2025-04-22T13:25:11-05:00 2024-06-30 135565207 KPMG LLP 401 UNION STREET SUITE 2800 SEATTLE WA 98101 990 2023-07-01 510255746 TAIPEI AMERICAN SCHOOL FOUNDATION TAIP 3102013584 1900 AVE OF THE STARS 7FL LOS ANGELES CA 90067 DAVID FRANKENBERG HEAD OF SCHOOL 3102013584 2025-04-18 1 0 KATHRYN OKIMOTO P00746598 2069134000 2025-04-17 2023 2025-03-06 01:10:19Z TAIPEI AMERICAN SCHOOL DAVID FRANKENBERG 1900 AVE OF THE STARS 7FL LOS ANGELES CA 90067 85385423 0 X WWW.TAS.EDU.TW X 1971 DE TAIPEI AMERICAN SCHOOL'S MISSION IS TO CULTIVATE AN ENDURING COMMITMENT TO LEARNING, PERSONAL WELL-BEING, AND SERVICE. TAS PROVIDES A BROAD AMERICAN-BASED EDUCATION WITH A GLOBAL PERSPECTIVE THAT DEVELOPS STUDENTS OF CHARACTER WHO ARE COMMITTED TO MAKING THE WORLD A BETTER PLACE. 12 12 639 200 0 0 285109 1891914 78435760 75552369 1077208 2075164 4539163 5374064 84337240 84893511 29235 86643 0 0 59971948 58306680 0 0 511045 19423768 18939744 79424951 77333067 4912289 7560444 199627598 197711018 63663469 59675289 135964129 138035729 X TAIPEI AMERICAN SCHOOL'S MISSION IS TO CULTIVATE AN ENDURING COMMITMENT TO LEARNING, PERSONAL WELL-BEING, AND SERVICE. TAS PROVIDES A BROAD AMERICAN-BASED EDUCATION WITH A GLOBAL PERSPECTIVE THAT DEVELOPS STUDENTS OF CHARACTER WHO ARE COMMITTED TO MAKING THE WORLD A BETTER PLACE. 0 0 67669533 86643 75552369 TAIPEI AMERICAN SCHOOL PROVIDES A FULL EDUCATION PROGRAM (KA - GRADE 12) TO 2,370 STUDENTS FROM 37 COUNTRIES. THROUGH INSTRUCTION THAT IS AS JOYFUL AS IT IS CHALLENGING, STUDENTS DISCOVER THEIR UNIQUE POTENTIAL AND EMERGE WITH THE COURAGE AND CHARACTER TO CHANGE THE WORLD FOR THE BETTER. TAS'S SCHOOLWIDE LEARNING OUTCOMES OUTLINE THE FOUNDATIONAL SKILLS AND VALUES EACH STUDENT SHOULD ACQUIRE AND EMBODY THROUGHOUT THEIR EDUCATIONAL JOURNEY. THESE OUTCOMES SERVE AS A COMPASS, ENSURING STUDENTS DEVELOP HOLISTICALLY, EXCELLING ACADEMICALLY AND PERSONALLY WITHIN A GLOBAL CONTEXT. 67669533 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 41 0 1 639 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 0 1 1 1 1 1 1 0 0 X CATHY C HSU 8862775099 800 ZHONGSHAN N RD SECTION 6 TAIPEI TW 11152 STEVE C QUAY BOARD OF DIRECTORS 4.00 X 0 0 0 LARRY WASYLIN BOARD OF DIRECTORS 4.00 X 0 0 0 JOHN CHEN BOARD OF DIRECTORS 4.00 X 0 0 0 CHARLOTTE ACKERT BOARD OF DIRECTORS TILL 8/8/23 4.00 X 0 0 0 CAROLYN CLARK BOARD OF DIRECTORS TILL DEC 2023 4.00 X 0 0 0 AMY HSU BOARD OF DIRECTORS 4.00 X 0 0 0 ERICH KUSS BOARD OF DIRECTORS SINCE 2/27/24 4.00 X 0 0 0 PAUL HSU BOARD OF DIRECTORS 4.00 X 0 0 0 SHELLEY CHIA BOARD OF DIRECTORS 4.00 X 0 0 0 MICHAEL FEI BOARD OF DIRECTORS 