Monument Academy

“The Organization has one class of members. Each employee and each parent of a student currently enrolled at the Academy shall be considered a member.”

“The Organization's bylaws state that members shall have no rights or privileges other than to elect the directors of the corporation.”

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

“The Form 990 is prepared by the Organization's Public Accounting Firm based on information provided by the management. Once a draft of the filing is available, copies of Form 990 are distributed to all Board Members for review via email, prior to filing. The CFO and Board of Directors, of the Oranziation, review the first draft of the Form 990 prior to its filing. The review conducted by the Board of Directors is a high level assessment for accuracy. The CFO conducts a more thorough review of the Form 990.”

“The Organization's conflict of interest policy as stated in the bylaws is as follows: If a responsible person is aware that the corporation is about to enter into any transaction or make any decision involving a conflict of interest, a "Conflicting Interest Transaction", such person: (1) Immediately inform those charged with approving the conflicting interest transaction on behalf of the corporation of the interest or position of such or any party related to such person; (II) Aid the persons charged with making the decision by disclosing any material facts within the responsible person's knowledge that bear on the advisability of the corporation entering into the conflicting interest transaction, and (III) not be entitled to vote on the decision to enter into such transaction. Any potential conflicts of interest are discussed at the board meetings and documented in the board minutes.”

“Compensation of officers and key employees is discussed and determined by the Board of Directors and documented in the meeting minutes of the executive session. The most recent compensation review occurred in 2019. Compensation review was not performed this year due to turnover at the Executive Director position.”

“The Organization makes its governing documents, conflicts of interest policy and financial statements available to the public through it's website and upon request.”

“The School follows a modified accrual method of accounting as prescribed by the Colorado Department of Education, the school-wide financial statements are reported using the economic resources measurements focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”

“Asset Recorded in BC not School 12,533. Lease Debt Payment Recorded on BC not School -20,576. Compensated Absences Recorded on BC not School -174,091.”

“The school follows a modified accrual method of accounting as prescrived by the Colorado 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.”

“The process for oversight and selection of an independent account has not changed from the prior year.”