Rochester Beacon Academy

“The board of directors is comprised of at least five members which include, one licensed teacher, a parent of an enrolled student, and a community representative. The board of directors shall have all powers and duties necessary for the overall direction of rba. The board of directors may also establish an executive committee of at least three officers. The chair of the board of directors will also be the chair of the executive committee. The board has the power to change the composition of the executive committee as it deems necessary. The executive committee authority is limited to making recommendations to the full board concerning material items not covered by other committees and managing the director evaluation.”

“All parents and guardians of students at the school and all staff employed by the school are eligible to vote in the elections for members of the board of directors.”

“The administrative team reviews the draft form 990 and makes necessary changes, and then they distributes it electronically to the full board for review before filing it with the irs.”

“All governing members of the board or other committee must fully disclose any possible conflicts of interest that could arise. If there is a conflict, the member with the potential conflict will be excused from the board or committee until the remaining board members determine if a conflict exists. If a conflict exists, the interested person may make a presentation at the governing board or meeting, but he/she shall leave the meeting during discussion and voting on the transaction or arrangement involving the possible conflict of interest. These proceedings are documented in the board meeting minutes.”

“The treasurer and board president review comparative salaries provided by the mn association of charter schools and surrounding school districts and do their own review based on their own careers. Between the two of them they determine the best course of action and negotiate with top management. The final agreement is authorized by the full board. This process was last completed in 2020. The executive director leads the same process above for all other officers and employees, and the board approves payment levels for all other officers and employees of rba. This process was last completed in 2020.”

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

“Change in pension liability -338,523.”

“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.”

“The process for oversight and selection of an independent accountant has not changed from the prior year.”