Nlaabc

“The member of the corporation is north lakes charter academy.”

“The member shall elect three directors.”

“The organization does not have any committees which have the authority to act on behalf of the governing body.”

“The form 990 is prepared by an independent accounting firm. The form 990 is then sent to the board of directors for review and approval prior to filing with the irs.”

“The conflict-of-interest policy applies to the school's board of directors, committees of the board, as well as employees and parents of enrolled students. Transactions where a conflict of interest was determined to exist by remaining independent members may not be executed unless all of the following conditions are met: (1) the interest is disclosed or known to the members of the board (or committee thereof) (2) the board or committee approves, authorizes, or ratifies the action in good faith (3) the approval is by a majority of members (not counting the interested individual) at (4) a meeting where a quorum is present (not counting the interested individual). The individual with the conflict may be present for discussion to answer questions but may not advocate for the action to be taken or vote on the action. The minutes of the meeting document clearly that the proceedings related to conflicts of interest and that the policy's requirements have been met.”

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

“Bond refunding adjustment -90,266.”

“The organization follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”