National Center on Time & Learning Inc D/B/A Massachusetts 2020

“Draft 990 will be reviewed by the president and treasurer; they will discuss the form 990 after each has reviewed.”

“All directors and key employees receive a copy of the conflict of interest policy and are required to complete a conflict of interest disclosure form each year.”

“Data is first collected by a survey of the 990's of comparable organizations. That information is then distributed to the compensation committee of the board of directors which reviews it, along with any mitigating circumstances particular to nctl. Following a performance review with the president, the compensation committee makes a salary recommendation to the full board during an executive session. A vote of the board is taken to approve the salary. Salaries for other key employees are reviewed and approved by the chairman of the board and the president.”

“Form 990 is posted on guidestar and all governing documents, conflict of interest policies and combined financial statements are available upon request.”

“During fiscal year 2016, nctl entered into a merger agreement with empower schools, inc. (empower schools) effective july 1, 2016, at which time nctl became the surviving corporation. In addition, nctl's name was changed to empower schools, inc. (the surviving corporation) and a new board of directors was formed. The president and treasurer of the new board of directors are also the chief executive officer and managing partner, respectively, of the surviving corporation.”

“Finance & audit committee of board of directors is responsible for selection and oversight of independent auditors. On an annual basis, committee discusses process for upcoming audit, including timeliness, completeness, accuracy and pricing of work performed by auditors from previous year. Based on those criteria, committee determines if previous audit firm will be engaged again. Chair of finance & audit committee, who is also treasurer of board of directors, attends audit planning meeting with management and outside auditors and also attends final audit meeting, along with president, managing director of finance & operations, and coo.”