Tapestry School Inc.

“Tapestry Public Charter School presented its Board with a watermarked TY2014 (FY15) Form 990 as part of a monthly read-ahead package. Board members had two weeks to comment on the watermarked Form 990. The Finance Committee provided each Board member with an Excel analysis showing how all entries on the audited financial statements flowed to the lines and boxes on the Form 990. The Board Chair approved the Board's revisions and the final version of the Form 990. TCPS submitted the approved Form 990 electronically to the IRS and on paper to the Georgia Department of Revenue.”

“Tapestry Public Charter School requires that each Board member sign and reaffirm a Conflict of Interest statement each year. In addition, all Board members attend governance training that is provided by the Georgia Charter Schools Association and required by the Georgia Department of Education.”

“Tapestry Public Charter School has only one highly paid executive, our Principal. During FY15, our founding Principal resigned. Consequently, the Board's standing Nominating Committee began a nation-wide search for a replacement. Early in the process, the Committee received extremely strong recommendations for one of the candidates: an experienced Principal about to retire from the California school system. The Committee selected this outstanding educator as its first choice among several highly qualified candidates. The Nominating and Finance Committees worked together on a pay package that would be fair to both TPCS and the first-choice Principal. These Committees evaluated California pay scales, California retirement pay, moving costs, various Georgia-school-pay scales, the Georgia Teacher Retirement System, benefits, bonuses, future raises, restricted grants from donors, and the timing of all the relevant revenues and expenses. The Board and Principal Barbara Boone reached a satisfactory agreement of her duties, goals, metrics, and compensation. The Nominating Committee retained its extensive analyses, committee minutes, communications with candidates including the successful candidate, and signed agreements.”

“Tapestry Public Charter School seeks to be a transparent organization. We have earned the Gold Seal on GuideStar, where we share our Form 990, audit report, and other governance information. During FY15, the Finance Committee collaborated on the OneDrive for Business cloud. The Board shares all of its grant data, policy manuals, checkbook registers, minutes, and governance documents on the Google+ cloud. While the general public does not access to our OneDrive or Google+, the Board does provide copies of any requested information. Our public website, tapestrycharter.org, provides access to our charter petition, state contract, student-enrollment application, and Board-member application.”

“In April 2015, Tapestry Public Charter School purchased an existing school building for $3,207,000. We financed the building for up to $3,734,000 to accommodate any repair costs. The note holder made a conditional grant to the School, with the condition to expire in 2019. As of June 30, 2015, the current value of the School's temporarily restricted assets is $521,841.”

“Tapestry Public Charter School used the cash method during its planning years. In FY15, Tapestry PCS opened for its first year of operating as a school. Tapestry PCS now records its books with the accrual method in accordance with the requirements of the Georgia Department of Education.”