2026-05-12T03:56:17-05:00 2025-06-30 333709623 COHNREZNICK ADVISORY LLC 14 SYLVAN WAY PARSIPPANY NJ 070543801 990 2024-07-01 060653118 GREENWICH ACADEMY INC GREE 2036258900 200 NORTH MAPLE AVENUE GREENWICH CT 06830 ANDREA SABITSANA CFO 2036258900 2026-04-13 1 1 LAURA KIELCZEWSKI P00740769 9732283500 2026-05-11 2024 2025-03-06 01:10:19Z MARGARET HAZLETT 200 NORTH MAPLE AVENUE GREENWICH CT 06830 80541658 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 CHARACTER." 29 28 273 350 916099 0 10924097 8061627 46142117 47957942 16208064 4192058 702987 780925 73977265 60992552 4107267 4350038 0 0 36244460 37979892 0 0 2741411 19827851 20730350 60179578 63060280 13797687 -2067728 315820795 326299383 53140205 53717850 262680590 272581533 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.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." 0 0 50283541 4350038 47092901 GREENWICH ACADEMY IS A COLLEGE PREPARATORY DAY SCHOOL SERVING GIRLS IN GRADES PRE-KINDERGARTEN THROUGH GRADE 12. ALL EXPENDITURES FOR COMPENSATION AND OTHER EXPENSES ARE IN SUPPORT OF INSTRUCTIONAL AND INSTITUTIONAL ACTIVITIES. THIS INCLUDES THE INSTRUCTION OF APPROXIMATELY 820 GIRLS BY 220 FULL TIME AND PART TIME FACULTY AND STAFF. 50283541 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 1 176 0 1 273 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 29 28 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 ALEXANDER CAPTAIN TRUSTEE 1.00 X 0 0 0 ALEXANDRA STEEL SCOTT TRUSTEE 1.00 X 0 0 0 ANDRA WINOKUR NEWMAN CHAIRMAN 15.00 X X 0 0 0 ANDREA DE CHOLNOKY TRUSTEE 1.00 X 0 0 0 ANNE DAY THORP TRUSTEE 1.00 X 0 0 0 CAROLYN KIM ALLWIN TRUSTEE 1.00 X 0 0 0 CARTER BROOKS SIMONDS TRUSTEE 1.00 X 0 0 0 CATHERINE O'HERN LYONS SECRETARY 5.00 X X 0 0 0 CRAIG W PACKER TREASURER 5.00 X X 0 0 0 CRISTIN DEVEER TRUSTEE 1.00 X 0 0 0 ERIN DODDS TRUSTEE 1.00 X 0 0 0 HEATHER JOHNSON SARGENT VICE CHAIR 5.00 X X 0 0 0 HELIANE STEDEN TRUSTEE 1.00 X 0 0 0 JAMES HO TRUSTEE 1.00 X 0 0 0 JAMIE ROACH MURRAY TRUSTEE 1.00 X 0 0 0 KRISSY SCHMITZ TRUSTEE 1.00 X 0 0 0 LISA UTZSCHNEIDER TRUSTEE 1.00 X 0 0 0 MANDELL L CRAWLEY TRUSTEE 1.00 X 0 0 0 MARK MARUSZEWSKI TRUSTEE 1.00 X 0 0 0 MATTHEW EYNON TRUSTEE 1.00 X 0 0 0 MATTHEW TRAINA TRUSTEE 1.00 X 0 0 0 MICHAEL S SCHAFTEL VICE CHAIR 5.00 X X 0 0 0 NICOLE ROBERTS TRUSTEE 1.00 X 0 0 0 PAGET MACCOLL TRUSTEE 1.00 X 0 0 0 PAUL T CAPPUCCIO TRUSTEE 1.00 X 0 0 0 RACHEL CHEEKS-GIVAN TRUSTEE 1.00 X 0 0 0 SAHARA LAKE TRUSTEE 1.00 X 0 0 0 SUHAS DAFTUAR TRUSTEE 1.00 X 0 0 0 TIMOTHY VAN BIESEN VICE CHAIR 5.00 X X 0 0 0 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 40.00 X 496707 0 170659 MARGARET HAZLETT HEAD OF SCHOOL 40.00 X 617349 0 185178 MARK FEINER ASSOC. HEAD OF SCHOOL 40.00 X 497806 0 129684 REBECCA WALKER ASST. HEAD OF SCHOOL, HEAD OF MIDDLE SCHOOL 