Yellowstone Education Foundation

“The return will be reviewed by the chief financial officer and accountant. Following adjustments, if any, the return will be distributed to the superintendent and all board members.”

“The conflict of interest policy is stated in the organization's by-laws. Each board member is given the conflict of interest policy when they join the board and asked to read and sign it. Any conflicts are noted on the same form. On an ongoing basis, as new transactions and business relationships are considered, they are reviewed for conflicts of interest. If any conflicts are noted, then the conflict would be brought up to the board officers and resolved.”

“Line 15a - compensation process for top officials for the ceo (superintendent)'s compensation, the board chair consulted with yellowstone's counsel to review comparable salaries across the state of texas. He then took this work back to the board group and the board approved this contract in executive session. As part of the budgeting process, the superintendent presents the salaries and budget to the finance committee and board chair for their review, and ultimately approval. The salaries are benchmarked against local public school districts, using whatever information is available to confirm that yellowstone is within range of similarly sized educational institutions. Line 15b - compensation process for officers same as 15a above.”

“All of the forms were included in yellowstone's charter school application which is available on the texas education agency website. In addition, relevant documents, as required by law, are posted and maintained on the yellowstone website.”

“Contracted services: program service expenses 138,142. Management and general expenses 398,892. Fundraising expenses 0. Total expenses 537,034.”

“The organization has not changed either its oversight process or selection process during the tax year.”

“Paycheck protection program loan on march 11, 2020, the world health organization classified the global outbreak of covid-19 as a pandemic. As a result of the cares act, the paycheck protection program (ppp) was established. The school successfully applied and received its first ppp loan for$355,900 under the small business administration's ppp in april 2020. The loan was forgiven in march 2021, as the school had met all of the criteria and expended the funds appropriately. The school adopted the guidance in fasb asc 405-20-40-1 and recognized revenue during fiscal year 2021 upon forgiveness of the ppp loan. Effective april 17, 2021, the school executed a promissory note agreement for its second ppp loan in the amount of $346,048. The loan bears interest as a fixed rate of 1.00% per annum and matures april 17, 2026. The school adopted the guidance in fasb asc 405-20-40- 1 and recognized the entire amount of the loan received as a liability as of june 30, 2021. The loan was forgiven on march 2022 and recognized as revenue during fiscal year 2022 upon forgiveness of the ppp loan.”