2016-05-12T13:48:47-05:00 2015-06-30 KPMG LLP One Financial Plaza Hartford CT 061032608 990 2014-07-01 060653118 The Greenwich Academy Inc % DONNA MATHESON GREE 2036258900 200 NORTH MAPLE AVENUE GREENWICH CT 068304799 DONNA MATHESON CFO 2035524408 2016-05-12 true MARY-EVELYN ANTONETTI P00431862 8605223200 2014 2016-08-17 19:52:53Z MOLLY H KING 200 NORTH MAPLE AVENUE GREENWICH CT 06830 52931412 false X WWW.GREENWICHACADEMY.ORG X 1924 CT THE MISSION OF THE SCHOOL IS TO PROVIDE AN EDUCATIONAL EXPERIENCE FOR GIRLS & YOUNG WOMEN GROUNDED IN A LIBERAL ARTS CURRICULUM WITHIN AN INCLUSIVE, DIVERSE COMMUNITY. 29 29 215 200 694562 19586998 9197983 31994543 33574506 44880 698564 595524 565923 52221945 44036976 5648666 6066100 0 0 21074914 21586104 0 0 1476723 15670879 15117086 42394459 42769290 9827486 1267686 196004470 201753835 44550894 43822177 151453576 157931658 X 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. false false 35066924 6066100 33574506 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 223 FULL-TIME AND PART-TIME FACULTY AND STAFF. 35066924 true true false false false false false false false true true true false false false true true false true false true false false false true false false false true true true false false false false false false false false false false true false false false false false false false false true 213 0 true 215 true true true false false false false true true true 1 false false false X 29 29 false false false false true true true true true false false false true true true true true true false false X DONNA MATHESON 2036258985 200 NORTH MAPLE AVENUE GREENWICH CT 06830 MOLLY KING HEAD OF SCHOOL 40.0 0.0 X X 736202 0 151253 J TIMOTHY MORRIS CHAIRMAN 15.0 0.0 X X 0 0 0 RENE M KERN EXEC COMMITTEE-SECRETARY 5.0 0.0 X 0 0 0 SUSAN LEHMAN CARMICHAEL EXEC COMMITTEE-MEMBER AT LARGE 1.0 0.0 X 0 0 0 CRAIG W PACKER EXEC COMMITTEE-TREASURER 5.0 0.0 X 0 0 0 DAVID I STEMERMAN EXEC COMMITTEE-VICE CHAIR 5.0 0.0 X 0 0 0 WENDELL L WILLKIE II EXEC COMMITTEE-VICE CHAIR 5.0 0.0 X 0 0 0 LAUREN BERKLEY SAUNDERS TRUSTEE 1.0 0.0 X 0 0 0 CARLOS BRITO TRUSTEE 1.0 0.0 X 0 0 0 EUNICE J BURNETT TRUSTEE 1.0 0.0 X 0 0 0 GRETCHEN CARLSON TRUSTEE (BEGINNING 7/1/14) 1.0 0.0 X 0 0 0 REX RK CHUNG TRUSTEE 1.0 0.0 X 0 0 0 HELEN CUTTING FITZGERALD TRUSTEE 1.0 0.0 X 0 0 0 ELIZABETH DARST LEYKUM TRUSTEE 1.0 0.0 X 0 0 0 THOMAS DUNN TRUSTEE 1.0 0.0 X 0 0 0 ADAM B FRANKEL TRUSTEE 1.0 0.0 X 0 0 0 ALEXANDER E JACKSON TRUSTEE 1.0 0.0 X 0 0 0 SAMANTHA JANSSON TRUSTEE 1.0 0.0 X 0 0 0 HEATHER JOHNSON SARGENT TRUSTEE 1.0 0.0 X 0 0 0 SONNET G MCKINNON TRUSTEE 1.0 0.0 X 0 0 0 CHRISTIAN MEISSNER TRUSTEE (BEGINNING 7/1/14) 1.0 0.0 X 0 0 0 ANTHONY J NOTO TRUSTEE 1.0 0.0 X 0 0 0 LINDA O'NEILL TRUSTEE 1.0 0.0 X 0 0 0 BARNETT D OSMAN TRUSTEE 1.0 0.0 X 0 0 0 FREDERIC B POWERS III TRUSTEE (BEGINNING 7/1/14) 1.0 0.0 X 0 0 0 LINDA C REALS TRUSTEE 1.0 0.0 X 0 0 0 BARBARA M RILEY TRUSTEE 1.0 0.0 X 0 0 0 PRIYA G TRAUBER TRUSTEE 1.0 0.0 X 0 0 0 VICTORIA B WATERS TRUSTEE 1.0 0.0 X 0 0 0 JEFFREY A WOLFSON TRUSTEE 1.0 0.0 X 0 0 0 DONNA MATHESON CFO 40.0 0.0 X 274421 0 37955 MARK FEINER ASSISTANT HEAD OF SCHOOL 40.0 0.0 X 286029 0 87036 DONNA BYRNES DIRECTOR OF ADVANCEMENT 40.0 0.0 X 260373 0 48401 REBECCA WALKER HEAD OF MIDDLE SCHOOL 40.0 0.0 X 238379 0 132741 THOMAS