Colorado Academy

“Colorado academy has an executive committee comprised of the board chair, the vice chair, the board secretary, the chair of the finance committee, and such other regular and ex officio members of the board as the board chair and the board may appoint. In instances where a meeting of the full board would be impractical, the executive committee will have and may exercise all of the authority of the board. Minutes will be kept of action taken by the executive committee, which minutes will be submitted to the board at its next succeeding meeting, but failure to submit such minutes will not invalidate any completed or incomplete action taken by or on behalf of colorado academy upon authorization of the executive committee.”

“A copy of the completed form 990 tax return is presented for review to trustees present at the finance committee meeting, prior to filing of the return. At the meeting, the complete return and all schedules are reviewed and discussed. In addition, a redacted copy of the form 990 tax return is reviewed by the full board of trustees before filing with the irs. The redacted copy of the return provided to the trustees is the same as the actual return filed except for the following information which is removed to protect individual privacy rights - the names and addresses of donors on schedule b, the compensation amounts on form 990 part vii, and schedule j, part i and part ii.”

“Signed conflict of interest statements are obtained each school year from all trustees and key administrators. In the event of an actual or potential conflict of interest by either a trustee or key administrator, they shall immediately disclose in writing the existence of such conflict, together with all material facts to; the president of the board of trustees in the case of a trustee with a conflict; to the vice president of the board in the case of a conflict involving the president; to the head of school in the case of key administrators with a conflict; to the board chair, who shall bring the matter to the attention of the appropriate board committee under the policy, for conflicts with the head of school. A trustee or an administrator (or a member of his or her family) who owns or controls the stock of a publicly traded company this is involved in a transaction, contract, or other relationship with the school will not be deemed to have an actual or potential conflict of interest requiring disclosure if such ownership or control is of less than one percent (1%) of the voting stock of such company. While the foregoing stock interest in a publicly traded company will not constitute a conflict of interest, the administrator should nevertheless disclose the nature of the administrator's relationship with the public company prior to the consideration of the transaction, contract, or other relationship with the school. The president or head of school as appropriate depending on the individual with the conflict as described above, shall review facts and circumstances of the conflict and shall make his/her recommendation in accordance with the procedures set forth below: any loan from the school to a trustee or to a key administrator is prohibited; any other transaction, contract, or relationship that is not prohibited by law and that involves an actual or potential conflict of interest may be permitted if the existence of the actual or potential conflict and the material facts are disclosed to the president or head of school and (i) the president or head of school in good faith authorizes, approves, or ratifies the transaction, contract or relationship at issue (ii) the president or head of school determines that the school cannot obtain with reasonable efforts a more advantageous transaction, contract, or relationship from an entity or individual that would not give rise to a conflict of interest, or (iii) the subject transaction, contract or relationship is fair to the school. The interested trustee or administrator may be prohibited from participating in the meeting at which the president or head of school determines whether to authorize, approve, or ratify the subject transaction, contract, or relationship. Normally, an interested trustee or administrator will be allowed to participate in the discussion of the matter in question but will recuse himself or herself from the final decision.”

“Compensation of the head of school, business manager, and director of development is reviewed and approved annually by the finance committee prior to the issuance of employment contracts. Comparability salary data for similar positions at schools similar to colorado academy is obtained and shared with trustees. The comparability data includes national and local school groups. Minutes of the meetings at which compensation is reviewed and approved are kept. The minutes record the discussion and rational for each approved salary. The fiscal year 2014 and 2015 salaries for the business manager, director of development, and head of school were approved by the finance committee on april 16, 2014. The full board of trustees approved the compensation package for the head of school on april 30, 2014.”

“The academy makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Additionally, all of the documents are located in the academy's business office which is open to the public during regular business hours throughout the year.”