2024-04-19T19:10:01-05:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 29 S MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2022-07-01 042103563 TRUSTEES OF DEERFIELD ACADEMY TRUS 4137740241 PO BOX 87 DEERFIELD MA 013420087 MATTHEW SHEEHY CFO 4137740241 2024-04-11 1 MATTHEW SHEEHY 999009999 0 JOHN TOSCANO P00358542 8605614000 2024-04-01 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MATTHEW SHEEHY PO BOX 87 DEERFIELD MA 013420087 343381882 0 X WWW.DEERFIELD.EDU X 1797 MA DEERFIELD ACADEMY IS AN INDEPENDENT SECONDARY SCHOOL COMMITTED TO HIGH STANDARDS OF SCHOLARSHIP, CITIZENSHIP, AND PERSONAL RESPONSIBILITY. THROUGH A RIGOROUS LIBERAL ARTS CURRICULUM, EXTENSIVE CO-CURRICULAR PROGRAM, AND SUPPORTIVE RESIDENTIAL ENVIRONMENT, DEERFIELD ENCOURAGES EACH STUDENT TO DEVELOP AN INQUISITIVE AND CREATIVE MIND, SOUND BODY, AND STRONG MORAL CHARACTER. 27 25 626 466 1133520 821911 101979766 16910913 42685018 45093644 85245775 12392591 598938 749261 230509497 75146409 13358641 14796078 0 0 37249072 41137276 25220 42062 6269807 30478101 31869291 81111034 87844707 149398463 -12698298 1171961159 1216276384 100848882 95424719 1071112277 1120851665 X DEERFIELD ACADEMY IS AN INDEPENDENT SECONDARY SCHOOL COMMITTED TO HIGH STANDARDS OF SCHOLARSHIP, CITIZENSHIP, AND PERSONAL RESPONSIBILITY. THROUGH A RIGOROUS LIBERAL ARTS CURRICULUM, EXTENSIVE CO-CURRICULAR PROGRAM, AND SUPPORTIVE RESIDENTIAL ENVIRONMENT, DEERFIELD ENCOURAGES EACH STUDENT TO DEVELOP AN INQUISITIVE AND CREATIVE MIND, SOUND BODY, AND STRONG MORAL CHARACTER. 0 0 67968507 14796078 45617479 DURING THE 2022-2023 ACADEMIC YEAR, 581 BOARDING AND 74 DAY STUDENTS WERE ENROLLED AT DEERFIELD ACADEMY. OUR PROGRAMS OF SECONDARY EDUCATION (GRADES 9-12) INCLUDE THE DEVELOPMENT OF OUR STUDENTS' ACADEMIC AND SCHOLARSHIP SKILLS, CITIZENSHIP AND CHARACTER. COMMUNITY SERVICE, ATHLETIC PROGRAMS AND EXTRA-CURRICULAR ACTIVITIES ARE INTEGRATED AS A PART OF THE SCHOOL'S LONGSTANDING INTELLECTUAL AND MORAL TRADITION. 67968507 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 1 250 0 1 626 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 27 25 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 MA X GREG ROLLAND CONTROLLER 4137741412 DEERFIELD ACADEMY DEERFIELD MA 013420087 GOVI LEILA PRESIDENT 8.00 X X 0 0 0 FLEMING SR GREGORY VICE PRESIDENT/TREASURER 5.00 X X 0 0 0 MCINERNEY MARK SECRETARY 3.00 X X 0 0 0 ANDERSON GARY TRUSTEE 2.00 X 0 0 0 BRENNAN SETH TRUSTEE 2.00 X 0 0 0 CHEN YILUN TRUSTEE 2.00 X 0 0 0 CLARK BENJAMIN TRUSTEE 2.00 X 0 0 0 COLEMAN LINDSEY TRUSTEE 2.00 X 0 0 0 DOWLING III JOSEPH TRUSTEE 2.00 X 0 0 0 GREENHILL JOSHUA TRUSTEE 2.00 X 0 0 0 HALPIN CHRISTOPHER TRUSTEE 2.00 X 0 0 0 HARSCH AMY TRUSTEE 2.00 X 0 0 0 IDEHEN JR FRANCIS TRUSTEE 2.00 X 0 0 0 JOHNSON MARC TRUSTEE 2.00 X 0 0 0 LASHER ROBERT TRUSTEE 2.00 