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        <ExplanationTxt>PERMANENTLY RESTRICTED NET ASSETS ARE RESTRICTED TO INVESTMENTS IN PERPETUITY, THE INCOME FROM WHICH IS TO BE USED TO SUPPORT THE ACTIVITIES OF THE ACADEMY.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>IT IS THE ACADEMY'S POLICY TO EVALUATE ALL TAX POSITIONS TO IDENTIFY ANY THAT MAY BE CONSIDERED UNCERTAIN. ALL IDENTIFIED MATERIAL TAX POSITIONS ARE ASSESSED AND MEASURED BY A MORE-LIKELY-THAN-NOT THRESHOLD TO DETERMINE IF THE TAX POSITION IS UNCERTAIN AND WHAT, IF ANY, THE EFFECT OF THE UNCERTAIN TAX POSITION MAY HAVE ON THE FINANCIAL STATEMENTS. NO MATERIAL UNCERTAIN TAX POSITIONS WERE IDENTIFIED DURING 2017.</ExplanationTxt>
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        <ExplanationTxt>DURING PERIODS OF SOLICITATION, POLICIES ARE PUBLISHED.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE E, PART I, LINE 4</FormAndLineReferenceDesc>
        <ExplanationTxt>RECORDS MAINTAINED ON THE BASIS OF RACE ARE CONSIDERED DISCRIMINATORY BY THE SCHOOL.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE PRESIDENT AND TREASURER REVIEW THE FORM 990 PRIOR TO FILING THE TAX RETURN.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>IF A CONFLICT OCCURS, THE TRUSTEES ARE NOTIFIED. THE TRUSTEES MAKE THE FINAL DETERMINATION OF HOW BEST TO HANDLE THE SITUATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE TRUSTEES DETERMINE THE DUTIES AND SALARY OF THE PRESIDENT OF THE ACADEMY.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>THESE DOCUMENTS ARE AVAILABLE UPON REQUEST.</ExplanationTxt>
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</Return>