Seven Hills Preparatory Academy

“The corporation shall not have capital stock. The membership of the corporation shall consist of one or more classes. The board of directors shall have the authority to establish one or more classes of membership and shall fix the voting power, rights and preferences of each class in the bylaws of the corporation.”

“On or before february 15 of each school year, the chair will appoint an election committee consisting of one or more parents of students enrolled at seven hills preparatory academy, one or more staff members employed by the corporation, and such other individuals as the chair sees fit. The election committee may nominate at least one candidate for each seat on the board held by a director whose term will expire during that school year. The committee must submit its nominations to the board in writing on or before march 15. The board of directors must accept the nominations, but may nominate additional candidates as well. If, on or before march 15, a licensed teacher who is employed by the corporation as a teacher, or a parent or legal guardian of a child enrolled at seven hills preparatory academy, or a community member submits a written notice to the board seeking to be nominated for election to the board, the board must accept that nomination. On or before may 15, the board must hold an election in a manner that the board sees fit to determine which candidates will be elected to the board. The following individuals may vote in the election: staff members who are employed by the corporation (including teachers providing instruction under a contract with a cooperative), members of the board of directors, and all parents or legal guardians of children enrolled in the school. The corporation must notify eligible voters of the board election date(s) at least thirty days before the election. Voting will be by ballot. The ballots will be counted by a person selected by the board. The counting of the ballots will be witnessed by a third party and will be promptly reported to the board. The persons receiving the greatest number of votes subject to the composition requirements in article iv, section 3a shall be elected for the open seats on the board.”

“A draft of form 990 is reviewed by the finance committee, then sent to the board for review and approval.”

“All directors and officers are required to submit an annual statement that discloses any relationships that may give rise to potential conflicts of interest. The board of directors and school administrators complete required training on what may constitute a conflict of interest and both review the conflict of interest annual statements and conflicts that arise during the year. Any director who has a potential conflict of interest in a transaction that is being contemplated by the board, or has a relationship with any person who may be involved in such a transaction, must fully disclose to the board the existence of the interest or relationship. Individuals with potential conflicts of interest may not participate in the discussion nor the vote on the transaction. All proceedings related to conflicts of interest are noted in the meeting minutes.”

“The board oversees a biennial compensation analysis that involves a comparative review of area charter schools and resident districts, as well as a review of existing salary bands for staff in addition to an annual rubric-based evaluation of administration.”

“The organization makes its governing documents, conflicts of interest policy, and financial statements available to the public upon request for the same period of disclosure as set forth in section 6104(d).”

“Per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Christopher lamprecht, hadley sayotovich, and kelly ryan are board members, but received compensation for their services as teachers.”

“Other: program service expenses 2,198,240. Management and general expenses 92,017. Fundraising expenses 0. Total expenses 2,290,257.”

“Pension liabilities, deferred outflows & inflows pension: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”

“Gasb 68 - pension adjustment 686,432.”