Attach to Form 990 or Form 990-EZ.
Go to
www.irs.gov/Form990 for instructions and the latest information.
| (i) Name of supported organization | (ii) EIN | (iii) Type of organization (described on lines 1- 10 above (see instructions)) | (iv) Is the organization listed in your governing document? | (v) Amount of monetary support (see instructions) | (vi) Amount of other support (see instructions) | |
|---|---|---|---|---|---|---|
| Yes | No | |||||
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Total |
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Calendar year
(or fiscal year beginning in)
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(a) 2019 | (b) 2020 | (c) 2021 | (d) 2022 | (e) 2023 | (f) Total | |
|---|---|---|---|---|---|---|---|
| 1 | Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") .. | ||||||
| 2 | Tax revenues levied for the organization's benefit and either paid to or expended on its behalf .... | ||||||
| 3 | The value of services or facilities furnished by a governmental unit to the organization without charge.. | ||||||
| 4 | Total. Add lines 1 through 3 | ||||||
| 5 | The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f) .. | ||||||
| 6 | Public support. Subtract line 5 from line 4. | ||||||
Calendar year
(or fiscal year beginning in)
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(a) 2019 | (b) 2020 | (c) 2021 | (d) 2022 | (e) 2023 | (f) Total | |
|---|---|---|---|---|---|---|---|
| 7 | Amounts from line 4.. | ||||||
| 8 | Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources... | ||||||
| 9 | Net income from unrelated business activities, whether or not the business is regularly carried on.. | ||||||
| 10 | Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.).. | ||||||
| 11 | Total support. Add lines 7 through 10 | ||||||
Calendar year (or fiscal
year beginning in) ![]() |
(a) 2019 | (b) 2020 | (c) 2021 | (d) 2022 | (e) 2023 | (f) Total | |
|---|---|---|---|---|---|---|---|
| 1 | Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") . | ||||||
| 2 | Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose | ||||||
| 3 | Gross receipts from activities that are not an unrelated trade or business under section 513 ..... | ||||||
| 4 | Tax revenues levied for the organization's benefit and either paid to or expended on its behalf... | ||||||
| 5 | The value of services or facilities furnished by a governmental unit to the organization without charge | ||||||
| 6 | Total. Add lines 1 through 5 | ||||||
| 7a | Amounts included on lines 1, 2, and 3 received from disqualified persons | ||||||
| b | Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year. | ||||||
| c | Add lines 7a and 7b.. | ||||||
| 8 | Public support. (Subtract line 7c from line 6.) | ||||||
Calendar year
(or fiscal year beginning in)
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(a) 2019 | (b) 2020 | (c) 2021 | (d) 2022 | (e) 2023 | (f) Total | |
|---|---|---|---|---|---|---|---|
| 9 | Amounts from line 6... | ||||||
| 10a | Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources.. | ||||||
| b | Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975. | ||||||
| c | Add lines 10a and 10b. | ||||||
| 11 | Net income from unrelated business activities not included on line 10b, whether or not the business is regularly carried on. | ||||||
