The Grosse Pointe Academy

“Carol peabody is a founding trustee of the academy. Kate french is her daughter-in-law and is also a trustee of the academy and a parent with 3 students attending the academy.”

“Prior to filing, form 990 will be reviewed by the board treasurer, head of school, and finance committee members.”

“Trustees are given the conflict of interest policy at the annual board of trustees retreat and asked to sign and return. Conflict of interest questionnaires are maintained by the head of school office. In the event a board member has a conflict, it would be noted and they would be requested to exclude themselves from any vote/discussion relative to said conflict. All employees must also sign the conflict of interest policy.”

“The board of trustees' president received information from the national association of independent schools comparing total compensation and benefits for the respective positions at peer schools. The president makes a recommendation to the board for their approval for the head of school's compensation. The determination and decision regarding compensation was documented contemporaneously in the executive committee minutes.”

“Governing documents, conflicts of interest policy, and financial statements are available upon request.”

“During the year ended june 30, 2021, the academy was awarded a loan pursuant to the paycheck protection program (ppp) under the consolidated appropriations act, 2021 (caa act) (ppp2 loan), a program implemented by the u.s. Small business administration (sba), for an aggregate principal amount of $420,390. The principal amount of the ppp2 loan is subject to forgiveness under the ppp upon the academy's request to the extent that the ppp2 loan proceeds are used to pay expenses permitted by the ppp. Permitted expenses include certain payroll costs, covered rent and mortgage obligations, and covered utility payments incurred by the academy. The academy will apply for forgiveness of the ppp2 loan with respect to these covered expenses. To the extent that the ppp2 loan is not forgiven, the academy will be required to pay interest on the ppp2 loan at a rate of 1.00% per annum, and principal and interest payments will be required through the maturity date in january 2026. During the year ended june 30, 2021, the academy has recognized $420,390 of revenue upon meeting the performance requirements of the ppp2 loan, which is recorded as a component of public support in the accompanying statement of activities. At june 30, 2020, refundable advance consisted of a $141,680 contribution related to a loan pursuant to the ppp, a program implemented by the sba under the coronavirus aid, relief, and economic security act (cares act) (ppp1 loan) that had not been recognized in the accompanying consolidated statement of activities for the year ending june 30, 2020, because the conditions were not met until fiscal year 2021. Accordingly, $141,680 was recognized during 2021. During february 2021, full forgiveness was granted by sba for the ppp1 loan.”

“The board is responsible for the oversight of the review. This process has not changed since the prior year.”