Prospect Schools Inc.

“Form 990 is reviewed by the board of trustees for approval. If changes are required, the organization will then forward the form 990 to the auditing firm and a final version will be distributed to all board members prior to the irs submission.”

“All officers, trustees and key employees are required to disclose in writing to the board of trustees annually any potential conflicts of interest. If a potential conflict were to arise, the interested person shall excuse themselves from board discussion and abstain from voting on the potential conflict. Employees have an obligation to conduct themselves within guidelines that prevent actual or potential conflicts of interest from arising. This policy establishes only the framework within which the school intends to operate. The purpose of these guidelines is to provide general direction so that employees can seek further clarification on issues related to the subject of acceptable standards of operation. Contact human resources for more information or questions about conflicts of interest. An actual or potential conflict of interest occurs when an employee is in a position to influence a decision that may result in a personal gain for that employee or for a relative as a result of the school's business dealings. For the purposes of this policy, a relative is any person who is related by blood or marriage, or whose relationship with the employee is similar to that of persons who are related by blood or marriage. No "presumption of guilt" is created by the mere existence of a relationship with outside firms. However, if employees have any influence on transactions involving purchases, contracts, or leases, it is imperative that they disclose to the executive director of the school as soon as possible the existence of any actual or potential conflict of interest so that safeguards can be established to protect all parties. Deliberation and decisions are documented in the minutes of the meeting.”

“Compensation of the organizations officers and key employees is based on comparable data provided from the department of education. The executive committee and the board of directors reviewed, determined and last approved compensation in 2018. All discussion and deliberation was documented in the minutes of the governing 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, articles of incorporation and by-laws are also available upon written request at 3002 fort hamilton parkway, brooklyn, ny 11218, or by calling the organization directly at (347)-889-7041.”

“Prospect schools, inc. Amended its legal purpose to provide comprehensive management services to the school and other potential schools in its network.”

“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 the prior year.”