2017-05-15T09:01:00-05:00 2016-06-30 KPMG LLP One Financial Plaza Hartford CT 061032608 990 2015-07-01 060653118 The Greenwich Academy Inc % ANDREA SABITSANA GREE 2036258900 200 NORTH MAPLE AVENUE GREENWICH CT 068304799 ANDREA SABITSANA CFO 2035524408 2017-05-15 true MARY-EVELYN ANTONETTI P00431862 8605223200 2017-05-12 2015 2021-01-29 14:40:06Z MOLLY H KING 200 NORTH MAPLE AVENUE GREENWICH CT 068304799 54162374 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. 31 31 214 340 700554 72937 9197983 15412555 33574506 34365318 698564 -35403 565923 624245 44036976 50366715 6066100 6144827 0 0 21586104 22432182 0 0 1494653 15117086 15977040 42769290 44554049 1267686 5812666 201753835 206342120 43822177 43591655 157931658 162750465 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 36752177 6144827 34365318 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 214 full time and part time faculty and staff. 36752177 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 true false true false false false false false false false false true 208 0 true 214 true true true false false false false true true false false false false X 31 31 false false false false true true true true true false false false true true true true true true false false X ANDREA SABITSANA 2035524408 200 North Maple Avenue Greenwich CT 06830 MOLLY KING HEAD OF SCHOOL 40.0 0.0 X X 746431 0 212800 J TIMOTHY MORRIS CHAIRMAN 15.0 0.0 X X 0 0 0 TIM ARMSTRONG TRUSTEE (AS OF 7/1/15) 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 1.0 0.0 X 0 0 0 REX RK CHUNG TRUSTEE 1.0 0.0 X 0 0 0 THOMAS DUNN TRUSTEE 1.0 0.0 X 0 0 0 MARY DUTY TRUSTEE (AS OF 7/1/15) 1.0 0.0 X 0 0 0 HELEN CUTTING FITZGERALD TRUSTEE 1.0 0.0 X 0 0 0 MICHAEL A HYMAN TRUSTEE (AS OF 7/1/15) 1.0 0.0 X 0 0 0 ALEXANDER E JACKSON TRUSTEE 1.0 0.0 X 0 0 0 RENE M KERN SECRETARY 5.0 0.0 X X 0 0 0 SUSAN REYNOLDS LEHMAN TRUSTEE 1.0 0.0 X 0 0 0 ELIZABETH DARST LEYKUM TRUSTEE 1.0 0.0 X 0 0 0 SONNET G MCKINNON TRUSTEE 1.0 0.0 X 0 0 0 CHRISTIAN MEISSNER TRUSTEE 1.0 0.0 X 0 0 0 ANDRA WINOKUR NEWMAN TRUSTEE (AS OF 7/1/15) 1.0 0.0 X 0 0 0 LINDA D O'NEILL TRUSTEE 1.0 0.0 X 0 0 0 BARNETT D OSMAN TRUSTEE 1.0 0.0 X 0 0 0 CRAIG W PACKER TREASURER 5.0 0.0 X X 0 0 0 FREDERIC B POWERS III TRUSTEE 1.0 0.0 X 0 0 0 LINDA C REALS TRUSTEE 1.0 0.0 X 0 0 0 GREGORY T ROGERS TRUSTEE (AS OF 7/1/15) 1.0 0.0 X 0 0 0 HEATHER JOHNSON SARGENT TRUSTEE 1.0 0.0 X 0 0 0 LAUREN BERKLEY SAUNDERS VICE CHAIR 1.0 0.0 X X 0 0 0 DAVID I STEMERMAN VICE CHAIR 5.0 0.0 X X 0 0 0 FRANCINE TRAMONTANO TRUSTEE (AS OF 7/1/15) 1.0 0.0 X 0 0 0 PRIYA G TRAUBER TRUSTEE 1.0 0.0 X 0 0 0 JANETTE CR VAN DER WEIJDEN TRUSTEE (AS OF 7/1/15) 1.0 0.0 X 0 0 0 ROBERT R WAHL TRUSTEE (AS OF 7/1/15) 1.0 0.0 X 0 0 0 JEFFREY A WOLFSON VICE CHAIR 1.0 0.0 X X 0 0 0 DONNA MATHESON CFO (THROUGH 6/30/16) 40.0 0.0 X 288834 0 39321 MARK FEINER ASSOCIATE HEAD OF SCHOOL 40.0 0.0 X 335593 0 88472 DONNA BYRNES DIRECTOR OF ADVANCEMENT 40.0 0.0 X 274242 0 51273 REBECCA WALKER HEAD OF MIDDLE SCHOOL 40.0 0.0 X 252115 0 137621 THOMAS SULLIVAN HEAD OF UPPER SCHOOL 40.0 0.0 X 247153 0 109335 JON ROSS-WILEY HEAD OF LOWER SCHOOL 40.0 0.0 X 