4.00 X 0 0 0 BRUCE AITKEN M&R CHAIR, BOD 4.00 X X 0 0 0 GRACE LEE VICE CHAIR, BOD 4.00 X X 0 0 0 JAY CHENG CHAIMAN, BOD 4.00 X X 0 0 0 LYDIA LIM SECRETARY, BOD 4.00 X X 0 0 0 GRACE SHANG CHENG HEAD OF SCHOOL TILL 7/31/23 40.00 X 876980 0 59792 EVELYNE ESTEY HEAD OF SCHOOL 8/1/23-6/30/24 40.00 X 291083 0 40319 LARRY KRAUT CHIEF OPERATING OFFICER 40.00 X 294827 0 63298 KATHRYN LOUISE LIMMER DIR. OF ADV TILL 6/30/23 40.00 X 286638 0 34015 CATHY C HSU CONTROLLER 40.00 X 276695 0 35831 LIZ GALE DEPUTY HEAD OF SCHOOL 40.00 X 264376 0 66839 SAMUEL QUEK DIR. OF TECH TILL 12/19/23 40.00 X 233821 0 30047 ANDREW LOWMAN US PRINCIPAL TILL 6/30/23 40.00 X 230449 0 61738 TARA SIMEONIDIS LS PRINCIPAL 40.00 X 228437 0 32616 JOSH BUDDE MS PRINCIPAL 40.00 X 226222 0 33774 CAROL CHEN HUMAN RESOURCES DIRECTOR 40.00 X 185737 0 23728 E-CHIEH LIN DIR. OF INCLUSION & WELLBEING 40.00 X 172540 0 28489 MATT FAGEN K-12 TECH CUBE DIRECTOR 40.00 X 164141 0 85896 EVELYN CHEN US ASSOCIATE PRINCIPAL 40.00 X 164040 0 25794 AMANDA JACOB DIR. OF TEACHING & LEARNING 40.00 X 157458 0 20833 LEANNE STANLEY-RAINBOW INTERIM DIR. OF TECHNOLOGY 40.00 X 155013 0 33120 BECKY KLAR LS ASSOCIATE PRINCIPAL 40.00 X 154073 0 88247 RICK RABON LS ASSOCIATE PRINCIPAL 40.00 X 154047 0 20623 ALLAN BAYNTUN TEACHER 40.00 X 156074 0 82349 RYAN HAYNES DIR. OF US PERSONAL & ACAD COUNSEL 40.00 X 152126 0 54199 MELANIE HAMRE US DIR OF COLLEGE COUNSELING 40.00 X 151942 0 21720 KEVIN HELD TEACHER 40.00 X 150196 0 19691 LEANDRO LOPEZ TEACHER 40.00 X 148978 0 82461 GARY PETTIGREW FORMER MS ASSOCIATE PRINCIPAL 40.00 X 146173 0 7463 5422066 0 1052882 203 1 1 0 QUINN EMANUEL 865 S FIGUEROA ST 10TH FL LOS ANGELES CA 90017 LEGAL SERVICES 199546 RESOURCE GROUP 175 LLC 12841 TRADEWINDS DR NORTH ROYALTON OH 44133 ADMIN SEARCHES 178000 2 1088 21972 1868854 30996 1891914 INSTRUCTIONAL PROGRAMS 900099 75433587 75433587 USE OF SCHOOL FACILITY 900099 118782 118782 75552369 2317473 2317473 4154 246463 -242309 -242309 -242309 64150 1088 64040 110 110 2188 0 2188 2188 277252 181409 95843 95843 CAFETERIA SERVICE 900099 2140713 2140713 STUDENT BUS 480000 1476011 1476011 FOREIGN EXCHANGE GAIN 900099 860891 860891 798308 798308 5275923 84893511 75552369 0 7449228 86643 86643 4599722 1359147 3240575 34332788 31944935 2132953 254900 3212302 2976455 212670 23177 14185987 13754525 386884 44578 1975881 1806476 163703 5702 155501 155501 114137 114137 596654 596654 60980 13242 47738 949908 454811 434039 61058 905919 905919 3457062 3216622 214773 25667 755268 519503 235765 313116 245158 62891 5067 105543 105543 5813066 5408766 361142 