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 form 990 will be prepared by an independent accounting firm. The board of directors will review and approve the form 990 prior to final submission.”

“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 board researched market rates for schools of the same size in enrollment and revenue and then compared employees to the salaries of individuals who are in those like" schools. The process and determination were documented in closed session board minutes. This process was last completed in 2018. The board of directors approve payment levels for all other officers and employees of rba.”

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

“Change in pension liability -503,912.”

“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.”