Kipp Minnesota

“As per mn statute 124e.07, staff members employed at the school, including teachers providing instruction, members of the board of directors, and all parents or legal guardians of children enrolled in the school are the voters eligible to elect the members of the school's board of directors.”

“The school does not have any committees that have authority to act on behalf of the governing body.”

“The school's executive committee reviews the form 990 in detail after the return is completed by the school's accountant. All members of the board will receive a public disclosure copy of the return prior to the 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 review is documented within the board minutes. This process is done annually.”

“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.”

“Related board members per mn statute 124e.07, charter schools are required to have licensed teachers as members of the board of directors. Averi turner is a board member but received compensation for their services as a teacher.”

“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.”

“Pension expense -1,564,641. Pension revenue”

“The board is responsible for selection of an independent accountant and for the oversight of the finanical statement audit. This process has not changed from prior year.”