2021-05-17T10:57:08-05:00 2020-06-30 221478099 COHNREZNICK LLP 14 SYLVAN WAY PARSIPPANY NJ 070543801 990 2019-07-01 060653118 GREENWICH ACADEMY INC GREE 2036258900 200 NORTH MAPLE AVENUE GREENWICH CT 06830 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 2036258900 2021-05-14 1 LORI ROTHE YOKOBOSKY CPA P01273422 9732283500 2021-05-14 2019 2022-09-23 18:48:47Z MOLLY KING 200 NORTH MAPLE AVENUE GREENWICH CT 06830 113894297 0 X WWW.GREENWICHACADEMY.ORG X 1924 CT GREENWICH ACADEMY IS AN INDEPENDENT COLLEGE-PREPARATORY DAY SCHOOL FOR GIRLS AND YOUNG WOMEN THAT SEEKS TO FOSTER EXCELLENCE. ITS MISSION IS TO PROVIDE A CHALLENGING, COMPREHENSIVE EDUCATIONAL EXPERIENCE GROUNDED IN A RIGOROUS LIBERAL ARTS CURRICULUM WITHIN AN INCLUSIVE, DIVERSE COMMUNITY. THE SCHOOL'S OBJECTIVE IS TO DEVELOP GIRLS AND YOUNG WOMEN OF EXCEPTIONAL CHARACTER AND ACHIEVEMENT WHO DEMONSTRATE INDEPENDENCE, RESILIENCE, COURAGE, INTEGRITY AND COMPASSION. WE STRIVE, ABOVE ALL, TO HONOR OUR MOTTO, "TOWARD THE BUILDING OF CHARACTER." 34 33 267 350 1074382 120578 27116549 19706736 38930113 39164263 1096525 -1136381 719667 475604 67862854 58210222 3243420 3269224 0 0 30058447 31511682 0 0 1639544 16745184 15337362 50047051 50118268 17815803 8091954 255835296 275154137 44664203 48854651 211171093 226299486 GREENWICH ACADEMY IS AN INDEPENDENT COLLEGE-PREPARATORY DAY SCHOOL FOR GIRLS AND YOUNG WOMEN THAT SEEKS TO FOSTER EXCELLENCE. FOR MORE INFORMATION SEE SCHEDULE O. 0 0 39790407 3269224 38254388 GREENWICH ACADEMY IS A COLLEGE PREPARATORY DAY SCHOOL SERVING GIRLS IN GRADES PRE-KINDERGARTEN THROUGH GROUP XII. ALL EXPENDITURES FOR COMPENSATION AND OTHER EXPENSES ARE IN SUPPORT OF INSTRUCTIONAL AND INSTITUTIONAL ACTIVITIES. THIS INCLUDES THE INSTRUCTION OFAPPROXIMATELY 800 GIRLS BY 220 FULL TIME AND PART TIME FACULTY AND STAFF. 39790407 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 200 0 1 267 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 34 33 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X ANDREA SABITSANA 2035524408 200 NORTH MAPLE AVENUE GREENWICH CT 06830 TIMOTHY ARMSTRONG CHAIRMAN 15.00 X X 0 0 0 MICHELLE JOHNSON SECRETARY 5.00 X X 0 0 0 BARNETT D OSMAN VICE CHAIR 5.00 X X 0 0 0 CRAIG W PACKER TREASURER 5.00 X X 0 0 0 HEATHER JOHNSON SARGENT VICE CHAIR 5.00 X X 0 0 0 LAUREN BERKLEY SAUNDERS VICE CHAIR 5.00 X X 0 0 0 ALEXANDER CAPTAIN TRUSTEE 1.00 X 0 0 0 GRETCHEN CARLSON TRUSTEE 1.00 X 0 0 0 BRIAN F CARROLL TRUSTEE 1.00 X 0 0 0 HAGAR HAJJAR CHEMALI TRUSTEE 1.00 X 0 0 0 SUHAS DAFTUAR TRUSTEE 1.00 X 0 0 0 KIRSTEN DZIALGA TRUSTEE 1.00 X 0 0 0 KAREN E GRUND TRUSTEE 1.00 X 0 0 0 ERIC ZHENHONG GUO TRUSTEE 1.00 X 0 0 0 MARIANNE CHOLNOKY KAY TRUSTEE 1.00 X 0 0 0 SUSAN REYNOLDS LEHMAN TRUSTEE 1.00 X 0 0 0 ALEXA RAETHER MADDOCK TRUSTEE 1.00 X 0 0 0 ANDRA WINOKUR NEWMAN TRUSTEE 1.00 X 0 0 0 JOSEPH OSNOSS TRUSTEE 1.00 X 0 0 0 GREGORY T ROGERS TRUSTEE 1.00 X 0 0 0 MICHAEL S SCHAFTEL TRUSTEE 1.00 X 0 0 0 MARKO SONNENBERG