYEES EXCEPT HIMSELF. THE COMMITTEE DISCUSSES AND DECIDES ON THE FINAL COMPENSATION OFFERED TO THE SEVEN EMPLOYEES. CONTEMPORANEOUS SUBSTANTIATION OF THE DELIBERATION AND DECISION IS MAINTAINED. NO MEMBER OF THE COMMITTEE IS A RELATED PARTY TO ANY OF THE SEVEN PEOPLE BEING REVIEWED. IF THERE WAS A RELATED PARTY, THAT TRUSTEE WOULD BE EXCUSED FROM THE REVIEW OF THE RELATED INDIVIDUALS. WRITTEN CONTRACTS ARE SIGNED AND EXECUTED WITH ALL OF THE INDIVIDUALS. THE EXECUTIVE COMMITTEE INFORMS THE FULL BOARD OF TRUSTEES OF THE ACTIONS TAKEN. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL PROVIDES THE PUBLIC WITH THE RIGHTS TO REVIEW ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS UPON WRITTEN REQUEST TO THE SCHOOL AT ITS MAIN ADDRESS. THE AUDITED FINANCIAL STATEMENTS AND A COPY OF THE 990 ARE FILED ALONG WITH THE STATE OF NEW JERSEY ANNUAL RENEWAL REGISTRATION STATEMENT AND FINANCIAL REPORT FOR A CHARITABLE ORGANIZATION WITH THE NEW JERSEY OFFICE OF THE ATTORNEY GENERAL, DIVISION OF CONSUMER AFFAIRS, OFFICE OF CONSUMER PROTECTION, CHARITIES REGISTRATION SECTION. THESE DOCUMENTS ARE OF PUBLIC RECORD. FORM 990- PART VI SECTION A Q1A THE GOVERNING BODY HAS DELEGATED BROAD AUTHORITY TO THE EXECUTIVE COMMITTEE TO ACT ON BEHALF OF THE BOARD OF TRUSTEES DURING THE INTERIM PERIOD BETWEEN SCHEDULED BOARD MEETINGS OR WHEN AN EMERGENCY REQUIRES. FORM 990 - PART VII TRUSTEE COMPENSATION- ALL OF THE TRUSTEES LISTED IN PART VII ARE VOLUNTEERS. THEY RECEIVE NO COMPENSATION, NO EMPLOYEE BENEFITS AND NO DEFERRED COMPENSATION. THEY DID NOT RECEIVE ANY REIMBURSEMENTS FOR EXPENSES AND ANY OTHER ALLOWANCES. HOWEVER, EXPENSE REIMBURSEMENT IS ALLOWABLE SO LONG AS NO TRUSTEE APPROVES THEIR OWN EXPENSES. THE AVERAGE NUMBER OF HOURS DEVOTED TO THE POSITION IS BASED ON THE INDIVIDUAL'S DUTIES ON THE BOARD OF TRUSTEES AND THE TIME OF YEAR. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF POOLED INCOME FUND 1,005. ROUNDING -2.