2026-04-23T12:59:09-05:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 29 S MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2024-07-01 042103563 TRUSTEES OF DEERFIELD ACADEMY TRUS 4137740241 PO BOX 87 DEERFIELD MA 013420087 MATTHEW SHEEHY CFO 4137740241 2026-04-16 1 0 JOHN TOSCANO P00358542 8605614000 2026-04-16 2024 2025-03-06 01:10:19Z DR JOHN PN AUSTIN PO BOX 87 DEERFIELD MA 013420087 234892149 0 1 X WWW.DEERFIELD.EDU X 1797 MA DEERFIELD ACADEMY IS AN INDEPENDENT SECONDARY SCHOOL COMMITTED TO HIGH STANDARDS OF SCHOLARSHIP, CITIZENSHIP, AND PERSONAL RESPONSIBILITY. THROUGH A RIGOROUS LIBERAL ARTS CURRICULUM, EXTENSIVE CO-CURRICULAR PROGRAM, AND SUPPORTIVE RESIDENTIAL ENVIRONMENT, DEERFIELD ENCOURAGES EACH STUDENT TO DEVELOP AN INQUISITIVE AND CREATIVE MIND, SOUND BODY, AND STRONG MORAL CHARACTER. 29 27 713 440 3326914 2407170 37194713 79074945 47083730 49184535 17936065 22662690 1177964 811252 103392472 151733422 15301856 15940403 0 0 43162981 44839557 67871 44500 8771746 38834673 38433489 97367381 99257949 6025091 52475473 1412554544 1561759917 199432264 202248323 1213122280 1359511594 X DEERFIELD ACADEMY IS AN INDEPENDENT SECONDARY SCHOOL COMMITTED TO HIGH STANDARDS OF SCHOLARSHIP, CITIZENSHIP, AND PERSONAL RESPONSIBILITY. THROUGH A RIGOROUS LIBERAL ARTS CURRICULUM, EXTENSIVE CO-CURRICULAR PROGRAM, AND SUPPORTIVE RESIDENTIAL ENVIRONMENT, DEERFIELD ENCOURAGES EACH STUDENT TO DEVELOP AN INQUISITIVE AND CREATIVE MIND, SOUND BODY, AND STRONG MORAL CHARACTER. 0 0 76507232 15940403 49660654 DURING THE 2024-2025 ACADEMIC YEAR, 581 BOARDING AND 73 DAY STUDENTS WERE ENROLLED AT DEERFIELD ACADEMY. OUR PROGRAMS OF SECONDARY EDUCATION (GRADES 9-12) INCLUDE THE DEVELOPMENT OF OUR STUDENTS' ACADEMIC AND SCHOLARSHIP SKILLS, CITIZENSHIP AND CHARACTER. COMMUNITY SERVICE, ATHLETIC PROGRAMS AND EXTRA-CURRICULAR ACTIVITIES ARE INTEGRATED AS A PART OF THE SCHOOL'S LONGSTANDING INTELLECTUAL AND MORAL TRADITION. 76507232 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 1 0 1 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 0 0 0 0 1 233 0 713 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 29 27 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 MA X GREG ROLLAND 4137741412 PO BOX 87 DEERFIELD MA 013420087 AUSTIN JOHN HEAD OF SCHOOL/TRUSTEE 60.00 X X 1008711 0 227682 GOVI LEILA PRESIDENT 8.00 X X 0 0 0 FLEMING SR GREGORY VICE PRESIDENT/TREASURER 5.00 X X 0 0 0 MCINERNEY MARK SECRETARY 3.00 X X 0 0 0 ANDERSON GARY TRUSTEE 2.00 X 0 0 0 BAKER II FRANK TRUSTEE 2.00 X 0 0 0 BRENNAN SETH TRUSTEE 2.00 X 0 0 0 CHEN YILUN TRUSTEE 2.00 X 0 0 0 CLARK BENJAMIN TRUSTEE 2.00 X 0 0 0 COLEMAN LINDSEY TRUSTEE 2.00 X 0 0 0 GREENHILL JOSHUA TRUSTEE 2.00 X 0 0 0 HALPIN CHRISTOPHER TRUSTEE 2.00 X 0 0 0 IDEHEN JR FRANCIS TRUSTEE 2.00 X 0 