X 0 0 0 LAVELY VANESSA TRUSTEE 2.00 X 0 0 0 LEIST ELIZABETH TRUSTEE 2.00 X 0 0 0 LIPMAN GUSTAVE TRUSTEE 2.00 X 0 0 0 MEAD JR DANA TRUSTEE 2.00 X 0 0 0 NEWTON DIANA TRUSTEE 2.00 X 0 0 0 PARKER C ALLEN TRUSTEE 2.00 X 0 0 0 QUAZZO STEPHEN TRUSTEE 2.00 X 0 0 0 ROBERTS JANICE TRUSTEE 2.00 X 0 0 0 SIMONDS CARTER TRUSTEE 2.00 X 0 0 0 TANG DANA TRUSTEE 2.00 X 0 0 0 ULLYOT THEODORE TRUSTEE 2.00 X 0 0 0 WEYMOUTH ELIZABETH TRUSTEE 2.00 X 0 0 0 AUSTIN JOHN HEAD OF SCHOOL/TRUSTEE 60.00 X 854795 0 245338 SHEEHY MATTHEW CFO 60.00 X 332611 0 93964 ROMBERGER ANN CHIEF ADVANCEMENT OFFICER THOUGH 11/6/2022 60.00 X 351208 0 64207 TAYLOR JOHN DEAN OF FACULTY THROUGH 6/30/2022 60.00 X 270736 0 78218 HILLS IVORY DEAN OF FACULTY STARTING 7/1/2022 60.00 X 202159 0 85748 SHELBURNE ERIKA DIRECTOR OF INTL. ADVANCEM 60.00 X 215499 0 38025 MOORE RACHEL DIRECTOR OF LEADERSHIP GIF 60.00 X 204096 0 44501 DAVIS CHARLES DEAN OF ADMISSION 60.00 X 194308 0 83687 BENSON BRYANT DIRECTOR OF MEDICAL SERVIC 60.00 X 192658 0 91957 CREAGH AMIE ASSOCIATE HOS FOR STUDENT LIFE 60.00 X 192053 0 76206 3010123 0 901851 46 0 1 0 FONTAINE BROS INC 510 COTTAGE STREET SPRINGFIELD MA 01104 CONSTRUCTION SERVICES 10064071 ARC 501 BOYLSTON ST BOSTON MA 02116 CONSTRUCTION SERVICES 2915411 MAHAN SLATE ROOFING CO INC PO BOX 2860 SPRINGFIELD MA 01101 ROOFING & REPAIR SERVICES 784100 CLASSIC TURF COMPANY LLC PO BOX 55 WOODBURY CT 06798 COURT/TURF CONSTRUCTION 286000 INTEGRATION PARTNERS 12 HARTWLL AVE LEXINGTON MA 02421 ITS INFRASTRUCTURE SERVICES 276870 31 16910913 2804906 16910913 TUITION AND FEES 611110 42330094 42330094 SUMMER EDUCATION 611110 2182103 2182103 AUXILIARY PROGRAMS 611110 581447 581447 45093644 4377674 1104885 3272789 275713696 267698779 8014917 8014917 8014917 1060529 536694 523835 523835 OTHER REVENUE 900099 184564 184564 DINING HALL REVENUE 900099 28286 16059 12227 SPORTS CAMPS 900099 12576 12576 225426 75146409 45617479 1133520 11484497 422320 422320 14373758 14373758 1998123 307502 1361867 328754 170281 32954 33166 104161 28391906 21035032 4489126 2867748 3189523 2257170 583537 348816 5099831 3734929 851884 513018 2287612 1643717 400277 243618 306157 306157 81868 81868 42062 42062 528056 528056 1285590 635803 280539 369248 11060 4367 2756 3937 1024123 499736 404917 119470 1471936 941436 420566 109934 4320860 4073275 206105 41480 2423373 2001415 123665 298293 629467 470939 133953 24575 1862014 1862014 8781237 8278072 418865 84300 1022558 1022558 FOOD 1856611 1717032 29372 110207 EQUIPMENT 1387891 997734 259335 130822 PUBLICATIONS 430199 64534 150568 215097 TEXTBOOKS 392785 390313 2075 397 4053506 2224455 1515181 313870 87844707 67968507 13606393 6269807 13395 12050 33471586 15348294 20686918 16555247 121060 258077 391381 471771 1524347 1191047 389523150 101480409 282581027 288042741 124761729 58169330 