40.00 X 393184 0 118139 THOMAS SULLIVAN ASST. HEAD OF SCHOOL, HEAD OF UPPER SCHOOL 40.00 X 391027 0 117874 AMY O'REILLY RIZZI DIRECTOR OF ADVANCEMENT 40.00 X 327717 0 117713 BOBBY WALKER JR ASST. HEAD FOR COMMUNITY AND STUDENT LIFE 40.00 X 298507 0 30612 JON ROSS-WILEY HEAD OF LOWER SCHOOL 40.00 X 256386 0 106650 MARTHA BROUSSEAU FORMER DIR. OF ATHLETICS (THRU 8/15/24) 40.00 X 308213 0 23183 MICHELLE SUMMERS DIRECTOR OF FINANCE AND OPERATIONS 40.00 X 262792 0 38835 MOLLY KING FORMER HEAD OF SCHOOL 20.00 X 337500 0 0 4187188 0 1038527 117 1 1 0 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 FACILITY MANAGEMENT 2696497 FLIK INDEPENDENT SCHOOLS 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING SERVICES 1250030 NEW ENGLAND DRY CONCRETE LLC 153 TAXTER RD IRVINGTON NY 10533 ROOFING/CONCRETE 1160600 OFFIT CAPITAL ADVISORS LLC 485 LEXINGTON AVENUE24TH FI NEW YORK NY 10017 INVESTMENT ADVISORY 422476 ENCON HEATING & AIR CONDITIONING 100 S BEDFORD RD STE 340 MT KISCO NEW YORK NY 10549 HVAC SERVICE 300369 14 262344 7799283 1953253 8061627 TUITION AND FEES 611110 44381508 44381508 OTHER PROGRAM ACTIVITIES 611710 1947917 1947917 EARLY CHILDHOOD 624410 1628517 727988 900529 47957942 813632 15570 798062 815427 260794 554633 554633 554633 22280244 18901818 3378426 3378426 3378426 229481 262344 124751 104730 104730 347817 261743 86074 86074 35488 35488 35488 60992552 47092901 916099 4921925 4350038 4350038 3013767 2334792 524561 154414 784482 609563 131234 43685 22628633 17597440 3743406 1287787 2006812 1529795 422023 54994 7727059 5890346 1624963 211750 1819139 1409814 308055 101270 311132 311132 116170 116170 422580 422580 109431 98488 10943 455667 373293 55779 26595 332304 127480 150346 54478 508285 431377 61526 15382 449765 404789 35981 8995 837994 837994 6082333 5474099 486587 121647 654560 641469 13091 STUDENT SRVC/ACTIVITY 4163140 4163140 EQUIP. RENTAL & MAINT. 3284708 2893943 325071 65694 FOOD SERVICES 1469248 1322323 117540 29385 EARLY CHILDHOOD/SUMMER 292939 292939 1240094 240376 458417 541301 63060280 50283541 10035328 2741411 2370 4573 26147641 26420614 7726741 4615960 720886 654667 2137549 2311982 212242975 74737436 139438135 137505539 78789143 66451635 60858330 88334413 315820795 326299383 4837296 5741574 20497286 20792343 27805623 27183933 53140205 53717850 X 205914259 213083162 56766331 59498371 262680590 272581533 315820795 326299383 -2067728 11968671 0 X 0 1 X 1 0 X 15495760 10549112 7459553 10924097 8061627 52490149 15495760 10549112 7459553 10924097 8061627 52490149 6710059 45780090 539114 770574 984531 1708907 1613489 5616615 93180 104730 197910 129176 272835 31209 85882 35488 554590 58859264 215635809 0.77780 0.73340 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2020 AMOUNT: $ 129,176. 2021 AMOUNT: $ 272,835. 