Naval Academy Primary School Association Incorporated

“The treasurer, finance director, and naps director review and approve a draft of the form 990 prior to filing.”

“The conflict of interest policy annual certification is discussed and reviewed at the first meeting of each new fiscal year. Board members are expected to communicate any conflicts that may arise during the year and certify to the board as a whole that should a conflict arise, they will recuse themselves from the discussion of any issues related to that conflict. Should a member fail to recuse themselves, the remainder of the board can vote to require recusal before the issue is discussed.”

“Compensation for the executive director is set by the president of the board independent of the executive director. The compensation is set forth in a multi-year contract, and prior to the establishment of the compensation rate for the next contract, comparability data is obtained from other local, similar schools.”

“The conflict of interest policy, bylaws, and financial statements are available for review in the finance director's office at any time upon request. At each board of directors meeting, financial reports are presented by the treasurer and a monthly financial statement is provided to attendees; these financial statements and the minutes of the meetings are maintained in the finance director's office. The bylaws are also available on the organization's website. Association meetings are held twice a year, in the fall and spring, where the treasurer presents a report. A financial statement summary is provided to attendees at the spring association meeting. The treasurer also tells the attendees that if they wish to see further records, they are available at the finance director's office.”

“Special event expense netted on return 44,462 special event expense netted on return -44,462”

“Py net asset adjustment 5,630 the prior period adjustment is due to an adjustment done to to net assets after the 990 was filed.”