SULIVAN HEAD OF UPPER SCHOOL 40.0 0.0 X 233143 0 71665 ABBY KATZ DIRECTOR OF ADMISSIONS & AID 40.0 0.0 X 136244 0 107536 JON ROSS-WILEY HEAD OF LOWER SCHOOL 40.0 0.0 X 167361 0 105365 KATHERINE SCHULZE DIRECTOR OF TECHNOLOGY 40.0 0.0 X 126470 0 108562 2458622 0 850514 36 false true false SODEXO PO BOX 360170 PITTSBURGH PA 152516170 FACILITIES CONTRACT 2066553 CEBULSKI CONSTRUCTION COMPANY INC 651 LINDLEY STREET BRIDGEPORT CT 06606 CONSTRUCTION 1769341 FLIK-COMPASS GROUP 2400 Yorkmont Road CHARLOTTE NC 28217 DINING SERVICES 1137669 TURNER CONSTRUCTION COMPANY 50 Waterview Drive Suite 220 SHELTON CT 06484 CONSTRUCTION 469970 NEW ENGLAND MASONRY ROOFING CO 146 SHERIDAN DRIVE NAUGATUCK CT 06770 CONSTRUCTION 176321 18 X 519401 8678582 1640858 9197983 TUITION AND FEES 611710 29927477 29927477 OTHER PROGRAMS & ACTIVITIES FEES 900099 3647029 2952467 694562 33574506 38947 38947 0 0 433424 119088 314336 0 314336 314336 8975450 8315833 659617 659617 659617 156654 519401 162648 -5994 -5994 0 388268 296867 91401 91401 MISCELLANEOUS 900099 166180 166180 166180 44036976 32879944 694562 1264487 0 6066100 6066100 0 0 1881672 1505337 282251 94084 0 15498966 12125177 2594809 778980 1361788 1044528 240607 76653 1655827 1339590 217850 98387 1187851 950280 178178 59393 25674 25674 32565 32565 189700 189700 0 0 646877 608633 38244 1351953 1048763 265676 37514 0 2840707 2530284 263586 46837 0 0 2887896 2706285 121471 60140 0 0 264527 238074 21162 5291 1329060 1329060 0 3876883 3489194 310151 77538 351454 344425 7029 MAINTENANCE FOR COWAN CENTER 259046 259046 EARLY CHILDHOOD/SUMMER PGMS 234595 234595 PARENTS ASSOCIATION 450487 450487 CAPITAL CAMPAIGN 50170 50170 325492 200611 78418 46463 42769290 35066924 6225643 1476723 X 2000 2000 25122118 21910832 16247872 11139691 2188469 818270 0 0 0 0 1152233 1166896 181017 193570 349181 580358 121890725 49162559 72586573 72728166 14382672 23154226 63792335 70059826 0 0 0 0 0 0 196004470 201753835 3672183 4392225 0 0 12608602 11959601 28270109 27470351 0 0 0 0 0 0 0 0 0 0 44550894 43822177 X 107707514 117959337 25999013 22023339 17747049 17948982 151453576 157931658 196004470 201753835 X 1267686 5210396 X false true X true false X 12927423 18034074 13451800 19586998 9197983 73198278 0 0 12927423 18034074 13451800 19586998 9197983 73198278 4514907 68683371 1936999 1869422 1646837 336575 472371 6262204 108118 120823 93139 158946 91401 572427 333733 276228 301546 135596 166180 1213283 81246192 151355143 0.84537 0.00000 X 0.00000 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 83944580 8627439 5644525 5562964 92653580 79043477 13813300 4601106 13513303 83944580 68065945 9082886 4971525 3076879 79043477 71702555 6536309 5235920 15408839 68065945 66697689 4034619 4292857 3322610 71702555 0.73187 0.19372 0.07441 false false 9055307 9055307 94928154 36070845 58857309 10335714 7879503 2456211 7571549 5212210 2359339 72728166 FIXED INCOME 19306670 F GLOBAL EQUITY 31126111 F MULTISTRATEGY HEDGE FUNDS 7910545 F REAL ASSETS 5233673 F PRIVATE EQUITY 3483367 F MONEY MARKET FUND 2999460 F 70059826 0 0 X 46809120 5210396 -2173817 3036579 43772541 264435 264435 44036976 40331038 578603 578603 39752435 264435 2752420 3016855 42769290 PART XI, LINE 2D OTHER REVENUE IN FORM 990 PART VIII BUT NOT IN AUDITED FINANCIAL STATEMENTS FINANCIAL AID