Sphinx Academy Inc.

“Sphinx Academy distributes an electronic copy of the 990 to all board members via email”

“Sphinx Academy distributes an electronic copy of its conflict of interest statement to each board member at the beginning of the fiscal year. The board members identify conflicts, if any, sign the form, and return it to Sphinx Academy to be reviewed and voted on (if necessary) at the next board meeting.”

“The salary of the Director of Education is determined by the board of directors each year; deliberations are made without the presence of the Director of Education, votes are cast, and the final salary value is submitted to the school to be drawn up as a contract for the next school year.”

“Sphinx Academy makes all governing documents available to the public upon request; governing documents are also available to the public through our Good Giving online profile at www.goodgiving.net (a GuideStar affiliate).”

“Teaching Supplies $6,320; Enrichment expense/testing costs $2,179; Online curriculum content $3,647”

“Sphinx Academy is accredited by Cognia, with an Above Average determination on its rating index. To achieve this accreditation, Sphinx undergoes a fiscal audit every 5 years; the fiscal year ending June 30, 2021 has been audited in accordance with this requirement. For this reason Part XI Line 9 shows changes in net fund assets, largely due to the corrections made to the depreciation of assets by the CPA who conducted the audit.”

“This 990 for fiscal year ending June 30, 2021 is based on the audited financials Sphinx received as part of its accreditation process that takes place every five years. The audit is completed using the Accrual Method of Accounting. Until this year, Sphinx has been reporting 990 information using the Cash Method of Accounting. We will continue to use the accrual method from this point on, as it is the GAAP standard and it is what our CPA will continue to use for future audits.”