Twin Lakes STEM Academy

“Business management office, inc. Provides customary services that include some defined by this form as "management services". An example of this is assistance with preparing and monitoring budgets.”

“The organization has two voting classes of membership designated as "enrollee members and "employee members". Enrollment of a child in the organization shall qualify the parent(s) or legal guardian(s) of such child for membership during the child's enrollment. Paid employment by the organization shall qualify the employee for membership during the term of their employment.”

“All members in good standing are eligible to vote for the board members at the annual meeting in person or by proxy.”

“The form 990 is prepared by an independent accounting firm and disseminated to the full board after it is filed.”

“Each director, principal, officer, and committee member with governing board delegated powers is required to complete an annual statement that confirms that the individual has recieved, understood, and agreed to comply with the conflict of interest policy. This includes a duty to disclose any actual or potential conflicts on the proposed transactions after disclosure and admission of any material facts. The conflicted individual is required to leave the meeting while the determination of a conflict is discussed and voted upon by the board or committee involved. The board or committee chair will conduct due diligence to determine if a similar transaction can be arranged that would not lead to a conflict of interest. The proceedings are documented in the meeting minutes.”

“The board used comparative data to determine the school director's compensation and documented the deliberation and decision in the board meeting minutes, the process was last performed in 2015 for the school's director, becky magnuson.”

“The school makes all of its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Other consulting and professional fees: program service expenses 156,705. Management and general expenses 101,020. Fundraising expenses 0. Total expenses 257,725.”

“The school follows a modified accrual method of accounting as prescribed by the minnesota department of education. 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 eligiblity requirements imposed by the provider have been met.”

“No change to the oversight or selection process during the past year.”