TRUSTEE 1.00 X 0 0 0 TIMOTHY VAN BIESEN TRUSTEE 1.00 X 0 0 0 JANETTE CR VAN DER WEIJDEN TRUSTEE 1.00 X 0 0 0 VALERIE ROCKEFELLER WAYNE TRUSTEE 1.00 X 0 0 0 MICHAEL BEHRINGER TRUSTEE 1.00 X 0 0 0 ERYN A BINGLE TRUSTEE 1.00 X 0 0 0 PAUL T CAPPUCCIO TRUSTEE 1.00 X 0 0 0 MAXIMILLIAN CARTELLIERI TRUSTEE 1.00 X 0 0 0 PAGET MACCOLL TRUSTEE 1.00 X 0 0 0 ALEXANDRA STEEL SCOTT TRUSTEE 1.00 X 0 0 0 CARTER SIMONDS TRUSTEE 1.00 X 0 0 0 STEPHEN MURRAY TRUSTEE 1.00 X 0 0 0 KRISTINA SCHMITZ TRUSTEE 1.00 X 0 0 0 MOLLY KING HEAD OF SCHOOL 40.00 X 1169161 0 125700 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 40.00 X 381644 0 134234 MARK FEINER ASSOC. HEAD OF SCHOOL 40.00 X 435865 0 101485 THOMAS SULLIVAN ASST. HEAD OF SCHOOL, HEAD OF UPPER SCHOOL 40.00 X 346647 0 92917 REBECCA WALKER ASST. HEAD OF SCHOOL, HEAD OF MIDDLE SCHOOL 40.00 X 327924 0 150895 MELISSA ANDERSON ASSOC. DEAN OF FACULTY 40.00 X 167365 0 112849 NINA HANLON DIR. OF ENROLLMENT AND FIN. AID 40.00 X 189759 0 58846 JON ROSS-WILEY HEAD OF LOWER SCHOOL 40.00 X 212709 0 84166 KATHERINE SCHULZE DIR. OF TECHNOLOGY 40.00 X 164628 0 84106 AMY O'REILLY RIZZI DIRECTOR OF ADVANCEMENT 40.00 X 257698 0 47947 DONNA BYRNES FORMER DIR. OF ADVANCEMENT 16.00 X 117500 0 0 3770900 0 993145 11 1 1 0 AP CONSTRUCTION CO 707 SUMMER STREET STAMFORD CT 06901 CONSTRUCTION 5851005 CEBULSKI CONSTRUCTION COMPANY CO INC 561 LINDLEY STREET BRIDGEPORT CT 06606 CONSTRUCTION 3973977 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 FACILITY SERVICES 1883910 ANN BEHA ARCHITECTS INC 33 KINGSTON STREET BOSTON MA 02111 ARCHITECTS 1661058 FLIK INDEPENDENT SCHOOLS 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING SERVICES 1208122 24 19706736 1361850 19706736 TUTION FEE 611710 35802751 35802751 OTHER PROGRAM ACTIVITIES 900099 3361512 2451637 909875 39164263 153125 28396 124729 478495 148599 329896 329896 329896 53982983 55272489 -1289506 -1289506 136111 -1425617 335177 262987 72190 72190 OTHER INCOME 900099 73518 73518 73518 58210222 38254388 1074382 -825284 3269224 3269224 3229958 2507745 565206 157007 19131356 14936136 3310334 884886 1732052 1306237 320570 105245 5869947 4410457 1342558 116932 1548369 1167712 286574 94083 771670 771670 89600 89600 404176 404176 60900 54810 6090 239771 208601 31170 331798 80948 210498 40352 565783 509204 45263 11316 357925 354192 2986 747 1171381 1171381 4156058 3737282 335021 83755 446357 437430 8927 STUDENT SERVICES AND AC 2697334 2666463 24697 6174 REPAIRS & MAINTENANCE 2307168 2076452 184573 46143 FOOD SERVICES 946686 852017 75735 18934 MISCELLANEOUS 564735 423554 84707 56474 226020 112802 110739 2479 50118268 39790407 8688317 1639544 2070 5482 36548936 38318647 17243247 22063217 2070488 1122306 386821 199568 475953 944061 157493232 54051342 83698478 103441890 73572909 67082251 41836394 41976715 255835296 275154137 4965099 8270259 15733965 15868529 23965139 24715863 44664203 48854651 X 155155991 163588241 56015102 62711245 211171093 226299486 255835296 275154137 8091954 7036439 0 X X 0 1 X 1 0 X 15412555 6935882 14476577 27116549 19706736 83648299 15412555 6935882 14476577 27116549 19706736 83648299 22690504 60957795 439795 583311 554797 624283 603224 2805410 253531 240202 86222 182656 120578 883189 349148 267311 320027 329966 73518 1339970 88676868 181760594 0.68740 0.71350 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2015 AMOUNT: $ 349,148. 