Scholar Academies

“The board of directors may, by resolution adopted by a majority of the directors in office, establish an executive committee to consist of two or more directors of the corporation. The executive committee shall have an exercise all of the powers and authority of the board of directors, except that the executive committee shall not have any power or authority as to 1) the filling of vacancies in the board of directors, 2) the adoption, amendment or repeal of the bylaws, 3) the amendment or repeal of any resolution of the board, 4) action on matters committed by the bylaws or a resolution of the board of trustees exclusively to another committee of the board of trustees.”

“Board members winston churchill, chair, charles freyer, secretary, and dennis ferry are all either scp partners or employees. Robert fox, winston churchill, charles freyer and dennis ferry have business relationships through investment funds in which they are invested. Winston churchill and tina small have a family relationship.”

“The finance committee reviews the form 990 in detail and provides any comments and recommends it to the full board for its review and input before the form 990 is filed with the irs.”

“A conflict of interest is completed annually by all members of the board and officers of the organization. In addition, when a person has become aware of a potential conflict, he or she must immediately disclose the existence and circumstances of such conflict of interest. The board chairman monitors and enforces compliance with the organization's written conflict of interest policy.”

“The governance committee evaluates the performance of the ceo, reviews the performance evaluation with the entire board, and recommnends changes to the ceo's compensation to the board for approval on an annual basis. The governance committee and the full board review the ceo's performance evaluations of the senior management team and changes in those team members' compensation prior to those changes taking effect.”

“The organization's governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

“During april 2016, the board of directors of scholar academies made the determination to dissolve scholar academies. This determination was made after a careful consideration of the future sustainability of scholar academies, which included the engagement of a specialized management consulting firm to assist the board in evaluating options. Contributing factors to the decision to dissolve scholar academies included, but were not limited to, the inability to add new schools to achieve critical mass and the uncertainty of future funding sources. Each of the schools for which scholar academies had provided services through october 31, 2016, is now being managed independently of scholar academies. The offices of scholar academies closed on october 31, 2016. Significant contracts of scholar academies have been settled and terminated, and the assets of scholar academies have been sold. Current liabilities of scholar academies are being paid with current cash reserves. The completion of scholar academies' dissolution is expected during fiscal year 2018.”

“Payroll processing: program service expenses 0. Management and general expenses 37,267. Fundraising expenses 0. Total expenses 37,267. Other professional fees: program service expenses 0. Management and general expenses 3,297. Fundraising expenses 0. Total expenses 3,297. Contractors: program service expenses 11,029. Management and general expenses 68,711. Fundraising expenses 0. Total expenses 79,740.”

“Deconsolidation of memphis scholars -1,489,250.”

“The organization has not changed its audit oversight process or selection of an independent auditor process during the year.”