Global Academy

“The organization has two voting classes of membership designated as "enrollee members and "employee members". Enrollment of a child in the organization shall qualify the parent(s) or legal guardian(s) of such child for membership during the child's enrollment. Paid employee by the organization shall qualify the employee for membership during the term of their employment.”

“All members in good standing are eligible to vote for the board members at the annual meeting in person or by proxy.”

“The form 990 is prepared by the school accountant and disseminated to the full board after it is filed.”

“Each director, principal, officer, and committee members with governing board delegated powers is required to complete an annual statement that confirms that the individual has received, understood, and agreed to comply with the conflict of interest policy. This includes a duty to disclose any actual or potential conflicts on the proposed transactions. After disclosure and admission of any material facts, the conflicted individual is required to leave the meeting while the determination of a conflict is discussed and voted upon by the board or committee involved. The board or committee chair will conduct due diligence to determine if a similar transaction can be arranged that would not lead to a conflict of interest. The proceedings are documented in the meeting minutes.”

“The board used comparative data to determine the school director's compensation and documented the deliberation and decision in the board meeting minutes. The process is performed every year.”

“The school makes all of its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Related board members per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Emily fisher, dannika wright, kate larson, kim fields, and stephanie klauer 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 -235,464.”

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