Great Mn Schools

“The sole member of the corporation is minnesota comeback, a minnesota nonprofit corporation.”

“The organization's board of directors are appointed by the sole member, minnesota comeback.”

“The following actions of the organization require the approval of the sole member, minnesota comeback: (a) amendment of the articles or bylaws; (b) substantive changes to the mission; (c) incurrence of long-term debt; (d) mortgage or encumbrance of any assets; (e) sale, lease or other disposition of all or substantially all of its property and assets; (f) voluntary dissolution; (g) purchase or acquisition of all or substantially all of the assets of another entity; and (h) loan of money or other assets or guarantee the obligations of any person or entity.”

“The organization did not have any committees with authority to act on behalf of the governing body during the year.”

“The form 990 is prepared by an independent accounting firm and is reviewed and approved by the board of directors prior to filing with the irs.”

“The conflict of interest policy is furnished to each officer, director, or committee member who is presently serving the organization or who may become associated with the organization. This policy shall be called to the attention of the board of directors at least annually at a regular meeting, and recorded in the minutes of such meeting. It is the policy of great mn schools that all officers, directors, and committee members scrupulously avoid any conflict between their own respective individual interest and the interests of the organization in any and all actions taken by them on behalf of the organization in their representative capacities. This is of particular importance because a number of officers, directors, and committee members may be individual funders or representatives of organizations that are significant funders of the organization. Great mn schools may enter into a transaction involving a conflict of interest if any of the following are true: fairness and reasonableness: the contract or transaction was fair and reasonable to the organization will be determined by looking to the time the contract or transaction was authorized, approved, or ratified. The party asserting the validity of the contract or transaction has the burden of establishing the contract or transaction's fairness and reasonableness to the organization. Disclosure of material facts to the board: the material facts about both the contract or transaction and a director's interest in the contract or transaction are either fully disclosed or known to the board or a committee. In such cases, the director must acknowledge their conflict and abstain from the board vote.”

“The ceo salary was determined based on guidance from an executive search firm, and set in 2016. The executive search firm looked at comparability data, including data from other cities that have similar entities. The first year of a salary increase for the ceo was articulated in the original employment contract. This raise last occurred in 2019. Compensation for the ceo, as well as for the other members of the team, is tied to performance on the annual evaluation process. Each team member sets goals, and their compensation adjustments are tied to performance against their goals, as well as performance against a set of value-driven behaviors. Performance of the ceo is tied to the performance of the organization, and annual goals are set each year. The board collectively reviews ceo performance, based on 1) organization performance against goals 2) board survey and 3) staff survey. Performance assessment happens in october of each year, at the board meeting, with salary adjustment retroactive to july 1. The ceo performance review is then delivered by the board chair, to the ceo in a 1:1 discussion.”

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