The Master'S Academy

“The Academy's top management official and top financial official each review the Form 990 prior to its filing with the IRS. A copy of the final Form 990 is also provided to the voting members of the Academy's governing body prior to its filing with the IRS.”

“The Academy's conflict of interest policy is distributed to each member of the Academy's governing body, its officers and its key employees. Each such individual provides an annual disclosure statement indicating that they have received, read, understood and agreed to comply with the policy, certifying that: (1) they have no relationships or interests that present a conflict of interest, (2) they have one or more conflicts of interest that have been fully disclosed as required by the policy and have been properly administered in conformity with the policy, or (3) they have previously undisclosed conflicts of interest and disclosing the details of such conflicts. Any disclosure statements with previously undisclosed conflicts of interest are forwarded to appropriate Academy officials to take appropriate actions as required by the policy.”

“The Academy has adopted an executive compensation-setting policy applicable to all of the Organization's key executives, including the Organization's Head of School, officers and key employees. Under the policy, an independent committee of the Board of Directors annually reviews and approves the compensation levels of the Head of School. The deliberations and decisions of the committee are contemporaneously substantiated. The committee utilizes comparability data in its deliberations; updated comparability data is generally obtained every two to three years. The Head of School is responsible for setting compensation for all other key executives of the Organization, using similar procedures to those described above.”

“The Academy's Articles of Incorporation are publicly available online. The Academy's bylaws, conflicts of interest policy, and other policies are provided to those responsible for complying with them.”

“An audit of the Academy's financial statements is conducted annually by an independent certified public accounting firm, which has resulted in the issuance of an unqualified opinion. In addition, the Academy is a fully accredited member of the Evangelical Council for Financial Accountability (ECFA) and, as such, subscribes to ECFA's Seven Standards of Responsible Stewardship addressing: (1) operation in conformity with the Academy's evangelical Christian doctrinal statement, (2) oversight by a Board of Directors, the majority of which are independent, (3) submission of complete, accurate, audited financial statements, (4) proper management and financial controls over the use of the Academy's resources, (5) public availability of the Academy's current financial statements upon written request, (6) avoidance of conflicts of interest, and (7) responsible, truthful fund-raising practices.”

“Change in estimated fair value of interest rate swap contracts -224,409. Change in interest in leasehold -783,883.”

“The Academy's Board of Directors, or a committee of thereof, assumes responsibility for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from the prior year.”