Great Oaks Academy

“Any staff members who are employed at the school, including licensed teachers providing instruction under a cooperative, and all parents/guardians of children enrolled in the school may vote in the election of the board of directors.”

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

“The form 990 is prepared by the school accountant. Prior to filing the form 990, the executive director and finance committee will conduct a detailed review of the 990. The full board will receive a public disclosure copy of the 990.”

“The school's conflict of interest policy covers officers and board members and requires each covered individual to notify the board of directors about any actual or potential conflicts of interest upon acknowledgment that a conflict may exist. The conflicted individual is expected to report all material facts to the board, who shall determine whether a conflict exists without the conflicted individual. At the start of every board meeting, directors are asked if they have a conflict with any of the items on the agenda. The conflicted individual may not vote or participate in the determination process. All conflicts and proceedings are documented in the meeting minutes.”

“For teaching staff, the pay-scale that was in place for the first operational year (2019-2020) was determined on the basis of years teaching, as well as experience teaching and knowledge of the core knowledge sequence, responsive classroom, and differentiation of instruction. In subsequent years, modifications to the initial pay-scale are based on comparative school information and cost of living increases. The board of directors used comparability data to select a starting compensation range for the executive director.”

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

“Related board members per mn statute 124e.07, charter schools are required to have licensed teachers as members of the board of directors. There were no students served in 2020 so there were not any board members paid for their services as teachers.”

“Pension liabilities, deferred outflows & inflows pension: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the net pension liability, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”

“Gasb 68 pensions expense 2,242.”

“The board is responsible for selection of an independent accountant and for the oversight of the financial statement audit. This process has not changed from prior year.”