Twin Cities International Schools

“Business management office, inc. Provides customary services that include some defined by this form as "management services" such as assistance with preparing and monitoring budgets.”

“Employees, students who are at least 18 years of age, and all parents and legal guardians of children enrolled at the school, may vote in elections for board members.”

“A draft of the form 990 is reviewed by the financial consultant prior to approval.”

“Conflict of interest forms are required to be completed and reviewed on an annual basis. The forms are completed by all board members as well as the school director. The forms are reviewed and determinations are made if conflicts exist at the board level. If a conflict of interest is determined to exist, those individuals affected are not allowed to participate in any related discussion or board matter where these conflicts exist. The process is documented in the meeting minutes.”

“The compensation package for the director of the school and other key employees are determined by the board. The process included review and approval by independent persons, comparability data, and substantiation for the school director. This was last undertaken in july 2014 for the incoming school director, faysal ali.”

“The organization's governing documents, conflict of interest policy, and financial statements are not made available to the public.”

“Change in pension liability 48,829.”

“The school follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reporting using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”

“During fiscal year ended june 30, 2015, the school adopted gasb statement no. 68, accounting and financial reporting for pensions, and the related gasb statement no. 71, pension transition for contributions made subsequent to the measurement date - an amendment of gasb statement no. 68. As a result, the school's net position as of june 30, 2014 has been restated to reflect the recognition of the school's proportionate share of the public employees' retirement association of minnesota general employees' retirement fund's net pension liability as well as their portion of the teacher's retirement association's coordinated and basic plan net pension liability.”