2020-07-15T04:43:54-05:00 2019-06-30 061009205 BLUM SHAPIRO & COMPANY PC ONE INTERNATIONAL PLACE 16TH FLOOR BOSTON MA 02110 990 2018-07-01 060653118 GREENWICH ACADEMY INC GREE 2036258900 200 NORTH MAPLE AVENUE GREENWICH CT 06830 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 2036258900 2020-07-14 1 LAURA J KENNEY P00202198 6177170831 2020-06-01 64.251.63.131 2020-07-14 21:32:02 ED P F655607A01BC9414CB150F5C2D5B642F4B7C09E6 B49528270D5C596423F272EFB472E66EFBF6AFC8 2018 2021-01-29 14:40:06Z MOLLY KING 200 NORTH MAPLE AVENUE GREENWICH CT 06830 95571929 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 CHARATER." 33 32 267 350 991840 182656 14476577 27116549 36870074 38930113 1162150 1096525 771229 719667 53280030 67862854 3176513 3243420 0 0 28496317 30058447 0 0 1937069 16022987 16745184 47695817 50047051 5584213 17815803 232301777 255835296 44315304 44664203 187986473 211171093 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 40946216 3243420 38086447 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 OF APPROXIMATELY 800 GIRLS BY 220 FULL TIME AND PART TIME FACULTY AND STAFF. 40946216 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 1 0 0 0 1 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 1 181 0 1 267 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 X 33 32 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 THOMAS DUNN CHAIRMAN 15.00 X X 0 0 0 RENE M KERN 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 CARLOS BRITOS TRUSTEE 1.00 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 SHAS DAFTUAR TRUSTEE 1.00 X 0 0 0 KRISTEN 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 MICHAEL A HYMAN TRUSTEE 1.00 X 0 0 0 ALEXANDER E JACKSON TRUSTEE 1.00 X 0 0 0 MICHELLE JOHNSON 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 SIMONE MCENTIRE TRUSTEE 1.00 X 0 0 0 SONNET G MCKINNON TRUSTEE 1.00 X 0 0 0 CHRISTIAN MEISSNER 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 FRANCINE TRAMONTANO TRUSTEE 1.00 X 0 0 0 TIMOTHY VAN BISEN TRUSTEE 1.00 X 0 0 0 JANNETTE CR VAN DER WEIJDEN TRUSTEE 1.00 X 0 0 0 VALERIE WAYNE TRUSTEE 1.00 X 0 0 0 MOLLY KING HEAD OF SCHOOL 40.00 X 1371984 0 124325 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 40.00 X 312905 0 128877 MARK FEINER ASSISTANT HEAD OF SCHOOL 40.00 X 393960 0 99574 THOMAS SULLIVAN HEAD OF UPPER SCHOOL 40.00 X 313972 0 89335 REBECCA WALKER HEAD OF MIDDLE SCHOOL 40.00 X 315849 0 154626 DONNA BYRNES FORMER DIRECTOR OF ADVANCEMENT 40.00 X 231280 0 19692 MELISSA ANDERSON CO-DIRECTOR OF COLLEGE COUNSELING 40.00 X 163423 0 118082 NINA HANLON DIR. OF ENROLLMENT AND FINANCIAL AID 40.00 X 182741 0 55856 JON ROSS-WILEY HEAD OF LOWER SCHOOL 40.00 X 206714 0 121234 KATHERINE SCHULZE DIRECTOR OF TECHNOLOGY 40.00 X 161339 0 80509 PATRICK DWYER CO-DIRECTOR OF COLLEGE COUNSELING 40.00 X 157406 0 95580 3811573 0 1087690 74 0 1 0 SODEXO PO BOX 360170 PITTSBURGH PA 15251 FACILITIES CONTRACT 2193626 FLIK-COMPASS GROUP 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING SERVICES 1202044 OFFIT CAPITAL ADVISORS 485 LEXINGTON AVE 24TH FL NEW YORK NY 10007 INVESTMENT ADVISING 359271 ANN BEHA ARCHITECTS INC 33 KINGSTON STREET BOSTON MA 02111 CONSTRUCTION 218427 FOGARTY COHEN RUSSO & NEMIROFF LLC 1700 EAST PUTNAM AVE STE 406 