705109022 833553002 3300694 2674825 1171961159 1216276384 8882737 7397618 3417521 3693901 61460000 56885000 25000000 25000000 2088624 2448200 100848882 95424719 X 479274190 503958492 591838087 616893173 1071112277 1120851665 1171961159 1216276384 -12698298 62437686 0 X X 0 1 X 1 0 X 18154289 20154510 36305649 101979766 16910913 193505127 18154289 20154510 36305649 101979766 16910913 193505127 93266921 100238206 3188264 4502881 4166261 2084741 3272789 17214936 4711 27622 3359221 3519765 1133520 8044839 1211562 35690 1087945 63989 196791 2595977 221360879 209896680 0.45280 0.48300 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: DINING HALL REVENUE - 2021 AMOUNT: $ 12,937. 2022 AMOUNT: $ 12,227. OTHER REVENUE - 2018 AMOUNT: $ 121,820. 2019 AMOUNT: $ -16,204. 2020 AMOUNT: $ 69,258. 2021 AMOUNT: $ 51,052. 2022 AMOUNT: $ 184,564. OUTSIDE FUNCTION REVENUE - 2018 AMOUNT: $ 16,642. 2019 AMOUNT: $ 14,351. SALES OF INVENTORY - 2018 AMOUNT: $ 1,039,104. SUMMER SPORTS CAMP - 2018 AMOUNT: $ 33,996. 2019 AMOUNT: $ 37,543. GAIN ON BOND REFINANCING - 2020 AMOUNT: $ 1,018,687. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X EDUCATION 0 791274093 14654099 71255910 10105710 20243875 846834517 863553463 104299240 -148598735 10031118 17948757 791274093 632329934 25616179 231963328 9707258 16648720 863553463 603352392 7573791 46050201 8926394 15720056 632329934 595378477 6564194 24410447 8241481 14759245 603352392 0.34000 0.66000 1 0 6166816 6166816 348000847 78780325 269220522 21829983 16125882 5704101 13525504 6574202 6951302 288042741 INVESTMENTS IN LIMITED PARTNERSHIPS AND ALTERNATIVE ASSETS 833553002 F 833553002 LIFE INCOME OBLIGATIONS 1958505 LEASE LIABILITY- OPERATING 489695 2448200 123625829 62437686 -13372161 49065525 74560304 586105 586105 75146409 73886441 536694 536694 73349747 586105 13908855 14494960 87844707 PART III, LINE 1A: CONTRIBUTIONS OF ASSETS OTHER THAN CASH ARE RECORDED AT THEIR ESTIMATED FAIR VALUE AT THE DATE OF GIFT EXCEPT THAT CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES AND SIMILAR ASSETS HELD AS PART OF COLLECTIONS ARE NOT RECOGNIZED OR CAPITALIZED. PART III, LINE 4: DEERFIELD ACADEMY MAINTAINS A COLLECTION OF ART AND HISTORICAL ITEMS FOR USE IN ITS ADVANCEMENT OF STUDENT EDUCATION AND AS A RESOURCE FOR THE STUDY AND EXPLORATION OF ART, HISTORY, CULTURE, CURRENT AFFAIRS, AESTHETICS, AND MEDIA. PART V, LINE 4: ENDOWMENT FUNDS ARE FOR FINANCIAL AID, FACULTY SALARIES, PROFESSIONAL DEVELOPMENT, GENERAL OPERATIONS, AND OTHER. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 536,694. FINANCIAL AID & TUITION REMISSION -13,908,855. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 536,694. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & TUITION REMISSION 13,908,855. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATION STATEMENT IS AVAILABLE ON OUR WEBSITE. