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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 4B - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>GROSS UP OF TUITION ASSISTANCE CHANGE IN VALUE OF INTERES RATE SWAP</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 4B - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
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        <ExplanationTxt>THE ACADEMY IS A JEWISH DAY SCHOOL AND PRIMARILY PUBLICIZES IN THE JEWISH COMMUNITY. IT HAS A NON-DISCRIMINATORY POLICY AND THERE ARE MINORITY JEWISH STUDENTS THAT APPLY AND ATTEND.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE E, PART I, LINE 4</FormAndLineReferenceDesc>
        <ExplanationTxt>WE DON'T MAINTAIN A COMPLETE OR ACCURATE RECORD OF RACIAL COMPOSITION OF THE STUDENT BODY. WE DO NOT TRACK OR RECORD ETHNICITY FOR FACULTY OR STAFF.</ExplanationTxt>
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      <SupplementalNonqualRtrPlanInd>0</SupplementalNonqualRtrPlanInd>
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        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>NOT ALL COMMITTEES OF THE ACADEMY TOOK NOTES AT THEIR MEETINGS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>EACH BOARD MEMBER WAS PROVIDED A COPY OF THE 990 BEFORE IT WAS FILED WITH THE IRS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD MEMBERS AND SENIOR ADMINISTRATORS MUST SIGN THE CONFLICT OF INTEREST POLICY ANNUALLY.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>HEAD OF SCHOOL CONTRACT WAS NEGOTIATED BY HEAD OF SCHOOL EVALUATION COMMITTEE IN CONSULTATION WITH HEAD OF CAIS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART IX, LINE 11G</FormAndLineReferenceDesc>
        <ExplanationTxt>CONSULTING FEES: PROGRAM SERVICE EXPENSES 351,461. MANAGEMENT AND GENERAL EXPENSES 22,921. FUNDRAISING EXPENSES 7,640. TOTAL EXPENSES 382,022.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>CHANGE IN VALUE OF INTEREST RATE SWAP 57,362.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I - PART XII - FINANCIAL STATEMENT &amp; REPORTING</FormAndLineReferenceDesc>
        <ExplanationTxt>PLEASE BE ADVISED THAT AS OF THE DATE OF THE FILING OF THIS FORM 990, THE AUDIT OF THE BOOKS AND RECORDS OF THE CARMEL ACADEMY HAVE NOT YET BEEN COMPLETED. THEREFORE, CHANGES TO THE BOOKS AND RECORDS MAY BE REQUIRED, AND IF SO, THE ENCLOSED TAX RETURN MAY NEED TO BE AMENDED.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
  </ReturnData>
</Return>