43158 251383 251383 CO-CURRICULAR ACT. 1288691 1288691 CAFETERIA SERVICE COST 1115225 1115225 TEXTBOOKS/TEACHING MAT. 1101714 1101714 STUDENT BUS RENTAL 946951 946951 1008626 286609 722017 77333067 67669533 9152489 511045 2918 3358 133072669 136624833 1854325 1288386 204579 250858 109773 121782 1354190 1295455 106911410 52759668 58096515 54151742 725755 696456 4206874 3278148 199627598 197711018 9982524 8940450 42054532 40682268 5750837 5034477 5875576 5018094 63663469 59675289 X 125694486 127267319 10269643 10768410 135964129 138035729 199627598 197711018 X 7560444 -5488844 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 53158980 84617 1432780 1318474 53357903 53306602 1054010 742998 1944630 53158980 54026791 1679510 206378 -336474 2942551 53306602 48998556 1494422 227758 -358938 -2947117 54026791 35091823 11564382 311257 -337496 -1693598 48998556 0.97130 0.02870 0 0 47905378 16778501 31126877 48996629 30822789 18173840 10009403 5158378 4851025 54151742 OPERATING LEASE OBLIGATIONS 2529675 ASSET RETIREMENT OBLIGATIONS 1477349 STUDENT CLUBS PAYABLES 1011070 5018094 X 84493537 460917 460917 84032620 860891 860891 84893511 76933093 460917 460917 76472176 860891 860891 77333067 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 246,463. STUDENT STORE COST OF GOODS SOLD 181,409. GALA EXPENSES 33,045. PART XI, LINE 4B - OTHER ADJUSTMENTS: EXCHANGE GAIN BOOKED 860,891. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF ASSETS SOLD 246,463. STUDENT STORE COST OF GOODS SOLD 181,409. GALA EXPENSES 33,045. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXCHANGE GAIN BOOKED 860,891. 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 $21,972 IN 2023 TO SUPPORT ADMINISTRATORS AND FACULTY PROFESSIONAL DEVELOPMENT AND ETC. 1 EAST ASIA AND THE PACIFIC 1 639 PROGRAM SERVICES K-12 EDUCATION 77246424 EAST ASIA AND THE PACIFIC 0 0 GRANT MAKING 86643 1 639 0 0 1 639 77333067 0 77333067 SCHOLARSHIPS EAST ASIA AND THE PACIFIC 7 86643 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: THE SCHOOL HAS USED ACCRUAL METHOD OF ACCOUNTING FOR FOREIGN GRANTS TO INDIVIDUALS. CHARITY GALA 65238 1088 64150 30996 33044 65238 1088 64150 30996 33044 64040 110 X X X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 GRACE SHANG CHENG HEAD OF SCHOOL TILL 7/31/23 615761 0 0 0 261219 0 19075 0 40717 0 936772 0 0 0 LARRY KRAUT CHIEF OPERATING OFFICER 210380 0 0 0 84447 0 21038 0 42260 0 358125 0 0 0 EVELYNE ESTEY HEAD OF SCHOOL 8/1/23-6/30/24 180238 0 0 0 110845 0 31559 0 8760 0 331402 0 0 0 LIZ GALE DEPUTY HEAD OF SCHOOL 223402 0 0 0 40974 0 22227 0 44612 0 331215 