Lakes International Language Academy

“LILA bylaws define a member as any individual who works for the school, any legally recognized parent or guardian of a student enrolled in the school, all students enrolled in the school. Voting members (for elections of board members and voting to change the school bylaws) are members who are age 18 or older.”

“Changes to bylaws.”

“CFO presents the Form 990 to the audit committee for review, then presents it to the LILA school board for approval prior to filing.”

“As a standard part of each school board agenda and finance and audit committee agendas, members are requested to disclose an conflicts of interest or potential conflicts of interest based on the agenda. The school board determines whether or not the disclosure is a conflict of interest and whether or not the person may remain in the room for the discussion and/or vote. Members determined to have a conflict who are allowed to remain for the discussion may only contribute material facts to the discussion and answer questions. Members who have a conflict must leave the room for the vote. All board and committee proceedings are documented in the minutes. If a conflict were to be discovered after a vote or meeting, the decision would be voided and item returned to the agenda for a revote. If a transaction were to be discovered after the fact, the school board and administration would work together to determin actions for the board member with the undisclosed conflict. All proceedings related to conflicts of interest are documented in meeting minutes.”

“Executive Director: Director Evaluation Committee reviews salaries of comparable positions in other MN school districts. Furthermore, the committee considers what the director would earn in similar MN districts. The committee recommends a salary to the full board for review and vote. This process was most recently undertaken for ED Shannon Peterson leading up to her 3-year agreement which began July 1, 2020. The Executive Director recommends salary increases and justification to the school board within budget constraints. Compensation increases are based on comparison with similar positions in other MN school districts, pay rate matrices for the different employee classes, and budget constraints. Independent data is reviewed by the board prior to setting compensation. This process was most recently undertaken for other administrators, licensed teachers, and school support staff in the 2020-21 school year. Notedly, it was determined that top administrators were earning no more than two-thirds of their equivalent counterparts in surrounding districts.”

“The school makes its governing documents and audited financials available to the public upon request. The school's financial statements are part of the school board meeting minutes; minutes are available to the public on the school's website and by request. All approved school board policies, including the conflict of interest policy, are available on the school's website.”

“Transfer to Building Company -262,001.”

“The school follows a modified accrual method of accounting as prescribed by the Minnesota Department of Education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”

“NO CHANGES. Financial statements prepared by independent accounting firm. CFO reviews and forwards to the audit committee for review. The audit committee presents the audit as an agenda item to the board. Once it is approved by the board, it is signed and published. Same process for filing the Form 990.”