International Spanish Language Academy

“The form 990 is prepared by an independent accounting firm. Once the form is completed, it is given to the Executive Director and the Finance Committee for review before it is signed and filed. The entire board does not review the 990 before its filed.”

“Board members sign a conflict of interest statement annually. The Board also reviews the conflict of interest policy annually and makes changes as necessary.”

“The School Board does an annual evaluation of the Executive Director and determines the compensation. The Executive Director evaluates employees and makes recommendations to the School Board. The Board bases its compensation on the knowledge of the budget.”

“The organization makes it governing documents available online. The conflict of interest policy and financial statements are available to the public upon request.”

“Two members of the Board are teachers at the Academy. Minnesota State Statute 124D.10 subd. 4(g) requires the Board to have at least one employed or contracted teacher.”

“Staff Development Conferences: Program service expenses 1,160. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,160. Nursing services: Program service expenses 12,943. Management and general expenses 0. Fundraising expenses 0. Total expenses 12,943. Janitor, snow/lawn, maintenance services: Program service expenses 86,154. Management and general expenses 0. Fundraising expenses 0. Total expenses 86,154. Substitute teachers, contracted curriculum services: Program service expenses 26,466. Management and general expenses 0. Fundraising expenses 0. Total expenses 26,466. Speech contracted special ed services: Program service expenses 20,865. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,865. Hearing contracted special ed services: Program service expenses 20,175. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,175. Autism contracted special ed services: Program service expenses 4,169. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,169. Special Ed Director contracted services: Program service expenses 30,489. Management and general expenses 0. Fundraising expenses 0. Total expenses 30,489. Special Ed Psychology contracted services: Program service expenses 14,933. Management and general expenses 0. Fundraising expenses 0. Total expenses 14,933. Food Service Fees: Program service expenses 1,771. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,771. Summer camp programming: Program service expenses 699. Management and general expenses 0. Fundraising expenses 0. Total expenses 699. Board Training : Program service expenses 0. Management and general expenses 374. Fundraising expenses 0. Total expenses 374. Business services, authorizer, legal, tech admin fees/: Program service expenses 0. Management and general expenses 76,528. Fundraising expenses 0. Total expenses 76,528. Fundraising software: Program service expenses 0. Management and general expenses 0. Fundraising expenses 1,101. Total expenses 1,101.”

“Change in accounting principle -1,115,129.”

“The Academy's Board assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant annually. This process has not changed from the prior year.”

“The Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. The Academy's approved Authorizer during the fiscal year 2015 was Innovative Quality Schools.”

“Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no transactions noted.”

“During the year ended June 30, 2015, the Academy implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. GASB Statement No. 68 included major changes in how employers account for pension benefit expenses and liabilities. In financial statements prepared using the economic resources measurement focus and accrual basis of accounting (entity-wide and proprietary funds), an employer is required to recognize a liability for its share of the net pension liability provided through the pension plan. An employer is required to recognize pension expense and report deferred outflows of resources and deferred inflows of resources for its share related to pensions. This standard required retroactive implementation, which resulted in the restatement of net position as of June 30 2014. The net position of governmental activities in the entity-wide financial statements as of June 30, 2014 was decreased by $1,115,129. This change reflects the Academy's proportionate share of the net pension liabilities ($1,190,534 decrease in net position) and related deferred outflows of resources ($75,405 increase in net position) for the PERA and TRA pension plans, which are now reported by employers under current guidance. Certain amounts necessary to fully restate fiscal year 2014 financial information are not determinable; therefore, prior year comparative amounts have not been restated.”