Goal Academy

“During the year ended June 30, 2016, the Organization was a party to a management agreement with Summit Education Group whereby management services historically performed by officers or highly compensated employees of GOAL were performed by Summit Education Group. The services performed by Summit Education Group included a broad range of educational management support services including facilities management, some student services, financial management and staff management. On October 19, 2015 the School board agreed to a separation agreement with its executive director, Ken Crowell, that included one lump-sum payment for separation. On October 27, 2015 the School board voted to dissolve its operating agreement with Summit. Ken Crowell, the Organization's former executive director, was the sole owner of Summit. The payments by GOAL to Summit for services for the period ending June 30, 2016 totaled $1,085,555. For 2014-15, GOAL paid $321,463 to Summit Education Group for services which were never delivered, and that carryover receivable remains on GOAL's books. For that same prior fiscal year, GOAL had a payable to Summit of $240,624 for services provided by Summit that had not been paid for by GOAL. These amounts are now part of litigation between Summit and GOAL, the outcome of which cannot be predicted with certainty.”

“The Director and the Board review the 990 before filing.”

“Board members, executive officers and key employees are required to disclose any conflicts on an annual basis.”

“Executive compensation was set by deliberation of the Board in conjunction with financial oversight from the local school district, the State of Colorado, and in compliance with all financial transparency laws and regulations. In setting the compensation, surveys of comparable online charter schools as well as benchmarking against conventional schools and similary related state and national organizations was used.”

“Financial information is available on the School's website.”

“Oversight of audit and selection of independent accountant has not changed from prior years.”

“During the year, it was determined that pension contributions subsequent to the measurement date and other pension outflows totaling ($1,055,232) were not included in the statement of net position. To correct this oversight, the beginning net position for governmental activities as originally stated, has been decreased and restated. It was also determined that certain prior year expenditures totaling $55,700 were incorrectly recorded in the General Fund. The total prior period adjustment is ($999,532).”