Arcadia Charter School

“The membership of the school board consists of nine elected directors, including three licensed teachers employed at the school, three parents or guardians of student(s) currently enrolled at arcadia, and one interested community member who is not employed by arcadia and does not have a child enrolled at the school and two at-large positions to be filled by either parents or community members.”

“The form 990 is prepared by an independent accounting firm using data supplied by management. The form 990 is then reviewed and approved by the business manager. Finally, the form 990 is presented to the board of directors prior to filing with the irs.”

“Officers and directors review this policy at the start of each year and each member is asked if they have any conflicts or potential conflicts to disclose. If a conflict exists, they are asked to identify them in detail. Directors and officers are be excluded from discussion and/or voting on issues in which they have a conflict of interest as defined in board policy.”

“Compensation for the executive director is reviewed and approved by the board of directors using appropriate comparability data and contemporaneous substantiation. The school board refers to the mn charter school compensation survey report, a survey conducted by the minnesota association of charter schools (macs), when reviewing and approving the compensation of the executive director. This report was first introduced in 2005-2006 and is currently conducted every two years. The report provides information on salary ranges and benefits of charter school employees across the state of minnesota.”

“The organization's governing documents are not made available to the public.”

“Change in pension liability 22,785.”

“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.”