0 0 JOHNSON MARC TRUSTEE 2.00 X 0 0 0 LASHER ROBERT TRUSTEE 2.00 X 0 0 0 LAVELY VANESSA TRUSTEE 2.00 X 0 0 0 LEIST ELIZABETH TRUSTEE 2.00 X 0 0 0 LIPMAN GUSTAVE TRUSTEE 2.00 X 0 0 0 MEAD JR DANA TRUSTEE 2.00 X 0 0 0 NEWTON DIANA TRUSTEE 2.00 X 0 0 0 PARKER C ALLEN TRUSTEE 2.00 X 0 0 0 QUAZZO STEPHEN TRUSTEE 2.00 X 0 0 0 ROBERTS JANICE TRUSTEE 2.00 X 0 0 0 SIMONDS CARTER TRUSTEE 2.00 X 0 0 0 TANG DANA TRUSTEE 2.00 X 0 0 0 ULLYOT THEODORE TRUSTEE 2.00 X 0 0 0 WEYMOUTH ELIZABETH TRUSTEE 2.00 X 0 0 0 WHITTON CAROLINE TRUSTEE 2.00 X 0 0 0 YAU FREDERICK TRUSTEE 2.00 X 0 0 0 SHEEHY MATTHEW CFO 60.00 X 341241 0 82757 RAMSAY CHARLES CHIEF ADVANCEMENT OFFICER 60.00 X 411182 0 93704 BENSON BRYANT DIR OF MEDICAL SERVICES 60.00 X 213352 0 91312 SHELBURNE ERIKA DIR OF INTL. ADVANCEMENT 60.00 X 235981 0 42451 GALLI JEFFREY DIRECTOR OF OPERATIONS 60.00 X 197390 0 149158 CREAGH AMIE ASSOC HOS FOR STUDENT 60.00 X 212165 0 60160 DAVIS CHARLES DEAN OF ADMISSION 60.00 X 203921 0 53448 2823943 0 800672 40 0 1 0 FONTAINE BROS INC 510 COTTAGE STREET SPRINGFIELD MA 01104 CONSTRUCTION SERVICES 37171538 MCGRATH RENTCORP 131 W JEFFERSON AVENUE STE 223 NAPERVILLE IL 60540 LEASE SERVICES 3307156 ARC 501 BOYLSTON ST BOSTON MA 02116 CONSTRUCTION SERVICES 2606041 DANNY J HASELTON INC 163 WELLS ST GREENFIELD MA 01301 ELECTRICIAN SERVICES 759793 RAD CORP 171 VFW DRIVE ROCKLAND MA 02370 TURF REPAIR 556966 29 79074945 2148426 79074945 TUITION AND FEES 611110 46114740 46114740 AUXILIARY PROGRAMS 611110 2206990 2206990 SUMMER EDUCATION 611110 862805 862805 49184535 8418297 204222 8214075 96912018 82667625 14244393 14244393 3073524 11170869 967221 491102 476119 476119 OTHER REVENUE 900099 291971 13774 278197 SPORTS CAMPS 900099 30186 30186 DINING HALL REVENUE 900099 12976 5208 7768 335133 151733422 49660654 3326914 19670909 412581 412581 15527822 15527822 2382902 306731 1116187 959984 259116 23550 51013 184553 30031418 21561536 4813508 3656374 3004660 2015534 577602 411524 6643965 4860818 998447 784700 2517496 1748466 462661 306369 339213 339213 73777 73777 44500 44500 766889 766889 1073219 557104 96386 419729 26654 10608 5797 10249 1106141 589367 425137 91637 1748239 731023 899271 117945 5304694 4757870 499198 47626 2825568 2205416 159283 460869 676918 499047 111591 66280 6176880 6176880 9362612 8845627 428441 88544 1250913 1250913 FOOD 2267222 1908103 55896 303223 EQUIPMENT 1627253 1080707 355974 190572 PUBLICATIONS 466853 65549 152922 248382 TEXTBOOKS 326850 323023 2218 1609 3013594 2299870 336647 377077 99257949 76507232 13978971 8771746 50989 21550 107949309 75243624 29458552 59778290 102656 207111 414694 406582 1016324 2092774 463415208 109198566 309989238 354216642 67689126 99411871 891309830 969355109 4573826 1026364 1412554544 1561759917 10195244 19356341 