Iota Community Schools

“The Articles of Incorporation and Bylaws of the Organization were amended during the year to change the name of Green Dot Public Schools Tennessee to IOTA Community Schools and to remove all provisions related to affiliation with Green Dot Public Schools National.”

“There are no committees with broad authority to act on behalf of the governing body.”

“The Form 990 is reviewed by the Controller and current CFO, the Director of Finance, and Executive Director prior to filing.”

“Board members and officers must self-report to the corporation that they have a disqualifying interest. Any such conflicts of interest must be disclosed at the meeting where consideration of the proposed transaction takes place. After the disclosure, the disclosing official must leave the meeting while the remaining Board members discuss the possible conflict of interest and determine whether alternatives to the proposed transaction or arrangement that are more advantageous to the corporation and that do not pose a conflict are available. The disinterested Board members decide whether to accept the proposed transaction or an alternative transaction. This disclosure is included in the Board's meeting minutes. Furthermore, if the Board has reason to believe that a fellow Board member or an officer has failed to disclose a conflict of interest, the individual is informed of the belief and provided an opportunity to respond, followed by further investigation, if warranted. Thereafter, the Board makes a determination and disciplinary and/or corrective actions are taken. Each year, such officials are required to sign a statement that affirms they: a) have received a copy of the corporation's Conflict of Interest Policy (the "Policy"); b) have read and understand the Policy; c) have agreed to comply with the Policy; and d) understand the corporation is charitable and, to maintain its federal tax exemption, the corporation must engage primarily in activities that accomplish one or more of its tax-exempt purposes.”

“The Board of Directors reviews and sets the compensation for the Executive Director on an annual basis using industry data. The Executive Director sets the compensation for the top management officials. Compensation for the Director of Finance/CBO is determined by GDPS National, an unrelated organization.”

“Listed documents are available on the organization's website and at the business address during normal business hours upon request.”

“The Organization participates in the Tennessee Consolidated Retirement System, a defined benefit plan, due to the size and varied participants in this plan the actuarial value is not calculated on a per employee basis. The amount included in column F for deferred compensation includes the actual contributions to the plan, but does not include any amount for a reasonable estimate of the increase in actuarial value.”

“Change in Reporting from FASB to GASB 3,908,226. Regional Office Net Asset Adjustment 537,105.”

“The organization has changed its reporting on the financial statements from FASB to GASB An adjustment of $3,908,226 was made to net assets.”