Agamim Classical Academy

“As per mn statute 124e.07, staff members employed at the school, including teachers providing instruction under a contract, members of the board of directors, and all parents or legal guardians of children enrolled in the school are the voters eligible to elect the members of the school's board of directors.”

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

“The form 990 is prepared by the school's accountant and reviewed in detail by the school's finance committee. The reviewed public disclosure 990 will be made available to all board members prior to filing with the irs.”

“All board members are covered under the conflict of interest policy and are required to disclose annually and at each board meeting any interests that could give rise to conflict. The determination as to whether a conflict of interest exists is to be made by the school board. Any school board members who have an actual or potential conflict shall notify the school board of such conflict immediately. The school board member shall thereafter cooperate with the school board as necessary for the school board to make its determination. Individuals determined to have a conflict of interest may not participate in the discussion nor the vote. All proceedings related to conflicts of interest are documented in the meeting minutes. See the school's website for more information on this policy.”

“The school's board of directors reviews and approves compensation for all staff using market rate analysis as part of the annual budget review process. The deliberation and decision is documented in the meeting minutes. The review is completed annually.”

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

“Related board members per mn statute 124e.07, charter schools are required to have licensed a teacher as a member of the board of directors. Paige schneider and sarah carlson are board members but received compensation for their services as teachers.”

“Pension liabilities, deferred outflows & inflows pension: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”

“Gasb 68 - pension adjustment -534,662.”

“The board is responsible for selection of an independent accountant for the oversight of the financial statement audit. This process has not changed from prior year.”