3344786 3797984 154180288 150882363 25000000 25000000 6711946 3211635 199432264 202248323 X 536445926 565021903 676676354 794489691 1213122280 1359511594 1412554544 1561759917 52475473 93913841 0 X 0 1 X 1 0 X 36305649 101979766 16910913 37194713 79074945 271465986 36305649 101979766 16910913 37194713 79074945 271465986 89084793 182381193 4166261 2084741 3272789 8493404 8214075 26231270 3359221 3519765 1133520 650627 3326914 11990047 1087945 63989 196791 673976 285965 2308666 311995969 229129237 0.58460 0.51460 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: DINING HALL REVENUE - 2021 AMOUNT: $ 12,937. 2022 AMOUNT: $ 12,227. 2023 AMOUNT: $ 11,482. 2024 AMOUNT: $ 7,768. OTHER REVENUE - 2020 AMOUNT: $ 69,258. 2021 AMOUNT: $ 51,052. 2022 AMOUNT: $ 184,564. 2023 AMOUNT: $ 662,494. 2024 AMOUNT: $ 278,197. GAIN ON BOND REFINANCING - 2020 AMOUNT: $ 1,018,687. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X EDUCATION 0 919215341 17373661 107604127 12238331 25174669 1006780129 846834517 11477985 95335177 11442311 22990027 919215341 791274093 14654099 71255910 10105710 20243875 846834517 863553463 104299240 -148598735 10031118 17948757 791274093 632329934 25616179 231963328 9707258 16648720 863553463 0.33450 0.66550 0.00000 1 0 7018333 7018333 351481291 92604001 258877290 15855803 10212861 5642942 89059781 6381704 82678077 354216642 INVESTMENTS IN LIMITED PARTNERSHIPS AND ALTERNATIVE ASSETS 969355109 F 969355109 LIFE INCOME OBLIGATIONS 1977140 LEASE LIABILITY- OPERATING 987495 UBI TAX LIABILITY 247000 3211635 230134811 93913841 -14556683 79357158 150777653 766889 188880 955769 151733422 83745497 491102 491102 83254395 766889 15236665 16003554 99257949 PART III, LINE 1A: CONTRIBUTIONS OF ASSETS OTHER THAN CASH ARE RECORDED AT THEIR ESTIMATED FAIR VALUE AT THE DATE OF GIFT EXCEPT THAT CONTRIBUTIONS OF WORKS OF ART, HISTORICAL TREASURES AND SIMILAR ASSETS HELD AS PART OF COLLECTIONS ARE NOT RECOGNIZED OR CAPITALIZED. PART III, LINE 4: DEERFIELD ACADEMY MAINTAINS A COLLECTION OF ART AND HISTORICAL ITEMS FOR USE IN ITS ADVANCEMENT OF STUDENT EDUCATION AND AS A RESOURCE FOR THE STUDY AND EXPLORATION OF ART, HISTORY, CULTURE, CURRENT AFFAIRS, AESTHETICS, AND MEDIA. PART V, LINE 4: ENDOWMENT FUNDS ARE FOR FINANCIAL AID, FACULTY SALARIES, PROFESSIONAL DEVELOPMENT, GENERAL OPERATIONS, AND OTHER. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 491,102. FINANCIAL AID & TUITION REMISSION -15,047,785. PART XI, LINE 4B - OTHER ADJUSTMENTS: UNRELATED BUSINESS INCOME TAXES INCLUDED IN NET INVESTMENT RETURN 188,880. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 491,102. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID & TUITION REMISSION 15,047,785. UNRELATED BUSINESS INCOME TAXES INCLUDED IN NET INVESTMENT RETURN 188,880. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATION STATEMENT IS AVAILABLE ON OUR WEBSITE. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 31385380 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 722977 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 RECRUITMENT AND DEVELOPMENT 2607 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 RECRUITMENT AND DEVELOPMENT 32853 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICE STUDY ABROAD/STUDENT TRAVEL 138740 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICE STUDENT TRAVEL 110070 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 PROGRAM SERVICE STUDENT TRAVEL 27080 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICE STUDENT TRAVEL 56115 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICE STUDENT TRAVEL 63920 0 0 0 0 0 0 32475822 63920 32539742 1 0 1 1 1 0 PART I, LINE 3: ACCRUAL BASIS IS USED TO ACCOUNT FOR EXPENDITURES. X X X X 1 RONALD JOYCE 309 OAKWOOD DR S YARMOUTH ME 04096 CAMPAIGN PLANNING CONSULTANT 0 0 17399 0 LIBRETTO INC PO BOX 215 PITTSFIELD MA 03263 CAMPAIGN PLANNING CONSULTANT 0 0 30000 0 47399 1 TOWN OF DEERFIELD 8 CONWAY STREET SOUTH DEERFIELD MA 01373 115 250000 58402 COST OUT-OF-POCKET WHILE PROVIDING SERVICES GENERAL SUPPORT DEERFIELD AREA FIRE PROTECTION DISTRICT 82 OLD MAIN STREET DEERFIELD MA 01342 501(C)(4) 25000 0 GENERAL SUPPORT UNITED WAY OF FRANKLIN COUNTY 51 DAVIS STREET SUITE 2 GREENFIELD MA 01301 042212894 501(C)(3) 13637 0 GENERAL SUPPORT SECOND HELPINGS CO EPISCOPAL CHURCH OF SAINTS JAMES AND ANDREW 8 CHURCH STREET GREENFIELD MA 01301 833210345 501(C)(3) 0 31779 COST OUT-OF-POCKET WHILE PROVIDING SERVICES GENERAL SUPPORT BIG BROTHERSBIG SISTERS OF FRANKLIN COUNTY 16 COURT SQUARE GREENFIELD MA 01301 042491950 501(C)(3) 10000 6456 COST OUT-OF-POCKET WHILE PROVIDING SERVICES GENERAL SUPPORT HISTORIC DEERFIELD 80 OLD MAIN STREET DEERFIELD MA 01342 501(C)(3) 10000 0 GENERAL SUPPORT 5 1 SCHOLARSHIPS 252 0 14396785 CASH VALUE TUITION & FEES OTHER STUDENT SUPPORT 97 0 1131037 CASH VALUE OTHER STUDENT SUPPORT PART I, LINE 2: GRANTS ARE NEEDS-BASED FINANCIAL AID AND ARE PROVIDED VIA A REDUCTION IN TUITION. X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 AUSTIN JOHN HEAD OF SCHOOL/TRUSTEE 791807 0 0 0 216904 0 140437 0 87245 0 1236393 0 0 0 RAMSAY CHARLES CHIEF ADVANCEMENT OFFICER 388432 0 0 0 22750 0 43857 0 49847 0 504886 0 0 0 SHEEHY MATTHEW CFO 341241 0 0 0 0 0 44857 0 37900 0 423998 0 0 0 GALLI JEFFREY DIRECTOR OF OPERATIONS 174890 0 0 0 22500 0 25616 0 123542 0 346548 0 0 0 BENSON BRYANT DIR OF MEDICAL SERVICES 213352 0 0 0 0 0 27789 0 63523 0 304664 0 0 0 SHELBURNE ERIKA DIR OF INTL. ADVANCEMENT 217981 0 0 0 18000 0 30650 0 11801 0 278432 0 0 0 CREAGH AMIE ASSOC HOS FOR STUDENT 210365 0 0 0 1800 0 26740 0 