| 12 | Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) .. | ||||||
| 13 | Total support. (Add lines 9, 10c, 11, and 12.).. | ||||||
| Section A - Adjusted Net Income | (A) Prior Year |
(B) Current Year (optional) |
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| 1 | Net short-term capital gain | 1 | ||||
| 2 | Recoveries of prior-year distributions | 2 | ||||
| 3 | Other gross income (see instructions) | 3 | ||||
| 4 | Add lines 1 through 3 | 4 | ||||
| 5 | Depreciation and depletion | 5 | ||||
| 6 | Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions) | 6 | ||||
| 7 | Other expenses (see instructions) | 7 | ||||
| 8 | Adjusted Net Income (subtract lines 5, 6 and 7 from line 4) | 8 | ||||
| Section B - Minimum Asset Amount | (A) Prior Year |
(B) Current Year (optional) |
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| 1 | Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year): | 1 | ||||
| a | Average monthly value of securities | 1a | ||||
| b | Average monthly cash balances | 1b | ||||
| c | Fair market value of other non-exempt-use assets | 1c | ||||
| d | Total (add lines 1a, 1b, and 1c) | 1d | ||||
| e |
Discount claimed for blockage or other factors (explain in detail in Part VI): |
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| 2 | Acquisition indebtedness applicable to non-exempt use assets | 2 | ||||
| 3 | Subtract line 2 from line 1d | 3 | ||||
| 4 | Cash deemed held for exempt use. Enter 0.015 of line 3 (for greater amount, see instructions). | 4 | ||||
| 5 | Net value of non-exempt-use assets (subtract line 4 from line 3) | 5 | ||||
| 6 | Multiply line 5 by 0.035 | 6 | ||||
| 7 | Recoveries of prior-year distributions | 7 | ||||
| 8 | Minimum Asset Amount (add line 7 to line 6) | 8 | ||||
| Section C - Distributable Amount | Current Year | |||||
| 1 | Adjusted net income for prior year (from Section A, line 8, Column A) | 1 | ||||
| 2 | Enter 85% of line 1 | 2 | ||||
| 3 | Minimum asset amount for prior year (from Section B, line 8, Column A) | 3 | ||||
| 4 | Enter greater of line 2 or line 3 | 4 | ||||
| 5 | Income tax imposed in prior year | 5 | ||||
| 6 | Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions) | 6 | ||||
| Section D - Distributions | Current Year | |
|---|---|---|
| 1 Amounts paid to supported organizations to accomplish exempt purposes | 1 | |
|
2
Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity |
2 | |
| 3 Administrative expenses paid to accomplish exempt purposes of supported organizations | 3 | |
| 4 Amounts paid to acquire exempt-use assets | 4 | |
| 5 Qualified set-aside amounts (prior IRS approval required - provide details in Part VI) | 5 | |
| 6 Other distributions (describe in Part VI). See instructions | 6 | |
| 7Total annual distributions. Add lines 1 through 6. | 7 | |
|
8
Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions |
8 | |
| 9 Distributable amount for 2023 from Section C, line 6 | 9 | |
| 10 Line 8 amount divided by Line 9 amount | 10 | |
| Section E - Distribution Allocations (see instructions) |
(i) Excess Distributions |
(ii) Underdistributions Pre-2023 |
(iii) Distributable Amount for 2023 |
|
|---|---|---|---|---|
| 1 Distributable amount for 2023 from Section C, line 6 | ||||
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2
