Greater Newark Charter School

“The draft form 990 is initially provided to dissolution trustee for review and approval.”

“On an annual basis, all board members and key employees are required to disclose any conflict or potential conlict of interest. The disclosures are reviewed by the board members. Any member(s) with conflict of interest will not be allowed to vote on matters related to the conflict of interest.”

“The hiring committee is task to review annual salaries (including salary adjustments of officers and key employees) based on historical compensation information for the same position. They also consider compensation information of similar organizations in the newark area. The committee then, submits its recommendation to the full board for further review and approval in a public meeting. This procedure is set forth in the charter school annual report.”

“The charter school's form 990 is available for public inspection at www.guidestar.org. Governing documents, conflict of interest, financial statements and form 990 are also available upon request at the main office of the charter school located at 72 central avenue, newark, nj 07102.”

“The charter school ceased operation on 7/1/2014 as a result of the non renewal of the school's charter application to the state of new jersey department of education (the "department"). On march 5, 2014, the department directed the charter school to cease operations on june 30, 2014. In june 2014, the board of trustees approved a dissolution plan as prescribed by the new jersey department of education. The terms of the plan call for the complete cessation of all academic activities and the disposition of all capital assets owned by the charter school including the remaining unexpired term of equipment leases. In addition, an independent trustee grace co-ortega was appointed by the board to oversee the dissolution including but not limited to, the collection of amounts due the charter school.”

“Professional/technical service: program service expenses 0. Management and general expenses 12,550. Fundraising expenses 0. Total expenses 12,550. Other purchased services: program service expenses 0. Management and general expenses 6,732. Fundraising expenses 0. Total expenses 6,732. Lease buy out: program service expenses 0. Management and general expenses 35,000. Fundraising expenses 0. Total expenses 35,000.”

“Reversal of invested in capital assets -5,207.”

“The oversight process and selection process of independent accountant has not changed from prior year.”