New Discoveries Montessori Academy

“Staff members employed at the school, members of the board of directors, and all parents or legal guardians of children enrolled in the school are the voters eligible to elect the members of the school's board of directors.”

“Enrollee members and employee members are eligible to vote in the election of members of the board of directors.”

“Amendments to the by-laws can only be made by a majority vote of voting members at a membership meeting.”

“A draft of the form 990 will be reviewed by the executive director and financial manager. After revisions, if any, a copy will be provided to each member of the board of directors for their review before the form is filed with the irs.”

“Board members complete and submit conflict of interest disclosures annually. Board members are reminded periodically of conflict of interest obligations, including the requirement to recuse from discussion and vote on any item that would fall into the conflict of interest category. If there would be school board deliberations/decisions involving a person with a conflict of interest, they would document the conflict, and excuse themselves from discussion and voting on these matters. All proceedings related to conflicts of interest are documented in the meeting minutes.”

“Annual market analysis is used to determine the compensation of the executive director, other officers, and all employees as part of the annual budgeting process conducted by the board of directors. The last review of compensation was done in 2013 for teachers and the executive director.”

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

“Other service fees: program service expenses 575,992. Management and general expenses 56,568. Fundraising expenses 0. Total expenses 632,560.”

“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.”