Bright Water Elementary

“The school's board of directors are elected by eligible voters which include staff members employed at the school, including teachers who provide instruction under a contract with a cooperative, members of the board of directors, and all parents or legal guardians of children enrolled at the school.”

“The school does not have any committees with broad authority to act on behalf of the governing body.”

“The form 990 is prepared by an independent accounting firm and will be presented to board members at a board meeting for review.”

“The conflict of interest policy covers board members, officers and employees who can influence the actions of the school. Covered individuals are required to complete an annual conflict of interest questionnaire. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1. The conflicting interest is fully disclosed; 2. The person with the conflict of interest is excluded from the discussion and approval of such transaction; 3. A competitive bid or comparable valuation exists; and 4. The board (or a duly constituted committee thereof) has determined that the transaction is in the best interest of the school. Disclosure should be made to the school director (or if she or he is the one with the conflict, then to the board chair), who shall bring the matter to the attention of the board or a duly constituted committee thereof. Disclosure involving board members should be made to the board chair, (or if she or he is the one with the conflict, then to the board vice-chair) who shall bring these matters to the board or a duly constituted committee thereof. The board (or a duly constituted committee thereof) shall determine whether a conflict exists and, in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to the school. The decision of the board (or a duly constituted committee thereof) on these matters will rest in their sole discretion, and their concern must be the welfare of bright water elementary school and the advancement of its purpose. Proceedings resulting from conflicts of interest are documented in the meeting minutes or as otherwise appropriate.”

“The board of directors conducts an annual review using appropriate salary scale information with directors and key employees and sets the salary for the subsequent fiscal year. The board approved compensation changes are documented in the meeting minutes. This process was most recently undertaken in 2015 for the head of school, angela wroblewski.”

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

“Change in pension liability 26,120.”

“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.”