Twin Cities German Immersion School

“All staff, families of children enrolled at the school and interested community members are eligible to elect the members of the school's board of directors.”

“There are no committees with authority to act on behalf of the governing board.”

“The form 990 is prepared by their accountant and is reviewed by the director. The public disclosure version of the form 990 is then presented to the finance committee after filing.”

“Board members annually complete a conflict of interest statement which is reviewed and updated as necessary. If a business transaction occurs that could violate the conflict of interest policy, then a review must be made by the director and board of directors with direct reference to the conflict of interest policy. Individuals found to have a conflict of interest will not be permitted to vote on the transaction. Proceedings related to conflicts of interest are documented in the meetings minutes. As of the time of this filing, the committee is in the process of revising its conflict of interest policy, which may be in effect in fy23.”

“The compensation of the school director is computed with research of comparable salaries through macs charter schools by the board of directors and documented in a letter of officer. The board of directors evaluates the executive director annually.”

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

“Related board members per mn statute 124e.07, charter schools are required to have licensed teachers as members of the board of directors. Emily albers, jasmin root-joswig, and kevin eberhard are board members but received compensation for their services as teachers.”

“Pension liabilities, net of pension deferred outflows & inflows: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability is reported on the school's statement of net position, the school is not in a position to directly control the liability or the subsequent liquidation of the liability.”

“Gasb 68 - pension adjustment 336,486.”

“The board is responsible for selection of an independent accountant and for the oversight of the financial statement audit. This process has not changed from prior year.”