Horizon Science Academy-Springfield

“The School is in contract with Concept Schools Inc., an Illinois based not-for-profit organization to provide instructional, administrative and financial management. The Schools Superintendent and Treasurer are appointed and compensated by Concept Schools. Concept Schools also provide a wide range of services such as budgeting and financial oversight, School management Database, quarterly OAT/OGT Practice tests, curriculum alignment, professional development and evaluation services for teachers, etc. In return of those services, the School transfers 10 of its total revenue to the management company. Financial Reports are presented to the School Board for approval in Board Meetings. All employment and major business decisions are also subject to the School Boards approval.”

“Form 990 is prepared by the School Treasurer and a copy is provided to the Board Members for review in the Board Meeting.”

“The Conflict of Interest Policy is part of the Schools By-Laws. The School Board consistently reviews and discusses any issues that might be in conflict with the policy in the Board Meetings. All operations of the School is also monitored by the Schools Sponsor and annually audited by the Auditors of State.”

“All employment decisions and compensations are discussed and approved in the Board Meetings.”

“The Schools Annual Audit Report is published on the Auditors of States web site at http//www.ohioauditor.gov. All governing documents and the schools Conflict of Interest Policy is available to the public upon request.”

“This includes the amount of Net Pension Liability calculated according to GASB Statement No. 68 and 75.”

“At the end of fiscal year 2022, the Academy had 7,749,245 invested in intangible right-to-use leased assets, improvements, and equipment 7,112,982 net of accumulated depreciation. Due to the implementation of GASB 87, balances for fiscal year 2021 have been restated and reclassified to show the balances at June 30, 2022 and June 30, 2021.”