Vanguard Classical School Inc.

“Form 990 is prepared from audited financial statements and provided to the governing board prior to being filed.”

“All board members are required to disclose any time an issue is voted upon for which they have a conflict of interest and abstain from voting on the issue. Annually, board members sign a conflict of interest statement.”

“The school reviews salary surveys and other comparable salary information for like positions. The finance committee discusses the salary and submits a recommendation to the board. The board approves the authorized salary for the Executive Director in executive session.”

“The organization provides these documents upon request from the public and and publishes on their website.”

“Utilities : Program service expenses 115,076. Management and general expenses 20,307. Fundraising expenses 0. Total expenses 135,383. Other Expenses : Program service expenses 39,837. Management and general expenses 7,030. Fundraising expenses 0. Total expenses 46,867. Pension Accrual: Program service expenses -500,761. Management and general expenses -88,370. Fundraising expenses 0. Total expenses -589,131.”

“The school is a participant in the State's public pension plan (PERA) and began reporting a portion of the State's unfunded net pension liability following Governmental Accounting Standards Board Statement (GASB) No. 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27 in fiscal year 2015. The School also participates in the State's Postemployment Healthcare Benefit Plan per GASB statement 75. As a result of these GASB statements, the school records an expense in its Government Wide financial reports each year that swings widely from year to year based on future investment return assumptions, participation, and other projections made by PERA's actuaries. Due to the unpredictable and uncontrollable nature of these swings, and that the liability is not a true liability of the school, these State driven accruals are reported as Other in Part IX to allow the reader to track the impact of these accruals separately and to remain consistent with historical reporting.”