ANNUAL REPORT2015-2016

GREENS FARMS ACADEMY35 BEACHSIDE AVENUEP.O. BOX 998 GREENS FARMS, CT 06838-0998

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REUNION & HOMECOMINGOCTOBER 21-22

GREENS FARMS ACADEMY

MISSION

GFA engages students as partners in an innovative, inclusive, and globally minded community to prepare them for a life of purpose.

PHILOSOPHY

Partners: Our students collaborate with teachers to develop their voices to effect change, to become lifelong learners who take ownership of their educations, and to have an instinct for self-reflection that builds character and drives improvement.

Innovative: Building on a demanding curriculum, our faculty seeks innovative and effective methods to help students cultivate the skills and habits of mind necessary to excel.

Inclusive: GFA strives to create a diverse community that values the identities, perspectives, and experiences of all its members.

Globally Minded: We empower our students to discover their place in the world and help them to become globally competent citizens engaged in building a sustainable future.

CORE VALUES• Passion

• Integrity

• Empathy

• Curiosity

• Excellence

6 Letter from the Head of School

7 Board of Trustees & Advisory Council

8 Letter from the Board of Trustees

9 New Trustees

11 College Matriculation List

13 Financial Summary

15 At a Glance

17 Annual Giving

33 Lead with Excellence Overview & Update

37 Lead with Excellence Donors

39 Ways to Give

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Dear GFA Community, A year ago, I loved walking outside in the early morning to see the new Performing Arts Center rising across from my house. It had been a dream for so long, then it was a set of architectural drawings, and finally the building itself sat in the hillside. Then came all of the firsts: first assembly, concert, talk, performance, student play, movie, and meeting to take place in the new space. I now wonder how we ever lived without it. The 2015-2016 school year held other firsts. The Global Studies Center went online just in time for the opening day of school; students were able to take courses toward a concentration in STEAM; the collaboration with UPenn’s Center for the Study of Boys’ and Girls’ Lives; and the Lower School moving two classes up to the Middle School, which will now be 5th-8th grade for the first time. The year also held our accreditation self-study for the New England Association of Schools and Colleges (NEASC), which we undergo every 10 years. Each faculty and staff member participated in a year-long examination of the school. The good news is that Greens Farms Academy is robust and thriving. On the other hand, a desire to increase our diversity awareness came up in multiple ways, something we are already addressing for the fall of 2016 and beyond. Our new mission statement is a direct result of the self-study, and we are paying particular attention to the phrase, “GFA engages students as partners….” There are areas where we do this well, and areas where we can grow. One place where partnership lives large is with our families. As you can see in these pages, our families support the school with their time and their finances, well beyond the minimum. Through your generosity and thoughtfulness, you model your support for your children’s education, and we thank you. When I walk outside this fall, I now see the new squash facility taking shape, another dream becoming real in steel and wood. Soon, students will be walking by with their rackets, and we will wonder how we ever did without it. Thank you for supporting the work of this fine school. Kind regards, Janet Hartwell, Head of School

“Through your generosity and

thoughtfulness, you model your support

for your children’s education, and we

thank you.”

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On behalf of everyone at GFA, we would like to thank you for your philanthropic support of our school during the 2015-2016 academic year. We are thrilled to have completed Phase I of our capital campaign, Lead with Excellence, marked by the much-anticipated opening of the Performing Arts and Global Studies Centers this past fall. Now, we turn our focus to the second phase of our campaign, which includes increasing our endowment for financial aid and faculty enrichment, and expanding our interior athletic facilities. The start of summer and onset of Phase II were marked by the groundbreaking of our squash facility. As we take a moment to celebrate our successes over the past year, we are reminded that we still have work to do to reach our capital campaign goal of $21 million. We are confident that we will come together as a community to ensure the educational opportunities offered by GFA will continue to attract — and be — the best. As we move into the new school year, we would like to recognize the leadership and service of our outgoing trustees:

• Michael Berman (2008-2016): Co-Vice Chair of the Board of Trustees, Co-Chair of the Advancement Committee, Tri-Chair of the Advisory Council, and Co-Chair of the Committee on Trustees

