Explore Excel Charter School

“The organization has a management agreement with explore schools inc. (esi), an affiliated tax-exempt organization which manages the schools in the explore network. Esi provides the organization with educational management services. The organization paid an annual fee of 12% of the organization's general education per pupil operating revenue. Management fee expense incurred for the year ended june 30, 2024 was $4,874,706 no individuals reported on part vii, section a was compensated by esi.”

“Form 990 is reviewed by management and the finance committee of the board of trustees for approval. If changes are required the school will then forward to the outside accounting firm and a final version will be distributed to all board members prior to irs submission.”

“On an annual basis, all trustees and officers are required to disclose, in writing, any interest such trustee may have in any corporation, organization, partnership or other entity which provides professional or other goods or services to the school for a fee or other compensation, and interest such trustee may have as a result of a position or other relationship with any not-for-profit corporation with which the school has an attorney-client or other business relationship (collectively, a "conflict of interest"). Additionally, the school shares its conflict of interest policy with officers and key employees annually, and these employees are expected to declare if at any point a conflict of interest arises. If a conflict were to arise, the interested person shall excuse themselves from board discussion and abstain from voting on the potential conflict. The board discussions are documented in the board minutes.”

“The compensation committee does a market analysis to determine the compensation of the principals and other officers. Compensation is approved by the board of trustees and is documented in the minutes. This process last occurred in 2024.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request.”

“Loss on disposal of assets due to closure of exceed charter school -615,579. Write-off of uncollectible receivables -177,253.”

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