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 441923993 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 45230462 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 RECRUITMENT AND DEVELOPMENT 5870 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 RECRUITMENT AND DEVELOPMENT 34840 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICE STUDY ABROAD 386717 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 RECRUITMENT AND DEVELOPMENT 98004 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICE STUDENT TRAVEL 90929 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICE STUDENT TRAVEL 55569 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE STUDENT TRAVEL 65836 NORTH AMERICA 0 0 PROGRAM SERVICE STUDENT TRAVEL 26674 SOUTH AMERICA 0 0 PROGRAM SERVICE STUDENT TRAVEL 129996 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICE STUDENT TRAVEL 142106 0 0 0 0 0 0 487826384 364612 488190996 1 0 0 0 1 0 PART I, LINE 3: ACCRUAL BASIS IS USED TO ACCOUNT FOR EXPENDITURES. PART III ACCOUNTING METHOD: X X X X 1 RONALD JOYCE 309 OAKWOOD DRIVE YARMOUTH ME 04096 CONSULTS ON CAMPAIGN PLANNING 0 0 15274 0 PENTERA INC 8650 COMMERCE PARK PLACE INDIANAPOLIS IN 46268 CONSULTS ON PLANNED GIVING 0 0 26788 0 42062 1 TOWN OF DEERFIELD TOWN OF DEERFIELD 185426 0 COST GENERAL SUPPORT UNITED WAY OF FRANKLIN COUNTY 042212894 501(C)(3) 15000 0 GENERAL SUPPORT DEERFIELD AREA FIRE PROTECTION DISTRICT 501(C)(4) 24500 0 COST GENERAL SUPPORT SECOND HELPINGS CO EPISCOPAL CHURCH OF SAINTS JAMES AND ANDREW 833210345 501(C)(3) 0 19922 COST OUT-OF-POCKET-EXPENSES WHILE PROVIDING SERVICES GENERAL SUPPORT BIG BROTHERSBIG SISTERS OF FRANKLIN COUNTY 042491950 501(C)(3) 12500 0 COST GENERAL SUPPORT BAYSTATE HEALTH FOUNDATION 043549011 501(C)(3) 75000 0 GENERAL SUPPORT FRIENDS OF DEERFIELD INC 861184042 501(C)(3) 14000 0 GENERAL SUPPORT POCUMTUCK VALLEY MEMORIAL ASSOCIATION 042147607 501(C)(3) 0 69767 COST OUT-OF-POCKET-EXPENSES WHILE PROVIDING SERVICES GENERAL SUPPORT 8 2 SCHOLARSHIPS 261 12973515 CASH VALUE TUITION & FEES OTHER STUDENT SUPPORT 97 1400243 CASH VALUE OTHER STUDENT SUPPORT PART I, LINE 2: GRANTS ARE NEEDS-BASED FINANCIAL AID AND ARE PROVIDED VIA A REDUCTION IN TUITION. X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 AUSTIN JOHN HEAD OF SCHOOL/TRUSTEE 668296 0 0 0 186499 0 158616 0 86722 0 1100133 0 0 0 SHEEHY MATTHEW CFO 332611 0 0 0 0 0 42032 0 51932 0 426575 0 0 0 ROMBERGER ANN CHIEF ADVANCEMENT OFFICER THOUGH 11/ 351208 0 0 0 0 0 44365 0 19842 0 415415 0 0 0 TAYLOR JOHN DEAN OF FACULTY THROUGH 6/30/2022 250736 0 0 0 20000 0 35506 0 42712 0 348954 0 0 0 HILLS IVORY DEAN OF FACULTY STARTING 7/1/2022 182159 0 0 0 20000 0 25922 0 59826 0 287907 0 0 0 BENSON BRYANT DIRECTOR OF MEDICAL SERVIC 189058 0 0 0 3600 0 25556 0 66401 0 284615 