Ark Community Charter School

“Form 990 is reviewed by the treasurer before it is filed.”

“Regular annual statements from trustees, officers, and key employees to disclose existing and potential conflicts of interest.”

“Form 990 is made available to the public upon receipt of a freedom of informtion law request.”

“On march 17, 2014 the board of regents of the university of the state of new york (suny) elected not to renew the school's provisional operating charter for the periods after june 30, 2014. Subsequent to the decision not to renew the school's provisional operating charter the school appealed the decision with suny and sought relief through legal actions. On july 3, 2014, all appeal efforts were denied and the school retroactively elected to commence liquidation procedures effective june 27, 2014, the end of the school's academic year. The nonrenewal of the school's provisional operating charter resulted in the school's inability to operate as a charter school pursuant to article 56 of the new york state education law effective july 1, 2014. Subsequent to the decision by suny not to renew the provisional operating charter, the school's board of trustees formed a closure committee implemented a plan to transfer or sell the school's facilities and equipment to other educational entities or to the general public. Effective june 27, 2014, the end of the academic year, the school commenced liquidation procedures and accordingly, revalued its assets and liabilities to the amounts expected to be collected and paid during the liquidation. It is not presently determinable whether the amounts realizable from the disposition of the remaining assets will differ materially from the amounts shown in schedule d, part vi of this form. Differences between the revalued amounts and actual transactions will be recognized in the year they are determined or can be estimated. The school's closure committee determined that the school's property, plant and equipment is impaired because of the nonrenewal of the school's operating charter. Pursuant to the school's charter, assets of the school will be transferred another charter school located within the school district or the school district in which the school is located. The closure committee estimates receiving $11,000 from the transfer of technology equipment and software. The closure committee does not anticipate receiving consideration for the transfer of the school's facility to another charter school or from the school district where the school is located. Accordingly, the school has recorded an impairment loss of $2,240,809 for the year ended june 30, 2014. Any transfer of property is expected to occur during the subsequent fiscal year. Liquidation costs of approximately $244,000 have been accrued and include the costs professional fees, salaries and benefits, facilities costs and other costs anticipated to be incurred during the liquidation process. The liquation costs have been estimated for the period june 28, 2014 to december 31, 2014, the anticipated completion date of the liquidation.”

“Loss on impairment of fixed assets -2,240,809.”

“The finance committee oversees the financial statement audit and they oversaw the selection of the independent auditor for the audit of ark community charter school's financial statements for the year ended june 30, 2014.”