Hope Community Academy

“The executive committee consists of the officers of the organization. The committee is commissioned by and responsible to the board in matters of emergency and in interim periods between regularly scheduled board meetings. The executive committee has and exercises the authority of the board in the management of the organization, provided that such authority does not circumvent the responsibility and authority vested in the board.”

“Parents of the students are members of the organization.”

“Parents of hope students and teachers elect the board.”

“The form 990 is prepared by an independent accounting firm and reviewed by the school's management. The reviewed draft of the form 990 is sent to the board for final review and approval prior to filing.”

“All board members and employees scrupulously shall avoid any conflict between their own respective personal, professional or business interests and the interests of the academy, in any and all actions taken by them on behalf of the academy in their respective capacities. In the event that any officer, director, employee or committee member of the academy shall have any direct or indirect interest in, or relationship with, any individual or organization which proposes to enter into any transaction with the academy, such person shall give notice of such interest or relationship and shall thereafter refrain from discussing or voting on the particular transaction in which he has an interest, or otherwise attempting to exert any influence on the academy, or its components to affect a decision to participate or not participate in such transaction. Conflicts shall be reviewed and determined by the remaining board or committee members. Proceedings related to conflicts of interest are documented in the meeting minutes or as otherwise appropriate.”

“During the school year 2013-2014, the school worked with a human resources consultant to develop an initial salary scale that was recommended to the board for approval. The consultant did a study comparison of teacher salary to other similar charter schools and traditional school districts when putting the draft salary schedule together. In school year 2014-15, teacher salaries was increased by 5%. An annual cost of living increase determined by the board, usually between 2-3% per year. The compensation changes are approved when the board approved the 2014 budget as a whole. The approval was documented in the board minutes. The 2014 process included the compensation for the school director, assistant director, and business manager.”

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

“The academy eliminated pre-kindergarten for fiscal year 2015.”

“Change in pension liability 30,135.”

“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.”