33420 0 272325 0 0 0 DAVIS CHARLES DEAN OF ADMISSION 189521 0 0 0 14400 0 26520 0 26928 0 257369 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS ALLOWED FOR INTERNATIONAL TRIPS ONLY OR WITH SPECIAL APPROVAL FROM THE CFO OR HEAD OF SCHOOL. CERTAIN PERSONAL SERVICES ARE PROVIDED TO THE HEAD OF SCHOOL AND SPOUSE TO ASSIST THEM IN FULFILLING THEIR RESPONSIBILITIES AND DUTIES TO THE ACADEMY. THESE POLICIES ARE IN WRITING. EMPLOYEES WHO ARE PROVIDED HOUSING ARE REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT. THESE HOMES ARE AVAILABLE FOR HOUSING VISITORS AND FOR OTHER USES DURING SCHOOL SPONSORED EVENTS AND ARE INCLUDED AS NONTAXABLE BENEFITS. PART I, LINE 4B JOHN AUSTIN PARTICIPATES IN A 457(F) PLAN. A MA DEVELOPMENT FINANCE AGENCY 043431814 2020-07-22 60615000 REFUNDING OF SERIES 2010 BONDS AND FOR ANTICIPATED CONSTRUCTION PROJECT 0 0 0 B MA DEVELOPMENT FINANCE AGENCY 043431814 57584Y7A1 2023-09-06 100729240 TO FUND NEW CONSTRUCTION PROJECTS 0 0 0 A 60615000 39351000 195577 21068423 2022 1 0 1 1 B 100160908 7001292 729240 66151680 26278696 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 0 0 0 1 0 0 0 0 1 B 0 0 0 1 0 0 0 0 1 A 1 B 1 DATE REBATE COMPUTATION PERFORMED ISSUER NAME: MA DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 08/19/2025 ISSUER NAME: MA DEVELOPMENT FINANCE AGENCY DATE THE REBATE COMPUTATION WAS PERFORMED: 11/17/2025 ELIZABETH DICKSON SIBLING OF TRUSTEE MEMBER 184553 TOTAL COMPENSATION AND BENEFITS AS DIRECTOR OF ADVANCEMENT. 0 LORI CLARK SPOUSE OF TRUSTEE MEMBER 23550 TOTAL COMPENSATION AND BENEFITS AS VIS. & PERF. ARTS TEACHER 0 MONICA MATOUK SPOUSE OF HEAD OF SCHOOL 51013 TOTAL COMPENSATION AND BENEFITS AS ENGLISH TEACHER 0 X 82 2234045 FAIR VALUE X 1 75000 FAIR VALUE X FOOD SPACE/RECEPTION 2 10617 FAIR VALUE 0 0 1 0 PART I, COLUMN (B): THE AMOUNTS REPORTED IN COLUMN (B) REPRESENT THE NUMBER OF ITEMS DONATED. FORM 990, PART VI, SECTION A, LINE 1A THE ACADEMY'S BOARD OF TRUSTEES HAS DELEGATED BROAD AUTHORITY TO THE ENDOWMENT COMMITTEE TO TRANSACT ON ITS BEHALF. THE COMMITTEE HAS TEN MEMBERS, OF WHICH FIVE ARE ALSO TRUSTEES. THE REMAINING FIVE ARE SOLELY COMMITTEE MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B COPIES OF THIS FORM 990 WERE SENT TO THE AUDIT COMMITTEE AND THE BOARD PRESIDENT, VICE PRESIDENT AND TREASURER, WHICH REPRESENTS APPROXIMATELY 30% OF THE ENTIRE BOARD. PRIOR TO FILING, A MEETING WITH THE AUDIT COMMITTEE MEMBERS AND MANAGEMENT TOOK PLACE IN ORDER TO REVIEW THE RETURN AND ANSWER ALL QUESTIONS. THIS FORM 990, EXCLUDING SCHEDULE B, SCHEDULE OF CONTRIBUTORS, WAS PROVIDED TO ALL OTHER MEMBERS OF THE BOARD FOR REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BY-LAWS PROHIBIT A TRUSTEE FROM VOTING, APPROVING, OR MAKING A RECOMMENDATION REGARDING A TRANSACTION