2016 AMOUNT: $ 267,311. 2017 AMOUNT: $ 320,027. 2018 AMOUNT: $ 329,966. 2019 AMOUNT: $ 73,518. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 120126894 679280 5355188 674780 3946995 121539587 116905688 1631928 5839873 625178 3625417 120126894 102935211 9981829 7957923 3969275 116905688 92052678 4107173 10649360 3874000 102935211 92653580 5106073 -1381903 4325072 92052678 0.69740 0.22540 0.07710 0 0 22152216 22152216 98304249 44211394 54092855 7753030 4202433 3550597 29283737 5637515 23646222 103441890 FIXED INCOME 5767881 F GLOBAL EQUITY AND GLOBAL EQUITY HEDGE FUNDS 21531946 F MULTISTRATEGY HEDGE FUNDS 6558020 F REAL ASSET FUNDS 147819 F PRIVATE EQUITY AND PRIVATE CREDIT FUNDS 7971049 F 41976715 X 63209847 7036439 1636586 8673025 54536822 404176 3269224 3673400 58210222 48081454 1636586 1636586 46444868 404176 3269224 3673400 50118268 PART V, LINE 4: THE ACADEMY'S ENDOWMENTS CONSIST OF APPROXIMATELY 56 INDIVIDUAL DONOR RESTRICTED FUNDS AND 25 BOARD DESIGNATED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ACADEMY HAD ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ENDEAVOR TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. THE BOARD OF TRUSTEES ADOPTED A SPENDING POLICY THAT FUNDS DEBT SERVICE REQUIREMENTS AND FUNDS OPERATING EXPENSES. PART X, LINE 2: UNCERTAIN TAX POSITIONS: THE ACADEMY HAS RECEIVED A FAVORABLE DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE WITH RESPECT TO THE ACADEMY'S CONTINUED QUALIFICATION UNDER SECTION 501(A) AS A 501(C)(3) TAX-EXEMPT ORGANIZATION. THE ACADEMY RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE ACADEMY'S PURPOSE IS SUBJECT TO TAX UNDER THE INTERNAL REVENUE CODE SECTION 511. INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS WOULD BE RECOGNIZED AS PART OF THE INCOME TAX PROVISION AND WOULD INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. THE ACADEMY DID NOT HAVE ANY MATERIAL UNRELATED BUSINESS INCOME TAX LIABILITY AT JUNE 30, 2020 AND 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: OPERATING ALLOCATION FOR CAPITAL RENEWAL AND REPLACEMENT 1,225,000. BOOKSTORE COST OF GOODS SOLD 262,987. RENTAL EXPENSES 148,599. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,269,224. PART XII, LINE 2D - OTHER ADJUSTMENTS: OPERATING ALLOCATION FOR CAPITAL RENEWAL AND REPLACEMENT 1,225,000. BOOKSTORE COST OF GOODS SOLD 262,987. RENTAL EXPENSES 148,599. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,269,224. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 GREENWICH ACADEMY HAS OUR NONDISCRIMINATORY POLICY ON THE INTERNET, IN OUR EMPLOYMENT AND ADMISSION APPLICATIONS AND EMPLOYEE HANDBOOK. IN OUR STUDENT HANDBOOK WE HAVE STATEMENTS ABOUT DIVERSITY AND MUTUAL RESPECT. AS A MEMBER OF AN ASSOCIATION OF SCHOOLS, GREENWICH ACADEMY IS INCLUDED IN AN ADVERTISEMENT IN THE NEW YORK TIMES REGARDING OUR NON-DISCRIMINATORY POLICY ANNUALLY. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 30083956 0 0 0 0 0 0 30083956 0 30083956 1 0 1 1 1 0 PART III ACCOUNTING METHOD: PART I, LINE3: METHOD OF ACCOUNTING: INVESTMENTS ARE REPORTED ON SCHEDULE F, LINE 3, COLUMN (F) AT NET ASSET VALUE, CONSISTENT WITH REPORTING FOR FINANCIAL STATEMENT PURPOSES. 1 FINANCIAL AID 83 3269224 N/A N/A PART I, LINE 2: MONITORING GRANTS: IN KEEPING WITH THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS PRINCIPLES OF GOOD PRACTICE FOR FINANCIAL AID, GREENWICH ACADEMY REQUIRES THE PARENTS OF EACH FINANCIAL AID APPLICANT TO SUBMIT A DETAILED FINANCIAL STATEMENT IN WRITING ANNUALLY. EVERY FAMILY CONTRIBUTES TOWARDS THE COST OF EDUCATING THEIR DAUGHTER AT GREENWICH ACADEMY. IN MOST CASES, IT IS ASSUMED THAT BOTH PARENTS WILL HOLD FULL-TIME EMPLOYMENT TO FUND THESE EDUCATIONAL COSTS TO THE BEST OF THEIR ABILITIES BEFORE SEEKING FINANCIAL AID FROM THE SCHOOL. FULL TUITION SCHOLARSHIPS ARE NOT GRANTED. THE AMOUNT AND NUMBER OF FINANCIAL AID GRANTS ARE SUBJECT TO THE AVAILABILITY OF FUNDS. COMPLETION OF THE PARENTS' FINANCIAL STATEMENT (PFS) BY DECEMBER 15 IS A PREREQUISITE FOR CONSIDERATION IN THE FIRST ROUND OF GRANT ALLOCATIONS. IN ADDITION, CURRENT FORM 1040 INCOME TAX RETURNS, INCLUDING SCHEDULES, AND W-2 FORMS MUST BE SUBMITTED. FINANCIAL AID IS GRANTED FOR ONE SCHOOL YEAR AT A TIME. NEW APPLICATION FORMS MUST BE FILED YEARLY BY DECEMBER 15. FINANCIAL AID IS RESTRICTED TO FAMILIES WHO ARE UNITED STATES CITIZENS OR PERMANENT RESIDENTS. DOCUMENTATION FROM THE STUDENT AND THE PARENTS IS REQUIRED FOR VERIFICATION OF CITIZENSHIP OR PERMANENT RESIDENCY. IF FINANCIAL CIRCUMSTANCES CHANGE, IT IS ASSUMED THAT PARENTS WILL NOTIFY THE DIRECTOR OF FINANCIAL AID AND WILL TAKE RESPONSIBILITY FOR AN ADJUSTED AMOUNT OF THEIR DAUGHTER'S TUITION AND FEES. GREENWICH ACADEMY MONITORS THE USE OF SCHOLARSHIP FUNDS BY CREDITING THE AMOUNT OF THE SCHOLARSHIPS TO THE STUDENT'S ACCOUNT. REFUNDS ARE NOT ISSUED FOR UNUSED FUNDS. X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 MOLLY KING HEAD OF SCHOOL 600000 0 525000 0 44161 0 41000 0 84700 0 1294861 0 0 0 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 356644 0 25000 0 0 0 33660 0 100574 0 515878 0 0 0 MARK FEINER ASSOC. HEAD OF SCHOOL 410398 0 25000 0 467 0 37485 0 64000 0 537350 0 0 0 THOMAS SULLIVAN ASST. HEAD OF SCHOOL, HEAD OF UPPER 321647 0 25000 0 0 0 28917 0 64000 0 439564 0 0 0 REBECCA WALKER ASST. HEAD OF SCHOOL, HEAD OF MIDDLE 327498 0 0 0 426 0 28917 0 121978 0 478819 0 0 0 MELISSA ANDERSON ASSOC. DEAN OF FACULTY 167365 0 0 0 0 0 16064 0 96785 0 280214 0 0 0 NINA HANLON