Central Florida Virtual Charter School Board Inc.

“The 990 is prepared by an independent cpa firm and a draft is provided to management and the board for review. The final 990 is provided to the board for approval.”

“At each board meeting, the agenda is notated to remind board members to recuse from voting on any item that may be a conflict of interest.”

“The principal is paid in accordance with the school district's pay scale.”

“During the current fiscal year the School was informed by the Florida Department of Education that the accounting for its balanced budget credits, per the management agreement, needed to be revised. The School now reports its balanced budget credits as revenue, rather than a reduction of expenses. This accounting treatment revision drives the significant year over year variance in Other Revenue reported in Part I, Row 11 on Page 1.”

“Day to day management duties have been delegated to K12 Florida, LLC, an independent contractor. The School entered into an educational products and services agreement for the period July 1, 2012 to June 30, 2019, with K12 Florida, LLC (the Company). Thereafter, the agreement will automatically renew consistent with the extension of the charter agreement unless either party provides the other with written notice of non-renewal at least two years before the expiration of the then current term or if other certain conditions are met resulting in an earlier termination. During the term, K12 and Affiliates shall license to the School solely for use in the Schools educational program, on a non-exclusive, non-assignable, non-sublicensable basis, the products and offerings of K12 curriculum, access to its online school and designated learning management systems and/or available third party curriculum, instructional tools and other products and offerings collectively known as Educational Products. The contract further calls for the Company to be responsible and accountable to the Schools Board for administrative and technology services, including operation and performance of the School in accordance with the Schools charter contract, the statement of mission and purpose, and the laws of the State of Florida. An administrative services fee of 15% and a technology services fee of 7% of the Schools Program Revenues compensate the Company for the services provided.”

“Board of education 13189. 0. 13189. 0.”

“General administration 68732. 0. 68732. 0.”

“School administration 1174983. 587492. 587491. 0.”

“Instructional staff training 3643. 3643. 0. 0.”

“Operation of plant 98259. 98259. 0. 0.”

“Fiscal services 93. 93. 0. 0.”