College Prep Elementary

“All school employees and parents/guardians of currently enrolled students form the constituency of the schools voting body and elect the schools board of directors”

“The organization does not have committies with authority to act on behalf of the governing body.”

“The form 990 will be reviewed by the schools accounting manager and school director. A public disclosure copy will then be provided to the board or a committee of the board for final review prior to filing.”

“The school has adopted a board of directors conflict of interest policy and the policy is monitored at the board level. Each new director must complete a conflict-of-interest statement within 30 days of their election and shall annually complete a statement on the anniversary of their election or on an annual date the board may elect, such as the annual meeting. Disclosure in the school should be made to the board chair or if she or he is the one with the conflict, then to the school director, who shall bring the matter to the attention of the board. Disclosure involving board members should be made to the board chair, or if she or he is the one with the conflict, then to the board vice-chair who shall bring these matters to the board. The board determines whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable. The decision of the board on these matters will rest in their sole discretion, and their concern must be the welfare of the organization and the advancement of its purpose. An individual is prohibited from serving as a member of the board of directors if the individual, an immediate family member, or the individuals partner is a full or part owner or principal with a for-profit or nonprofit entity or independent contractor with whom the charter school contracts, directly or indirectly, for professional services, goods, or facilities. An individual is prohibited from serving as a board member if an immediate family member is an employee of the school.”

“The annual process for determining the school directors compensation involves looking at what similarly situated charter schools are paying for their top officials. A board sub-committee then takes those figures and compiles a competitive compensation package. Compensation was reviewed and approved by the board. Documentation is kept of compensation changes. Other key employees of the school, director of education and cpe office manager, are evaluated annually by the school director. This process was last conducted in 2023.”

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

“The school follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reported 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.”

“The process has not changed from the prior year.”