Lakes International Language Academy

“Members who have authority to vote for board members and changes in bylaws include: employees, parents and guardians of currently enrolled students, and board members.”

“All school employees and parents/guardians of currently enrolled students form the constituency of the school's voting body and elect the school's board of directors and vote on changes to the school bylaws.”

“Changes to the school's bylaws must be approved by a quorum of constituents (school employees and parents/guardians of currently enrolled students).”

“The school does not have any committees that have authority to act on behalf of the governing body.”

“The form 990 will be prepared by an independent accounting firm. The cfo will review the form 990 in detail and forward an approved copy to the board and audit committee for review. The audit committee will present the form 990 as an agenda item to the board, and once it is approved by the board, the form 990 will be signed and filed.”

“As a standard part of each school board agenda and finance and audit committee meeting agendas, members are requested to disclose any 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 the 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 determine its ramifications and make corrections, including corrective and disciplinary actions for the member with the undisclosed conflict. All proceedings related to conflicts of interest are documented in the meeting minutes.”

“School director: director evaluation committee reviewed salaries of comparable positions in other minnesota school districts. Furthermore, the committee considered what the director would have been earning had he stayed in his former position in another district. The committee recommends a salary to the full board. The board reviews and votes. This process was most recently undertaken for the school director, c. Hedlund in spring 2017. For a three year contract (fy18-fy20). The school director recommends salary increases and justification to the school board, within budget constraints. Compensation increases are generally set based on comparison with similar positions in other minnesota 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, classroom teachers, and school support staff in 2017-18 school year.”

“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.”

“Change in pension liability -2,476,092.”

“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.”