Summit Middle Charter School Inc.

“Members of summit middle school include the parents of the current students, faculty, and staff.”

“The members of summit middle school elect the board of directors.”

“Per the bylaws: the mission, bylaws, and goals and objectives of the school may be altered, amended, or repealed by the affirmative vote of two-thirds of those casting votes, where are least fourty (40) percent of the membership must have voted.”

“The organization does not have any committees with authority to act on behalf of the board of directors.”

“The form 990 is prepared by the organization's public accounting firm based on information provided by the management. Once a draft of the filing is available, the board treasurer and business manager review the return before filing. The return is included in the board packet for board review and questions before filing.”

“Board members are subject to the conflict of interest policy. The board declares that situations which present a potential conflict of interest are those in which a board member will derive from board action a private benefit that is either pecuniary or personal in nature. It is expected the board members police themselves, as there is currently no formal process for how a conflict of interest is handled. There are no listed sanctions. Presumably the member in question would cease and desist from the action in question immediately. These potention conflicts of interest are disclosed during the audit process, but there are not formal proccesses for documenting conflicts of interest. The principal and business manager attend board meetings, monitor board activities, and provide guidance, should it be needed, to avoid conflicts of interest. The principal works closely with the board chair.”

“The school principal's salary is reviewed by a compensation committee comprised of board members. The compensation committee conducts a salary survey every three years. The compensation committee reviews all salaries. The compensation committee consists of two or more board members. The date this was last reviewed was in may 2019. The principal evaluation committee reviewed the compensation of all the employees. The committee conducts a salary survey every three years. The committee reviewed the organization's financial five year forecast, and boulder valley school district and surrounding charter schools and districts compensation for similar duties and position. This committee consists of two or more board members. Teacher salaries are set by the salary matrix. This last occurred in may 2019 and was documented in the summit middle charter school inc board minutes.”

“The governing documents, conflict of interest policy and audited financial statements are available on the organization's website.”

“Other services: program service expenses 230,954. Management and general expenses 733,694. Fundraising expenses 0. Total expenses 964,648.”

“Change in pension liability 1,380,492.”

“The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when the liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.”

“The process for overseeing and selecting an independent accountant has not changed from the prior year.”