New Millennium Academy

“To the extent required by applicable law, staff members who are employed by the corporation at the time of the election, including teachers, existing directors of the corporation, and parents/legal guardians of students enrolled at the school at the time of the election, may participate in the annual election of directors.”

“A form 990, public disclosure copy is emailed to each board member for review and feedback prior to filing 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. Conflict of interest determinations are made by the executive director and school authorizer. 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 the conflicts of interest are documented in the meeting minutes.”

“A market analysis on a three-year cycle is used to determine the compensation for the administrators, and all other employees of the school as part of the annual budgeting process conducted by the board of directors.”

“The school's governing documents, conflict of interest policy, and financial statements are all available upon request.”

“Per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Mark campbell and chee xiong are board members but received compensation for their services as teachers.”

“Student transportation: program service expenses 1,496,777. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,496,777. Food service: program service expenses 969,893. Management and general expenses 0. Fundraising expenses 0. Total expenses 969,893. Misc contracted services: program service expenses 540,042. Management and general expenses 59,208. Fundraising expenses 0. Total expenses 599,250. Nma transportation contracted services: program service expenses 11,582. Management and general expenses 0. Fundraising expenses 0. Total expenses 11,582.”

“Pension liabilities, deferred outflows & inflows pension: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”

“Gasb pension adjustment -255,417.”