The Odyssey School Incorporated

“A copy of Form 990 is provided to the members of the Finance committee for review. The Chair of the Finance committee presents a review of Form 990 at a Board of Directors meeting prior to filing Form 990.”

“All board members are required to disclose any time an issue is voted upon for which they have a conflict of interest and abstain from voting on the issue. Annually, board members sign a conflict of interest statement.”

“The Compensation Committee reviews salary surveys and other comparable salary information for like positions. The Compensation Committee discusses the salary and submits a recommendation to the board. The board approves the authorized salary for the Executive Director in executive session.”

“The School makes the Form 990, Form 1023, governing documents, conflict of interest policy and other financial statements available upon request.”

“The Odyssey School is a diverse, public, K-8 Expenditionary Learning School. We teach students how to learn through a focus on academic achievement, critical thinking and social responsibility, preparing them for high school and beyond.”

“Educational Services : Program service expenses 29,677. Management and general expenses 5,237. Fundraising expenses 0. Total expenses 34,914. Maintenance : Program service expenses 6,360. Management and general expenses 1,120. Fundraising expenses 0. Total expenses 7,480. Food Service Expenses : Program service expenses 1,813. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,813. Pension Accruals : Program service expenses -43,268. Management and general expenses -7,635. Fundraising expenses 0. Total expenses -50,903.”

“THe board is responsible for selecting and overseeing the independent auditor. This process has not changed since last year.”

“The school is a participant in the State's public pension plan (PERA) and began reporting a portion of the State's unfunded net pension liability following Governmental Accounting Standards Board Statement (GASB) No. 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27 in fiscal year 2015. The School also participates in the State's Postemployment Healthcare Benefit Plan per GASB statement 75. As a result of these GASB statements, the school records an expense in its Government Wide financial reports each year that swings widely from year to year based on future investment return assumptions, participation, and other projections made by PERA's actuaries. Due to the unpredictable and uncontrollable nature of these swings, and that the liability is not a true liability of the school, these State driven accruals are reported as Other in Part IX to allow the reader to track the impact of these accruals separately and to remain consistent with historical reporting.”