St. Hope Academy

“The director of finance and chief operating officer will review the form 990 and present the form to the board finance committee chair for review and feedback before it is filed with the irs.”

“Any potential conflicts of interest are disclosed at an annual meeting of the board of directors.”

“In determining just and reasonable compensation for the organization's highest paid employees, the board of directors reviews comparable salaries for similar positions in similar geographic locations. Additionally, the committee evaluates the top management official's professional credentials and other intangibles.”

“All documents are available upon request. Also available on the guidestar website.”

“Commencing in the tax year ending 6/30/2019, st. Hope academy ("st. Hope") began providing accounting and other administrative services(the "administrative services") to the st. Hope public schools and other affiliated tax exempt entities (the "affiliated exempt entities"). The intent at the time st. Hope commenced performing the administrative services was that through an economy of scale and using st. Hope's existing staff, that st. Hope would be able to perform the administrative services at a lower overall cost to the affiliated exempt entities and that as a result, the affiliated exempt entities would be able to devote a larger share of their overall budget to the performance of their exempt functions. In practice, however, the totality of services necessary to be performed to complete the administrative services on behalf of the affiliated exempt entities proved to be more than anticipated, which, in turn led to higher administrative service revenue than expected. Combined with lower than anticipated exempt function revenue recognized by st. Hope in the tax years ending 6/30/2019, 6/30/2020 and 6/30/2021, this resulted in an unexpected imbalance of administrative service revenue (ubti) and overall exempt function revenue for such tax years. More particularly, for the tax years ending 6/30/2020 and 6/30/2021, st. Hope was not able to conduct its normal fund raising activities (including the annual fund raising dinner), due to the ongoing covid 19 pandemic which resulted in much lower than anticipated exempt function revenue in the 2020 and 2021 tax years. Given the ongoing uncertainty caused by the covid 19 pandemic, it is my understanding that st. Hope has ceased performing the administrative services to the affiliated exempt entities in the spring of 2021, and that for the tax year commencing 7/1/2021 there will no longer be any administrative service (ubti) income reflected on st. Hopes tax return.”

“Professional, consulting & other operating expenses: program service expenses 535,575. Management and general expenses 1,048. Fundraising expenses 0. Total expenses 536,623.”