• Rick Holzinger (2010-2016): Chair of the Investment Committee• David Murphy (2009-2016): Tri-Chair of Lead with Excellence, Coyle Scholar, Educational Policy, Advancement, and

Investment Committees• Jeff Nixon (2009-2016): Tri-Chair of Lead with Excellence, and Advancement Committee

We welcome six newly appointed members to the Board of Trustees. You can find their bios on the following page. Additionally, we would like to extend a special thanks to Mike and Stacy Greenberg, P ’19, ’21 for their leadership as Annual Giving Co-Chairs over the past three years. This past fiscal year, we raised over $1.9 million, including 89% parent participation and 100% faculty and staff participation. We are happy to announce that Celia and Rich Canning, P ’19, ’20 will take over as Annual Giving Co-Chairs this fiscal year. We can say with the utmost confidence that GFA is in a position of strength. We share a deep love for this school and a commitment to advancing the vision of the Board and Janet Hartwell. Parents, alumni, parents of alumni, grandparents, and friends: thank you for all that you do to make GFA great. Best regards,

Shelly Goldsmith, P ’15, ’17, ’20 Tricia Vanacore, P ’13, ’14, ’16

Shelley Goldsmith, P ’15, ’17, ’20, Co-ChairTricia Vanacore, P ’13, ’14, ’16, Co-ChairMichael Berman, P ’15, ’15, Vice Co-ChairStephen Lawrence, P ’10, ’20, Vice Co-ChairZac Zeitlin, P ’22, ’24, ’28, TreasurerArlene Howard, P ’19, ’21, ’23, ’25, Secretary

Henry A. Backe, Jr., MD, P ’11, ’16Vani Bettegowda, P ’22, ’25Carolyn Cohen, P ’14, ’17, ’19, ’21Stephanie Ercegovic, P ’20Roger Ferris, P ’18, ’18, ’20, ’28Michael Greenberg, P ’19, ’21Janet Hartwell, Ex officioRichard Holzinger, P ’14, ’18, ’19Ward K. Horton, P ’24, ’28David B. Murphy, P ’20, ’21Jeff Nixon, P ‘14, ‘16, ‘19Michael Rintoul ’84, P ’15, ’17, ’19Josh Samuelson, P ’24, ’26Nan Soule, P ’11, ’15, ’16Peter Tauck, P ’15, ’17, ’19, ’21Jim Wolfe, P ’14, ’15, ’17

2015-2016 BOARD OF TRUSTEES

Michael Berman, Tri-ChairMichael Greenberg, Tri-ChairJim Wolfe, Tri-Chair

Scott BalkanElizabeth Koldyke BoolbolLynne ByrneDavid DurkinClaire FoersterMeade FogelDavid FriezoJulie GentileJohn HumphreyMeredith HutchisonDavid MagroneMolly McGrathDavid McKaneTom MurphyVictor NesiClarence NunnKim Raveis ‘88Dan Tishman

ADVISORY COUNCIL

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MICHAEL BLITZER, P ’24, ’27

Michael is a Managing Partner at Kingstown Capital, a New York City-based investment firm that he founded in 2006. Previously, Michael was an investment analyst at Gotham Capital and JPMorgan. Michael is a graduate of Cornell University and Columbia Business School, where he has been an adjunct professor. He currently serves on the advisory board for the Heilbrunn Center for Graham & Dodd Investing. Michael lives in Westport with his wife Julie and their two sons.

ELIZABETH KOLDYKE BOOLBOL, P ’17, ’18, ’20, ’22

Elizabeth lives in Greenwich, with her husband Robert and their four children. She attended Dartmouth College and received her M.B.A. from Kellogg. Elizabeth worked in a variety of public relations and marketing capacities in Chicago, Los Angeles, Colorado, and New York. From 2004–2008, she ran a real estate development business in Greenwich. Elizabeth has served on the Parent Association Board of Stanwich School for seven years, her last year as PA President, and is active with World Vision, serving as Co-Chair of its Fairfield County chapter. She is an Elder of Stanwich Congregational Church and in 2015 became a founding board member of Project Blessing, a long-term initiative of Stanwich School. Elizabeth recently launched Global PEHT (Partnership to End Human Trafficking), a social enterprise.

