Nova Classical Academy

“The school's members consist of parents/legal guardians of enrolled students, employees of the school, and community members.”

“The school's board of directors are elected by the parents/legal guardians of enrolled students and employees of the school.”

“Changes to the bylaws affecting the governance model of the school require (1) majority approval of a quorum of the board, and (2) approval by the licensed teachers employed by the school, and (3) approval by the school's authorizer, friends of education.”

“A draft of the form 990 was reviewed and all financial information was verified by the academy's business manager. The executive director reviewed a draft of the form 990 for accuracy of non-financial information. The form 990 was then reviewed and approved by the board chair and board treasurer. Copies were distributed to all board members.”

“Board members complete annual conflict of interest statements requiring them to identify conflicts. These conflicts are shared with the board who shall determine if a conflict exists. If a conflict of interest is determined to exist on a proposed board action, the board member refrains from voting on that action. All proceedings related to conflicts of interest are documented in the meeting minutes.”

“Compensation of interim executive director was based on prior executive director's agreement and survey of other large charter schools in the metro area. The prior exeuctive director had a 3-year compensation agreement (july 2013 to june 2016) which was based on his previous 3-yr agreement which ended june 2013, taking into consideration results of the prior 3 years' annual board evaluations of the exeuctive director and the results of the most recent macs compensation survey and a 12 school charter school survey. The contract was drafted by the board chair and reviewed by the full board. Board approval was made at the february 2013 meeting. The initial 3-year agreement was based on the work of an ad hoc committee appointed to review administrative structure and compensation. They obtained compensation survey results from macs, and solicited comparable charter schools to determine an appropriate range of salary and benefits. This process was completed in early fiscal year 2011, with a three-year compensation agreement executed retroactive to the beginning of fiscal year 2011 (july 1, 2010 to june, 2013). Most recent thorough executive director compensation review was done in calendar 2010 for the 3-year agreement july 2010 to june 2013. A high level (phone calls) comparison of compensation was done in deterimining wages for the interim executive director for the 12 month period 06/18/14-06/15/15. A more extensive process will be used in determining wages for a permanent executive director. Compensation for all administrative positions is determined by the executive director, within the board approved budget.”

“Governing documents and polices are available to the public on nova's website, summary budgeted and actual revenue and expense information is on the website. Audited financials and documents listed above are available upon request. Summary financial information is also available on the mn dept of ed website.”

“The school follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”