South Bronx Charter School for International Cultures and Arts

“Description of management arrangementvictory education partners schools manages the operations of the school under a management agreement entered into by the school and victory. The agreement was executed on may 28, 2005. Per the terms of agreement, victory assumes responsibility for tasks and functions associated with the educational services to be provided to the children enrolled as students at the school in accordance with the terms of the charter and the charter schools act, subject to the appropriate oversight from the school's board of trustees. Victory is responsible for designing the curriculum, acquiring educational materials, hiring all staff, and providing all financial and accounting functions. On february 16, 2016, the organization, south bronx charter school for international cultures and arts (sbcsfica) and victory schools doing business as victory education partners, boosted finance and little bird,(vep), signed a new charter schools service agreement, effective july 1,2015. The contract provides that in exchange for a fixed fee of $150,000,vep shall provide the following services to sbcsfica:1.accounting, financial advisory and operational support covering financial budgeting and planning, accounting and financial reporting,supervising and coordinating the auditing and fed 990 reporting and tax compliance functions with the outside independent cpa firm, grant revenue management, and employee staff training to handle accounts payable, insurance and consultation on real estate bond financing.2.human resources, hr technology and employee benefits support covering the implementation of computer data base information systems to manage the human resource life cycle, employee benefits, human resource compliance, employee engagement wellness and retirement plans.”

“The draft 990 is first reviewed by the controller of the management company, the draft is then circulated to board members for their review and comments prior to filing the 990.”

“Description of process to monitor transactions for conflicts of interest.a. Each covered person shall annually sign a statement that affirms that such person: 1. Has received a copy of the policy. 2. Has read and understands the policy. 3. Has agreed to comply with the policy, and 4. Understands that the corporation is a charitable organization and that in order to maintain its federal tax exemption and the trust of the public it must diligently avoid conflicts of interest or the appearance of any conflict and engage primarily in activities that accomplish one or more of its tax-exempt purposes.b. This policy shall be reviewed annually for the information and guidance of covered persons, and any new covered person shall be advised of the policy upon becoming a covered person and shall file an annual statement with the corporation.c. To further the purpose of the disclosure provisions of this policy.”

“The salary budget is prepared at the recommendation of the principal and board finance committe. Other teacher salary scales, including the doe are taken into account when determining salaries.”

“All financial statements and tax returns are open for public inspection upon request. All financial statements and tax returns are submitted to grant-making government agencies. Also, the organization timely files its nys char 500 annual report with the office of the ny state attorney general. The nysoag posts the organization's financial statements, fed 990 tax return and the nys char 500 on its charitites bureau internet website.”