Peninsula Preparatory Academy Charter School

“Outside auditors prepare a draft 990 which is then distributed to the school's chief business officer and board treasurer for review. Any changes are then submitted to the auditors and a revised draft submitted for approval by the board treasurer. The return is reviewed and discussed with the full board and copies are available for each board member.”

“Description of process to monitor transactions for conflicts of interest.a. Each covered person shall annually sign a statement that affirms that such person: 1. Has received a copy of the policy. 2. Has read and understands the policy. 3. Has agreed to comply with the policy, and 4. Understands that the corporation is a charitable organization and that in order to maintain its federal tax exemption and the trust of the public it must diligently avoid conflicts of interest or the appearance of any conflict and engage primarily in activities that accomplish one or more of its tax-exempt purposes.b. This policy shall be reviewed annually for the information and guidance of covered persons, and any new covered person shall be advised of the policy upon becoming a covered person and shall file an annual statement with the corporation.c. To further the purpose of the disclosure provisions of this policy.”

“A committee of the board evaluates the principal's compensation in conjunction with information available regarding comparable positions. The committee utilizes salary information from other charter schools in it's determination.officers and board members do not receive compensation.compensation for key employees are reviewed and approved by the board.”

“All financial statements and tax returns are open for public inspection upon request. All financial statements and tax returns are submitted to grant-making government agencies. Also, the organization timely files its nys char 500 annual report with the office of the ny state attorney general. The nysoag posts the organization's financial statements, fed 990 tax return and the nys char 500 on its charitites bureau internet website.”

“Depreciation difference per tax and book = -$28362”