RICHARD J. CANNING, P ’19, ’20

Rich Canning has been a Managing Director-High Yield Trading at several banks and retired in 2001. He has been the Board Chair of The Mead School (Stamford, CT) since 2009 and is a Board Director of Silver Hill Hospital (New Canaan, CT). He serves on the Boston College Athletic Director’s Council and the Advisory Board of Change for Kids (NYC). Rich received his M.B.A. from The Wharton School (’87) and his B.S. in Finance from Boston College (’81). Rich and his wife, Celia, have three children: Olivia, Madeline (GFA ’19), and Michael (GFA ’20).

DAVID DURKIN, P ’18, ’22, ’23

David is a founding partner of Avista Capital Partners, a middle market private equity firm based in New York City. He previously worked as a partner at DLJ Merchant Banking Partners and in investment banking at Donaldson Lufkin & Jenrette. Earlier in his career, David worked in public accounting and achieved the CPA designation. He also serves as a Corporator of the Perkins School for the Blind in Watertown, MA. David holds a B.A. from Stanford University and an M.B.A. from The Wharton School at the University of Pennsylvania. David lives in Darien with his wife and their four children.

LYNNE LAUKHUF, P ’95

Lynn has a B.A. in English and Secondary Education from Russell Sage College and an M.L.S. from Southern Connecticut State University. She has taught English and worked as a researcher in the Stanford University Development Office. She continued her career at GFA, first as the Library Director and then 14 years as Assistant Head of School and Director of Student Life. Lynn was also Interim Head of Upper School for one year. Lynn was the President of the NAIS Assistant Heads Association and Chair of the CAIS Commission on Women in Independent Schools. Since retiring in 2013, Lynn has been a tutor in the Bridgeport Public Schools and a member of the Unitarian Church of Westport’s Beardsley School Committee among other activities. Lynn’s daughter and son both attended GFA.

SAMANTHA RORER MOONEY, P ’18, ’20

Samantha attended Germantown Academy and continued her education at Denison University, graduating with a B.A. in Marketing and Communications. She began her career in marketing, public relations, and merchandising at Tiffany and Company. Her focus later turned to retail buying in the fashion industry for Barney’s New York, MaxMara, and later Letarte Swimwear. Since 2008, Samantha has volunteered at GFA with the Lower School PA, Annual Giving program, and been the president of the PA, among other positions. She is currently a Co-Chair of the Capital Campaign. Samantha lives in Southport with her husband and two daughters.

MEET THE NEW BOARD MEMBERS

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The University of Alabama 4American University 2Amherst CollegeBabson College 2Bard College 3Barnard College 3Bates College 2Belmont UniversityBennington CollegeBentley University 2Boston College 5Boston University 2Bowdoin College 4Brandeis UniversityUniversity of British ColumbiaBrown University 5Bucknell University 13University of California, Berkeley 2University of California, Los AngelesCarleton College 2Carnegie Mellon University 2The Catholic University of America Chapman University College of Charleston 3

University of Chicago 4Claremont McKenna College 3Clemson University 2Colby College 5Colgate University 5Colorado College 6Columbia University 4Connecticut College 6University of Connecticut 3Cornell University 6Dartmouth College 12Denison University 2University of Denver 4Dickinson College 2Drexel UniversityUniversity College DublinDuke University 5Earlham College Elon University 7Emory University 2Fordham University 2Franklin and Marshall College 4Franklin W. Olin College of Engineering

The George Washington University 8Georgetown University 7Georgia Institute of Technology 3The University of Georgia Gettysburg College 2Hamilton College - NY 7Hampshire College Hartwick College Harvard University 2Harvey Mudd CollegeHaverford College High Point University 2Hobart and William Smith Colleges 3College of the Holy Cross 3Howard UniversityIndiana University at BloomingtonJohns Hopkins University 2Johnson & Wales UniversityUniversity of KentuckyKenyon CollegeLafayette CollegeLake Forest CollegeLehigh UniversityLeiden University

