Prospect Schools Inc

“The form 990 is reviewed by management for approval. If changes are required, management will then forward these changes to the accounting firm and a final version will be distributed to the board members after submission to the irs.”

“The organization has a conflict of interest policy applicable to trustees, officers, and key persons. Upon election or appointment, and on an annual basis thereafter, covered persons must complete a conflict of interest disclosure form and must sign a statement, which affirms that such person has received a copy of the conflict of interest policy, has read and understands the policy, and has agreed to comply with the policy. The written disclosure statements are submitted to and reviewed by the chairperson of the board. If a potential conflict arises between annual updates, the person involved has a duty to promptly disclose all material facts pertaining to a potential conflict of interest. Determinations regarding conflict matters are to be made by the board of trustees by majority vote. At the time of any deliberation concerning conflicts of interest the person involved must not be present, unless asked to provide additional information, and such person may not vote on the matter. The existence and resolution of any reported conflicts of interest are documented in the board minutes.”

“Compensation of the chief executive officer of the organization was based on review of comparability data provided by the department of education, including salary surveys. The executive committee and the board of trustees reviewed, determined and last approved compensation in 2023. The discussions and deliberations were documented in the committee minutes. Form 990, part vi, section b, line 15b: compensation of the other officers of the organization was based on review of comparability data provided by the department of education, including salary surveys. The executive committee and the board of trustees reviewed, determined and last approved compensation in 2023. The discussions and deliberations were documented in the committee minutes.”

“The organization makes its form 990, governing documents, conflict of interest policy, and financial statements available to the public upon written request.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from the prior year.”