Pave Schools Inc.

“Pave schools, inc. Has its form 990 prepared by an independent accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by the management and is ready to be filed with the internal revenue service, it is electronically sent to the board members of the organization for any comments. Any comments are then grouped, summarized and provided to the outside accountants. Each issue is documented and addressed until the return is finalized and approved for filing.”

“The conflict of interest policy is applicable to officers, trustees, board members and employees. All applicable individuals are required to sign a conflict of interest agreement annually. An interested person makes a presentation at the governing board or committee meeting, but after the presentation, he/she leaves the meeting during the discussion of the transaction or arrangement involving the possible conflict of interest. The chairperson of the governing board or committee appoints a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee determines by a majority vote whether a conflict of interest exists. Deliberation and decisions are recorded in the minutes of the board.”

“During the 2020 fiscal year, the organization used a process to determine the compensation of the ceo and other officers and key employee which included the use of a new york city charter school compensation benchmarking report and industry averages for education and nonprofit. Fiscal year 2021 compensation was based on prior year with modest cost of living increases. Compensation amounts for the ceo and other officers and key employee are approved by the board of trustees as part of the annual budget process.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request at 732 henry street, brooklyn, ny 11231, or by calling the organization directly at (718)858-7813.”

“Loss on debt extinguishment -678,081. Loss on disposal of property & equipment -151,229.”

“The organization has a finance committee that is responsible for the oversight of the audit and the selection of the independent auditor. This process has not changed from the prior year.”