Aim Academy of Science and Technology

“Form 990 is reviewed by the school director and board of directors prior to filing with the irs.”

“The school's policy covers the board of directors, committees thereof, and school employees and requires that covered individuals must complete an annual statement concerning possible conflicts of interest. Transactions where a conflict of interest is determined to exist may not be entered into unless the interest is disclosed or known or the board of directors, the board approves, authorizes, or ratifies the action in good faith. The approval is by a majority of directors and a quorum is present, not counting the interested director individuals with potential conflicts, may be present to answer questions, but must leave the room for deliberation and the vote. All proceedings related to conflicts or interest are noted in the meeting minutes.”

“The executive director's compensation is set by the board of directors following a performance evaluation as part of the annual budgeting process. This was last conducted in 2021 for the executive director.”

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

“Per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Abdirahman ahmed is a board member, but received compensation for services as a teacher.”

“Transportation: program service expenses 491,461. Management and general expenses 0. Fundraising expenses 0. Total expenses 491,461. Food service: program service expenses 107,542. Management and general expenses 0. Fundraising expenses 0. Total expenses 107,542. Other fees: program service expenses 136,177. Management and general expenses 96,871. Fundraising expenses 0. Total expenses 233,048.”

“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.”

“Pension adjustment 57,628.”