OLD GREENWICH CT 06870 LAND USE ATTORNEY SERVICES 176102 24 374051 26742498 337158 27116549 TUITION AND FEES 611710 34717136 34717136 OTHER PROGRAMS AND ACTIVITIES FEE 900099 4212977 3369311 843666 38930113 274610 148174 126436 497847 180542 317305 317305 317305 27908838 27086923 821915 821915 821915 75075 374051 166707 -91632 -91632 438931 274903 164028 164028 MISCELLANEOUS 900099 329966 329966 329966 67862854 38086447 991840 1668018 3243420 3243420 3925427 3068780 672558 184089 361646 361646 17356949 13509709 3020488 826752 1640860 1282774 281135 76951 5341684 4958619 301560 81505 1431881 1114855 248899 68127 22575 22575 406278 406278 96667 96667 351778 351778 1555778 1288106 234182 33490 3031596 2706388 274988 50220 3293339 3126492 97369 69478 391546 352391 31324 7831 1203375 1203375 4093998 3684598 327520 81880 388430 380661 7769 OTHER PROGRAM EXPENSES 521271 521271 PARENT ASSOCIATION 511323 344617 166706 CAPITAL CAMPAIGN 231435 231435 EARLY CHILDHOOD/SUMMER 222601 222601 423194 301191 71167 50836 50047051 40946216 7163766 1937069 4192 2070 39773781 36548936 8429909 17243247 1357557 2070488 540562 386821 155315 319342 475953 134631947 50933469 77567489 83698478 57122013 73572909 47031617 41836394 232301777 255835296 4321536 4965099 15097692 15733965 24896076 23965139 44315304 44664203 X 140065617 155155991 21175626 28742391 26745230 27272711 187986473 211171093 232301777 255835296 17815803 5368817 0 X X 0 1 X 1 0 X 9197983 15412555 6935882 14476577 27116549 73139546 9197983 15412555 6935882 14476577 27116549 73139546 17292947 55846599 472371 439795 583311 554797 624283 2674557 265537 253531 240202 86222 182656 1028148 166180 349148 267311 320027 329966 1432632 78274883 176825081 0.71350 0.77950 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2014 AMOUNT: $ 166,180. 2015 AMOUNT: $ 349,148. 2016 AMOUNT: $ 267,311. 2017 AMOUNT: $ 320,027. 2018 AMOUNT: $ 329,966. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 116905688 1631928 5839873 625178 3625417 120126894 102935211 9981829 7957923 3969275 116905688 92052678 4107173 10649360 3874000 102935211 92653580 5106073 -1381903 4325072 92052678 83944580 8627439 5644525 5562964 92653580 0.69980 0.22410 0.07610 0 0 22152216 22152216 93971305 41839171 52132134 7580591 6172677 1407914 10927835 2921621 8006214 83698478 FIXED INCOME 12123459 F GLOBAL EQUITY 15327828 F MULTISTRATEGY HEDGE FUNDS 6504194 F REAL ASSETS 1834874 F PRIVATE EQUITY 6046039 F 41836394 X 67161143 5368817 2697152 8065969 59095174 351778 8415902 8767680 67862854 43976523 2697152 2697152 41279371 351778 8415902 8767680 50047051 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 HAS 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, 2019 AND 2018. PART XI, LINE 2D - OTHER ADJUSTMENTS: BOOKSTORE COST OF GOODS SOLD 274,903. SPECIAL EVENT EXPENSES 166,707. RENTAL EXPENSES 180,542. ALLOCATION FOR CAPITAL 2,075,000. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,243,420. DEPRECIATION 4,047,882. GAPA EXPENSE 511,323. CAPITAL CAMPAIGN EXPENSES 231,435. CAPITAL PROJECTS AND CONTINGENCY 220,976. BANK ISSUE PREMIUM 160,866. PART XII, LINE 2D - OTHER ADJUSTMENTS: BOOKSTORE COST OF GOODS SOLD 274,903. SPECIAL EVENT EXPENSES 166,707. RENTAL EXPENSES 180,542. ALLOCATION FOR CAPITAL 2,075,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,243,420. DEPRECIATION 4,047,882. GAPA EXPENSE 511,323. CAPITAL CAMPAIGN EXPENSES 231,435. CAPITAL PROJECTS AND CONTINGENCY 220,976. BANK ISSUE PREMIUM 160,866. 