Kipp Philadelphia Octavius Catto

“The organization amended its bylaws during the fiscal year. The following amendment was made: no board member shall, as a private person, engage in any business transaction with the charter school of which he or she is a trustee, be employed in any capacity by the charter school of which he or she is a trustee, or receive from such charter school any pay for services rendered to the charter school.”

“The form 990 is prepared by an independent accounting firm. Prior to filing with the internal revenue service, the form 990 is reviewed by the finance committee and board.”

“The conflict of interest policy applies to every representative of the organization, including, but not limited to, the trustees and officers. In the event that a potential conflict of interest does arise involving an officer or trustee, its nature and extent should be fully disclosed immediately to the board chair, who, after making a thorough review of the circumstances, will report to the board of trustees, who will determine the appropriate action to be taken. All board members and key employees are required to file an annual statement of financial interests.”

“The finance committee annually reviews the performance of the school leaders based on evaluation of goals and objectives. Based on such evaluation, the finance committee submits the recommended compensation to the executive committee for review then to the board for final approval. Additionally, the finance committee and the executive committee carefully evaluate competitive information for similarly qualified individuals in comparable positions at like sized and situated organizations. This review process as well as the final determinations are timely documented in the board minutes. No other compensated individual meets the internal revenue service definition of officer or key employee.”

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

“The board of directors assumes responsibility for oversight of the audit of its financial statement and the selection of an independent accountant.”