Rivers Edge Academy

“Parents/legal guardians of students currently enrolled at the school and staff employed by the school are eligible to vote for directors of the school's board of directors.”

“The completed form 990 is reviewed by the school's finance manager and school director. A final review is done by the treasurer of the board prior to the board approving the form 990. The full board of directors receives a public disclosure version of the form 990 for approval.”

“The school's conflict of interest policy covers directors, officers, and employees who can influence the actions of river's edge academy. Covered individuals are required to complete an annual disclosure form identifying relationships which may give rise to a conflict of interest. From time to time, transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed and if they are not in direct conflict with minnesota state statute 124d or minnesota law, 1. The conflicting interest is fully disclosed, 2. The person with the conflict of interest is excluded from the discussion and approval of such transaction, 3. A competitive bid or comparable valuation exists, and 4. The board of directors has determined that the transaction is in the best interest of the school. Disclosures should be made to the school director (or if she or his is the one with the conflict, then to the board chair), who shall bring the matter to the attention of the board of directors. Disclosures involving directors should be made to the board chair, (or if she or he is the one with the conflict, then to the executive board committee) who shall bring these patters to the board of directors. The board of directors determines whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to the school in accordance with minnesota law. The decision of the board of directors on these matters will rest in their sole discretion, and their concern must be the welfare of the school and the advancement of its purpose. All proceedings concerning conflicts of interest are documented in the meeting minutes.”

“Compensation for the executive director is determined by the board of directors based on a review of the comparable positions in minnesota as published by macs and review of websites with applicable information. The board of director evaluates the executive director annually.”

“The school makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Sky davey and emily lundberg are board members, but received compensation for their services as teachers.”

“Pension liabilities, net of pension deferred outflows & inflows: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contribution to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability is reported on the school's statement of net position, the school is not in a position to directly control the liability or subsequent liquidation of the liability.”