2022 AMOUNT: $ 31,209. 2023 AMOUNT: $ 85,882. 2024 AMOUNT: $ 35,488. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 139647466 5696658 14924517 936889 4545711 154786041 138533850 6308595 16915371 853079 21257271 139647466 122785032 6098796 15451872 946266 4855584 138533850 144364951 2089529 -19533710 638652 3497086 122785032 121539587 2510091 33638448 722104 12601071 144364951 0.66016 0.22788 0.11196 0 0 40459554 40459554 144913987 59846052 85067935 13846680 6375191 7471489 9718466 7768509 1949957 3304288 747684 2556604 137505539 GLOBAL EQUITY AND HEDGE FUNDS 31301402 F REAL ASSET FUNDS 39566 F PRIVATE EQUITY AND PRIVATE CREDIT FUNDS 32856278 F FIXED INCOME 24137167 F 88334413 X 71635896 11968671 3447288 15415959 56219937 422580 4350035 4772615 60992552 61734953 3447288 3447288 58287665 422580 4350035 4772615 63060280 PART V, LINE 4: THE ACADEMY'S ENDOWMENTS CONSIST OF APPROXIMATELY 68 INDIVIDUAL DONOR RESTRICTED FUNDS AND 27 BOARD DESIGNATED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ACADEMY HAD 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: 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 STATEMENT OF FINANCIAL POSITION. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE ACADEMY AND HAS CONCLUDED THAT, AS OF JUNE 30, 2025 AND 2024, THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A TAX LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT JUNE 30, 2025 AND 2024. PART XI, LINE 2D - OTHER ADJUSTMENTS: OPERATING ALLOCATION FOR CAPITAL RENEWAL AND REPLACEMENT 2,800,000. BOOKSTORE COST OF GOODS SOLD 261,743. RENTAL EXPENSES 260,794. FUNDRAISING EXPENSES 124,751. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 4,350,038. ROUNDING ADJUSTMENT -3. PART XII, LINE 2D - OTHER ADJUSTMENTS: OPERATING ALLOCATION FOR CAPITAL RENEWAL AND REPLACEMENT 2,800,000. BOOKSTORE COST OF GOODS SOLD 261,743. RENTAL EXPENSES 260,794. FUNDRAISING EXPENSES 124,751. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 4,350,038. ROUNDING ADJUSTMENT -3. 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 OUR WEBSITE, IN OUR EMPLOYMENT AND ADMISSION APPLICATIONS AND EMPLOYEE HANDBOOK. IN OUR STUDENT HANDBOOK WE HAVE STATEMENTS ABOUT DIVERSITY AND MUTUAL RESPECT. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 46924225 0 0 0 0 0 0 46924225 0 46924225 1 0 1 1 1 0 PART I, LINE3: 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 491825 262344 229481 44953 12231 67567 491825 262344 229481 44953 12231 67567 124751 104730 1 FINANCIAL AID 95 4350038 FMV FINANCIAL AID 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 DIRECTOR 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 1 0 0 0 0 0 0 0 0 MARGARET HAZLETT HEAD OF SCHOOL 610199 0 0 0 7150 0 61200 0 123978 0 802527 0 0 0 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 