Natural Science Academy

“The school has two classes of membership: (1) enrollment of a student qualifies parents/legal guardians membership during the enrollment period, and (2) employees of the school.”

“The school's board of directors are elected by the members of the organization at the annual meeting.”

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

“The business manager and lead teacher/administrator will receive a draft version of the form 990 and will review and approve the draft. A copy form 990 will be provided to the board before it is filed with the irs.”

“Board members and officers of the school are required to complete conflict of interest statements annually for review by the board's sponsor. The school's board of directors will not enter into any contract or transaction with (a) one or more of its directors, (b) a director of a related organization, or (c) an organization in or of which a director of organization is a director, officer, or legal representative, employee, or in some other way has a material financial interest unless all of the following criteria are met: (1) the contract or transaction is fair and reasonable; (2) that interest is fully disclosed to all the board's directors; (3) the board approves, authorizes or ratifies the action in good faith; and (4) the approval is by a two-thirds majority of the entire board (not counting the interested director). A conflicted individual may be present at the board meeting to answer questions, but may not advocate for the action to be taken and shall leave the room while a vote is taken. The minutes of all actions taken on such matters shall clearly reflect that these requirements have been met.”

“The business manager and lead teacher/administrator review comparative samples and determine what the school budget, driven by enrollment, will support for all compensation packages, including the executive director and lead teacher/administrator, and makes recommendations to the personnel committee which makes recommendations to the school board. The most recent review was done in 2015.”

“The school makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Other fees: program service expenses 67,587. Management and general expenses 2,229. Fundraising expenses 0. Total expenses 69,816.”

“Net change in pension liability 2,494.”

“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.”

“During the fiscal year ended june 30, 2015, natural science academy adopted gasb statement no. 68, accounting and financial reporting for pensions, and the related gasb statement no. 71, pension transition for contributions made subsequent to the measurement date - an amendment of gasb statement no. 68. As a result natural science academy's net position as of june 30, 2014 has been restated to reflect the recognition of the school's proportionate share of the public employees' retirement fund's net pension liability as well as their portion of the teacher's retirement association's coordinated and basic plan net pension liability.”