Global Montessori Academy Inc

“The executive director and/or board president reviews the form 990 and discusses with the board.”

“Board members should avoid circumstances in which their financial or other interests in outside entities present an actual, potential or apparent conflict of interest. A conflict of interest is presumed to arise when global montessori academy (gma) has or is considering a business transaction or contract with a board member or a board member's immediate family member (defined to include a spouse, child or household member) or with an outside entity in which the board member or board member's immediate family member has a financial interest. A person has a financial interest if he or she holds (1) a position of real or apparent authority in an outside entity, such as director, officer, trustee or partner, (2) an ownership or investment interest of more than 5% in an outside entity or (3) a compensation arrangement with any outside entity with whom gma has a business transaction or contract. The following guidelines shall apply when a conflict of interest arises: a. A board member who has or expects or intends to have a financial or other beneficial interest in a pending or proposed business transaction or contract involving gma shall promptly disclose the conflict of interest to the entire gma board. B. Any proposal to enter into a business transaction or contract with a current board member or his or her immediate family member, a current board member's business, or a board member's immediate family member's business shall be presented to the gma executive committee for approval prior to being presented to the gma board. C. The particular current board member will leave the meeting prior to the discussion of, and the vote on, the proposed transaction (except at the board's request or direction for further clarification). D. The board will approve the business transaction or contract only upon a finding, by a majority vote of disinterested board members, that the business transaction or contract is in gma's best interests and is fair and reasonable to gma. E. The current board member's recusal and the board's consideration of the issue shall be recorded in the board minutes. To ensure gma operates in a manner consistent with its charitable purposes, periodic reviews shall be conducted which will include whether compensation arrangements and benefits are reasonable and the result of arm's-length bargaining and whether partnership agreements conform with gma's policies and reflect reasonable payments for goods and services. Each board member shall sign an annual statement affirming understanding and compliance with this policy.”

“Executive director has authority from board for all hiring/compensation issues other than his own, which is approved by the board. Significant and/or material deviations must have board approval. The board reviews compensation of the executive director and votes on the level of compensation.”

“When requested, the documents are made available as quickly as possible.”

“No changes from prior year.”