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.”

“Instructional Technology : Program service expenses 152,363. Management and general expenses 26,888. Fundraising expenses 0. Total expenses 179,251. Utilities : Program service expenses 108,165. Management and general expenses 19,088. Fundraising expenses 0. Total expenses 127,253. Other Expenses : Program service expenses 52,527. Management and general expenses 9,270. Fundraising expenses 0. Total expenses 61,797. Food Service Expenses : Program service expenses 15,029. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,029. Supplies : Program service expenses 844. Management and general expenses 149. Fundraising expenses 0. Total expenses 993. Pension Accrual: Program service expenses -1,417,193. Management and general expenses -250,093. Fundraising expenses 0. Total expenses -1,667,286.”

“The board of directors assumes responsibility for the oversight of the audit and selection of an independent accountant. This has not changed from prior years.”

“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. Thse 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.”