Horizons K-8 School Inc

“The school has two classes of members. Voting members include faculty, staff, and parents/legal guardians of students enrolled in the school. Nonvoting members includes all of the students enrolled in the school.”

“Faculty and parents of students currently enrolled at the school are entitled to up to six board positions.”

“Certain amendments to the school's governing documents require approval by the voting members.”

“The 990 is first reviewed by the finance review committee. It is then distributed to members of the board and they vote to accept and file the return.”

“Each director, principal officer, and committee member with governing board delegated powers annually sign a statement which affirms such person has received a copy of the policy, has read and understands it, and has agreed to comply with it. If a director or officer is aware that horizons is about to enter into any transaction or make any decision involving a conflict of interest, such person shall: (i) immediately inform those charged with approving the conflicting interest transaction on behalf of horizons of the interest or position of such person or any party related to such person; (ii) aid the persons charged with making the decision by disclosing any material facts within the responsible person's knowledge that bear on the advisability of horizons entering into the conflicting interest transaction; and (iii) not be entitled to vote on the decision to enter into such transaction.”

“The board has an appointed compensation committee that reviews and determines employee salaries and benefits. Per section 5.3(d)(ii) of the school's bylaws, no faculty board member may participate in the final deliberations or determinations of compensation. The school uses a board-approved salary schedule.”

“The 990 and conflict of interest policy are available upon written request to the school. The audited financial statements are posted on the school's website.”

“Other professional service fees: program service expenses 26,622. Management and general expenses 33,891. Fundraising expenses 0. Total expenses 60,513. Purchased services from bvsd: program service expenses 207,860. Management and general expenses 437,877. Fundraising expenses 0. Total expenses 645,737.”

“Net change in pension liability -235,157. Change in deferred revenues -31,319. Explanation for method of accounting: the school follows a modified accrual method of accounting. 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 has not changed from the prior year.”

“For the year ended june 30, 2015, the school adopted the provisions of gasb statement no. 68, accounting and financial reporting for pensions (gasb no. 68), and the related gasb statement no. 71, pension transition for contributions made subsequent to the measurement date, an amendment of gasb statement no. 68, which are effective for financial statements for periods beginning after june 15, 2014. Gasb no. 68 revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits. Gasb no. 68 requires cost-sharing employers participating in the pera program to record their proportionate share, as defined in gasb no. 68, of pera's unfunded pension liability. Implementation of the standard resulted in a restatement of the prior period net position of $5,256,069.”