Venture Academies

“The Form 990 is prepared by the school accountant. Prior to filing the form 990, members of the finance committee will conduct a detail review and provide the approved public disclosure draft of the form 990 to the full Board of Directors for any change requests or questions.”

“Each Board member, Principal Officer and Member of a Committee with board delegated powers shall annually sign a conflict of interest statement. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the board and members of committees with board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. All deliberations and decisions involving conflicts of interest are documented in the meeting minutes.”

“Market rate analysis of like sized charter schools is done to determine compensation for the CEO, officers, and other key employees. This process was last performed in 2014.”

“The organization makes its governing documents, policies, and financial statements available to the public upon request.”

“The School implemented two new accounting standards (GASB 68 and 71) for the year ended June 30, 2015 which required recognition of the schools proportionate share of the unfunded pension liability. As a charter school in the state of Minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The schools 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 schools Statement of Net Position, the school is not in a position to directly control the liability or the subsequent liquidation of the liability.”

“Per MN Statute 124D.10, Charter schools are required to have licensed teachers as members of the Board of Directors.Bethany Franz and Bre Vollrath are Board Members, but received compensation for their services as teachers.”