GRANT $(2,752,420) BOOKSTORE COST OF GOODS SOLD $ 296,867 RENTAL EXPENSES $ 119,088 SPECIAL EVENT EXPENSES $ 162,648 ------------ TOTAL $(2,173,817) PART XII, LINE 2D OTHER EXPENSES IN AUDITED FINANCIAL STATEMENTS BUT NOT IN FORM 990 PART IX BOOKSTORE COST OF GOODS SOLD: $ 296,867 RENTAL EXPENSES: $ 119,088 SPECIAL EVENT EXPENSES: $ 162,648 ----------- TOTAL $ 578,603 PART V, LINE 4B OTHER EXPENSES IN FORM 990 PART IX BUT NOT IN AUDITED FINANCIAL STATEMENTS FINANCIAL AID GRANT: $ 2,752,420 PART V, LINE 4 USE OF ENDOWMENT FUNDS THE ACADEMY'S ENDOWMENTS CONSIST OF APPROXIMATELY 45 INDIVIDUAL DONOR RESTRICTED FUNDS AND 17 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 (1) FUNDS DEBT SERVICE REQUIREMENTS AND (2) FUNDS OPERATING EXPENSES BASED ON A HYBRID SPENDING FORMULA WITH 80% BASED ON THE PREVIOUS YEAR'S SPEND PLUS INFLATION AND 20% BASED ON THE PREVIOUS 2 YEARS NET ENDOWMENT TIMES A SPENDING RATE OF 3.5%. 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. THE ACADEMY DID NOT HAVE ANY MATERIAL UNRELATED BUSINESS INCOME TAX LIABILITY AT JUNE 30, 2015 AND 2014. true true true true true true true false false false false false false false false false false true PART I, LINE 3 RACIALLY NONDISCRIMINATORY POLICY THE GREENWICH ACADEMY, INC. HAS PUBLICIZED ITS NONDISCRIMINATORY POLICY THROUGH GREENWICH LOCAL NEWSPAPERS AND MAGAZINES IN SECTIONS FOR ADVERTISEMENTS, STATING: "GREENWICH ACADEMY DOES NOT DISCRIMINATE ON THE BASIS OF AGE, SEX, RACE, COLOR, RELIGION, NATIONAL ORIGIN OR SEXUAL ORIENTATION IN THE ADMINISTRATION OF ITS EDUCATIONAL PROGRAMS, ADMISSIONS POLICIES, FINANCIAL AID POLICIES, EMPLOYMENT PRACTICES AND OTHER SCHOOL-ADMINISTERED PROGRAMS." THIS STATEMENT ALSO APPEARS ON THE INTERNET, ADMISSIONS CATALOGUES, EMPLOYMENT AND ADMISSIONS APPLICATIONS, AND STUDENT AND EMPLOYEE HANDBOOKS. Central America and the Caribbean Investments 33179570 33179570 33179570 true false true true true false 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 676055 519401 156654 77636 21750 63262 0 676055 519401 156654 77636 21750 63262 162648 -5994 C/O GREENWICH ACADEMY 200 N MAPLE GREENWICH CT 06830 true FINANCIAL AID 81 2752420 N/A N/A TUITION REMISSION 89 3313680 N/A N/A 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 TUITIONS 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 X X true true X X X X false false false false false false false true false MOLLY KING HEAD OF SCHOOL 536370 0 175000 0 24832 0 53750 0 97503 0 887455 0 0 0 DONNA MATHESON CFO 273926 0 0 0 495 0 27532 0 10423 0 312376 0 0 0 MARK FEINER ASSISTANT HEAD OF SCHOOL 285562 0 0 0 467 0 25609 0 61427 0 373065 0 0 0 DONNA BYRNES DIRECTOR OF ADVANCEMENT 259789 0 0 0 584 0 26252 0 22149 0 308774 0 0 0 REBECCA WALKER HEAD OF MIDDLE SCHOOL 237953 0 0 0 426 0 19448 0 113293 0 371120 0 0 0 THOMAS SULIVAN HEAD OF UPPER SCHOOL 233143 0 0 0 0 0 19448 0 52217 0 304808 0 0 0 ABBY KATZ DIRECTOR OF ADMISSIONS & AID 135883 0 0 0 361 0 14609 0 92927 0 243780 0 0 0 JON ROSS-WILEY HEAD OF LOWER SCHOOL 167361 0 0 0 0 0 15708 0 89657 0 272726 0 0 0 KATHERINE SCHULZE DIRECTOR OF TECHNOLOGY 126470 0 0 0 0 0 13325 0 95237 0 235032 0 0 0 ADDITIONAL INFORMATION HOUSING: THE GREENWICH ACADEMY PROVIDES HOUSING ALLOWANCES AS A CONDITION OF EMPLOYMENT FOR MOLLY KING, HEAD OF SCHOOL. THE FAIR VALUE