467307 0 0 0 29400 0 45900 0 124759 0 667366 0 0 0 MARK FEINER ASSOC. HEAD OF SCHOOL 468406 0 0 0 29400 0 46141 0 83543 0 627490 0 0 0 REBECCA WALKER ASST. HEAD OF SCHOOL, HEAD OF MIDDLE 365980 0 0 0 27204 0 35596 0 82543 0 511323 0 0 0 THOMAS SULLIVAN ASST. HEAD OF SCHOOL, HEAD OF UPPER 361627 0 0 0 29400 0 35596 0 82278 0 508901 0 0 0 AMY O'REILLY RIZZI DIRECTOR OF ADVANCEMENT 327717 0 0 0 0 0 34170 0 83543 0 445430 0 0 0 JON ROSS-WILEY HEAD OF LOWER SCHOOL 226986 0 0 0 29400 0 24107 0 82543 0 363036 0 0 0 MOLLY KING FORMER HEAD OF SCHOOL 337500 0 0 0 0 0 0 0 0 0 337500 0 0 0 MARTHA BROUSSEAU FORMER DIR. OF ATHLETICS (THRU 8/15/ 118337 0 0 0 189876 0 11935 0 11248 0 331396 0 0 0 BOBBY WALKER JR ASST. HEAD FOR COMMUNITY AND STUDENT 298507 0 0 0 0 0 29612 0 1000 0 329119 0 0 0 MICHELLE SUMMERS DIRECTOR OF FINANCE AND OPERATIONS 262792 0 0 0 0 0 26587 0 12248 0 301627 0 0 0 PART I, LINE 1A DURING THE TAX YEAR, THE ORGANIZATION PROVIDED A STIPEND TO THE HEAD OF SCHOOL TO COVER THE COST OF HOUSE CLEANING SERVICES. THE STIPEND WAS TREATED AS TAXABLE COMPENSATION AND PROCESSED THROUGH PAYROLL. NO OTHER PERSONAL SERVICES WERE PROVIDED. PART I, LINE 1B THE GREENWICH ACADEMY PROVIDES ON-CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT FOR THE HEAD OF SCHOOL. THE FAIR VALUE OF THE HOUSING IS INCLUDED AS A NONTAXABLE BENEFIT ON SCHEDULE J, PART II, COLUMN (D). PART I, LINE 4A THE FORMER DIRECTOR OF ATHLETICS RECEIVED SEVERANCE REPORTED ON SCHEDULE J, PART II, COLUMN (BIII). A CHEFA - SERIES G 060806186 20775DNS7 2021-09-02 29994766 REVENUE BOND 0 0 0 A 2417303 29994766 449074 24685926 2021 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 1 A 1 SCHEDULE K SUPPLENTAL INFORMATION SCHEDULE K, PART II, LINE 15 ON SEPTEMBER 1, 2021, CHEFA ISSUED $29,994,766 OF ITS REVENUE BONDS, GREENWICH ACADEMY SERIES G. THE BONDS ARE PAYABLE IN ANNUAL INSTALLMENTS COMMENCING FEBRUARY 15, 2022. THE SERIES G BONDS WERE ISSUED AT A PREMIUM OF $4,854,766. THE INTEREST ON THE SERIES G BONDS RANGE FROM 4-5% AND IS PAYABLE SEMI-ANNUALLY ON MARCH 1 AND SEPTEMBER 1 OF EACH BOND YEAR. THE BONDS MATURE MARCH 1, 2051. THE BONDS ARE SPECIAL OBLIGATIONS OF CHEFA, PAYABLE FROM REVENUE RECEIVED FROM THE ACADEMY UNDER THE TERMS OF LOAN AGREEMENTS BETWEEN CHEFA AND THE ACADEMY. 17866 FINANCIAL AID EDUCATION ELIZABETH FEINER SPOUSE-KEY EMPLOYEE 61939 COMPENSATION 0 JOAN SLATTERY SPOUSE-KEY EMPLOYEE 86790 COMPENSATION 0 BOBBY WALKER JR SPOUSE-KEY EMPLOYEE 335754 COMPENSATION 0 X 70 1953253 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTORS. 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 39 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 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 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.