Community of Peace Academy

“The school's membership consists of licensed teachers, other employees of the school, and parent(s)/legal guardian(s) of enrolled students.”

“The school's members elect the board of directors at the annual meeting.”

“Approval is required from the members to adopt, amend, or repeal a bylaw fixing a quorum or meetings of members, prescribing procedures for removing directors of filling vacancies, fixing the number of directors, fixing the classifications, qualifications, or terms of office of directors.”

“The school's executive director reviewed a draft of the form 990 with contracted financial consultants. Upon approval by the executive director, the form 990 was filed with the irs. The board of directors also review public disclosure copy of the form 990, either prior to or after it is filed.”

“All directors and officers of the school are required to disclose all relationships annually that may give rise to conflicts of interest. Individuals with potential conflicts of interest must disclose all material facts to the board of directors. The board may authorize contracts or transactions in good faith by affirmative vote (less the vote of the conflicted director) of a majority of the entire board at which there is a quorum present without counting the conflicted director. All proceedings related to the conflicts of interest are noted in the meeting minutes.”

“The board determines the compensation of the executive director, and the executive director determines the compensation of the administrative staff. Salary comparison data generated by the annual compensation survey of the minnesota association of charter schools is used as a benchmark to ensure salaries that are comparable and competitive to average salaries for metro charter schools. This process is undertaken annually for the executive director and administrative staff.”

“The school makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Related board members per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Carol weissenborn, margaret pitsenbarger and kevin keto are board members but received compensation for their services as teachers.”

“Pension liabilities, deferred outflows & inflows pension: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”

“Gasb 68 - pension adjustment 1,929,098.”