Summit Academy Oic

“The executive committee is made up of the chairman, vice chair and the three standing committee chairs. The executive committee has the authority of the board of directors between meetings and is subject to the control and direction of the board of directors.”

“The form 990 and the audited statements are reviewed by the finance committee and executive committee in detail prior to the presentation to the full board of directors which occurs at the first meeting immediately following the completion of the audit and the preparation of the form 990 respectively.”

“The conflict of interest policy is applied to all board, officers and staff of summit. The conflict of interest policy is reviewed annually with all members of the board of directors, officers and management of the organization. Self disclosure is required if any member suspects a possible conflict of interest. If any possible conflict is discovered after the fact, the matter is reviewed by the executive committee and if necessary the full board of directors. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1. The conflicting interest is fully disclosed; 2. The person with the conflict of interest is excluded from the discussion and approval of such transaction; 3. A competitive bid or comparable valuation exists; and 4. The board [or a duly constituted committee thereof] has determined that the transaction is in the best interest of the organization. Disclosure in the organization should be made to the chief executive officer (or if she or he is the one with the conflict, then to the board chair), who shall bring the matter to the attention of the board [or a duly constituted committee thereof]. Disclosure involving directors 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 [or a duly constituted committee thereof]. The board [or a duly constituted committee thereof] shall determine whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to summit. The decision of the board [or a duly constituted committee thereof] on these matters will rest in their sole discretion, and their concern must be the welfare of summit and the advancement of its purpose. Proceedings on conflicts of interest are documented in the meeting minutes.”

“The compensation for the ceo, cfo, and cao is reviewed and set by the executive committee serving as the compensation review committee. Benchmarking and other comparability data are prepared for and reviewed by the committee. All compensation changes are documented in the minutes of the committee meeting. For 2013, compensation was negotiated between management and the ceo based on performance in 2012. Benchmark data was used for both industry level and job level reviews. Tools available for benchmarking include review of comparable non-profit organization form 990's, the minnesota council of non-profits, minnesota metropolitan are salary survey, robert half salary guide and survey. For 2015 and 2016, the ceo, cfo and cao have elected to forego compensation increases.”

“The organization's financial statements are included in the annual report and on the charities review council website. The organization's governing documents and conflict of interest policy are made available to the public upon request. Summit academy oic has met the standards of the charities review council since 2012, most recently completing its renewal with the charities review council in 2016.”