The Greenwich Academy Inc

“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 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.”

“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.”

“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.”

“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.”

“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."”

“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).”