Empowerment Academy Charter School Inc

“The charter schools form 990 is prepared by an outside accounting firm. The prepared form is provided to the school business administrator and members of the the governing board for their review and approval. The approved form is e-filed with the irs by the outside accounting firm.”

“All board members and school officers are required by the laws of the state of new jersey to file an annual ethics disclosure statements with the new jersey state ethics commission. Further, the charter school has in place its own conflict of interest policy which it regularly monitors and enforces. The board mandates that all members of the board and all officers disclose any potential or actual conflicts that may exist. If a potential or actual conflict of interest exists, management and the governing board will be notified immediately. The board member and/or the officer with the conflict will not be allowed to vote or be part of any decisions related to such transactions that have to do with the conflict until such times that there is no longer a conflict.”

“The compensation of school business administrator and the school leaders of the charter school is reviewed and approved by the board of trustees of the charter school.”

“The compensation of all school officers and key employees of the charter school is determined annually after an evaluation of the school officers and key employees performance by the board. The compensation is benchmarked using publicly available resources such as forms 990 of other new jersey charter schools.”

“The charter school makes its forms 1023 and 990 available to the public upon request from the business office: 240 ege avenue, jersey city, new jersey 07304. Telephone: (201)630-4799. The form 990 could also be obtained from others website: www.guidestar.org.”

“THE CHARTER SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FROM THE BUSINESS OFFICE: 240 EGE AVENUE, JERSEY CITY, NEW JERSEY 07304. TELEPHONE: (201)630-4799. THE CHARTER SCHOOLS ANNUAL AUDIT REPORTS COULD ALSO BE OBTAINED FROM THE NJDOES WEBSITE: https://www.nj.gov/education/fpp/acfr/”

“Line 9 - reconciliation of net assets - other changes in net assets of $11,223,346: this consist of a reclassification of $10,081,719 of restricted net assets that was erroneously reflected as an expenditure in the form 990 for the prior year ended june 30, 2024. The balance of $1,141,627 was due to non capitalization of fixed assets in the form 990 for the prior year ended june 30, 2024.”