176406 0 105710 PATRICK DWYER CO-DIRECTOR OF COLLEGE CNSLG 40.0 0.0 X 149896 0 96662 ABBY KATZ DIRECTOR OF ADMISSIONS & AID 40.0 0.0 X 141185 0 110411 2611855 0 951605 89 false true false Turner Construction Company 50 Waterview Drive Suite 220 Shelton CT 06484 Construction 3309682 Sodexo PO BOX 360170 Pittsburgh PA 15251 Facilities Contract 2044436 FLIK-Compass Group 2400 Yorkmont Road Charlotte NC 28217 Dining Services 1011846 Cebulski Construction Company Inc 651 Lindley Street Bridgeport CT 06606 Construction 970305 New England Masonry Roofing Co 146 Sheridan Drive Naugatuck CT 06770 Construction 382992 14 X 183580 15228975 769448 15412555 TUITION AND FEES 611710 30775231 30775231 OTHER PROGRAMS AND ACTIVITIES FEES 900099 3590087 2889533 700554 34365318 30813 30813 0 0 408982 124999 283983 0 283983 283983 3189847 12500 3218563 50000 -28716 -37500 -66216 -66216 20325 183580 108319 -87994 -87994 0 372886 293778 79108 79108 Miscellaneous 900099 349148 349148 349148 50366715 33664764 700554 588842 0 6144827 6144827 0 0 2036965 1629571 305545 101849 194324 152867 31457 10000 15865903 12436910 2635878 793115 1433896 1063283 296443 74170 1654570 1346028 214040 94502 1246524 1038941 153592 53991 24611 24611 19482 19482 200091 200091 0 0 390140 390140 1489475 1037556 399776 52143 0 2582891 2291110 244326 47455 0 0 3049703 2857232 128977 63494 0 0 306203 275583 24496 6124 1300075 1300075 0 4466005 4019405 357280 89320 359394 352206 7188 EARLY CHILDHOOD/SUMMER PGMS 418239 418239 PARENTS ASSOCIATION 411937 411937 MAINTENANCE FOR COWAN CENTER 335042 335042 CAPITAL CAMPAIGN 34799 34799 588953 405508 116942 66503 44554049 36752177 6307219 1494653 X 2000 2000 21910832 24155130 11139691 16047838 818270 789643 0 0 0 0 1166896 810074 193570 202698 580358 284346 126876184 53301946 72728166 73574238 23154226 22639064 70059826 67837089 0 0 0 0 0 0 201753835 206342120 4392225 4126155 0 0 11959601 12824908 27470351 26640592 0 0 0 0 0 0 0 0 0 0 43822177 43591655 X 117959337 120140588 22023339 14546068 17948982 28063809 157931658 162750465 201753835 206342120 X 5812666 -993859 X false true X true false X 18034074 13451800 19586998 9197983 15412555 75683410 0 0 18034074 13451800 19586998 9197983 15412555 75683410 9471854 66211556 1869422 1646837 336575 472371 439795 4765000 120823 93139 158946 265537 253531 891976 276228 301546 135596 166180 349148 1228698 82569084 157064244 0.80189 0.84540 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false 92653580 5106073 -1381903 4325072 92052678 83944580 8627439 5644525 5562964 92653580 79043477 13813300 4601106 13513303 83944580 68065945 9082886 4971525 3076879 79043477 71702555 6536309 5235920 15408839 68065945 0.73691 0.19883 0.06426 false false 9055307 9055307 96250375 39154514 57095861 10607037 8333121 2273916 10963465 5814311 5149154 73574238 FIXED INCOME 19328384 F GLOBAL EQUITY 29532469 F MULTISTRATEGY HEDGE FUNDS 7982245 F REAL ASSETS 5541940 F PRIVATE EQUITY 2426167 F MONEY MARKET FUND 3025884 F 67837089 0 0 X 46679521 -993859 527096 -466763 47146284 390140 2830291 3220431 50366715 41860714 564596 564596 41296118 390140 2867791 3257931 