Lewis & Clark CollegeLoomis ChaffeeLoyola University ChicagoLoyola University MarylandMacalester CollegeManhattanville CollegeMassachusetts Institute of TechnologyMcGill University 3Miami University, OxfordUniversity of Miami 6University of Michigan 2Middlebury College 4University of Minnesota, Twin CitiesNew York University 9Northeastern University 2Northwestern University 4University of Notre Dame 2Oberlin College 2Occidental CollegeOhio Wesleyan University 2Pennsylvania State University 2University of Pennsylvania 7Pitzer CollegePomona College 2

Princeton University 2Rensselaer Polytechnic InstituteRhodes CollegeRice University 2University of Richmond 4University of Rochester Rose-Hulman Institute of TechnologySaint Joseph’s University University of San DiegoUniversity of San FranciscoSanta Clara University 7Savannah College of Art and DesignScripps College 3Skidmore College 6Smith College University of South CarolinaUniversity of Southern CaliforniaSouthern Methodist University 8St. Lawrence UniversityStanford University 5Stetson University Suffolk University Susquehanna UniversitySyracuse University 4

Temple UniversityThe New School University of TorontoTrinity College 4Tufts University 6Tulane University 10Union CollegeUniversity of St Andrews 3Vanderbilt University 2Vassar College University of VermontVillanova University 4University of Virginia 5Wake Forest University 10Washington University in St. Louis 4Wellesley College 3Wesleyan University 3Western Connecticut State University 2Wheaton College MA 2College of William and MaryWilliams CollegeUniversity of Wisconsin, Madison 2Wofford CollegeYale University 3

COLLEGE MATRICULATION LIST 2012 - 2016

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FINANCIAL SUMMARY

91%

6%2%1%

GROSS TUITION

ANNUAL GIVING GIFTS & PLEDGES

TEMPORARILY RESTRICTED ASSETS OTHER INCOME

60%

8% SALARIES & BENEFITS

DEBTPAYMENT

PLANT CAPITAL EXPENDITURE & RESERVE TRANSFERS TO RESERVES

& ENDOWMENT

9%

6%

7%4%

3%

GENERAL &ADMINISTRATIVE

3%PHYSICALPLANT & DINING

FINANICALAID

ACADEMIC PROGRAM

Gross Tuition $27,976,390

Annual Giving Gifts & Pledges* $1,887,675

Drawdown of Restricted & Temporarily Restricted Assets

$334,296

Other Income $690,832

Total Operating Revenues $30,889,193

Salaries & Benefits $18,620,941

Academic Expenses $2,548,558

Financial Aid $2,694,803

Physical Plant & Dining $1,836,763

General & Administrative $814,323

Debt Payment $1,020,883

Plant Capital Expenditure & Reserve

$2,193,438

Transfers to Reserves & Endow-ment

$1,159,484

Total Operating Expenses & Transfers

$30,889,193

OPERATING EXPENSES AND TRANSFERS

Report for the Year Ending June 30, 2016 (unaudited)

OPERATING REVENUES

*Amount does not reflect additional gifts intended for FY16.

ENDOWMENTThe purpose of the endowment is to provide support for Greens Farms Academy and its mission over the long term. In determining investment and draw policies, the school’s goal is to ensure that the future growth of the endowment is sufficient to offset normal inflation plus reasonable spending, thereby preserving the real (inflation-adjusted) value and purchasing power of the fund for future generations.

Faculty Enrichment & Compensation $4,285,209.83 9.8%

Scholarships $4,251,697.20 9.7%

Horizons $2,823,257.45 6.4%

Capital Infrastructure $9,627,182.52 21.9%

Overall Program & Other $22,880,263.19 52.2%

Total $43,867,610.19 100%

Percentages are based on gross endowment market value as of 6/30/2016.

