Capital Prep Charter Schools Ny

“The school is managed by capital preparatory schools, inc., a tax-exempt charter school management organization that provides business, administrative, and academic services to the school. During the year ending june 30, 2022, the school incurred $1,761,838 in management fees. No individuals listed on form 990, part vii were compensated by the management company for services provided to the organization.”

“The form 990 is prepared by an outside accounting firm. The return is reviewed by the controller and electronically provided to all board members prior to filing with the internal revenue service.”

“The school has a conflict of interest policy applicable to trustees, officers, and employees. Prior to initial election or appointment, and thereafter on an annual basis, trustees must disclose any relationships or financial interests that may present a conflict of interest. Each trustee must annually sign a statement, which affirms that they received a copy of the conflict of interest policy and has agreed to comply with the policy. Officers, trustees, and employees have a duty to promptly disclose the existence of any potential conflict. All potential and actual conflicts of interest are reviewed by the board. Any trustee, officer, or employee to whom the potential or actual conflict of interest relates must leave the room while deliberations are conducted. Any actual or potential conflict of interest must be approved by not less than a majority vote of the board members present and voting at the meeting. No trustee, officer or employee may vote, act, or attempt to influence improperly the deliberations, as applicable.”

“The compensation of the school's principals was determined and approved by the board of trustees. The forms 990 of other organizations, data gathered by an independent consultant, and a compensation comparison study of similar organizations was utilized as part of the process. The process as outlined above was last conducted in 2022 and was contemporaneously documented.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon written request at 777 main street, bridgeport, ct 06604 or by calling the organization directly at (917)838-3684.”

“The school's audit committee is responsible for the oversight of the audit of the school's financial statements and the selection of its independent accountant. This process has not changed from prior year.”