North Lakes Academy

“All parents and guardians of students enrolled and all staff employed by the school are eligible to vote for the board of directors held annually in the fall.”

“The board treasurer and the business manager go over the form 990 together and then send to finance committee members for review and comment. Copies are then distributed to board members who review the document and discuss it at the board meeting prior to filing the form 990.”

“The conflict of interest policy applies to the school's board of directors, committees of the board, as well as employees and parents of enrolled students. Transactions where a conflict of interest was determined to exist by remaining independent members may not be executed unless all of the following conditions are met: (1) the interest is disclosed or known to the members of the board (or committee thereof); (2) the board or committee approves, authorizes, or ratifies the action in good faith; (3) the approval is by a majority of members (not counting the interested individual); at (4) a meeting where a quorum is present (not counting the interested individual). The individual with the conflict may be present for discussion to answer questions but may not advocate for the action to be taken or vote on the action. The minutes of the meeting document clearly that the proceedings related to conflicts of interest and that the policy's requirements have been met.”

“The board reviews compensation of other charter schools in addition to macs information along with individual performance reviews to determine compensation levels for all employees as part of the annual budgeting process. The board documents the deliberation and decision in the meeting minutes. This process was last conducted in 2013 for the upper school director, jacqulyn saunders; and for the business manager, jan jensen.”

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

“The school follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”