West Side Summit

“The Form 990 is prepared by an independent accounting firm. Once the form is completed, it is given to the Executive Director and Financial Manager for review before it is signed and filed. The entire 990 is reviewed by the board.”

“Board members sign a conflict of interest statement annually. The board also reviews the conflict of interest policy annually and makes changes as necessary.”

“An annual review is completed by the governing board. The finance committee of the Board review compensation and recommend approval by the board. A written agreement is put in place.”

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

“In accordance with 2015 Minnesota State Statutes Section 124D.10, subd. 4 (g),the Board will include at least one employed or contracted teacher before the school completes its third year of operation, which will be fiscal 2016.”

“Change in accounting principle -188,368.”

“The School Finance Committee assumes responsibility for oversight of the audit of its financial statements. The Board selects an independent accountant annually.”

“Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no transactions noted.”

“The School is required to have an Authorizer to monitor its operations in order to maintain its charter. The School's approved authorizer for the fiscal year 2015 was Student Achievement Minnesota, LLC (the Center).”

“During the year ended June 30, 2015, the School implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. GASB Statement No. 68 included major changes in how employers account for pension benefit expenses and liabilities. In financial statements prepared using the economic resources measurement focus and accrual basis of accounting (entity-wide and proprietary funds), an employer is required to recognize a liability for its share of the net pension liability provided through the pension plan. An employer is required to recognize pension expense and report deferred outflows of resources and deferred inflows of resources for its share related to pensions. This standard required retroactive implementation, which resulted in the restatement of net position as of June 30, 2014. The net position of governmental activities in the entity wide financial statements as of June 30, 2014 was decreased by $188,368. This change reflects the School's proportionate share of the net pension liabilities ($221,859 decrease in net position) and related deferred outflows of resources ($33,491 increase in net position) for the PERA and TRA pension plans, which are now reported by employers under current guidance. Certain amounts necessary to fully restate fiscal year 2014 financial information are not determinable; therefore, prior year comparative amounts have not been restated.”