BETWEEN THE ACADEMY AND AN ENTITY IN WHICH THE INDIVIDUAL OR A MEMBER OF HIS OR HER FAMILY HAS AN OWNERSHIP INTEREST. EACH TRUSTEE AND EACH ADMINISTRATOR SHALL COMPLETE AND FILE A CONFLICT OF INTEREST DISCLOSURE FORM WITH THE SECRETARY OF THE BOARD ANNUALLY, WHICH IS REVIEWED BY THE AUDIT COMMITTEE. POTENTIAL CONFLICTS ARE BROUGHT TO THE ATTENTION OF THE PRESIDENT AND THE CHAIR OF THE BOARD OF TRUSTEE. IF THE HEAD OF SCHOOL OR PRESIDENT OF THE BOARD OF TRUSTEES DETERMINES THAT THERE IS A POTENTIAL CONFLICT WITH RESPECT TO A TRUSTEE, THE MATTER SHALL BE REPORTED TO THE AUDIT COMMITTEE AND THE AFFECTED TRUSTEE SHALL AGREE TO ANSWER ANY QUESTIONS FROM OTHER BOARD MEMBERS ABOUT THE MATTER. IF THE AFFECTED TRUSTEE IS A MEMBER OF THE AUDIT COMMITTEE, THE TRUSTEE SHALL NOT BE COUNTED FOR THE PURPOSES OF A QUORUM NOR SHALL THE TRUSTEE PARTICIPATE IN THE COMMITTEE'S DISCUSSIONS ABOUT THE TRANSACTION OR SHALL VOTE ON THE MATTER, AND THE SECRETARY SHALL NOTE IN THE MINUTES THAT THE AFFECTED TRUSTEE WITHDREW FROM DISCUSSION AND DID NOT VOTE ON THE ISSUE. IF THE HEAD OF SCHOOL AND PRESIDENT OF THE BOARD OF TRUSTEES DETERMINE THAT THERE IS A CONFLICT WITH RESPECT TO AN ADMINISTRATOR, THEY SHALL EXERCISE THEIR BEST JUDGMENT ABOUT THE APPROPRIATE COURSE TO FOLLOW. IN ANY CASE IN WHICH THE POTENTIAL CONFLICT INVOLVES EITHER THE HEAD OF SCHOOL OR THE PRESIDENT OF THE BOARD OF TRUSTEES, THE AFFECTED PARTY SHALL NOTIFY THE OTHER THROUGH THE SECRETARY OF THE BOARD, AND THE CONFLICT SHALL THEN BE REPORTED TO THE AUDIT COMMITTEE. IF THE MATTER INVOLVES THE PRESIDENT OF THE BOARD OF TRUSTEES, THE PRESIDENT SHALL NOT BE COUNTED FOR THE PURPOSES OF THE QUORUM, SHALL NOT PARTICIPATE IN THE COMMITTEE'S DISCUSSIONS ABOUT THE TRANSACTION AND SHALL NOT VOTE ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15A DEERFIELD ACADEMY'S BOARD OF TRUSTEES OVERSEES THE COMPENSATION OF THE ACADEMY'S TOP MANAGEMENT OFFICIALS. HEAD OF SCHOOL - THE COMPENSATION & PERSONNEL COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS SALARY AND PERQUISITE DATA FROM OTHER INDEPENDENT SCHOOLS FOR THE POSITION OF HEAD OF SCHOOL TO ENSURE COMPENSATION IS REASONABLE AND APPROPRIATE TO THE MARKET. MINUTES OF THE PERSONNEL & COMPENSATION COMMITTEE MEETING ARE MAINTAINED. SENIOR STAFF - THE HEAD OF SCHOOL REVIEWS, IN CONJUNCTION WITH THE PRESIDENT OF THE BOARD, SALARY AND PERQUISITE DATA FROM OTHER INDEPENDENT SCHOOLS FOR OTHER TOP MANAGEMENT OFFICIALS, TO ENSURE COMPENSATION IS REASONABLE AND APPROPRIATE TO THE MARKET. THE PROCESS WAS LAST COMPLETED IN SPRING 2025. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON WRITTEN REQUEST. DEERFIELD CARLYLE HOLDING LLC 1209 ORANGE STREET WILMINGTON DE 19801 UNFUNDED REAL ESTATE HOLDING COMPANY DE 0 0 TRUSTEES OF DEERFIELD ACADEMY