DIR. OF ENROLLMENT AND FIN. AID 189759 0 0 0 0 0 16796 0 42050 0 248605 0 0 0 JON ROSS-WILEY HEAD OF LOWER SCHOOL 212709 0 0 0 0 0 20166 0 64000 0 296875 0 0 0 KATHERINE SCHULZE DIR. OF TECHNOLOGY 164628 0 0 0 0 0 17376 0 66730 0 248734 0 0 0 AMY O'REILLY RIZZI DIRECTOR OF ADVANCEMENT 257698 0 0 0 0 0 26897 0 21050 0 305645 0 0 0 DONNA BYRNES FORMER DIR. OF ADVANCEMENT 117500 0 0 0 0 0 0 0 0 0 117500 0 0 0 PART I, LINE 1B HOUSING: THE GREENWICH ACADEMY PROVIDES ON-CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT FOR MOLLY KING, HEAD OF SCHOOL. THE FAIR VALUE OF THE HOUSING IS INCLUDED AS A NONTAXABLE BENEFIT ON SCHEDULE J, PART II, COLUMN (D). THE CONTRACT ALSO INCLUDES A PROVISION FOR HOUSEKEEPING SERVICES TO MAINTAIN THE HOUSE FOR SPECIAL EVENTS. PART I, LINE 7 THE HEAD OF SCHOOL, MOLLY H. KING, IS ELIGIBLE AT THE END OF EACH ACADEMIC YEAR BASED UPON THE ACHIEVEMENT OF AGREED UPON GOALS FOR A BONUS TO BE DETERMINED AT THE BOARD'S DISCRETION. MARK FEINER, ANDREA SABITSANA, AND THOMAS SULLIVAN EACH RECEIVED A ONE TIME BONUS OF $25,000. A CHEFA 2007-SERIES E 060806186 20774ULB9 2007-03-22 30456648 REFUND OF 2001 BOND ISSUE 0 0 0 B CHEFA - SERIES F 060806186 2019-08-22 35000000 REVENUE BONDS 0 0 0 A 8586648 30456648 397692 960749 29098207 2002 0 1 1 1 B 2144746 526675 1618071 2049 0 0 1 1 A 0 0 1 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 A 1 SCHEDULE K SUPPLENTAL INFORMATION SCHEDULE K, PART II, LINE 15 OF THE PROCEEDS FROM THE SERIES E BOND ISSUED ON MARCH 22, 2007, $29,098,207 WAS AN ADVANCED REFUNDING OF 2001 SERIES B BONDS. IN AUGUST 2019, CHEFA ISSUED ITS REVENUE BONDS, GREENWICH ACADEMY ISSUE, SERIES F FOR UP TO $35,000,000, COMPRISED OF UP TO $20,000,000 REVENUE BONDS, SERIES F-1 (SERIES F-1) AND UP TO $15,000,000 REVENUE BONDS, SERIES F-2 (SERIES F-2) (COLLECTIVELY THE SERIES F BONDS). THE SERIES F BONDS HAVE BEEN PRIVATELY PLACED WITH A QUALIFIED INSTITUTION AND STRUCTURED AS A DRAW-DOWN LOAN WHICH WILL FINANCE CERTAIN PROJECT COSTS. INTEREST ON SERIES F-1 DRAW DOWNS COMMENCED SEPTEMBER 3, 2019 AND IS PAYABLE MONTHLY AT AN ANNUAL RATE OF 1.9%. ANY OUTSTANDING PRINCIPAL BALANCE WILL BE SUBJECT TO MANDATORY TENDER ON AUGUST 22, 2024. INTEREST ON SERIES F-2 DRAW DOWNS COMMENCED SEPTEMBER 3, 2019 AND IS PAYABLE MONTHLY AT AN ANNUAL RATE OF 2.2%. ANY OUTSTANDING PRINCIPAL BALANCE WILL BE SUBJECT TO MANDATORY TENDER ON AUGUST 22, 2026. AS OF JUNE 30 2020, THE OUTSTANDING BALANCES ON SERIES F-1 AND SERIES F-2 IS $2,144,746 AND $0, RESPECTIVELY. 30494 FINANCIAL AID EDUCATION ELIZABETH FEINER SPOUSE-KEY EMPLOYEE 199514 COMPENSATION 0 JOAN SLATTERY SPOUSE-KEY EMPLOYEE 193314 COMPENSATION 0 X 40 1361850 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE GREENWICH ACADEMY ARE THE PARENTS AND GUARDIANS OF CHILDREN CURRENTLY ENROLLED IN THE SCHOOL. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT BETWEEN 21 AND 39 INDIVIDUALS TO SERVE ON THE BOARD OF TRUSTEES TO EXERCISE GENERAL OVERSIGHT OF THE MANAGEMENT OF THE BUSINESS AND PROPERTY OF THE SCHOOL. IN ADDITION, THE ALUMNAE ASSOCIATION PRESIDENT AND PARENTS ASSOCIATION PRESIDENT SERVE ON THE BOARD OF TRUSTEES. REGULAR BOARD MEETINGS ARE HELD, AS WELL AS AN ANNUAL BUSINESS MEETING THAT IS OPEN TO ALL MEMBERS AT THE OPENING OF SCHOOL EVERY YEAR. THE PURPOSE OF THIS MEETING IS TO ELECT ANY NEW MEMBERS OF THE BOARD OF TRUSTEES AND TO REVIEW THE PRIOR YEAR'S FINANCIAL OPERATIONS. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING POWERS OF THE CORPORATION SHALL BE DEEMED NONDELEGABLE AND THE EXERCISE THEREOF IS RESERVED TO THE MEMBERS OF THE CORPORATION: (A) TO AMEND THE CERTIFICATE OF INCORPORATION. (B) TO DISSOLVE OR MERGE THE CORPORATION, BUT ONLY UPON THE AFFIRMATIVE VOTE OF TWO-THIRDS OF THE MEMBERS OF THE CORPORATION ACTING IN PERSON OR BY PROXY. FORM 990, PART VI, SECTION B, LINE 11B THE MEMBERS OF THE AUDIT COMMITTEE WILL RECEIVE A COPY AND REVIEW THE COMPLETE FORM 990 WITHOUT SCHEDULE B - SCHEDULE OF CONTRIBUTORS. A COPY OF THE COMPLETE AND FINAL FORM 990, INCLUDING REQUIRED SCHEDULES, WILL BE PROVIDED TO THE CHAIR OF THE BOARD, THE CHAIR OF THE AUDIT COMMITTEE AND THE HEAD OF SCHOOL. THE CHAIR OF THE BOARD WILL REPORT ANYTHING OF SIGNIFICANCE TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY COVERING ALL TRUSTEES, OFFICERS, AND EMPLOYEES. THE POLICY REQUIRES, AMONG OTHER THINGS, THAT NO INDIVIDUAL MAY PARTICIPATE IN DISCUSSIONS OR DECISIONS ON ANY MATTER IN WHICH HE OR SHE HAS A MATERIAL FINANCIAL INTEREST. A PERSON WHO HAS A CONFLICT OF INTEREST SHALL NOT PARTICIPATE IN OR BE PERMITTED TO HEAR BOARD DISCUSSION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS OR TO RESPOND TO QUESTIONS. ALL TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO CERTIFY COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS AND TO INDICATE WHETHER THE ORGANIZATION DOES BUSINESS WITH AN ENTITY IN WHICH THEY HAVE A MATERIAL FINANCIAL INTEREST. FORM 990, PART VI, SECTION B, LINE 15A OFFICER COMPENSATION REVIEW: IN SETTING THE COMPENSATION FOR THE HEAD OF THE SCHOOL, THE GREENWICH ACADEMY'S EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, COMPRISED OF INDEPENDENT PERSONS, PERIODICALLY CONDUCTS A REVIEW TO DETERMINE THE GOING MARKET RATE OF COMPENSATION RANGES FOR COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS BY REFERENCE TO COMPENSATION SURVEYS, OTHER ORGANIZATIONS' FORM 990 AND COMPENSATION CONSULTANTS. THE GREENWICH ACADEMY SETS COMPENSATION WITHIN THE RANGE OF THE GOING MARKET RATE. NO INDIVIDUAL HAVING A CONFLICT OF INTEREST IS PERMITTED TO PARTICIPATE IN THE REVIEW OR DECISION OF COMPENSATION. THE ORGANIZATION MAINTAINS RECORDS OF THE DELIBERATIONS AND DECISIONS REGARDING COMPENSATION. THIS PROCESS IS UNDERTAKEN ANNUALLY. GREENWICH ACADEMY'S POLICIES FOR SETTING THE COMPENSATION FOR THE HEAD OF THE SCHOOL MEET ALL OF THE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE PROCESS FROM LAST YEAR.