Life Prep

“All parents and guardians of students at the school and staff employed by the school are eligible to vote in the elections for members of the board of directors.”

“The form 990 will be reviewed by the finance committee and board of directors before submission to the irs.”

“The schools financials are reviewed at each board meeting. The financials include the summary and detailed income statements, balance sheet, period balance sheet and monthly payment register. Board members are provided these documents prior to the board meeting. Board members with questions regarding payees ask questions. If a conflict of interest is found, the relationship is to be cancelled immediately with no further transactions to take place. When hiring a new vendor, they are questioned of any known connections to any board members. If there is a connection, it is brought to the board of directors attention including said board member for conversation and determination of conflict of interest by remaining members who do not have a conflict. The board of directors are covered by this policy as required by law. Proceedings for conflicts of interest are recorded in the meeting minutes to document the open session conducted by the board.”

“The executive director negotiates and approves contracts within the boundaries of the approved budget for all employees who do not report to the life prep board of directors. The 2022-2023 school year included a complex matrix taking into account achievement of students in classes, percentage of students on grade level, q comp reviews, success in meeting the mission and vision of life prep. Employees who report to the board negotiate their contracts based on quality of work and meeting the job description as presented to employee each year. When determining the compensation of the school director, the schools board of directors reviews the compensation levels of comparable positions within the community as well as reviewing experience level and school size for the school director. The board researched market rates for schools of the same size in enrollment and revenue and then compared employees to the salaries of individuals who are in those like schools. The process and determination were documented in closed session board minutes.”

“The governing documents, conflict of interest policy and financial statements are all available upon request.”

“Provide grades k-6 elementary eucation and help students to understand and use their own learning styles. This is accomplished by educating the students as required by the minnesota state education standards, outcomes and objectives. The school trached students to love, learn, achieve and succed through modeling of behaviors that exemplify this phrase. Our students give back to the community through service learning projects by cleaning up area parks, volunteering their time at feed my starving children and participating in area parades.”

“The school restated its net position to correct the understatement of PERA and TRA deferred outflows and deferred inflows from the prior year. The effect of the restatement is -34,560”