Innovate Manhattan Charter School

“The charter school has a licensing and consulting services agreement with kunskapsskolan usa, inc. ("kusa") to provide a comprehensive education program and consulting to implement the program. Effective october 2013, the charter school amended the agreement with kusa to provide management and consulting services as well as hiring, supervising, and performance managing the head and assistant head of the school. The charter school paid $217,532 to kusa for reimbursement of the hiring, supervising, and performance managing of the head and assistant head of school. Of the $217,532 paid to kusa the charter school reimbursed salaries of $41,684 for simi bindra (head of school 7/1/13-9/30/13), $104,690 for david penberg (head of school starting 12/23/13), and $48,184 for peter katcher (assistant head of the school). Kusa provided in-kind services of $224,244 during the year ended june 30, 2014 for the licensing and consulting services provided the charter school. Kusa rents the school facility to the charter school and received rent of $515,316 from the charter school during the year ended june 30, 2014. The charter school has a note payable to kusa of $1,554,311 as of june 30, 2014.”

“The school documented all meetings of the board during the year, however did not document all the meetings of the finance committee. The school intends to document all future finance committee meetings.”

“The draft form 990 is reviewed by the head of school and the finance committee. The board approves form 990 which is then signed by the board designee.”

“The school continually monitors and annually surveys trustees, officers, and key employees in order to identify possible conflicts of interest. Members are required to disclose information about the interest which could lead to conflicts of interest to the chairperson of the board. In regards to actual or apparent conflicts of interest, a director shall: 1) refrain from any use of their position as a director which is motivated by, or gives the appearance of being motivated by, the desire for gain for the director or for other person or organization with which he/she is associated; 2) disqualify himself/herself from formal or informal discussion with directors or participation in any decisions which pose a conflict of interest.”

“The school seeks to ensure that compensation is reasonable and represents the fair market value for services rendered. Comparable data is used by the board when determining the compensation of officers and key employees. The school sets compensation within the range of the going market rate. No individual having a conflict of interest under the school's conflict of interest policy is permitted to participate in the review or decision making process.”

“These documents are located at the school and are available upon request. They are also available on guidestar.org”

“The process is consistent with prior years.”