Underdistributions, if any, for years prior to 2023 (reasonable cause required-- explain in Part VI).
See instructions. |
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| 3 Excess distributions carryover, if any, to 2023: | ||||
| a From 2018....... | ||||
| b From 2019....... | ||||
| c From 2020....... | ||||
| d From 2021....... | ||||
| e From 2022....... | ||||
| fTotal of lines 3a through e | ||||
| g Applied to underdistributions of prior years | ||||
| h Applied to 2023 distributable amount | ||||
|
i
Carryover from 2018 not applied (see instructions) |
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| j Remainder. Subtract lines 3g, 3h, and 3i from line 3f. | ||||
| 4Distributions for 2023 from Section D, line 7: | ||||
| $ | ||||
| a Applied to underdistributions of prior years | ||||
| b Applied to 2023 distributable amount | ||||
| c Remainder. Subtract lines 4a and 4b from line 4. | ||||
|
5
Remaining underdistributions for years prior to 2023, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions. |
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6
Remaining underdistributions for 2023. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions. |
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7 Excess distributions carryover to 2024. Add lines 3j and 4c. |
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| 8 Breakdown of line 7: | ||||
| a Excess from 2019..... | ||||
| b Excess from 2020..... | ||||
| c Excess from 2021..... | ||||
| d Excess from 2022..... | ||||
| e Excess from 2023..... | ||||
| Facts And Circumstances Test |
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| SCHEDULE E, PART I, LINE 3 | THE SCHOOL DOES NOT ADVISE IN THE MEDIA WHEN FILLING JOB POSITIONS OR RECRUITING STUDENTS. HOWEVER, A DISCLAIMER APPEARS IN THE "ENROLLMENT AND "CAREER OPPORTUNITIES" PAGES OF OUR WEBSITE: WWW.AFS.EDU.GR. IT READS: "THE AMERICAN FARM SCHOOL DOES NOT DISCRIMINATE AGAINST ANY PERSON ON THE BASIS OF RACE, RELIGION, COLOR, GENDER, NATIONAL ORIGIN, DISABILITY OR ANY OTHER STATUS OR CONDITION PROTECTED BY LAW." |
| SCHEDULE E, PART I, LINE 4 | IT IS NOT THE POLICY OF THE SCHOOL TO TRACK THE RACIAL COMPOSITION. THE SCHOOL DOES NOT DISCRIMINATE BASED ON RACE. |
| SCHEDULE E, PART I, LINE 6 | THE SCHOOL RECEIVES GRANTS FROM USAID/ASHA, EUROPEAN UNION AND GREEK STATE. |
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| PART III - LINE 1 | THE AMERICAN FARM SCHOOL OF THESSALONIKI, GREECE (THE "SCHOOL") OFFERS SEVERAL LEVELS OF EDUCATION FOR STUDENTS INCLUDING PRE-KINDERGARTEN, A KINDERGARTEN, A PRIMARY SCHOOL, A MIDDLE SCHOOL, A HIGH SCHOOL, AND PERROTIS COLLEGE. THE SCHOOL ALSO MAINTAINS A SIGNIFICANT EDUCATIONAL AND RESEARCH FARM OPERATION. SOME OF THESE SCHOOLS ARE ORGANIZED AS GREEK CORPORATIONS AND SOME, INCLUDING THE EDUCATIONAL FARM, ARE ORGANIZED AS A U.S. CORPORATION IN THE STATE OF NEW YORK. THIS FORM 990 FILING INCLUDES THE UNITED STATES CORPORATION AND EXCLUDES THE GREEK CORPORATIONS. THE SCHOOL APPLIES ITS HALLMARK "LEARNING BY DOING" APPROACH TO EDUCATE STUDENTS TOWARDS RESPONSIBLE STEWARDSHIP IN THE AREAS OF AGRICULTURE, FOOD SYSTEMS, THE ENVIRONMENT AND OTHER LIFE SCIENCES RELATED TO OUR SUSTAINABLE FUTURE. FOUNDED IN 1904 BY AMERICAN EDUCATORS, THE SCHOOL TODAY IS CONSIDERED THE PREMIER INSTITUTION IN SOUTHEASTERN EUROPE FOR EDUCATION IN THESE AREAS. AT THE