Paideia Team Inc

“The school has one class of membership: each enrolled child's parent(s)/legal guardian(s) and school staff.”

“The school's members elect the board of directors at the annual meeting.”

“The school does not have any committees with broad authority to act on behalf of the governing body.”

“The form 990 is prepared by an independent accounting firm. The board chair, treasurer and business manager review the form 990 in detail and present to the full board at board meeting prior to filing the return.”

“All directors, officers, and members of committees with board delegated powers are required to annually disclose interests that could give rise to conflicts. In connection with any actual or possible conflict of interest, directors, officers, and members of committees with board delegated powers must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists and how to proceed with the transaction. The minutes of the board and all committees with board delegated powers will have on record any potential or actual conflicts and all related proceedings.”

“The specific duties for which the school director is accountable are set forth in a position description for the school director and are measured by a performance appraisal process and accompanying instrumentation approved by the board. The process and instrumentation are based on best practices used in charter schools. The board shall notify the school director no later than june 30, for the following school year, of the activities, timeline, and instrumentation for annual performance appraisals process, and pending adjustments relating to data acquired after july 1. The evaluation process shall be completed in sufficient time to be used part of the renewal process for the employment agreement for the following school year. This process is done annually for the school director marci levy-maguire.”

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

“Change in pension liability 40,941.”

“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.”

“During fiscal year ended june 30, 2015, the school adopted gasb statement no. 68, accounting and financial reporting for pensions, and the related gasb statement no. 71, pension transition for contributions made subsequent to the measurement date - an amendment of gasb statement no. 68. As a result, the school's net position as of june 30, 2014 has been restated to reflect the recognition of the school's proportionate share of the public employees' retirement association of minnesota general employees' retirement fund's net pension liability as well as their portion of the teacher's retirement association's coordinated and basic plan net pension liability.”