Lionsgate Academy

“Distributed to all board members. Reviewed in detail by Finance Committee and presented to the board. Board approves Form 990.”

“Administration reminds the Board of issues that could create a conflict when such issues arise. Finance Committee regularly reviews cash disbursements.”

“Executive Director Review Committee reviews executive director's performance and recommends compensation to the full board annually. Lionsgate Academy performs an annual compensation review for all positions against similarly situated and sized organizations in its home metro area.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request and on website.”

“Several members of the board are teachers at Lionsgate Academy. Minnesota State statute 124D.10 subd. 4(g) requires the board to have at least one member that is an employed/contracted teacher.”

“GASB 68 Implementation -5,262,609.”

“The board assumes the same responsibility for the financial statements it has in the past. The selection process and procedures have not changed from the prior year. The financial statements are prepared by an independent accounting firm. The statements are reviewed and approved by the board before being issued.”

“Lionsgate Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. Lionsgate Academy's approved Authorizer during the fiscal year 2015 was Novation Education Opportunities.”

“During the year ended June 30, 2015, the School implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. GASB Statement No. 68 included major changes in how employers account for pension benefit expenses and liabilities. In financial statements prepared using the economic resources measurement focus and accrual basis of accounting (entity-wide and proprietary funds), an employer is required to recognize a liability for its share of the net pension liability provided through the pension plan. An employer is required to recognize pension expense and report deferred outflows of resources and deferred inflows of resources for its share related to pensions. This standard required retroactive implementation, which resulted in the restatement of net position as of June 30, 2014. The net position of governmental activities in the entity-wide financial statements as of June 30, 2014 was decreased by $5,262,609. This change reflects the School's proportionate share of the net pension liabilities ($5,625,404 decrease in net position) and related deferred outflows of resources ($362,795 increase in net position) for the PERA and TRA pension plans, which are now reported by employers under current guidance. Certain amounts necessary to fully restate fiscal year 2014 financial information are not determinable; therefore, prior year comparative amounts have not been restated.”