Kipp Nyc Public Charter Schools

“The organization has a service agreement with kipp nyc, llc, (a disregarded entity of kipp new york, inc.), an entity which provides operational and administrative support to the school. Included in the services provided are human resources, technology, data, operations, finance and accounting, recruiting, fundraising, instructional training and progress monitoring. For the year ended june 30, 2024, the organization incurred expense of $21,476,193 for these services.”

“There are no committees with authority to act on behalf of the board.”

“The form 990 is prepared by an independent public accounting firm with the assistance of management. Management will provide the form 990 to the board of trustees before it is filed with the internal revenue service.”

“The organization has adopted a conflict of interest policy for the guidance of all directors, officers and key employees of the corporation. Disclosure of material facts surrounding a conflict of interest shall be made to the chairperson of the board. A key employee who wishes to use staff assistance, services or facilities for purposes other than carrying out professional responsibilities must disclose the conflict to the chief operating officer of kipp nyc, inc., who will exercise discretion in allowing or disallowing the proposed use in accordance with the conflict of interest policy. Directors, officers and key employees are required to annually complete disclosure forms detailing any transactions that may present potential conflicts of interest. These signed disclosures are maintained by the organization and are also submitted to the department of education of new york state. The chairman of the board reviews all written disclosures of conflicts of interest, however related party transactions must go through a formal review by a quorum of the board consisting of independent directors. The board's independent directors review the transaction in question to determine its propriety, its impact on the organization and the availability of, and need for, any corrective measures.”

“The organization's determinations of compensation for the superintendent, other officers and key employees are based on compensation surveys, related market research, evaluation of performance and experience. Compensation for the aforementioned positions are determined annually and approved by the board of the organization. This process and the final determinations were timely documented.”

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

“Forgiveness of due to kipp nyc enterprise 1,469,179.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant.”