HEART OF AN AMERICAN FARM SCHOOL EDUCATION IS THE INSTITUTION'S DIVERSIFIED RESEARCH, DEMONSTRATION AND TRAINING FARM THAT SERVES/FUNCTIONS AS A LIVING LABORATORY FOR STUDENTS OF ALL AGES TO EXPERIENCE HANDS-ON DISCOVERY, ENGAGEMENT AND INQUIRY IN THE LIFE SCIENCES. LEGAL DESCRIPTION AND ORGANIZATION: THE SCHOOL IS AN INDEPENDENT, PRIVATE, NON-PROFIT CO-EDUCATIONAL INSTITUTION, REGISTERED AS A 501(C)(3) IN THE STATE OF NEW YORK. THE SCHOOL IS GOVERNED BY A BOARD OF TRUSTEES OF UP TO 36 AMERICANS AND GREEKS WHO ARE RESPONSIBLE FOR SETTING POLICY, MONITORING PROGRAM PROGRESS, STEWARDSHIP OF ASSETS, AND SECURING FINANCIAL RESOURCES. THE INSTITUTION'S FIELD OPERATIONS ARE LOCATED IN THESSALONIKI, GREECE. UNDER ITS UMBRELLA, A WIDE RANGE OF EDUCATIONAL PROGRAMS, FROM PRE-K THROUGH UNDERGRADUATE AND GRADUATE STUDIES, ARE OFFERED. THE AMERICAN FARM SCHOOL TODAY CONSISTS OF A PRE-K, A HIGH SCHOOL AND A DEMONSTRATION AND EDUCATIONAL FARM. IN ADDITION, IN ORDER TO EXPAND THE INSTITUTION'S EDUCATIONAL OFFERINGS, TWO NON-FOR-PROFIT ASSOCIATIONS HAVE BEEN ESTABLISHED AND ARE OPERATING IN GREECE, AS FOLLOWS: THE AMERICAN FARM SCHOOL POST-SECONDARY EDUCATIONAL AND TRAINING ASSOCIATION ("PERROTIS COLLEGE") PERROTIS COLLEGE (THE "COLLEGE") WAS ESTABLISHED IN 1996 AS A DIVISION OF THE AMERICAN FARM SCHOOL. FOLLOWING CHANGES IN THE REGULATORY FRAMEWORK OF PRIVATE COLLEGES IN GREECE, A NOT-FOR PROFIT ASSOCIATION, UNDER THE NAME OF "AMERICAN FARM SCHOOL POST-SECONDARY EDUCATIONAL AND TRAINING ASSOCIATION" WAS FOUNDED IN 2008 IN THESSALONIKI TO ESTABLISH AND OPERATE A PRIVATE COLLEGE UNDER THE COMMERCIAL NAME PERROTIS COLLEGE. PERROTIS COLLEGE, OFFERS B.SC. DEGREES IN THE FIELDS OF SUSTAINABLE AGRICULTURE AND MANAGEMENT, INTERNATIONAL BUSINESS, FOOD SCIENCE AND TECHNOLOGY, DIGITAL MARKETING AND ENVIRONMENTAL SCIENCE AS WELL AS M.SC. DEGREES IN THE FIELDS OF NEW FOOD PRODUCT & BUSINESS DEVELOPMENT, MARKETING FOR THE AGRO - FOOD SECTOR AND SUSTAINABLE AGRICULTURE AND MANAGEMENT. THE COLLEGE IS ACCREDITED BY THE NEW ENGLAND COMMISSION OF HIGHER EDUCATION IN THE U.S., AND CARDIFF METROPOLITAN UNIVERSITY. IN ADDITION, PERROTIS COLLEGE OPERATES A TWO-YEAR VOCATIONAL TRAINING PROGRAM AND A LIFE-LONG LEARNING DEPARTMENT OFFERING ADULT EDUCATION SEMINARS AND PROFESSIONAL TRAINING TO FARMERS AND AGRO-FOOD EMPLOYEES. IT ALSO OPERATES A CENTER FOR AGRICULTURAL ENTREPRENEURSHIP AND AN OLIVE CENTER AND PARTICIPATES IN A SIGNIFICANT NUMBER OF STATE AND PRIVATELY SPONSORED PROJECTS RELATED MAINLY TO AGRO FOOD TRAINING AND CONSULTATION. DURING FISCAL YEAR 2024, PERROTIS COLLEGE SERVED MORE THAN 2,700 PEOPLE INCLUDING STUDENTS, PARTICIPANTS IN THE ADULT EDUCATION SEMINARS AND BUSINESS TRAINING PROGRAMS AS WELL AS BENEFICIARIES IMPACTED FROM THE IMPLEMENTATION OF FUNDED PROJECTS. IN 1996, THE "PERROTIS COLLEGE ENDOWMENT" ("DPCAS ENDOWMENT") WAS INITIATED BY CONTRIBUTIONS IN SUPPORT OF THE ESTABLISHMENT OF A POST-SECONDARY DIVISION AT THE AMERICAN FARM SCHOOL. IT IS MAINTAINED IN THE U.S. AND IS OVERSEEN BY THE INSTITUTION'S INVESTMENT COMMITTEE. THE DPCAS ENDOWMENT IS PERMANENTLY RESTRICTED IN ITS EXCLUSIVE USE TO PERROTIS COLLEGE. THIS ENDOWMENT CONSTITUTES PART OF THE AMERICAN FARM SCHOOL'S INVESTMENTS IN THE U.S. AS OF JUNE 30, 2024, THE FAIR VALUE OF THE DPCAS RELATED INVESTMENTS AMOUNTED TO US$ 20.8 MILLION. THE