Prairie Creek Community School

“The executive committee includes the chair and two other trustees the board may designate. The director of the school shall sit ex-officio on the executive committee and attend all meetings. This committee has the authority of the board of trustees in the management of the corporation between meetings of the board of trustees.”

“The school's membership is composed of the parents, and/or guardians of the children currently enrolled in the school, the current staff, and board of trustees. Other members may be accepted by majority vote at a membership meeting or board of trustees meeting.”

“The board is comprised of nine members, five of which are chosen from parent community, two from faculty, and two unrelated members from the community at large. The members elect the board by ballot in the spring of each year.”

“The school director and the cfo review the form 990 prior to signing and filing with the irs. The other board members will have it available to review at their discretion.”

“The school's conflict of interest policy covers directors, officers, and employees. Covered individuals must disclose material facts for any potential conflict of interest to the board who shall determine if a conflict exists. Individuals with a conflict of interest may not vote, participate in the discussion, or be counted for determining the presence of a quorum. A transaction where a conflict exists may be approved by the remaining board members by a two-thirds majority. Proceedings involving conflicts of interest are documented in the meeting minutes.”

“A board committee evaluated and negotiated an annual contract with the director, simon tyler, using appropriate comparability data and contemporaneous substantiation of the committee's deliberations and decision.”

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

“Change in pension liability 3,119.”

“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.”