Hmong College Prep Academy

“Christianna hang, superintendent, and paul yang, operations director, have a family relationship.”

“The academy's board of directors are elected by the parents, teachers and staff of the academy at the annual meeting.”

“The form 990 is reviewed in detail by the superintendent prior to filing. A final copy of the 990 will be shared with the board.”

“The board members are required to sign off on an annual conflict of interest form indicating they have acknowledged that no conflicts of interest existed. They are also required to review all vendor contracts as presented to the board and to ensure that no conflicts of interest exist with vendors. The school has not had a case where persons with conflict of interest existed since inception. If a conflict would arise, the individual would disclose the facts and circumstances to the remaining board members who would review and determine if a conflict exists. The individual would not be allowed to participate in the determination, discussion, or vote on the transaction. All proceedings related to conflicts of interest would be documented in the meeting minutes.”

“The governance board review committee used the appropriate data including compensation of other like school districts to determine fair and equitable compensation. This process is part of the superintendent contractual renewal process that takes place every three years. The renewal of the superintendent contract is documented in board meeting minutes. This process was last conducted in fy19 for a contract beginning with the 2019-2020 school year for the superintendent, christianna hang.”

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

“Related board members per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Crystal robideau is a board member but received compensation for her services as a teacher.”

“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, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”

“Gasb 68 - pension adjustment 2,572,169.”