International Spanish Language Academy

“The organization has an executive committee, consisted of officers of the school. Authority of this committee is rarely used. This committee has the powers of the board of directors, less the ability to amend the organization's governing documents, appoint or remove directors or the executive director, approve a dissolution or merger of the school's assets, or adopt the school's budget.”

“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. This process was last completed in 2022.”

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

“The organization added a pre-k program titled el nindo.”

“Other management fees: program service expenses 548,151. Management and general expenses 67,742. Fundraising expenses 0. Total expenses 615,893. Federal subawards and subcontracts: program service expenses 132,400. Management and general expenses 0. Fundraising expenses 0. Total expenses 132,400.”

“Transfers 861,865. Pension expenditures -125,123.”

“The school follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”

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