Arete Preparatory Academy

“Certain functions of multiple schools in the great hearts network are also provided to the school by greathearts arizona, the school's tax exempt sole member.”

“The sole member of the academy is greathearts arizona an organization exempt from taxation under internal revenue code section 501(c)(3).”

“The school's tax-exempt sole member appoints the school's directors, fills vacancies on the board, and may remove directors.”

“The school's tax-exempt sole member retains approval rights over key decisions such as changes to the school's bylaws, articles of incorporation, educational philosophy, and significant financial expenditures (in excess of 50,000).”

“The 990 is prepared by an external cpa firm and is reviewed internally by the cfo. After completing the cfo review, the return is finalized and then reviewed by the greathearts audit committee prior to being signed by the cfo.”

“Board members, officers and all employees complete and sign a conflict of interest agreement. These agreements are reviewed by human resouraces and any conflicts are identified and reported to the auditors and the board to monitor.”

“Subject to the school's conflict of interest policy, the school's tax- exempt sole member and the school's board approve the compensation of key staff such as headmaster and assistant headmaster.”

“Employees and faculty are determined based on independent compensation studies and salaries of comparable non-profit organizations.”

“All board meetings are posted in advance in accordance with arizona open meeting laws. The governing documents, conflict of interest policy, and financial statements are available both at the meeting or following the meeting and upon request.”

“An arete preparatory academy education prepares students to be more than just proficient test takers, but rather, to become great-hearted leaders capable of success throughout their higher education and professional careers. With a curriculum built upon a classical liberal arts tradition and a revolutionary approach to school itself, great hearts cultivates the hearts and minds of students in the pursuit of truth, goodness, and beauty.”

“The volunteers help in classrooms and support teachers and students.”

“Line 2a: all payroll, payroll taxes and benefit plans are centralized through the parent organization, greathearts arizona (ein 20-2036133). Therefore, greathearts arizona files payroll tax returns under their employer tax identification number reporting all payroll activity. Payroll related expenses reported on this return represents an allocation of salaries and wages paid by the entity.”