Staten Island Academy

“Staten island academy has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the finanace committee for approval. Once the committee has approved the return it is filed with the internal revenue service.”

“Prior to election or appointment of any board member and officers, they shall disclose in writing, to the best of their knowledge, any interest in any corporation or other organization which provides goods or professional or other services to the academy for a fee or other compensation. A copy of each disclosure statement shall be available to any trustee of the academy on request. If at any time during his or her term of service a member has any interest which may pose a conflict of interest, he or she shall promptly disclose the material facts of that interest in writing to the president of the board and chair of any board committee, if any, functioning as the audit committee of the board. When any matter in which a member has an interest comes before the board or any committee or sub-committee of the board for decision or approval, that interest shall be immediately disclosed to the board or the committee or sub-committee by that member, and the member shall recuse himself or herself from any discussion and/or vote relating thereto. Board members and officers are also required to submit a conflict of interest questionnaire on an annual basis.”

“The head of school's performance is evaluated annually by the executive committee of the board of trustees. Compensation data from ny state association of independent schools (nais) for similar independent schools is considered. This process was done in fiscal 2023 to approve the fiscal 2024 contract for salary, which is a 5 year contract for the current head of school.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also 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 or by calling the organization directly.”

“Michelle savino is not receiving compensation as payment for being a board member. She is a teacher at the school and receives compensation for those services provided. No compensation was provided to an individual for services as a board member.”

“Impairment of construction in progress -530,013.”

“The academy has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”