44554049 PART V, LINE 4 USE OF ENDOWMENT FUNDS THE ACADEMY'S ENDOWMENTS CONSIST OF APPROXIMATELY 50 INDIVIDUAL DONOR RESTRICTED FUNDS AND 23 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, 2016 AND 2015. PART XI, LINE 2D OTHER REVENUE IN FORM 990 PART VIII BUT NOT IN AUDITED FINANCIAL STATEMENTS BOOKSTORE COST OF GOODS SOLD $ 293,778 RENTAL EXPENSES $ 124,999 SPECIAL EVENT EXPENSES $ 108,319 ------------ TOTAL $ 527,096 PART XI, LINE 4B OTHER AMOUNTS IN FORM 990 PART VIII BUT NOT IN AUDITED FINANCIAL STATEMENTS FINANCIAL AID GRANT: $ 2,867,791 LOSS ON DISPOSAL OF FIXED ASSETS: (37,500) ------------- $ 2,830,291 PART XII, LINE 2D OTHER EXPENSES IN AUDITED FINANCIAL STATEMENTS BUT NOT IN FORM 990 PART IX LOSS ON DISPOSAL OF FIXED ASSETS: $ 564,596 BOOKSTORE COST OF GOODS SOLD: 293,778 RENTAL EXPENSES: 124,999 SPECIAL EVENT EXPENSES: 108,319 ----------- TOTAL $ 564,596 PART XII, LINE 4B OTHER EXPENSES IN FORM 990 PART IX BUT NOT IN AUDITED FINANCIAL STATEMENTS FINANCIAL AID GRANT: $ 2,867,791 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 30709719 30709719 30709719 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. CT GAPA Benefit 203905 183580 20325 70969 13050 24300 0 203905 183580 20325 70969 13050 24300 108319 -87994 C/O GREENWICH ACADEMY 200 N MAPLE GREENWICH CT 06830 true Financial Aid 82 2867791 N/A N/A Tuition Remission 83 3277036 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 true true X X X X false true false false false false false true false MOLLY KING HEAD OF SCHOOL 549145 0 175000 0 22286 0 116500 0 96300 0 959231 0 0 0 DONNA MATHESON CFO (THROUGH 6/30/16) 288339 0 0 0 495 0 29000 0 10321 0 328155 0 0 0 MARK FEINER ASSOCIATE HEAD OF SCHOOL 335126 0 0 0 467 0 28350 0 60122 0 424065 0 0 0 DONNA BYRNES DIRECTOR OF ADVANCEMENT 273658 0 0 0 584 0 27744 0 23529 0 325515 0 0 0 REBECCA WALKER HEAD OF MIDDLE SCHOOL 251689 0 0 0 426 0 20903 0 116718 0 389736 0 0 0 THOMAS SULLIVAN HEAD OF UPPER SCHOOL 247153 0 0 0 0 0 20903 0 88432 0 356488 0 0 0 JON ROSS-WILEY HEAD OF LOWER SCHOOL 176406 0 0 0 0 0 16508 0 89202 0 282116 0 0 0 PATRICK DWYER CO-DIRECTOR OF COLLEGE CNSLG 149896 0 0 0 0 0 14776 0 81886 0 246558 0 0 0 ABBY KATZ DIRECTOR OF ADMISSIONS & AID 140824 0 0 0 361 0 15119 0 95292 0 251596 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). SCHEDULE J, PART I, LINE 4B NON-QUALIFIED RETIREMENT PLANS: DURING THE YEAR ENDED JUNE 30, 2016 THE ACADEMY MADE A PAYMENT TO MOLLY H. KING AS A PART OF A NONQUALIFIED RETIREMEMNT PLAN IN THE AMOUNT OF $61,500. AS REQUIRED, THIS PAYMENT HAS BEEN REPORTED ON SCHEDULE J, PART II, COLUMN (C). SCHEDULE J, 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 30346648 REFUND OF 2001 BOND ISSUE false false false A 0 0 30346648 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 true A true 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. ELIZABETH FEINER MARK FEINER, KEY EMPLOYEE 194324 COMPENSATION false X 41 645730 FMV X 1 123718 FMV 1 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 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 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.