Shefa School

“Shefa school has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“The organization has a written conflict of interest policy for its employees and board members. A conflict of interest arises when a financial, professional or personal affiliation or a transaction or other arrangement involving the shefa school, whether actual, pending or proposed, puts a person in a position in which his or her interests may not be, or may appear not to be, consistent with those of the shefa school. The conflict of interest policy is implemented and enforced by the audit committee. Those who are covered persons, meaning officers, directors, and key employees shall provide the secretary a copy of the conflict of interest policy that will be submitted to the chairperson of the committee. The organization regularly and consistently monitors and enforces the compliance with the coi policy by having each covered persons sign the disclosure statement each year.”

“The board of directors reviews and determines the compensation of the head of school. During this process, compensation is based on comparisons with other similar organizations, studies. The approval process is document in the board minutes. This process was last determined in 2021.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the form 1023, financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”

“The organization had a prior year period adjustment on the 2021 return of $2.8million. In 2022, the school restated its 2021 financial statements in order to properly reflect the assets, liabilities and change in net assets as of and for the year ended june 30, 2021. During the year ended june 30, 2022, the school determined certain accruals for faculty wages were not recorded at year ended june 30, 2021. In addition, the school determined certain pledges were recorded prior to meeting necessary required conditions to recognize the revenue during the fiscal year ended june 30, 2021, as well as the classification of certain contributions between with donor restrictions and without donor restrictions.”