Brooklyn Prospect Charter School

“The school is managed by prospect schools, inc. ("prospect"), a charter management organization. Prospect oversees the school in their development and implementation of their educational and instruction programs; supports and assists the business administration of the school; assists in the recruitment of personnel and provides human resources services; and oversees the financial services and reports for the school. For the year ended june 30, 2020, the school paid prospect a management fee in the amount of $3,890,931.”

“The form 990 is reviewed by the board chair and treasurer. A complete copy of the return is provided to the entire board of trustees for approval prior to filing with the irs.”

“The school has a conflict of interest policy applicable to trustees, officers, and key persons. Upon election or appointment, and on an annual basis thereafter, covered persons must complete a conflict of interest disclosure form and must sign a statement, which affirms that such person has received a copy of the conflict of interest policy, has read and understands the policy, and has agreed to comply with the policy. The written disclosure statements are submitted to and reviewed by the chairperson of the board. If a potential conflict arises between annual updates, the person involved has a duty to promptly disclose all material facts pertaining to a potential conflict of interest. Determinations regarding conflict matters are to be made by the board of trustees by majority vote. At the time of any deliberation concerning conflicts of interest the person involved must not be present, unless asked to provide additional information, and such person may not vote on the matter. The existence and resolution of any reported conflicts of interest are documented in the board minutes.”

“The school makes its form 990, governing documents, conflict of interest policy, and financial statements available to the public upon written request at 355 bridge street, brooklyn, ny 11201, or by calling the organization directly at (718)643-1086. In addition, the form 990 is available on guidestar.org and other similar types of websites.”

“Write-off of unamortized deferred rent liability 2,177,805.”

“The finance committee of the board of trustees is responsible for oversight of the audit of the financial statements and selection of an independent accountant. The process has not changed from the prior year.”