AMERICAN FARM SCHOOL MAINTAINS MAJORITY VOTING INTEREST IN PERROTIS COLLEGE WHICH HAS REMAINED FOR ALL PURPOSES UNDER THE AMERICAN FARM SCHOOL UMBRELLA UNDER THE GOVERNANCE OF THE PERROTIS COLLEGE'S COUNCIL FOR ORGANIZATION AND GOVERNANCE, THE MEMBERS OF WHICH INCLUDE: THE CHAIR AND VICE-CHAIR OF THE AMERICAN FARM SCHOOL'S BOARD, EX-OFFICIO, AND CHAIR OF EACH OF THE LEGAL, FINANCE, AUDIT AND INVESTMENT COMMITTEES AND THE HIGHER EDUCATION LEADERSHIP COMMITTEE. FROM A FINANCIAL PERSPECTIVE, PERROTIS COLLEGE IS CONSIDERED AN AFFILIATE TO THE AMERICAN FARM SCHOOL AND AS SUCH IS CONSOLIDATED IN THE INSTITUTION'S FIELD OPERATIONS CONSOLIDATED FINANCIAL STATEMENTS. THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI IN FY2012, THE INSTITUTION FORMED THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI, WHICH CONSISTED OF A NURSERY, A KINDERGARTEN AS WELL AS AN ELEMENTARY SCHOOL, AND A MIDDLE SCHOOL, FOCUSING ON ENVIRONMENTAL EDUCATION AND EXPERIENTIAL LEARNING. IN FISCAL YEAR 2023, FOLLOWING THE NECESSARY PERMIT OBTAINED BY THE SUPERVISING STATE AUTHORITY, THE AFS ADMINISTRATION DECIDED TO OPERATE THE NURSERY UNDER THE LEGAL ENTITY OF THE AMERICAN FARM SCHOOL (AFS). AS SUCH, ALL 69 STUDENTS ALONG WITH 11 STAFF MEMBERS WERE TRANSFERRED FROM THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI TO THE AFS. THE INSTITUTION MAINTAINS MAJORITY VOTING INTEREST IN THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI WHICH HAS REMAINED FOR ALL PURPOSES UNDER THE AMERICAN FARM SCHOOL UMBRELLA UNDER THE GOVERNANCE OF THE PRIMARY, SECONDARY, FINANCE, AND AUDIT COMMITTEES OF THE AMERICAN FARM SCHOOL'S BOARD. FROM A FINANCIAL PERSPECTIVE, THE ASSOCIATION OF EXPERIENTIAL LEARNING SCHOOLS OF THESSALONIKI IS CONSIDERED AN AFFILIATE OF THE AMERICAN FARM SCHOOL AND, AS SUCH, IS CONSOLIDATED IN THE INSTITUTION'S FIELD OPERATIONS CONSOLIDATED FINANCIAL STATEMENTS. |
| PART III - LINE 4A | ECONOMIC OUTLOOK AND ITS IMPACT ON THE SCHOOL THE COVID-19 PANDEMIC AND THE UNPRECEDENTED GLOBAL RISES IN ENERGY COSTS AND COMMODITIES HAD SIGNIFICANT EFFECTS ON GLOBAL NON-PROFIT ORGANIZATIONS, BUSINESSES AND COMMUNITIES. SPECIFIC TO THE AMERICAN FARM SCHOOL, CERTAIN REVENUE STREAMS AS WELL AS EXPENDITURES IN BOTH FISCAL 2021 AND 2022 WERE IMPACTED. DESPITE THE GENERAL ECONOMIC CONDITIONS, THE SCHOOL REMAINS FINANCIALLY STRONG HAVING SUFFICIENT FINANCIAL RESOURCES TO RETAIN THE QUALITY OF ITS EDUCATIONAL OFFERINGS, THE DISTRIBUTION OF ITS FARM PRODUCTS UNDISRUPTIVE AND TO MEET, IF NECESSARY, ANY UNFORSEEN CIRCUMSTANCES. |
| PART III - LINE 4B | AUXILIARY ENTERPRISES PROGRAM: SELECT AUXILIARY ENTERPRISES CONSIST OF A DIVERSIFIED DEMONSTRATION AND TEACHING FARM THAT INCLUDES ONE OF THE MOST IMPORTANT HOLSTEIN FRIESIAN DAIRY HERDS IN GREECE; A POULTRY UNIT USING THE LATEST RESEARCH FOR EGG AND TURKEY PRODUCTION; GREENHOUSES; VEGETABLE GARDENS; VINEYARDS; FRUIT AND OLIVE TREES. FURTHER, EXTENSIVE EXPERIMENTAL AND PRODUCTION FIELD CROPS ARE GROWN AT THE ZANNAS FARM LOCATED NEAR THE DELTA OF THE AXIOS RIVER, NEAR THESSALONIKI, GREECE. THE SCHOOL'S FARM PRODUCTS ARE SOLD TO THE GENERAL PUBLIC VIA THIRD PARTY DISTRIBUTION AGREEMENTS TO SUPPORT THE EDUCATIONAL MISSION OF THE SCHOOL. |
