Nova Classical Academy

“Any staff members who are employed at the academy, including teachers, and all parents and legal guardians of students enrolled at the academy are the voters eligible to elect the members of the academy's board of directors.”

“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 organization does not have any committees with board 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 review 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 is obtained annually. Compensation for all administrative positions is determined by the executive director, within the board approved budget. This process is completed annually.”

“Governing documents and policies 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.”

“Related board members per mn statute 124e.07, charter schools are required to have licensed teachers as members of the board of directors. Josh garvin, jason belter and becky lund are board members but received compensation for their services as teachers.”

“Pension liabilities, deferred outflows & inflows pension: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”

“Gasb 68 - pension adjustment 1,694,376.”