New York City Montessori Charter School

“The school has its form 990 prepared by an outside accounting firm. The form 990 is then reviewed by management and the finance committee of the board of trustees for approval. If changes are required, the school will then forward these changes to the professional accounting firm and a final version will be distributed electronically to all board members prior to submission to the irs.”

“The organization has a conflict of interest policy applicable to all trustees, officers and key employees (if any). All applicable individuals are required to sign a conflict of interest agreement annually, disclosing any possible conflict of interest and be given the opportunity to disclose all material facts to the trustees or committee with board delegated powers. The board of trustees affirms that the trustees, officers, administrators, faculty and other employees of the nycmcs have an obligation to exercise their authority and to carry out the duties of their respective positions for the sole benefit of the nycmcs. They should avoid placing themselves in positions in which their personal interest are or may be in conflict with the interests of the nycmcs. Where a potential conflict of interest exists, it shall be the responsibility of the person involved or any other person with knowledge to notify the board of trustees of the circumstances resulting in the potential conflict so that the board of trustees can provide such guidance and take such action as it deems appropriate. Areas of potential conflict of interest include financial interests, inside information, conflicting interests other than financial ones and gifts and favors. In the event of a conflict of interest, the board members will recuse themselves from voting upon these matters.”

“The process for determining compensation for the ceo includes the use of comparable data such as the form 990 of other organizations. An annual review of compensation, accomplishments and skills is done by the board. The board of directors reviews the collected data and votes on the compensation. The process last occurred in 2023, and is documented in the minutes of the board.”

“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, form 990, and governing documents are also available upon written request.”

“The organization contracted with a professional employer organization (peo) for services, including but not limited to, payroll, timekeeping, employee benefits, hr administration and workforce regulatory compliance needs. As the employer of record for tax purposes, forms w-2 and w-3 are issued by the peo and filed under the peo's federal ein. In this co-employment arrangement, the organization is the common law employer and, accordingly, compensation is reported on form 990, part vii, section a and part ix, lines 5-10.”

“The school has an audit/finance committee that is responsible for oversight of the audit and selection of the independent auditor. The process has not changed from prior year.”