0 0 0 KATHRYN LOUISE LIMMER DIR. OF ADV TILL 6/30/23 153929 0 0 0 132709 0 25136 0 8879 0 320653 0 0 0 CATHY C HSU CONTROLLER 199273 0 0 0 77422 0 19927 0 15904 0 312526 0 0 0 ANDREW LOWMAN US PRINCIPAL TILL 6/30/23 93654 0 0 0 136795 0 9365 0 52373 0 292187 0 0 0 SAMUEL QUEK DIR. OF TECH TILL 12/19/23 158970 0 0 0 74851 0 15019 0 15028 0 263868 0 0 0 TARA SIMEONIDIS LS PRINCIPAL 186930 0 0 0 41507 0 18472 0 14144 0 261053 0 0 0 JOSH BUDDE MS PRINCIPAL 184381 0 0 0 41841 0 18220 0 15554 0 259996 0 0 0 MATT FAGEN K-12 TECH CUBE DIRECTOR 132131 0 0 0 32010 0 8969 0 76927 0 250037 0 0 0 BECKY KLAR LS ASSOCIATE PRINCIPAL 114494 0 0 0 39579 0 11449 0 76798 0 242320 0 0 0 ALLAN BAYNTUN TEACHER 123859 0 0 0 32215 0 9628 0 72721 0 238423 0 0 0 LEANDRO LOPEZ TEACHER 117011 0 0 0 31967 0 10558 0 71903 0 231439 0 0 0 CAROL CHEN HUMAN RESOURCES DIRECTOR 166383 0 0 0 19354 0 16638 0 7090 0 209465 0 0 0 RYAN HAYNES DIR. OF US PERSONAL & ACAD COUNSEL 136469 0 0 0 15657 0 8920 0 45279 0 206325 0 0 0 E-CHIEH LIN DIR. OF INCLUSION & WELLBEING 138798 0 0 0 33742 0 13880 0 14609 0 201029 0 0 0 EVELYN CHEN US ASSOCIATE PRINCIPAL 128178 0 0 0 35862 0 11334 0 14460 0 189834 0 0 0 LEANNE STANLEY-RAINBOW INTERIM DIR. OF TECHNOLOGY 123292 0 0 0 31721 0 12184 0 20936 0 188133 0 0 0 AMANDA JACOB DIR. OF TEACHING & LEARNING 147251 0 0 0 10207 0 14725 0 6108 0 178291 0 0 0 RICK RABON LS ASSOCIATE PRINCIPAL 121147 0 0 0 32900 0 11972 0 8651 0 174670 0 0 0 MELANIE HAMRE US DIR OF COLLEGE COUNSELING 128849 0 0 0 23093 0 8969 0 12751 0 173662 0 0 0 KEVIN HELD TEACHER 128764 0 0 0 21432 0 10591 0 9100 0 169887 0 0 0 GARY PETTIGREW FORMER MS ASSOCIATE PRINCIPAL 78048 0 0 0 68125 0 0 0 7463 0 153636 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. TWENTY PERSONS, INCLUDING FOURTEEN KEY EMPLOYEES, ONE FORMER KEY EMPLOYEE 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 TAIPEI (ACC) ARE CONSIDERED REASONABLE BUSINESS EXPENSES AND THUS NOT REPORTED AS TAXABLE COMPENSATION. THE SCHOOL ALSO REIMBURSED THE INITIATION FEE FOR THREE ADMINISTRATORS TO JOIN ACC AS REASONABLE BUSINESS EXPENSES AND THUS NOT REPORTED AS TAXABLE COMPENSATION. AS A CONDITION OF EMPLOYMENT, THE FORMER HEAD OF SCHOOL DR. CHENG (TILL JULY 2023) WAS 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 DR. CHENG'S EMPLOYMENT CONTRACT, CERTAIN TRAVEL OF A FAMILY MEMBER ARE BORNE BY THE SCHOOL AND APPROPRIATELY REPORTED AS TAXABLE COMPENSATION TO THE INDIVIDUAL. DR. CHENG WAS CONTRACTED AS AN EDUCATIONAL CONSULTANT BETWEEN AUGUST 2023 AND DECEMBER 2023 AFTER THE COMPLETION OF HER EMPLOYMENT. HOUSING IS