Icahn Charter School 4

“The Charter Schools Form 990 is prepared by a nationally recognized independent accounting firm in conjunction with the Schools financial department. The Form 990 is provided to the full Board of Trustees for their review and comment in advance of its filing with the Internal Revenue Service.”

“On an annual basis, the secretary of the organization sends the officers, directors, and key employees a conflict of interest disclosure questionnaire. After being filled out, the questionnaires are returned to the secretary, reviewed, and maintained in the organization's records for the relevant year. If the board or a committee of the board has reasonable cause to believe that an interested person has failed to disclose an actual or possible conflict of interest, it will inform the interested person of the basis for such belief and afford him or her an opportunity to explain the alleged failure to disclose. If, after hearing the response and making such further investigation as may be warranted in the circumstances, the board determines that the interested person has in fact failed to disclose an actual or possible conflict of interest, it will take appropriate action which may include recommendation to the board for removal from the board or termination of employment, as well as reconsideration of whether the transaction or arrangement was in the best interests of and fair and reasonable to the school at the time it was undertaken. If it is determined that the transaction was not fair and reasonable to the school, the school in its discretion, may void the contract and/or require the interested person to restore the school to the financial position it would have been in if such person had been dealing under the highest fiduciary standing.”

“THE COMPENSATION PAID TO TOP MANAGEMENT OFFICIAL, OFFICERS AND KEY EMPLOYEES IS REASONABLE BASED ON THE DUTIES AND RESPONSIBILITIES OF THE POSITIONS, THE TIME SPENT PERFORMING THEIR DUTIES, AND THEIR PERFORMANCE LEVEL. THIS IS DETERMINED BY CONDUCTING RESEARCH OF COMPENSATION FOR SIMILAR POSITIONS AT SIMILAR TYPES OF SCHOOLS. THE COMPENSATION FOR TOP MANAGEMENT OFFICIAL, OFFICERS AND KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS ANNUALLY AND documented IN THE MINUTES.”

“The Charter Schools Form 990 is made available to the public on the internet at www.guidestar.org and upon request at its primary place of business. The School does not ordinarily make its governing documents or conflict of interest policy available to the public. The Schools audited financial statements can be found on the authorizors website.”

“The officers and key employees reported on part vii of the form 990. Receive their w-2 forms from icahn charter school 1; however, these individuals may provide services to various other icahn charter schools (2-7) and their compensation is allocated to each of the charter schools based on the time spent working for each school. The amount of compensation allocated to charter school 4 is as follows: jeffery litt - 69,231 daniel garcia - 45,077 richard santiago- 47,184”

“ON THE CHARTER SCHOOL: In March of 2020 the World Health Organization officially declared COVID-19, a disease caused by the novel coronavirus, a pandemic. This caused many local and national governments, including New York State, to impose restrictions on business operations, travel and time spent outside the home. The outbreak has adversely impacted the level of economic activity around the world and disrupted normal business activity in every sector of the economy. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. External factors, including the duration and intensity of the pandemic, the shape of the economic recovery across the globe, as well as timing and widespread adoption of vaccines, will all have an impact on the Schools operating results. Due to the many uncertainties associated with the pandemic, management is unable to determine the full magnitude it may have on the Schools financial condition, liquidity and future results, or the implications on instruction and the student experience. As a result of the pandemic, the School closed its facility beginning in mid-March 2020 and taught the remainder of the school year on-line. A robust remote learning plan was adapted and implemented for the Charter School students. In keeping with best practices and core principles, K-8 students will receive both synchronous and asynchronous instruction to support a learning experience that is purposeful, positive, and productive. In order to mitigate the impact of the virus, the School has incorporated enhanced social distancing, use of personal protective equipment, and a combination of remote and face-to-face instruction in the 2020-2021 school year. The Icahn Charter School students began instruction for the 2020-2021 academic year remotely. In October 2020, the school introduced the second tier, hybrid model of its re-entry plan allowing an estimated 6 students in each classroom on set days. The third tier will increase the number of in-house instructional days, and the last tier has no-remote instruction. The re-entry models have had little or no effect on student enrollment. Management expects this to be the case for the remainder of the 2020-2021 school year. Government funding to date is in line with expectations, although the New York State Education Department may reduce funding in the future. Management does not expect any changes in funding that will impact the financial stability of the school or student instruction. GOVERNING BODY ELECTIONS - PART VI, SECTION A, LINE 7A The Charter Schools Board of Trustees looks to include a parent of an active school student as a parent representative on the Board of Trustees. This parent representative must be an officer of the Schools Parents Association and must be designated by the Association to be its representative. This Parent Representative to the Board has voting rights.”