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. CAYMAN ISLANDS 0 0 INVESTMENTS 24664768 0 0 0 0 0 0 24664768 0 24664768 1 0 1 1 1 0 PART I, LINE 3: METHOD OF ACCOUNTING INVESTMENTS ARE REPORTED ON SCHEDULE F, LINE 3, COLUMN (F) AT NET ASSET VALUE, CONSISTENT WITH REPORTING FOR FINANCIAL STATEMENT PURPOSES. GAPA BENEFIT 449126 374051 75075 77327 12100 77280 449126 374051 75075 77327 12100 77280 166707 -91632 1 FINANCIAL AID 84 3243420 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 DEAN 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 1 0 0 0 0 0 1 0 MOLLY KING HEAD OF SCHOOL 596439 0 450000 0 325545 0 40625 0 83700 0 1496309 0 286750 0 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 312905 0 0 0 0 0 31900 0 96977 0 441782 0 0 0 MARK FEINER ASSISTANT HEAD OF SCHOOL 393493 0 0 0 467 0 35875 0 63699 0 493534 0 0 0 THOMAS SULLIVAN HEAD OF UPPER SCHOOL 313972 0 0 0 0 0 27675 0 61660 0 403307 0 0 0 REBECCA WALKER HEAD OF MIDDLE SCHOOL 315423 0 0 0 426 0 27675 0 126951 0 470475 0 0 0 DONNA BYRNES FORMER DIRECTOR OF ADVANCEMENT 230939 0 0 0 341 0 15900 0 3792 0 250972 0 0 0 MELISSA ANDERSON CO-DIRECTOR OF COLLEGE COUNSELING 163423 0 0 0 0 0 15532 0 102550 0 281505 0 0 0 NINA HANLON DIR. OF ENROLLMENT AND FINANCIAL AID 182741 0 0 0 0 0 16096 0 39760 0 238597 0 0 0 JON ROSS-WILEY HEAD OF LOWER SCHOOL 206714 0 0 0 0 0 19475 0 101759 0 327948 0 0 0 KATHERINE SCHULZE DIRECTOR OF TECHNOLOGY 161339 0 0 0 0 0 16809 0 63700 0 241848 0 0 0 PATRICK DWYER CO-DIRECTOR OF COLLEGE COUNSELING 157406 0 0 0 0 0 15580 0 80000 0 252986 0 0 0 PART I, LINE 1A 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). PERSONAL SERVICES: PER CONTRACT, A HOUSEKEEPER IS PROVIDED TO THE HEAD OF SCHOOL TO MAINTAIN THE HOUSE FOR SPECIAL EVENTS. THIS IS NOT TREATED AS TAXABLE INCOME. PART I, LINE 4B NON-QUALIFIED RETIREMENT PLANS: THE ACADEMY'S NONQUALIFED DEFERRED COMPENSATION PLAN FOR THE HEAD OF SCHOOL VESTED ON JUNE 30, 2018. AS REQUIRED, IT IS REPORTED AS TAXABLE INCOME IN SCHEDULE J, PART II, BOX (B)(III). AS $286,750 OF THIS AMOUNT WAS REPORTED AS DEFERRED COMPENSATION ON PREVIOUS YEARS' FORMS 990 IN SCHEDULE J, PART II, COLUMN (C), THIS PREVIOUSLY REPORTED AMOUNT IS ALSO BEING REPORTED IN COLUMN (F). PART I, LINE 7 NON-FIXED PAYMENTS: 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. A CHEFA 2007 - SERIES E 060806186 20774ULB9 2007-03-22 30456648 REFUND OF 2001 BOND ISSUE 0 0 0 A 7746648 30456648 397692 960749 29098207 2002 0 1 1 1 A 0 0 1 0 0 0 0 0 1 A 1 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. 31140 FINANCIAL AID EDUCATION ELIZABETH FEINER SPOUSE-KEY EMPLOYEE 193633 COMPENSATION 0 JOAN SLATTERY SPOUSE-KEY EMPLOYEE 187558 COMPENSATION 0 X 34 337158 FMV 0 1 0 PART I, COLUMN (B): LINE 9(B) NUMBER OF CONTRIBUTIONS 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 33 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 FORM 990 REVIEW 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 DOCUMENT REVIEW POLICY 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.