2025-05-12T11:41:27-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 29 S MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2023-07-01 042103563 TRUSTEES OF DEERFIELD ACADEMY TRUS 4137740241 PO BOX 87 DEERFIELD MA 013420087 MATTHEW SHEEHY CFO 4137740241 2025-05-09 1 0 JOHN TOSCANO P00358542 8605614000 2025-05-09 2023 2025-03-06 01:10:19Z DR JOHN PN AUSTIN PO BOX 87 DEERFIELD MA 013420087 378224827 0 1 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. 29 27 657 457 650627 747726 16910913 37194713 45093644 47083730 12392591 17936065 749261 1177964 75146409 103392472 14796078 15301856 0 0 41137276 43162981 42062 67871 8307401 31869291 38834673 87844707 97367381 -12698298 6025091 1216276384 1412554544 95424719 199432264 1120851665 1213122280 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 74540134 15301856 47566176 DURING THE 2023-2024 ACADEMIC YEAR, 580 BOARDING AND 73 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. 74540134 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 1 248 0 1 657 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 29 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 MA X GREG ROLLAND 4137741412 PO BOX 87 DEERFIELD MA 013420087 AUSTIN JOHN HEAD OF SCHOOL/TRUSTEE 60.00 X X 922266 0 242289 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 YAU FREDERICK TRUSTEE 2.00 X 0 0 0 SHEEHY MATTHEW CFO 60.00 X 316122 0 83717 RAMSAY CHARLES CHIEF ADVANCEMENT OFFICER 60.00 X 410307 0 100969 HILLS IVORY DEAN OF FACULTY 60.00 X 205067 0 82153 BENSON BRYANT DIR OF MEDICAL SERVIC 60.00 X 215754 0 86889 SHELBURNE ERIKA DIR OF INTL. ADVANCEMENT 60.00 X 213048 0 36752 ROMBERGER ANN ADVANCEMENT CONSULTANT 40.00 X 211028 0 43525 CREAGH AMIE ASSOC HOS FOR STUDENT 60.00 X 193375 0 77200 DAVIS CHARLES DEAN OF ADMISSION 60.00 X 192604 0 80818 2879571 0 834312 50 0 1 0 FONTAINE BROS INC 510 COTTAGE STREET SPRINGFIELD MA 01104 CONSTRUCTION SERVICES 6776102 ARGUS CONSTRUCTION CORPORATION 363 GREAT ROAD 203 BEDFORD MA 01730 CONSTRUCTION SERVICES 3258848 ARC 501 BOYLSTON ST BOSTON MA 02116 CONSTRUCTION SERVICES 2333237 WESTON & SAMPSON CMR INC 39 MATTAPOISETT NECK ROAD MATTAPOISETT MA 02739 POOL TILING SERVICES 1200000 DANNY J HASELTON INC 163 WELLS ST GREENFIELD MA 01301 ELECTRICIAN SERVICES 553046 32 37194713 3494859 37194713 TUITION AND FEES 611110 43855945 43855945 AUXILIARY PROGRAMS 611110 2410202 2410202 SUMMER EDUCATION 611110 817583 817583 47083730 7328675 -1164729 8493404 284939253 274331863 10607390 10607390 1793814 8813576 982938 500492 482446 482446 OTHER REVENUE 900099 662494 662494 SPORTS CAMPS 900099 16588 16588 DINING HALL REVENUE 900099 16436 4954 11482 695518 103392472 47566176 650627 17980956 481797 481797 14820059 14820059 2280313 278309 1056029 945975 247191 19070 47888 180233 28932454 21346369 4167827 3418258 2994544 2142044 479943 372557 6272341 4519288 1079151 673902 2436138 1733327 421695 281116 325666 325666 95782 95782 67871 67871 758331 758331 1224664 416157 485673 322834 20838 12619 3384 4835 1131044 561294 446728 123022 1667691 950196 578568 138927 5784078 4362022 1377635 44421 2824562 2331608 114002 378952 595090 416182 137197 41711 5430484 5430484 9120496 8597891 435048 87557 1144118 1144118 FOOD 2117648 1819013 60587 238048 EQUIPMENT 1929175 1299507 408387 221281 TEXTBOOKS 331041 328414 1778 849 