I have toured a similar school and the question was asked to the admissions director of what happens in those cases where the child doesn't meet the magic number. I am sure the school has a procedure in place. In this one, the main departure point is whether the teachers believe the child is gifted and under-performed in the test. If that is the case, then they administer a different IQ test.

The other point they brought up is that as soon as they start suspecting that a child will not meet the criteria (even before testing), they start talking to the parents and working on a better school match.