Kipp Colorado Schools

“Process to review the form 990: the tax preparer provides the director of finance with a completed 990 draft for review. Once reviewed and approved by the director of finance, the 990 draft is emailed to the entire board of directors and chief executive officer prior to filing. The board of directors and chief executive officer provide questions and/or feedback to the director of finance, who submits any requested changes to the tax preparer. Upon approval by the chief executive officer and the board treasurer, the 990 is filed.”

“Process for monitoring compliance with conflict of interest policy: the conflict of interest policy is disclosed and reviewed annually by the board of directors and officers of the organization. Each board member and officer signs an acknowledgement form with a section to disclose any conflicts. In the event of a conflict of interest, the interested person may make a presentation to the board of directors, but after such presentation, he/she will leave the meeting during the discussion of, and vote on, the transaction that resulted in the conflict of interest. If a more advantageous transaction or arrangement is not reasonably attainable that would not give rise to a conflict of interest, the board of directors shall determine by a majority vote of the disinterested directors whether the transaction is in the corporation's best interest.”

“Review of ceo or top mgmt official compensation: ceo compensation is reviewed, approved and documented by the executive committee of the board of directors. A national benchmarking study, containing information on similar educational exempt organizations, is used in setting ceo compensation. The compensation decision reached is documented in the organization's human resources files.”

“Review of other officer or key employees compensation: the coo's and cso's compensation is reviewed, approved and documented by the ceo, using a national benchmarking study, containing information on similar educational exempt organizations. The compensation decisions reached are documented in the organization's human resources files.”

“How documents are made available to the public: the organization's financial statements, conflict of interest policy, and governing documents are made available to the public upon request.”

“Reconciliation to governmental fund balance: net assets reported for form 990 purposes differ from governmental reporting requirements under gasb 68. A reconciliation to the government fund is outlined below: governmental fund balance per audited financial statements 6,125,462 capital assets used in governmental activities are not 378,258 financial resources and therefore are not reported in the governmental fund. The net pension libaiblity is not due and payable in the (15,296,531) current period and, therefore is not reported in the governmental fund total net assets reported on form 990 (8,792,811)”

“Other changes in net assets or fund balances: change in pension liability due to proportionate share of net pension liability (3,210,738)”