New Millennium Academy

“The School's membership consists of parents/guardians of students enrolled at the School and School employees.”

“The School's members elect the Board Members at the annual meeting.”

“Changes to the Governance Model require a majority vote of the Board of Directors, Licensed Teachers, and Authorizer approval.”

“After corrections (if any) are made to the draft form 990 by the Executive Director and/or Business Manager, a public disclosure copy will be emailed to each Board Member for their review and feedback.”

“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.”

“An annual market analysis is used to determine the compensation for the Executive Director, Administrators, and all other employees of the school as part of the annual budgeting process conducted by the Board of Directors. The last review for compensation was done in 2014.”

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

“The School implemented two new accounting standards (GASB 68 and 71) for the year ended June 30, 2015 which required recognition of the schools proportionate share of the unfunded pension liability. As a charter school in the state of Minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The schools 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 is reported on the schools Statement of Net Position, the school is not in a position to directly control the liability or the subsequent liquidation of the liability.”

“Per MN Statute 124E.07, Charter Schools are required to have licensed teachers as members of the Board of Directors.Sue Yang, Long Kha, and Gigi Boyer are board members but receive compensation for their services as teachers.”