Tennessee Scholar Academies

“The 990 will be sent to full board of directors for review.”

“Compliance is monitored through annual disclosure process and through regularly scheduled board meetings.”

“The executive director's compensation is reviewed by the board of directors, based on market rate for similar positions in memphis and explained in person to the executive director by the board chair. The executive director reviews performance and looks at data from similar positions across memphis for other officers and key employees. The executive director outlines compensation changes during regularly scheduled performance conversations with key employees. The following is use to determine all compensation: comparison data for similar roles across organizations in the existing market. Scope of position, size of the organization, support needed to in critical positions. Salary comparables from funding partners that support in organizations in our industry. Review of experience, education, and overall potential for growth in the role. Assessment of performance and cultural awareness and acceptance. Surveys of stakeholders to determine "fit and perception of leadership.”

“All governing documents, confilict of interest policy, and financial statements are available upon request.”

“Started developing product diriven solutions that share services with additoinal public schools, public charter schools and educational organizations.”

“Varified solutions did not obtain independent audited financial statements. Memphis scholars llc, a single member limited liability company and a disregarded entity of verified solutions, obtained separate independent audited financial statements. This is the sole asset of verified solutions.”

“The 1099s and w-2s reported on lines 1a and 2a were reported under the fein for memphis scholars llc, a disregarded entity of verified solutions.”

“Prior year audited financials of memphis scholars, llc, a disregarded entity, were adjusted by $92,731 due to the following situation: in the prior year, certain expenses related to a burst pipe at the school were incurred and capitalized at year-end. However, the damaged property was owned by the local school district; therefore, it was not an asset of the organization. At june 30, 2021, $474,920 of the expenses incurred were reimbursable by insurance and should have been presented as a receivable in the general fund and governmental activities. The $474,920 represents the restatement in the general fund statement which includes the costs reimbursed by insurance. The remaining balance of $92,731 restated on the government-wide statements represents amounts paid by the organization that were not reimbursed through insurance or otherwise but had previously been capitalized.”