Democracy Prep New York Charter Schools

“The school entered into a management agreement with democracy prep public schools, a new york state not-for-profit charter management organization, to assume responsibility for the school's educational process, management, and operations. For the year ended june 30, 2016, the school incurred $1,405,800 in management fees. Officer greg spreeman and officer howard schnidman are officers of the charter management organization, democracy prep public schools, inc. For the 3 hours the officers devoted to the filing organization, 2015 compensation paid by dpps is as follows: -howard schnidman, cfo through 10/2015: base salary $5,903, non-taxable benefits - $989 -greg spreeman, cfo as of 10/2015: base salary $2,297”

“Form 990 is reviewed by an audit committee of the board for approval. If changes are required, the school will then forward the form 990 to the auditing firm and a final version will be distributed to all board members prior to the irs submission.”

“The school shares its conflict of interest policy with board members, officers and key employees on an annual basis. Officers, directors, and key employees are expected to declare if at any point a conflict of interest arises. After disclosure of a potential conflict, the individual in question must recuse themselves from voting on the matter. Such matters involving the existence of conflicts of interest are documented in the minutes of the governing board.”

“The organization's board of directors uses comparable data when determining the compensation of officers and key employees (if any). This process last occurred in 2015 and is documented in the minutes of the governing board.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request at 3872 third avenue, bronx. Ny 10457, or by calling the organization directly at (718)294-0841.”

“The school has a finance and audit committee that is responsible for oversight of the audit and selection of the independent auditor.”