PROVIDED TO THE HEAD OF SCHOOL MS. ESTEY (AUGUST 2023 THROUGH JUNE 2024) WITHOUT CONDUCTING SCHOOL EVENTS AT THE APARTMENT. THE VALUE OF THE HOUSING IS TAXABLE AND REPORTED ON SCHEDULE J, PART II, AND COLUMN (B)III. X 15594 SELLING PRICE X 63 14690 SELLING PRICE X VOUCHERS 4 712 SELLING PRICE 0 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 (COI) OR BYLAWS THAT BETTER REFLECTS EXISTING DELAWARE LAW DURING THE REPORTING PERIOD. 1. THE INCLUSION LANGUAGE ABOUT THE AMERICAN INSTITUTE IN TAIWAN (AIT) DIRECTOR POSITION 2. INCORPORATING A LITIGATION COST CLAUSE IN THE EVENT TASF IS SUED AND THE PARTY THAT SUES FAILS TO WIN 3. PROVIDES THE EXECUTIVE OFFICERS THE SAME INDEMNIFICATION PROTECTION THAT IS AFFORDED THE BOARD OF DIRECTORS 4. ADDING THE BOARD RATIFICATION OF ADMINISTRATORS' CONTRACT RENEWALS AND 5. ENABLING GENERAL MEMBERS TO VOTE ANY DIRECTOR OUT OF THE TAS BOARD FOR CAUSE. 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 FOURTEEN (14) 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 FIVE (5) INDIVIDUALS APPOINTED BY THE SPECIAL MEMBERS. ONE (1) OF SUCH APPOINTED DIRECTOR SEATS SHALL BE RESERVED FOR AN EMPLOYEE OF THE AMERICAN INSTITUTE IN TAIWAN (AIT). THE AIT REPRESENTATIVE DIRECTOR SHALL BE AN APPOINTED DIRECTOR WITH ALL OF THE SAME RIGHTS, DUTIES, AND OBLIGATIONS AS THE OTHER DIRECTORS. 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 AS WELL AS THE CHIEF FINANCIAL OFFICER AND CONTROLLER OF THE ORGANIZATION. A REDACTED VERSION OF THE FORM 990, WHICH DID NOT INCLUDE THE DONORS' NAMES AS SOME DONORS REQUESTED TO REMAIN ANONYMOUS, WAS THEN PROVIDED TO ALL BOARD MEMBERS FOR REVIEW PRIOR TO FILING. 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 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. TAS SHALL ANNUALLY REVIEW DISCLOSURE FORMS SUBMITTED AND MONITOR COMPLIANCE WITH THIS POLICY. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS, NONE OF WHOM HAD A CONFLICT OF INTEREST, 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 EVALUATION CONSIDERED BENCHMARKING DATA FROM COMPARABLE SCHOOLS IN THE EARCOS REGION AND THE HEAD OF SCHOOL'S COMPENSATION AS DISCLOSED IN FORMS 990 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 MAY 2024. 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 UNLESS THE REQUEST IS APPROVED BY TAS AUTHORIZED PERSONS. FORM 990, PART XI, LINE 9: CURRENCY EXCHANGE LOSS -5,488,844. 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), 639 EMPLOYEES INCLUDED 256 U.S. EMPLOYEES AND 383 NON-U.S. EMPLOYEES AS OF DECEMBER 31, 2023. 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.