Groves Academy

“All exec members are board members. The exec committee meets monthly (the board meets 4-6 times a year) and it reviews current matters with the president before taking them to the board for action at board meetings.”

“The draft 990 is completed and presented to the finance committee for questions and review. Following this review at a finance committee meeting, the committee recommends the 990 to the board for approval. At the next board meeting the 990 is sent in advance for members to review so that it can be approved at the board meeting.”

“Those covered by the policy can be defined as (a) a director, (b) an officer, (c) a member of a committee with board-delegated powers, or (d) any other key employee(s) as identified by the board. A "potential conflict of interest" arises if the person, or any of their immediate family members, have (1) an actual or potential ownership or investment interest in any entity with which the glo has, or is considering, a transaction or arrangement; (2) an actual or potential compensation arrangement with glo (other than for services as an officer, director or employee) or with any entity or individual with which glo has, or is considering, a transaction or arrangement; (3) serves on the board of an entity with which glo has, or is considering, a transaction or arrangement; or (4) has a close personal or business relationship with a participant in a transaction being considered by glo. A potential conflict of interest is not necessarily a conflict of interest, glo's board or a committee shall decide if a conflict of interests exists. If a situation is unclear a covered person shall err on the side of caution and disclose any potential conflict of interest as set forth in the policy. Upon becoming aware of any potential conflicts of interest, a covered person must immediately disclose this to glo's board of trustees or a committee with board-delegated powers considering the proposed transaction or arrangement. After this disclosure, the covered person must leave the board (or committee) meeting while the potential conflict of interest is discussed and voted upon. The remaining board (or committee) members shall decide if a conflict of interest exists. The chairperson of the board (or committee) will appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement if appropriate. Proceedings resulting from conflicts of interest are documented in the board minutes.”

“For the president, the exec. Committee meets and prepares a contract including salary and bonus. For senior employees, the president presents a proposal to the exec. Committee for approval. Detailed salary information is not shared widely to the board. The compensation information is compared to comparable data at www.nais.org. They complete this survey every year by having hr input their data and compare it to similar organizations. The process described here was last completed in 2025.”

“The organization makes its audited financial statements available to the public through the charities division of the minnesota attorney general's office.”