UNRELATED BUSINESS INCO 63839 63839 4270126 2674484 830590 765052 97367381 74540134 14519846 8307401 12050 50989 15348294 107949309 16555247 29458552 258077 102656 471771 414694 1191047 1016324 414726925 104737687 288042741 309989238 58169330 67689126 833553002 891309830 2674825 4573826 1216276384 1412554544 7397618 10195244 3693901 3344786 56885000 154180288 25000000 25000000 2448200 6711946 95424719 199432264 X 503958492 536445926 616893173 676676354 1120851665 1213122280 1216276384 1412554544 6025091 86245524 0 X X 0 1 X 1 0 X 20154510 36305649 101979766 16910913 37194713 212545551 20154510 36305649 101979766 16910913 37194713 212545551 86047194 126498357 4502881 4166261 2084741 3272789 8493404 22520076 27622 3359221 3519765 1133520 650627 8690755 35690 1087945 63989 196791 673976 2058391 245814773 218323814 0.51460 0.45280 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: DINING HALL REVENUE - 2021 AMOUNT: $ 12,937. 2022 AMOUNT: $ 12,227. 2023 AMOUNT: $ 11,482. OTHER REVENUE - 2019 AMOUNT: $ -16,204. 2020 AMOUNT: $ 69,258. 2021 AMOUNT: $ 51,052. 2022 AMOUNT: $ 184,564. 2023 AMOUNT: $ 662,494. OUTSIDE FUNCTION REVENUE - 2019 AMOUNT: $ 14,351. SALES OF INVENTORY - SUMMER SPORTS CAMP - 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 846834517 11477985 95335177 11442311 22990027 919215341 791274093 14654099 71255910 10105710 20243875 846834517 863553463 104299240 -148598735 10031118 17948757 791274093 632329934 25616179 231963328 9707258 16648720 863553463 603352392 7573791 46050201 8926394 15720056 632329934 0.33930 0.66070 0.00000 1 0 7018333 7018333 347813543 85611053 262202490 17404805 11854357 5550448 42490244 7272277 35217967 309989238 INVESTMENTS IN LIMITED PARTNERSHIPS AND ALTERNATIVE ASSETS 891309830 F 891309830 LIFE INCOME OBLIGATIONS 2071881 LEASE LIABILITY- OPERATING 4463065 UBI TAX LIABILITY 177000 6711946 174970023 86245524 -13845803 72399721 102570302 758331 63839 822170 103392472 82699408 500492 500492 82198916 758331 14410134 15168465 97367381 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 500,492. FINANCIAL AID & TUITION REMISSION -14,346,295. PART XI, LINE 4B - OTHER ADJUSTMENTS: UNRELATED BUSINESS INCOME TAXES INCLUDED IN NET INVESTMENT RETURN 63,839. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 500,492. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & TUITION REMISSION 14,346,295. UNRELATED BUSINESS INCOME TAXES INCLUDED IN NET INVESTMENT RETURN 63,839. 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 464255635 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 47872995 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 RECRUITMENT AND DEVELOPMENT 30855 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 RECRUITMENT AND DEVELOPMENT 75068 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 RECRUITMENT AND DEVELOPMENT 79605 SOUTH ASIA 0 0 RECRUITMENT AND DEVELOPMENT 3676 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 RECRUITMENT AND DEVELOPMENT 2849 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICE STUDY ABROAD/STUDENT TRAVEL 537874 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICE STUDENT TRAVEL 109151 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 PROGRAM SERVICE STUDENT TRAVEL 72733 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE STUDENT TRAVEL 103963 