Twin Cities Academy

“The board of directors are elected at the annual meeting by the eligible voters of the academy including staff members who are employed by the academy, including teachers and existing directors, and parents/legal guardians of students enrolled at the academy.”

“The principal/executive director reviewed the return prior to submission. A copy was provided to the board.”

“For the annual audit, each board member completes a conflict of interest form which is reviewed by the board to ensure no conflicts exist. These forms are updated annually or as needed.”

“Educational staff compensation is determined by a board adopted salary schedule. All other employees compensation is based on market value and past performance.”

“The school's governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

“Per mn statute 124e.07, charter schools are required to have licensed teachers as members of the board of directors. Elizabeth vanergon, lisa dennis and erin enquist are board members but received compensation for their services as teachers.”

“Miscellaneous contracted services: program service expenses 547,107. Management and general expenses 71,028. Fundraising expenses 0. Total expenses 618,135. Student transportation: program service expenses 1,152,297. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,152,297. Food service: program service expenses 202,867. Management and general expenses 0. Fundraising expenses 0. Total expenses 202,867.”

“Pension liabilities, deferred outflows & inflows pension: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”

“Gasb 68 - pension adjustment 236,328.”