Friends of Brooklyn Laboratory Charter

“The organization's legal name was changed from friends of brooklyn laboratory charter schools inc. To study group solutions inc. These changes were properly approved by the board of directors and filed with the appropriate state authorities.”

“The organizaiton had no committees in place in fiscal year 2024.”

“The form 990 is prepared by an outside accounting firm and is reveiwed by management. A complete copy of the form 990 is distributed to the board of trustees after the form 990 is filed.”

“The organization shall not engage in any related party transaction except as approved by the board. In making a determination as to whether to engage in a related party transaction, the board must determine if the transaction is fair, reasonable and in the best interests of the organization (at the time of such determination). If at any time during his or her term of service, a director, officer or key employee has knowledge that a related party has a financial interest or there exists a potential related party transaction, that financial interest or potential related party transaction must be promptly disclosed in writing to each member of the board, together with all material facts known to such person about such financial interest or potential related party transaction. Directors, officers and key employees shall also promptly disclose to the board any other potential conflict of interest that may arise. Such disclosure must be made to the board as soon as such individual is made aware of the potential conflict of interest. Each director, officer, and key employee shall also annually sign and submit to the secretary of the organization a statement which affirms such person: (a) has received a copy of this policy, (b) has read and understands the policy, and (c) has agreed to comply with the policy.”

“The compensation for the ceo is reviewed and approved by the board of directors. The board of directors uses comparable salaries of similar positions at similar organizations to assist in their decision making. The deliberations and decision are contemporaneously documented. Form 990, part vi, section b, line 15b the compensation for the cfo is reviewed and approved by the board of directors. The board of directors uses comparable salaries of similar positions at similar organizations to assist in their decision making. The deliberations and decision are contemporaneously documented.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request.”

“Gain on transfer of lease and write off net payable to related party 3,887,592.”

“The board assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process did not change from the prior year.”