| PART III - LINE 4C | OTHER PROGRAM SERVICES: OTHER PROGRAMS MAINLY RELATE TO THE SCHOOL'S WIDE REACHING EXTENSION SERVICES INCLUDING PROFESSIONAL EDUCATION AND TRAINING, STUDIES AND RESEARCH, JOINTLY MANAGED BY THE SCHOOL'S STRATEGIC PROJECT MANAGEMENT OFFICE AND THE SCHOOL OF PROFESSIONAL EDUCATION IN COLLABORATION WITH PERROTIS COLLEGE. IT SHOULD BE NOTED THAT THE REVENUES FOR THOSE SERVICES ARE MOSTLY RECEIVED AS GRANTS FROM PRIVATE AND STATE ORGANIZATIONS AND AS SUCH ARE SHOWN UNDER RESPECTIVE INCOME CATEGORIES OF THE FINANCIAL STATEMENTS. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE CHAIRMAN OF THE AUDIT COMMITTEE, THE TREASURER AND THE SCHOOL'S SENIOR FINANCIAL MANAGEMENT REVIEW THE FORM 990. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE CONFLICT OF INTEREST STATEMENTS ARE SIGNED ANNUALLY. TRUSTEES AND DECISION MAKING EMPLOYEES ARE REQUIRED TO REPORT REAL OR POTENTIAL CONFLICTS THAT ARISE. THE AFFECTED INDIVIDUALS ARE REMINDED ANNUALLY OF THEIR RESPONSIBILITY IN THIS REGARD. THE CHAIRMAN OF THE BOARD MONITORS THE RESPONSES FROM ALL TRUSTEES ANNUALLY. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE PRESIDENT SERVES PURSUANT TO AN INDEFINIZE DURATION SERVICE CONTRACT. THE PRESIDENT'S CONTRACT DEFINES THE FIXED AMOUNT OF SALARY AND THE VARIOUS BENEFITS HE WILL RECEIVE ANNUALLY AS DETERMINED BY A GENERAL REFERENCE TO OTHER COMPARABLE AMERICAN SCHOOLS OPERATING IN GREECE AND TO COMPARABLE SALARIES OF OTHER NOT-FOR-PROFIT SENIOR EXECUTIVES LIVING AND OPERATING IN GREECE. THE CONTRACT ALSO INCLUDES THE PROVISION FOR A POTENTIAL, UNDEFINED AMOUNT OF ANNUAL BONUS TO BE PAID CONTINGENT UPON PERFORMANCE AND MEETING ANNUAL GOALS. A SMALL GROUP OF INDEPENDENT TRUSTEES, HEADED BY THE CHAIRMAN OF THE BOARD, UNDERTAKES AN ANNUAL REVIEW OF THE PERFORMANCE OF THE PRESIDENT INCLUDING INFORMAL INTERVIEWS WITH TRUSTEES AND STAFF. EVERY THREE YEARS THE CHAIRMAN AND THESE FEW INDEPENDENT TRUSTEES UNDERTAKE AN IN-DEPTH REVIEW OF THE PRESIDENT'S PERFORMANCE WHICH INCLUDES DIRECTLY INTERVIEWING AND SURVEYING A NUMBER OF BOTH RESIDENT TRUSTEES AND OF AMERICAN TRUSTEES AND ALSO INCLUDES A NUMBER OF KEY DIRECT-REPORT STAFF/TEACHERS TO THE PRESIDENT ALL WITH THE OBJECTIVE OF CLOSELY EVALUATING THE PERFORMANCE OF THE PRESIDENT. WITH RESPECT TO BONUS, THE CHAIRMAN, BASED ON THE REVIEW, PROPOSES THERE BE, OR NOT BE, A BONUS FOR THE YEAR, AND IF SO, IN WHAT AMOUNT. THIS IS ORALLY DISCUSSED WITH THE BOARD OF TRUSTEES AT THE ANNUAL TRUSTEE MEETING, CONSENSUS IS REACHED AND VOTED ON, AND PAYMENT IS MADE IF APPROPRIATE. WITH RESPECT TO THE COMPENSATION PROCESS FOR OTHER KEY EMPLOYEES, THE CHAIRMAN ENGAGES IN PERIODIC GENERAL DISCUSSIONS WITH THE PRESIDENT AS TO THE SALARIES AND BENEFITS PAID TO THE SCHOOL'S KEY EMPLOYEES WITH THE OBJECTIVE OF ENSURING THESE COMPENSATION AMOUNTS ARE REASONABLE IN THE CONTEXT OF THE SCHOOL, OF THE ECONOMIC TRENDS EFFECTING GREECE AND IN RELATIONSHIP TO THEIR RESPECTIVE RESPONSIBILITIES. THE CHAIRMAN AND THE BOARD MEMBERS DO NOT DIRECTLY DETERMINE THE COMPENSATION OF THE SCHOOL'S KEY EMPLOYEES. THIS FUNCTION IS MANAGEMENTS. THE BOARD'S ROLE IS ONE OF OVERSIGHT, WITH RESPECT TO THE COMPENSATION MATTERS OF KEY EMPLOYEES. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. |
| FORM 990, PART XI, LINE 9: | FOREIGN CURRENCY TRANSLATION GAIN (LOSS), NET -329,132. PENSION ADJUSTMENT -26,874. FOREIGN EXCHANGE GAIN (LOSS), NET -14,915. |
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