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.”

“Other fees-ProgServ-990 : Program service expenses 542. Management and general expenses 0. Fundraising expenses 0. Total expenses 542. Staff Development Conference : Program service expenses 102. Management and general expenses 0. Fundraising expenses 0. Total expenses 102. Consulting Fees/Fees for Service : Program service expenses 105,177. Management and general expenses 0. Fundraising expenses 0. Total expenses 105,177. Nursing Services : Program service expenses 29,051. Management and general expenses 0. Fundraising expenses 0. Total expenses 29,051. Field Trip Cost : Program service expenses 98,614. Management and general expenses 0. Fundraising expenses 0. Total expenses 98,614. State Contracted Services : Program service expenses 15,669. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,669. Federal Contracted Services : Program service expenses 36,671. Management and general expenses 0. Fundraising expenses 0. Total expenses 36,671. Food Service Fees : Program service expenses 898. Management and general expenses 0. Fundraising expenses 0. Total expenses 898. Fees for Services : Program service expenses 5,076. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,076. Board Training : Program service expenses 0. Management and general expenses 6,035. Fundraising expenses 0. Total expenses 6,035. Business Services, Authorizer, lega : Program service expenses 0. Management and general expenses 95,447. Fundraising expenses 0. Total expenses 95,447.”

“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 2019 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 fiscal year ending June 30, 2019, changes in actuarial assumptions resulted in a significant reduction to the school's estimated pension liability, which created a "negative expense" of $566,961 for the current year.”