0 0 0 DAVIS CHARLES DEAN OF ADMISSION 185308 0 0 0 9000 0 25025 0 58662 0 277995 0 0 0 CREAGH AMIE ASSOCIATE HOS FOR STUDENT LIFE 183053 0 0 0 9000 0 24149 0 52057 0 268259 0 0 0 SHELBURNE ERIKA DIRECTOR OF INTL. ADVANCEM 198999 0 0 0 16500 0 27502 0 10523 0 253524 0 0 0 MOORE RACHEL DIRECTOR OF LEADERSHIP GIF 184096 0 0 0 20000 0 26226 0 18275 0 248597 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS ALLOWED FOR INTERNATIONAL TRIPS ONLY. CERTAIN PERSONAL SERVICES ARE PROVIDED TO THE HEAD OF SCHOOL AND SPOUSE, TO ASSIST THEM IN FULFILLING THEIR RESPONSIBILITIES AND DUTIES TO THE ACADEMY. THESE POLICIES ARE IN WRITING. EMPLOYEES WHO ARE PROVIDED HOUSING ARE REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT. THESE HOMES ARE AVAILABLE FOR HOUSING VISITORS AND FOR OTHER USES DURING SCHOOL SPONSORED EVENTS AND ARE INCLUDED AS NONTAXABLE BENEFITS. PART I, LINE 4B JOHN AUSTIN PARTICIPATES IN A 457(F) PLAN. A MA DEVELOPMENT FINANCE AGENCY 043431814 2020-07-22 60615000 REFUNDING OF SERIES 2010 BONDS AND FOR ANTICIPATED CONSTRUCTION PROJECT 0 0 0 A 60615000 39351000 195577 21068423 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 A 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MA DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 08/16/2023 ELIZABETH DICKSON SIBLING OF TRUSTEE MEMBER 104161 TOTAL COMPENSATION AND BENEFITS AS DIRECTOR OF THE ANNUAL FUND 0 LORI CLARK SPOUSE OF TRUSTEE MEMBER 17692 TOTAL COMPENSATION AND BENEFITS AS VIS. & PERF. ARTS TEACHER 0 MONICA MATOUK SPOUSE OF HEAD OF SCHOOL 48427 TOTAL COMPENSATION AND BENEFITS AS ENGLISH TEACHER 0 X 50 2774996 FAIR VALUE X 1 5544 FAIR VALUE X FOOD SPACE/RECEPTION 2 20758 COST X ATHLETIC EQUIPMENT 1 3603 COST 0 1 0 PART I, COLUMN (B): THE AMOUNTS REPORTED IN COLUMN (B) REPRESENT THE NUMBER OF ITEMS DONATED. FORM 990, PART VI, SECTION A, LINE 1A THE ACADEMY'S BOARD OF TRUSTEES HAS DELEGATED BROAD AUTHORITY TO THE ENDOWMENT COMMITTEE TO TRANSACT ON ITS BEHALF. THE COMMITTEE HAS 11 TOTAL MEMBERS, OF WHICH 7 ARE BOARD MEMBERS AND 4 ONLY SERVE AS MEMBERS OF THE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B COPIES OF THIS FORM 990 WERE SENT TO THE AUDIT COMMITTEE AND THE BOARD PRESIDENT, VICE PRESIDENT AND TREASURER, WHICH REPRESENTS APPROXIMATELY 30% OF THE ENTIRE BOARD. PRIOR TO FILING, A MEETING WITH THE AUDIT COMMITTEE MEMBERS AND MANAGEMENT TOOK PLACE IN ORDER TO REVIEW THE RETURN AND ANSWER ALL QUESTIONS. THIS FORM 990, EXCLUDING SCHEDULE B, SCHEDULE OF CONTRIBUTORS, WAS PROVIDED TO ALL OTHER MEMBERS OF THE BOARD FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BY-LAWS PROHIBIT A TRUSTEE FROM VOTING, APPROVING, OR MAKING A RECOMMENDATION REGARDING A TRANSACTION BETWEEN THE ACADEMY AND AN ENTITY IN WHICH THE INDIVIDUAL OR A MEMBER OF HIS OR HER FAMILY HAS AN OWNERSHIP INTEREST. EACH