Elgin Charter School Initiative

“A draft copy of form 990 is prepared by an outside cpa firm and provided to management for review and approval. The audit committee reviews in addition to review by a finance committee. Once form 990 is finalized, a copy is distributed to all board members prior to filing with the irs.”

“Policies are formally reviewed every three months, and during these reviews conflicts of interest would need to be disclosed. Key personnel are advised on the policy and asked to comply if applicable.”

“Compensation advice was provided by a third party consultant and approved by the board of directors.”

“The organization makes its governing documents and financial statements available to the public upon written request.”

“Professional development: program service expenses 65,933. Management and general expenses 10,394. Fundraising expenses 0. Total expenses 76,327. Telephone expense: program service expenses 37,054. Management and general expenses 7,450. Fundraising expenses 0. Total expenses 44,504. Bond issuance costs: program service expenses 23,666. Management and general expenses 4,759. Fundraising expenses 0. Total expenses 28,425. Printing: program service expenses 7,233. Management and general expenses 15,216. Fundraising expenses 0. Total expenses 22,449. Staff recruitment: program service expenses 0. Management and general expenses 21,900. Fundraising expenses 0. Total expenses 21,900. Non-capital equipment: program service expenses 14,050. Management and general expenses 2,825. Fundraising expenses 0. Total expenses 16,875. Credit loss expense: program service expenses 0. Management and general expenses 15,492. Fundraising expenses 0. Total expenses 15,492. Miscellaneous: program service expenses 1,729. Management and general expenses 12,682. Fundraising expenses 0. Total expenses 14,411. Fundraising event expenses: program service expenses 0. Management and general expenses 7,671. Fundraising expenses 0. Total expenses 7,671. Bank charges: program service expenses 3,498. Management and general expenses 1,744. Fundraising expenses 0. Total expenses 5,242. Postage: program service expenses 694. Management and general expenses 140. Fundraising expenses 0. Total expenses 834.”

“The organization did not change either its oversight process or selection process during the tax year.”