Spero Academy

“As per mn statute 124e.07, staff members employed at the school, including teachers providing instruction under a contract, members of the board of directors, and all parents or legal guardians of children enrolled in the school are the voters eligible to elect the members of the schools board of directors.”

“The spero academy finance committee reviews the form 990, while in preparation, and then presents the public disclosure form 990 to the board of directors for review and approval, prior to submission.”

“The members of the board of directors receive an orientation and review of the conflict of interest policy at the annual meeting of the board. Following the information review, each member completes and signs a conflict of interest disclosure that is current for the year. The governance committee reminds board members of their disclosure responsibilities at several times throughout the school year at board meetings.”

“The spero academy governance committee reviews the annual compensation plans submitted from the school directors. The chair of the governance committee solicits performance review data from officers of the board and summarizes the responses for a meeting and discussion with the director. Compensation is recommended to the full board of directors, as outlined by the approved annual compensation plan, by the chair of the board and based on the results of the compensation and performance reviews. The full board takes action on the contract prior to execution.”

“The policies and financial statements of spero academy are posted on its website. The policies and financial statements are also available in the school office for review of hard copy.”

“Related board members per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Jacqueline donofrio is a board member but received compensation for services as a teacher.”

“The 5 uncompensated board members are reported in part i, line 6; however, the school had additional volunteers, totaling 75 hours during fy2024.”

“Misc contracted services: program service expenses 1,013,683. Management and general expenses 61,298. Fundraising expenses 0. Total expenses 1,074,981. Student transportation: program service expenses 2,384,110. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,384,110. Food service: program service expenses 125,620. Management and general expenses 0. Fundraising expenses 0. Total expenses 125,620.”

“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 -2,571,278.”