Democracy Prep New York Charter Schools

“The 990 is initially reviewed by the audit committee of the board and then distributed to each board member for additional review and comment prior to submission to the irs.”

“Each trustee, officer and key employee is required yearly to complete a disclosure of financial interest form that documents existing and potential conflicts of interest. Management monitors potential conflicts and reports, if necessary, to board leadership.”

“The head of school's compensation was negotiated at the time of initial employment in 2011 based on comparable data provided by the new york city charter school center and non-profit coordinating committee survey data. Subsequent increases have been nominal for all administrators due to financial circumstances in new york state public schools. A process that includes survey of comparable positions and performance evaluation is in place for future years. Compensation of other officers and key employees is determined by a number of factors, including performance evaluation and comparison with compensation information from the new york city charter school center, the new york city department of education, and the national association of independent schools. The board approves compensation for the head of school and key employees of the school. Contemporaneous substantiation of the compensation discussions and determination regarding the compensation arrangement is documented in the board minutes.”

“By law, board of trustee meetings are open to the public, with meeting times and locations announced publicly ahead of time. Material distributed at meetings, including budgets and financial statements, are available to all present. Because bronx prep and friends of bronx prep budget and report on a consolidated basis, this information is available for both organizations. Detailed report on bronx prep's authorizer visits, renewal reports, accountability plan progress, and state education department report card are available on the suny charter schools institute website: www.newyorkcharters.org under the freedom of information law, information is also available on-site at the school and upon request. Forms 990 are posted at www.guidestar.org.”

“The organization, in a full transparency posture to reporting, is reporting all benefits in full in part vii, column f and not applying the $10,000 per item exception for certain benefits.”