Ilead Charter Schools

“The charter school is a member of a charter management organization - ilead schools development. They pay management fees and share some paid employees. See schedule r for more information.”

“There are no committees that have the authority to act on behalf of the board.”

“The form 990 is prepared by the organization's outside public accounting firm based on information provided by management. Once a draft of the return is available, it is reviewed by management with any changes or revisions incorporated into the filing. The revised return is then submitted to the board of directors for their review and approval prior to submitting to the irs.”

“In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees considering the proposed transaction or arrangement. The board shall decide if a conflict of interest exists.”

“The executive director's pay is determined based on data provided by external charter management organizations and through comparison studies of other charter schools. The board must vote to approve the executive director's compensation as a direct action. The officers and key employees' pay is determine based on data provided by external charter management organizations and through comparison studies of other charter schools. The board must vote to approve the officers and key employees' compensation as a direct action.”

“These documents are available to the public upon request.”

“The previously filed statement of revenue is being amended to ensure that the financial data being reported on the tax return ties to the organizations audited financial statement for the period end of june 30, 2021.”

“The original return was submitted to the internal revenue service's prior to completion of the organizations financial statement audit. The audit resulted in various financial changes for period end of june 30, 2021 causing changes in revenue and expenses reported on form 990.”

“Statement of program service accomplishments, line 4a expenses and revenue are being amended to account for the financial changes made to parts viii, ix, and x. The financial changes were done to ensure that the amounts on the return tie to the amounts reported on the organizations audited financial statement for the period end of june 30, 2021.”

“The checklist of required schedules, line 11f is being amended to acknowledge that the organizations financials were audited for the period end of june 30, 2021.”

“Other fees for service: program service expenses 285,893. Management and general expenses 1,625,083. Fundraising expenses 0. Total expenses 1,910,976.”

“The previously filed statement of functional expenses is being amended to ensure that the financial data being reported on the tax return ties to the organizations audited financial statement for the period end of june 30, 2021.”

“The previously filed balance sheet is being amended to ensure that the financial data being reported on the tax return ties to the organizations audited financial statement for the period end of june 30, 2021.”

“The process has not changed from prior year.”

“The returns reconciliation of net assets is being amended to account for the financial changes that occured to parts viii, ix and x. The financial updates were made to tie the organizations return to its audited financial statement for period end of june 30, 2021. This resulted in a change to the amounts being reported on lines 1,2,3, and 10 of part xi.”

“The original return was submitted to the internal revenue service's prior to completion of the organizations financial statement audit. Part xii financial statements and reporting, line 2b is amended to report that the financial statement audit was done by an independent accountant on both a consolidated and separate basis for the period end of june 30, 2021.”