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICE STUDENT TRAVEL 6317 SOUTH AMERICA 0 0 PROGRAM SERVICE STUDENT TRAVEL 89839 CENTRAL AMERICA AND THE CARIBBEAN 0 0 PROGRAM SERVICE STUDENT TRAVEL 174809 0 0 0 0 0 0 512858557 556812 513415369 1 0 1 1 1 0 PART I, LINE 3: ACCRUAL BASIS IS USED TO ACCOUNT FOR EXPENDITURES. X X X X 1 RONALD JOYCE 309 OAKWOOD DRIVE YARMOUTH ME 04096 CAMPAIGN PLANNING CONSULTANT 0 0 67871 0 67871 1 TOWN OF DEERFIELD TOWN OF DEERFIELD 260000 46929 COST OUT-OF-POCKET WHILE PROVIDING SERVICES GENERAL SUPPORT UNITED WAY OF FRANKLIN COUNTY 042212894 501(C)(3) 15500 0 GENERAL SUPPORT DEERFIELD AREA FIRE PROTECTION DISTRICT 501(C)(4) 25000 0 GENERAL SUPPORT SECOND HELPINGS CO EPISCOPAL CHURCH OF SAINTS JAMES AND ANDREW 833210345 501(C)(3) 0 23067 COST OUT-OF-POCKET WHILE PROVIDING SERVICES GENERAL SUPPORT BIG BROTHERSBIG SISTERS OF FRANKLIN COUNTY 042491950 501(C)(3) 0 5140 COST OUT-OF-POCKET WHILE PROVIDING SERVICES GENERAL SUPPORT FRONTIER REGIONAL AND UNION #38 SCHOOL DISTRICTS FRONTIER REGIONAL AN 0 5450 COST OUT-OF-POCKET WHILE PROVIDING SERVICES GENERAL SUPPORT TILTON FUND 046075146 501(C)(3) 100000 0 GENERAL SUPPORT 6 1 SCHOLARSHIPS 252 13749910 CASH VALUE TUITION & FEES OTHER STUDENT SUPPORT 97 1070149 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 723188 0 0 0 199078 0 157472 0 84817 0 1164555 0 0 0 RAMSAY CHARLES CHIEF ADVANCEMENT OFFICER 388807 0 0 0 21500 0 53895 0 47074 0 511276 0 0 0 SHEEHY MATTHEW CFO 316122 0 0 0 0 0 38336 0 45381 0 399839 0 0 0 BENSON BRYANT DIR OF MEDICAL SERVIC 213954 0 0 0 1800 0 28200 0 58689 0 302643 0 0 0 HILLS IVORY DEAN OF FACULTY 183567 0 0 0 21500 0 26344 0 55809 0 287220 0 0 0 DAVIS CHARLES DEAN OF ADMISSION 179404 0 0 0 13200 0 24592 0 56226 0 273422 0 0 0 CREAGH AMIE ASSOC HOS FOR STUDENT 193375 0 0 0 0 0 24295 0 52905 0 270575 0 0 0 ROMBERGER ANN ADVANCEMENT CONSULTANT 211028 0 0 0 0 0 26462 0 17063 0 254553 0 0 0 SHELBURNE ERIKA DIR OF INTL. ADVANCEMENT 195048 0 0 0 18000 0 27055 0 9697 0 249800 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 B MA DEVELOPMENT FINANCE AGENCY 043431814 57584Y7A1 2023-09-06 100729240 TO FUND NEW CONSTRUCTION PROJECTS 0 0 0 A 60615000 39351000 195577 21068423 2022 1 0 1 1 B 100160908 2540292 729240 23917581 72973795 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MA DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 12/06/2024 ISSUER NAME: MA DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 01/03/2025 ELIZABETH DICKSON SIBLING OF TRUSTEE MEMBER 180233 TOTAL COMPENSATION AND BENEFITS AS DIRECTOR OF ADVANCEMENT. 0 LORI CLARK SPOUSE OF TRUSTEE MEMBER 19070 TOTAL COMPENSATION AND BENEFITS AS VIS. & PERF. ARTS TEACHER 0 MONICA MATOUK SPOUSE OF HEAD OF SCHOOL 47888 TOTAL COMPENSATION AND BENEFITS AS ENGLISH TEACHER 0 X 251 FAIR VALUE X 77 3456688 FAIR VALUE X 1 3439 FAIR VALUE X PIANO 1 28740 FAIR VALUE X FOOD SPACE/RECEPTION 1 5741 COST 0 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 TEN MEMBERS, OF WHICH SIX ARE ALSO TRUSTEES. THE REMAINING FOUR ARE SOLELY COMMITTEE MEMBERS. 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, THE TRUSTEE SHALL NOT BE COUNTED FOR THE PURPOSES OF A QUORUM NOR SHALL THE TRUSTEE 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 2024. 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