OF THE HOUSING ALLOWANCE 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. THE FAIR VALUE OF THE SERVICES IS INCLUDED AS A NONTAXABLE BENEFIT ON SCHEDULE J, PART II, COLUMN (D). COMPANION TRAVEL: THE HEAD OF THE SCHOOL RECEIVED TRAVEL ALLOWANCES FOR COMPANION TRAVEL DURING 2014. THE AMOUNT IS INCLUDED AS A TAXABLE BENEFIT ON SCHEDULE J, COLUMN B(III). DISCRETIONARY SPENDING ACCOUNT: THE HEAD OF THE SCHOOL HAS A FUND TO USE FOR THE BENEFIT OF THE SCHOOL. IT IS TYPICALLY USED FOR EMPLOYEE APPRECIATION, FLOWERS FOR ILLNESS OR SYMPATHY GIFTS. 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 CHFA 2007 - SERIES E 060806186 20774ULB9 2007-03-22 30346648 REFUND OF OUTSTANDING BALANCE false false false A 0 0 30456648 0 0 0 397692 960749 0 0 29098207 0 2002 false true true true A 0 A false false true false false false 0 false 0 false false A false 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 SERIES B BONDS. SCHEDULE K, PART IV, QUESTION 7 AND PART V GREENWICH ACADEMY HAS WRITTEN PROCEDURES IN PLACE TO MONITOR POST ISSUANCE COMPLIANCE REPORTING WITH FEDERAL TAX REQUIREMENTS. THESE WRITTEN PROCEDURES MONITOR POTENTIAL PRIVATE BUSINESS USE ACTIVITIES AND ARBITRAGE REBATE CALCULATIONS AS REQUIRED BY FEDERAL STATUTORY REQUIREMENTS. THE ACADEMY HAS ADDED WRITTEN PROCEDURES TO UTILIZE THE VOLUNTARY CLOSING AGREEMENT PROCESS IN CASES WHERE SELF-REMEDIATION IS NOT AVAILABLE UNDER APPLICABLE REGULATIONS. THESE PROCEDURES INCLUDE THE REQUIREMENT FOR IDENTIFICATION AND IMMEDIATE REPORTING CORRECTIVE ACTIONS. X 50 1640858 FMV X 1 200568 FMV false true false PART I, LINE 9B NUMBER OF CONTRIBUTORS THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. FORM 990, PART III, LINE 1 ORGANIZATION'S MISSION 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." FORM 990, PART VI, LINE 1 MEMBERS OF ORGANIZATION THE MEMBERS OF THE GREENWICH ACADEMY ARE THE PARENTS AND GUARDIANS OF CHILDREN CURRENTLY ENROLLED IN THE SCHOOL. THE MEMBERS ELECT BETWEEN 21 AND 32 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 YEARS FINANCIAL OPERATIONS. 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 11 FORM 990 REVIEW THE MEMBERS OF THE AUDIT COMMITTEE WILL RECEIVE A COPY AND REVIEW THE COMPLETE FORM 990 WITHOUT SCHEDULE B. 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 12 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 15 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 AND OTHER ORGANIZATIONS' FORM 990. 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 REGARDING COMPENSATION. 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 X, LINE 15 AND 20 RECLASSIFICATION OF BOND ISSUANCE COSTS FOR FINANCIAL STATEMENT PURPOSES, THE TREATMENT OF BOND ISSUANCE COSTS HAS CHANGED IN 2014. PREVIOUSLY, BOND ISSUANCE COSTS WERE CLASSIFIED AS "OTHER ASSETS." BEGINNING WITH THE FINANCIAL STATEMENTS ISSUED FOR THE YEAR ENDED 6/30/2015, BOND ISSUANCE COSTS WILL BE NETTED AGAINST BONDS PAYABLE. THE COMPARATIVE 6/30/2014 BALANCE SHEET WAS RESTATED FOR FINANCIAL STATEMENT PURPOSES TO REFLECT THIS CHANGE. THE SAME CHANGE AND PRIOR PERIOD RESTATEMENT ARE REPORTED ON THIS TAX RETURN FOR CONSISTENCY. THE BOND ISSUANCE COSTS HAVE BEEN RECLASSIFIED OUTO F LINE 15, OTHER ASSETS, AND HAVE BEEN NETTED AGAINST LINE 20, TAX EXEMPT BOND LIABILITIES, IN COLUMNS (A) AND (B).