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.”

“The school does not have any committees that have broad authority to act on behalf of the governing body.”

“A draft of the form 990 is reviewed and all financial information verified by the academy's outsourced accountant. The executive director reviews a draft of the form 990 for accuracy of non-financial information. The form 990 is then reviewed and approved by the board chair and board treasurer. Copies are distributed to all board members prior to filing.”

“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 executive director (ed) was based on a survey of other large charter schools in the metro area and the macs compensation survey. The offer agreement was drafted by the board chair and reviewed by the full board. Board approval was made at the april 2015 meeting. Compensation for all administrative positions is determined by the executive director, within the board approved budget. This process was last completed in 2015-2016.”

“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. The audited financial statements and documents listed above are available upon request. Summary financial information is also available on the minnesota department of education's website.”

“Change in pension liability -58,376.”

“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.”