TRUSTEE AND EACH ADMINISTRATOR SHALL COMPLETE AND FILE A CONFLICT OF INTEREST DISCLOSURE FORM WITH THE SECRETARY OF THE BOARD ANNUALLY, WHICH IS REVIEWED BY THE AUDIT COMMITTEE. POTENTIAL CONFLICTS ARE BROUGHT TO THE ATTENTION OF THE PRESIDENT AND THE CHAIR OF THE BOARD OF TRUSTEE. IF THE HEAD OF SCHOOL OR PRESIDENT OF THE BOARD OF TRUSTEES DETERMINES THAT THERE IS A POTENTIAL CONFLICT WITH RESPECT TO A TRUSTEE, THE MATTER SHALL BE REPORTED TO THE AUDIT COMMITTEE AND THE AFFECTED TRUSTEE SHALL AGREE TO ANSWER ANY QUESTIONS FROM OTHER BOARD MEMBERS ABOUT THE MATTER. IF THE AFFECTED TRUSTEE IS A MEMBER OF THE AUDIT COMMITTEE, S/HE SHALL NOT BE COUNTED FOR THE PURPOSES OF A QUORUM NOR SHALL S/HE PARTICIPATE IN THE COMMITTEE'S DISCUSSIONS ABOUT THE TRANSACTION OR SHALL VOTE ON THE MATTER, AND THE SECRETARY SHALL NOTE IN THE MINUTES THAT THE AFFECTED TRUSTEE WITHDREW FROM DISCUSSION AND DID NOT VOTE ON THE ISSUE. IF THE HEAD OF SCHOOL AND PRESIDENT OF THE BOARD OF TRUSTEES DETERMINE THAT THERE IS A CONFLICT WITH RESPECT TO AN ADMINISTRATOR, THEY SHALL EXERCISE THEIR BEST JUDGMENT ABOUT THE APPROPRIATE COURSE TO FOLLOW. IN ANY CASE IN WHICH THE POTENTIAL CONFLICT INVOLVES EITHER THE HEAD OF SCHOOL OR THE PRESIDENT OF THE BOARD OF TRUSTEES, THE AFFECTED PARTY SHALL NOTIFY THE OTHER THROUGH THE SECRETARY OF THE BOARD, AND THE CONFLICT SHALL THEN BE REPORTED TO THE AUDIT COMMITTEE. IF THE MATTER INVOLVES THE PRESIDENT OF THE BOARD OF TRUSTEES, THE PRESIDENT SHALL NOT BE COUNTED FOR THE PURPOSES OF THE QUORUM, SHALL NOT PARTICIPATE IN THE COMMITTEE'S DISCUSSIONS ABOUT THE TRANSACTION AND SHALL NOT VOTE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15A DEERFIELD ACADEMY'S BOARD OF TRUSTEES OVERSEES THE COMPENSATION OF THE ACADEMY'S TOP MANAGEMENT OFFICIALS. HEAD OF SCHOOL - THE PERSONNEL & COMPENSATION COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS SALARY AND PERQUISITE DATA FROM OTHER INDEPENDENT SCHOOLS FOR THE POSITION OF HEAD OF SCHOOL TO ENSURE COMPENSATION IS REASONABLE AND APPROPRIATE TO THE MARKET. MINUTES OF THE PERSONNEL & COMPENSATION COMMITTEE MEETING ARE MAINTAINED. SENIOR STAFF - THE HEAD OF SCHOOL REVIEWS, IN CONJUNCTION WITH THE PRESIDENT OF THE BOARD, SALARY AND PERQUISITE DATA FROM OTHER INDEPENDENT SCHOOLS FOR OTHER TOP MANAGEMENT OFFICIALS, TO ENSURE COMPENSATION IS REASONABLE AND APPROPRIATE TO THE MARKET. THE PROCESS WAS LAST COMPLETED IN SPRING 2023. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON WRITTEN REQUEST. FORM 990, PART XII, LINE 2C THE ACADEMY'S AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT, AND DID NOT CHANGE ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR. DEERFIELD CARLYLE HOLDING LLC 1209 ORANGE STREET WILMINGTON DE 19801 UNFUNDED REAL ESTATE HOLDING COMPANY DE 0 0 TRUSTEES OF DEERFIELD ACADEMY