Athlos Leadership Academy

“The Form 990 is prepared by the Academy's accountant and the full form is reviewed by the Principal. The public disclosure version of the Form 990 is then presented to the Board of Directors for review and approval prior to filing.”

“The School's conflict of interest policy covers Directors, Officers and Members of each committee with Board-Delegated powers. Each covered individual shall complete and sign a conflict of interest policy annual statements at the time of his or her initial election or appointment and annually thereafter. A violation of the School's policy renders a contract voidable at the option of the Commissioner or the Charter School Board of Directors. A member of the School's Board of Directors who violates this prohibition is individually liable to the Charter School for any damages caused by the violation in connection with any actual or possible conflicts of interest. An interested person must disclose the existence of his or her financial interest and given the opportunity to disclose all material facts relating to his or her financial interest to the Directors or Members of Committees with Board-Delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interest person, the interested person must leave the Board (or Committee) meeting while the financial interest is discussed and voted upon. The remaining Board (or Committee) members shall decide if a conflict of interest exists. The meeting minutes shall document the names of the persons who disclosed a relationship or otherwise were found to have a conflict, the nature of the relationship, any action taken to determine whether a conflict of interest was present and the Board's (or Committee's) decision as to whether a conflict of interest in fact existed, the names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussions, including any alternatives to the proposed transaction or arrangement and a record of any votes taken in connection therewith.”

“The compensation for the School Principal, J Geraghty included an approval by the Board. The salary was determined on a basis consistent with the prior year's salary and within the limitations of the budget. The School's 2014 fiscal year budget included research data with compensation information for principals in comparable schools.”

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

“The School implemented two new accounting standards (GASB 68 and 71) for the year ended June 30, 2015 which required recognition of the schools proportionate share of the unfunded pension liability. As a charter school in the state of Minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The schools 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 is reported on the schools Statement of Net Position, the school is not in a position to directly control the liability or the subsequent liquidation of the liability.”

“Per MN Statute 124D.10, Charter Schools are required to have licensed teachers as members of the Board of Directors.Kit Murley-Henspeter and Virginia Anderson are Board Members but receive compensation for their services as teachers.”