Acsi Education Foundation

“Per the bylaws, a minimum of two members of the Board of ACSI Education Foundation must be members of the Executive Board of ACSI, one whom must be Chairman of the ACSI Executive Board. No more than 8 members may be on the Board of ACSI Education Foundation who are not also members of the ACSI Board. All members elected the to Board of ACSI Education Foundation must be approved by ACSI.”

“Any changes to the bylaws or Articles of incorporation approved by ACSI Education Foundation must also be approved by a 2/3 majority of the Board of ACSI.”

“ACSI Education Foundation does not have any committees with the authoriy to act on behalf of the governing body. Therefore, this line was answered no in accordance with the instructions.”

“Form 990 is prepared by an independent CPA firm, then reviewed by the CFO in detail before being posted for any and all board members to review and question for a reasonable amount of time before officially filing.”

“There is annual written affirmation of the "conflict of interest policy" by each board member and officer. Monitoring for potential conflicts of interest is performed by the ACSI finance team. If a potential conflict were to be identified, it would be taken to the Controller. Any actual conflict would be taken to the independent members of the board of directors to be voted on whether to proceed based on the best interests of the organization. Any director with a conflict would recuse his or her self from the decision making process.”

“The organization does not compensate any officers or key employees. Therefore, these lines were answered no in accordance with the instructions.”

“Internal policies, such as the conflict of interest policy, are not made available to the public. Our governing document and financial statements are made available to interested parties upon request.”

“No board members are compensated by the organization; the compensation reported in Form 990 Part VII and Schedule J is paid by a related organization, Association of Christian Schools International, for services performed as an employee or independent contractor of that organization.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 09/30/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $ 691,973 Line 29 - Net assets with donor restrictions $ 500,000 Total net assets $1,191,973”