Paterson Charter School for Science and Technology Inc.

“The board of trustees and designated school officials review the tax form 990 return prior to submission and filing with the irs.”

“Each school official and/or key employee, as well as each member of the board of trustees, is required to file the school ethics commission disclosure statement, per applicable new jersey law. These forms are filed with the local county authority.”

“Salary and compensation of the ceo/lead person of the paterson charter school for science and technology is reviewed and evaluated by board of trustees of the charter school on an annual basis. In conducting such review and evaluation, factors such as personal strengths and weaknesses, as well as goals and achievements of the charter school, and comparable salary data are all given due weight and consideration. The ultimate compensation evaluation and recommendation is thereafter approved by the board of trustees of the charter school.”

“Salary and compensation of officers, key employees and all teachers are reviewed and evaluated by the charter school lead person and business adminstrator on an annual basis. In conducting such review and evaluation, factors such as teacher performance, education, experience, longevity and comparable area standards for the profession, are given due weight and consideration. All such compensation evaluations and recommendations are reviewed and approved by the board of trustees of the charter school.”

“The minutes for the meetings of the board of trustees of the paterson charter school for science and technology are available to the public on the school's website. Annual audit and financial reports of the charter school are available on the state of new jersey department of education website. Other charter school information is available on the school website, or will be provided upon request.”

“The charter school follows state and federal regulations and standards governing record retention and destruction.”

“Laws and regulations concerning goverment programs, including the employee retention credit (erc) established by the coronavirus aid, relief, and economic security (cares) act, are complex and subject to varying interpretations. Claims made under the cares act may also be subject to retroactive audit and review. There can be no assurance that regulatory authorities will not challenge the school's claims to the erc, and it is not possible to determine the impact (if any) this would have upon the school. In 2023-2024, the school filed for the employee retention credit (erc) for the eligible quarterly payroll periods and was refunded $5,105,968. That amount has been included as other sources in the annual comprehensive financial report for the year-ended june 30, 2024.”

“In june of 2017, the gasb issued statement no. 87, leases. Gasb statement no. 87 requires recognition of certain lease assets and liabilities for leases that were previously classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. Under this statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governments leasing activities. The requirements of gasb statement no. 87 were effective for reporting periods beginning after june 15, 2021. The school adopted gasb statement no. 87 effective july 1, 2021. The implementation of gasb statement no. 87 reduces the occupancy expense line as the result of adjustments made to recognize the asset and liability of the leased asset.”

“The paterson charter school for science and technology has a written whistleblower policy which prohibits discrimination or retaliation against any school employee who: (1) discloses or threatens to disclose to a supervisor or appropriate entity a policy or practice which the employee reasonably believes is in violation of law; (2) provides information to any public body conducting an investigation or inquiry into any alleged violation of law; or (3) objects to, or refuses to participate in any activity, policy or practice which the employee reasonably believes is in violation of law, is fraudulent or criminal, or is incompatible with public health or safety.”