Ad Prima Charter School

“The form 990 is prepared by an independent accounting firm. The ceo and board of directors review the form 990 before it is submitted to the internal revenue service.”

“Conflict of interest policy applies to all members of the board members and employees of the school. The potential conflicts are reported to the ceo of the school and shall make determination as to whether a potential conflict is an actual conflict. Disciplinary action is been taken if an actual conflict were identified.”

“The board determines compensation for the ceo using comparable data from other charter school's form 990s and the school district of philadelphia. The board approves the compensation and the deliberation and final determination is timely documented in each of the board's minutes. Form 990, part vi, section b, line 15b: the organization does not compensate any other individual that meets the irs definition of officer or key employee.”

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“Special education services: program service expenses 916,960. Total expenses 916,960. Contracted nursing services: program service expenses 53,695. Total expenses 53,695. Other contract services: program service expenses 88,393. Management and general expenses 16,087. Total expenses 104,480.”

“The school is part of the public school employees' retirement system (psers), which is a governmental cost-sharing multiple employer defined pension and benefit plan that provides benefits to public school employees of the commonwealth of pennsylvania. Under governmental-wide accounting for governmental accounting standards (gasb) reporting, the school is required to record their allocated portion of the psers net pension liability, deferred inflows and deferred outflows on an annual basis since the adoption of accounting standard gasb 68 - accounting and financial reporting for pensions in fiscal year june 30, 2015. During june 30, 2019, the school was required to record their allocated portion of the psers other postemployment benefit (opeb) liability, deferred inflows and deferred outflows on an annual basis due to the adoption of accounting standard gasb 75 - accounting and financial reporting for postemployment benefits other than pensions. As a result of the fiscal year 2020 allocations and gasb 68 and 75 journal entries required to be recorded, the psers pension and opeb activity resulted in a credit for june 30, 2020 fiscal year.”