Excell Academy for Higher Learning Inc.

“The school's membership consists of enrollee members, employee members, and community members. Enrollment of a child in the school qualifies the parent(s)/legal guardian(s) as enrollee members. Paid employment by the school qualifies the employee as an employee member. Service of fifteen hours of volunteer work for the school qualifies an individual as a community member. All members have equal voting rights.”

“The school's members are eligible to vote to elect board members at the annual meeting.”

“Amendments to the school's governing documents must be approved by a majority vote of the members.”

“The organization does not have any committees that have the authority on behalf of the governing body.”

“The school director reviewed the form 990 with a contracted accountant and the independent auditor. This process was conducted prior to filing the form 990 with the irs.”

“Annually, board members complete a full disclosure which includes the member, spouse, and close relatives to identify potential conflicts of interest. Conflicts of interest are reviewed and determined by remaining board members not in conflict. Individuals with potential or actual conflicts of interest do not vote on that matter. All proceedings related to conflicts of interest are documented in the meeting minutes.”

“When determining the compensation of the school director and all other employees, the school's 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. This process was most recently undertaken in 2014.”

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

“Change in net pension liability 72,328.”

“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.”

“During fiscal year ended june 30, 2015, the school adopted gasb statement no. 68, accounting and financial reporting for pensions, and the related gasb statement no. 71, pension transition for contributions made subsequent to the measurement date - an amendment of gasb statement no. 68. As a result, the school's net position as of june 30, 2014 has been restated to reflect the recognition of the school's proportionate share of the public employees' retirement association of minnesota general employees' retirement fund's net pension liability as well as their portion of the teacher's retirement association's coordinated and basic plan net pension liability.”