Great Oaks Charter School

“The school entered into an academic and business service agreement with great oaks foundation, inc., (gof) a not-for-profit organization dedicated to helping start and run charter schools. The agreement provides academic, management and other administrative support services to go-nyc. Pursuant to the terms of the agreement, go-nyc shall pay 8.5% of the non-competitive public revenue of the school for the current year. Additionally, in 2017 the agreement was amended to include an additional service fee from go-nyc for each tutor, staff, and leader assigned to go-nyc. The agreement is renewable annually. Service fees were $276,613 for the fiscal year ending june 30, 2024. Michael duffy is one of the school's board members and is the president of the foundation's board. The foundation does not compensate michael duffy to be on the board of the school and his involvement with the board is on a volunteer basis.”

“A draft of the 990 is provided to the executive committee of the board of trustees for review and approval. Once the executive committee approves the final draft, the 990 is made available to the entire board for their review and comments. Once the board accepts the latest draft, the director of finance will then send it to the chief operation officer of great oaks foundation for final approval prior to filing with the appropriate taxing authorities.”

“The board expects that trustees, administrators, faculty, staff and other employees of the school will abide by the conflict of interest policy by signing a written statement annually stating that 1. They have received a copy of the policy, 2. Have read it and understand it, 3. They agree to comply with the policy and 4. Agree to abid by the policy. The board of trustees affirms that the trustees, officers, administrators, faculty, staff, and other employees of the school have an obligation to exercise their authority and to carry out the duties of their respective positions for the sole benefit of the school. They should avoid placing themselves in positions in which their personal interests are, or may be, in conflict with the interest s of the school. Where a potential conflict of interest exists, it shall be the responsibility of the person involved or any other person with knowledge to notify the board of trustees of the circumstances resulting in the potential conflict so that the board of trustees can provide such guidance and take such action as it shall deem appropriate. Areas of potential conflict of interest are financial interests, inside information, conflicting interests other than financial, and gifts and favors. No trustee who directly or indirectly is involved in a potential conflict of interest shall be counted in determining the existence of quorum at any meeting of the board where the potential conflict is considered, nor shall the trustee vote on any action of the board regarding that potential conflict. The details of the discussion is documented in the board minutes.”

“The school will review comparable data which can include compensation surveys and executive compensation reported in the irs form 990 of other charter schools. The board of trustees determines the salaries for key employees (principal). Any such decisions will be captured in the board meeting minutes. Any changes to a staff member's salary will be approved by the principal in writing or electronically and maintained in the employee file. The board of trustees is provided with a detailed supporting schedule of compensation with the annual budget. If applicable, bonus calculations, requirements, and eligibility will be approved by the board of trustees, outlined explicitly, and recorded in the meeting minutes.”

“The organization makes its documents available upon request during normal business hours. The organization publishes its policy on the student enrollment application. Federal aid and good subsides from government agencies are provided to the organization.”

“The finance committee is responsible for overseeing the audit, review, or compilation of a company's financial statements and selecting an independent accountant. This committee ensures the accuracy and integrity of financial reporting, monitors the audit process, and evaluates the performance of external auditors.”