NAMED FUNDS

Dietrich Teaching Award E.E. Ford Faculty Enrichment FundFaculty Salary EndowmentJ.M. Coyle Visiting Scholars FundPatrick Kanehann Fund

in Honor of Roger TrueThe Goldenheim FundUpton Faculty Enrichment Trust FundWildwood Fund

NAMED SCHOLARSHIP FUNDS

Downey FoundationEdward E. Ford FoundationEdward J. Denes Scholarship FundFoerster-Bernstein Financial Aid FundHearst FoundationHorizons Scholarship FundReaders Digest

ENDOWMENT BENCHMARKINGData reflects peer schools in Fairchester

NET ENDOWMENT PER STUDENT (2015)

Source: Fairchester Analysis and NAIS (2014/15)

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THE INDEPENDENT SCHOOL FINANCIAL MODEL For the vast majority of private colleges and independent schools (including all of GFA’s peer schools), tuition alone does not cover the cost of a student’s education. The gap between annual revenue and cost, which amounts to approximately $3,000 per student, is mitigated by Annual Giving.

ANNUAL GIVINGAnnual Giving is a fundraising effort that runs from July 1 through June 30 (GFA’s fiscal year). All of the money raised by Annual Giving goes directly toward the current year’s operating budget to support and enhance the educational experience for every GFA student. We ask that all members of the GFA community give early and generously to Annual Giving. Unlike tuition, your gift to Annual Giving is tax-deductible.

CAPITAL CAMPAIGNCapital improvements and a strong endowment are critical to the future of the school. A capital gift is an investment in the future of GFA, and supports a specific need within the school that is not funded through the operating budget. In considering a capital gift, we ask that families maintain their current level of Annual Giving support as well.

ENROLLMENT CAPThe Town of Westport has imposed a maximum capacity of 715 students at GFA. As we move forward with flat enrollment, we can no longer rely on increased tuition revenue as a source of funding.

7%OF OPERATING BUDGET COMES FROM ANNUAL GIVING

$35,500,000 NET ENDOWMENTand 715 enrollment cap by the town of Westport

Financial Aid

$2.6MAwarded in financial aid

14% Students receiving financial aid

AT A GLANCE

Parents

89%Parent participation in Annual Giving

$25,000 Parents Association gift allocated toward summer

curriculum work to design new courses and enhance academic offerings

PreK through 12th grade.

Faculty & Staff

100%Participation in Annual Giving

$108,315 Spent on faculty professional development

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$14,800,000$21,000,000

AS OF JULY 31, 2016 GREENS FARMS RECEIVED

TOWARDS OUR COMPREHENSIVE CAPITAL CAMPAIGN GOAL OF

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PHASE I$12,000,000

COMPLETEPERFORMING ARTS CENTERA permanent home for our outstanding performing arts program, including a 441 fixed-seat theater, a visual arts gallery space and a Scene/STEAM shop.

GLOBAL STUDIES CENTERA state-of-the-art global studies classroom, plus three additional Upper School history classrooms.

PHASE II$9,000,000

ONGOINGEXPANDED AND ENHANCED INTERIOR ATHLETIC FACILITIES$3,000,000• Six squash courts (under

construction)

• A dedicated wrestling gym

• A fully equipped fitness center for students and faculty

INCREASED ENDOWMENT $6,000,000• To support financial aid and

faculty compensation and programs

CAMPAIGN UPDATECAMPAIGN UPDATE

DESIGN: ROGER FERRIS + PARTNERS

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BY CHECKChecks should be made payable to Greens Farms Academy and mailed to the attention of the Advancement Office.

BY CREDIT CARD ONLINECredit card donations can be made online at www.gfacademy.org/giveonline. If you would like to make your payment over time, you can arrange a monthly or quarterly recurring gift.

APPRECIATED SECURITIESGifts of stocks, bonds, or other appreciated securities allow donors to avoid paying capital gains taxes and qualify for a charitable deduction. Please contact the Advancement Office if you would like to make a gift of securities.

MATCHING GIFTSBy taking advantage of your employer’s matching gift program, donors can significantly increase the amount and impact of their gift.

PLANNED GIFTSAn easy and inexpensive way to make a gift to GFA is to make a commitment through your will. Please contact the Advancement Office for more information.

All donations to GFA are tax-deductible.

WAYS TO GIVE