Ilead Online Charter School

“The organization does not have a committee with the authority to act on behalf of the board.”

“The form 990 is prepared by the organization's outside public accounting firm based on information provided by management. Once a draft of the return is available, it is reviewed by management with any changes or revisions incorporated into the filing. The revised return is then submitted to the board of directors for their review and approval prior to submitting to the irs.”

“The officers, directors, and the trustees are required to disclose all potential conflict of interests. The board reviews any conflicts presented by interested parties. The chairperson appoints a disinterested person or committee to investigate the transaction in question and report findings to the board. Alternatives to the proposed transaction are identified and compared to the proposed transaction. The board votes on the most beneficial option for the organization. If the board has reason to believe an interested person has failed to disclose the potential conflict, the board will investigate further and if necessary, take appropriate disciplinary and corrective action.”

“The compensation for officers, key employees, and the executive director is determined based on data provided by external charter management organizations and through comparison studies of other charter schools. The board must vote to approve the compensation for the officers, key employees, and the executive director as a direct action.”

“Documents are made available to the public upon request.”

“The previously filed statement of revenue is being amended to ensure that the financial data being reported on the tax return ties to the organizations audited financial statement for the period end of june 30, 2021.”

“The original return was submitted to the internal revenue services prior to completion of the organizations financial statement audit. The audit resulted in various financial changes for period end of june 30, 2021 causing changes in revenue and expenses reported on form 990.”

“Statement of program service accomplishments, line 4a expenses and revenue are being amended to account for the financial changes made to parts viii, ix, and x. The financial changes were done to ensure that the amounts on the return tie to the amounts reported on the organizations audited financial statement for the period end of june 30, 2021.”

“The checklist of required schedules, line 11f is being amended to acknowledge that the organizations financials were audited for the period end of june 30, 2021.”

“Professional service fees : program service expenses 33,773. Management and general expenses 375,646. Fundraising expenses 0. Total expenses 409,419. Operating expenditures: program service expenses 67,753. Management and general expenses 0. Fundraising expenses 0. Total expenses 67,753. Student services expenditures : program service expenses 201,196. Management and general expenses 0. Fundraising expenses 0. Total expenses 201,196.”

“The previously filed balance sheet is being amended to ensure that the financial data being reported on the tax return ties to the organizations audited financial statement for the period end of june 30, 2021.”

“Revenue overstatement adjustment to correct fiscal period 2019-2020 269,248.”

“The process has not changed from prior year.”

“The returns reconciliation of net assets is being amended to account for the financial changes that occured to parts viii, ix and x. The financial updates were made to tie the organizations return to its audited financial statement for period end of june 30, 2021. This resulted in a change to the amounts being reported on lines 1,2,3,9, and 10 of part xi.”

“The original return was submitted to the internal revenue services prior to completion of the organizations financial statement audit. Part xii financial statements and reporting, lines 2b and 2c are being amended to report that the financial statement audit was done by an independent accountant on both a consolidated and separate basis for the period end of june 30, 2021.”

“The previously filed statement of functional expenses is being amended to ensure that the financial data being reported on the tax return ties to the organizations audited financial statement for the period end of june 30, 2021.”