Kipp Minnesota

“The school's membership consists of parents/legal guardians of enrolled students and employees of the school.”

“The school's board of directors is elected by the school's members.”

“The school's finance committee reviews the form 990 in detail when the return is complete. All members of the board will receive a copy of the return prior to filing with the irs.”

“Each director, officer, and committee member with governing board delegated authority is required to sign an annual statement affirming they have received, reviewed, and agreed to comply with the conflict of interest policy. The policy includes a duty to disclose clause. This clause requires that any covered individual must disclose all material facts to directors and members of committee if the existence of a conflict or potential conflict is determined. After disclosure of all facts, the conflicted individual will leave the room while the transaction is discussed and voted on. The minutes of all board and committees shall reflect the proceedings related to conflicts.”

“The executive committee performed market rate analysis to determine compensation for the executive director and all other school employees as part of the annual budgeting process. Any changes to compensation are reviewed and approved by the board of directors. This process was last conducted in 2014 for the principal, alvin abraham, for the 2014-2015 school year.”

“The school's governing documents, conflict of interest policy, and financial statements are maintained in the office and are made available at all board meetings, which are open to the public. All meeting minutes and any of the documents above are made available to public upon request.”

“Net change in pension liability 81,176.”

“The school follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”

“During fiscal year ended june 30, 2015, kipp minnesota adopted gasb statement no. 68, accounting and financial reporting for pensions, and the related gasb statement no. 71, pension transition for contributions made subsequent to the measurement date - an amendment of gasb statement no. 68. As a result kipp minnesota's net position as of june 30, 2014 has been restated to reflect the recognition of the school's proportionate share of the public employees' retirement association of minnesota general employees' retirement fund's net pension liability as well as their portion of the teacher's retirement association's coordinated and basic plan net pension liability.”