Upper Mississippi Academy

“Election of board members shall be held annually. Each parent and legal guardian of a child enrolled at the school and each employee of the school, and each member of the board of directors shall have the right to cast one ballot for its board candidates. A parent/legal guardian of a child enrolled at the school who is also employed at the school shall have the right to cast one ballot for its board candidates. Elections shall be decided by a majority of the eligible ballots cast. Ties shall be decided via simple coin flip or alternative means agreed to by affected candidates.”

“The academy does not have any committees that have the authority to act on behalf of the governing body.”

“The form 990 is prepared by the school accountant. Prior to filing the form 990, members of the finance committee will conduct a detail review and provide the approved public disclosure draft of the form 990 to the full board of directors for any change requests or questions.”

“At each board meeting, all members are requested to disclose any potential or actual conflicts that arose since the prior meeting. Any conflict are discussed and documented in the board meeting minutes. On an annual basis, all board members sign conflict of interest statements for both the school and authorizer, per policy.”

“The academy's governing documents, policies and financial statements are available upon request.”

“Related board members per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Genna thompson, ella kearney, and jean fawver are board members but receive compensation for their services as teachers.”

“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.”

“Pension expense relating to net pension liabilities -384,942. Direct aid contributions relating to net pension liabilities 19,540.”

“The finance committee is responsible for the oversight of the audit, the review of the financial statements, and selection of the independent auditor. This process has not changed from prior year.”

“The board is responsible for selection of an independent accountant and for the oversight of the financial statement audit. This process has not changed from prior year.”