Excellence Academies Foundation Inc

“Uncommon schools, inc. Has the right to elect the members of excellence academies foundation, inc.'s board of directors as defined in this organization's bylaws.”

“The federal form 990 was provided to the board of directors of excellence academies foundation, inc. For review by its members prior to filing with the internal revenue service (irs).”

“Annually all members of the board of directors are required to review the existing conflict of interest policy and complete a questionnaire. The completed questionnaires are returned to uncommon schools, inc.'s chief financial officer for review. Thereafter, uncommon schools, inc.'s chief financial officer prepares a summary of the completed questionnaires which contains information disclosed on an individual basis. Uncommon schools, inc.'s chief financial officer then presents the summary to the board of directors for its review, discussion and any mitigating behavior where necessary.”

“Two of excellence academies foundation inc.'s directors and/or officers are employees of uncommon schools, inc. These individuals are compensated only for their employment services to uncommon schools, inc. The compensation is paid only by uncommon schools, inc. Uncommon schools inc.'s board of directors has a compensation committee. The compensation committee completes a comparative analysis of similar organizations which it uses as guidance when it reviews and approves the compensation and benefits of senior management. The compensation committee reviews the "total compensation" of the individuals which is intended to include both current and defferred compensation and all employee benefits, both qualified and unqualified. The compensation committee's review is completed on a regular basis and ensures that the "total compensation" of senior management is reasonable. The actions taken by the compensation committee enable uncommon schools, inc. To receive the rebuttable presumption of reasonableness for purposes of internal revenue code 4958 with respect to the total compensation of certain members of the senior management team. The three factors which must be satisfied in order to receive the rebuttable presumption of reasonableness are the following: 1. The compensation arrangement is approved in advance by an "authorized body" of the applicable tax-exempt organization which is composed entirely of individuals who do not have a "conflict of interest" with respect to the compensation arrangement. 2. The "authorized body" obtained and relied upon "appropriate data as to comparability" prior to making its determination; and 3. The "authorized body" "adequately documented the basis for its determination" concurrently with making that determination. The compensation committee is comprised of members of the board of trustees of uncommon schools, inc. Each of whom are independent and are free from any conflicts of interest. The compensation committee relied upon appropriate comparable data; specifically the compensation committee utilizes industry comparables and performed in-house studies of executive compensation with assistance from newschools venture fund. The compensation committee adequately documented its basis for its determination through the timely preparation of written minutes of the compensation committee's meetings which the executives' compensation and benefits were reviewed and subsequently approved. The actions outlined above with respect to the compensation committee and the establishment of the rebuttable presumption of reasonableness only applies to certain senior management personnel.”

“Excellence academies foundation's governing documents, conflict of interest policy and consolidated financial statements are available to the public upon request.”

“The organization did not change the oversight process in the tax year.”