West Philadelphia Achievement Charter Elementary School

“The form 990 is prepared by an independent accounting firm. The form 990 is then provided to the board president and the charter school's ceo prior to being signed and submitted to the irs.”

“The conflict of interest policy applies to every representative of the organization, including, but not limited to, the trustees and officers. In the event that a potential conflict of interest does arise involving an officer or trustee, its nature and extent should be fully disclosed immediately to the ceo, who, after making a thorough review of the circumstances, will report to the board of trustees, who will determine appropriate action to be taken. All board members are required to file an annual statement of financial interests.”

“Ceo compensation is reviewed and approved annually by the board of directors. Compensation comparisons are made to form 990s of peer organizations and equivalent positions in the state of pennsylvania to analyze and compare compensation and make recommendations to the board for its approval. The deliberation and approval by the board is documented in each committee'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.”

“All governing documents, the conflict of interest policy and the financial statements are made available upon request.”

“The organization conducts an evaluation of potential uncertain tax positions. No uncertain tax positions were identified and therefor no footnote was required in the audited financial statements.”

“The school is part of the public school employees' retirement system (psers), which is a governmental cost-sharing multiple employer defined pension 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. Under gasb reporting, the school is required to record their allocated portion of the psers other postemployment benefit (opeb) liability, deferred inflows and deferred outflows on an annual basis since the adoption of accounting standard gasb 74 and 75 - accounting and financial reporting for postemployment benefits other than pensions in fisal year june 30, 2018. As a result of the fiscal year 2018 allocations and gasb journal entries required to be recorded, the psers pension and opeb activity resulted in a credit for june 30, 2018 fiscal year.”

“Restatement for july 1, 2017 - opeb liability -340,000.”