Laura Jeffrey Academy

“The Form 990 is prepared by an independent accounting firm. Once the Form is completed, it is given to the Executive Director for review before it is signed and filed.”

“Board members sign a conflict of interest statement annually. The Board also reviews the conflict of interest policy annually and makes changes as necessary.”

“An annual review is completed by the governing board. The Finance Committee of the Board reviews compensation and recommend approval by the board. A written agreement is put in place.”

“Governing documents, conflict of interest policy and financial statements are provided upon request.”

“Josh Rohde, Ken Simon and Jennifer Schiller also performs tasks as Board Members for a related organization, LJA Building Company, an average of 1 hour per week. Cindy Reuther as preforms duties for LJA Building Company an average of .1 hours a week.”

“A member of the board is a teacher at the Academy. Minnesota State Statute 124D.10 requires the board to have atleast one, employed or contracted teacher on the board.”

“Change in accounting principle -1,298,381.”

“The board assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant annually. This process has not changed from the prior year.”

“The Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. The Academy's approved Authorizer during the fiscal year 2015 was the Audubon Center of the North Woods, Minnesota.”

“Made an effort to obtain information on compensation, if any, was paid from a related organization. No responses or transactions were noted.”

“During the year ended June 30, 2015, the School implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. GASB Statement No. 68 included major changes in how employers account for pension benefit expenses and liabilities. In financial statements prepared using the economic resources measurement focus and accrual basis of accounting (entity-wide and proprietary funds), an employer is required to recognize a liability for its share of the net pension liability provided through the pension plan. An employer is required to recognize pension expense and report deferred outflows of resources and deferred inflows of resources for its share related to pensions. This standard required retroactive implementation, which resulted in the restatement of net position as of June 30, 2014. The net position of governmental activities in the entity wide financial statements as of June 30, 2014 was decreased by $1,298381. This change reflects the School's proportionate share of the net pension liabilities ($1,372,758 decrease in net position) and related deferred outflows of resources ($274,377 increase in net position) for the TRA pension plans, which are now reported by employers under current guidance. Certain amounts necessary to fully restate fiscal year 2014 financial information are not determinable; therefore, prior year comparative amounts have not been restated.”