North Star Academy Foundation Inc.

“Two-thirds of the trustees of north star academy foundation are appointed by the board of trustees of uncommon schools, inc. In addition, as vacancies arise on the north star academy foundation board, the board of trustees of uncommon schools, inc. Has the right to appoint two of the three trustees.”

“The federal form 990 was provided to the board of directors of north star academy foundation, inc. For review by its members prior to filing with the internal revenue service.”

“The organization regularly monitors and enforces compliance with its conflict of interest policy. Annually all members of the board of directors, officers, key employees and senior management personnel complete a conflict of interest questionnaire. The completed questionnaires are returned to the organization's chief financial officer for review. Thereafter, if any conflicts are identified, the chief financial officer prepares a summary of the completed questionnaires for review with the board of directors. When necessary, procedures are created for addressing any identified conflicts of interest.”

“Two of north star academy foundation, inc.'s directors and/or officers are employees of uncommon schools, inc. These individuals are compensated only for their employment services to uncommon schools, inc. The compensation is paid only by uncommon schools, inc. Uncommon schools inc.'s board of directors has a compensation committee. The compensation committee completes a comparative analysis of similar organizations which it uses as guidance when it reviews and approves the compensation and benefits of senior management. The compensation committee reviews the "total compensation" of the individuals which includes both current and defferred compensation and all employee benefits, both qualified and unqualified. The compensation committee's review is completed on a regular basis and ensures that the "total compensation" of senior management is reasonable. The actions taken by the compensation committee enable uncommon schools, inc. To receive the rebuttable presumption of reasonableness for purposes of internal revenue code 4958 with respect to the total compensation of certain members of the senior management team. The three factors which must be satisfied in order to receive the rebuttable presumption of reasonableness are the following: 1. The compensation arrangement is approved in advance by an "authorized body" of the applicable tax-exempt organization which is composed entirely of individuals who do not have a "conflict of interest" with respect to the compensation arrangement. 2. The "authorized body" obtained and relied upon "appropriate data as to comparability" prior to making its determination; and 3. The "authorized body" "adequately documented the basis for its determination" concurrently with making that determination. The compensation committee is comprised of member of the board of trustees/directors of uncommon schools, inc. Each of whom are independent and are free from any conflicts of interest. The compensation committee adequately documented its basis for its determination through the timely preparation of written minutes of the compensation committee's meetings which the executives' compensation and benefits were reviewed and subsequently approved. The actions outlined above with respect to the compensation committee and the establishment of the rebuttable presumption of reasonableness only applies to certain senior management personnel of uncommon schools, inc.”

“North star academy foundation, inc's governing documents, conflict of interest policy and consolidated financial statements are not available to the public.”

“Net gain on extinguishment of debt 1,803,897.”

“The organization did not change the oversight process during the tax year.”