The Master'S Academy of Central Florida Inc

“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 disqualified persons, including the Academy's President, officers and key employees. Under the policy, the Board of Directors reviews and approves the compensation levels of all individuals subject to the policy. The deliberations and decisions of the Board are contemporaneously substantiated. The Board utilizes comparability data in its deliberations; updated comparability data is generally obtained every two to three years.”

“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.”

“The amount reported on Part IX, Line 5 includes an accrued severance payment in the amount of $400,000 payable to Dr. William Harris. The severance arrangement was made pursuant to a written employment contract with Dr. Harris that was approved by the Academy's Board of Directors, all of whom are independent with respect to Dr. Harris. The written employment contract was entered into under the Academy's executive-compensation setting procedures, which include the use of comparability data in determining the reasonableness of compensation arrangements. Pursuant to the Form 990 instructions, the severance payment is not reported on Form 990, Part VII and Schedule J, because the payment was not made during the calendar year ending within the Academy's fiscal year ended June 30, 2021. Accordingly, the Academy will properly report the severance payment on its 2021 Form 990, Part VII and Schedule J.”

“Change in estimated fair value of interest rate swap contracts 424,709. Change in interest in leasehold -178,770.”

“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.”