Milken Community Schools

“The preparation and review process for the form 990 for the year ended june 30, 2014 included a number of discussions between the school's internal finance staff and the public accounting firm engaged to prepare the form 990 to review the school's activities and operations. In conjunction with the information obtained through the financial audit process and additional written inquiries specific to the exempt organization returns, information obtained through these discussions was used to ensure that the returns provide an accurate and transparent summary of the school's activities for the year. Once the preparation process was completed, draft returns were provided to the assistant head of school for finance and operations, the controller and the internal accountant. All changes required as a result of that review were made and final returns were produced. Although the board's finance committee did not review the form 990 prior to filing this year, the finance committee will, in future years, review the form 990 prior to filing.”

“The conflict of interest policy applies to all board members, officers, and key employees. All potential conflicts are required to be reported to the head of the school or the board chair. Board members, officers, and key employees sign annual independence statements. The board chair is responsible for determining if a conflict exists. If a potential conflict exists with a board member regarding a specific transaction, the interested person is required to retire from the room and not participate in the deliberation or decision regarding the matter. The interested person will not be permitted to vote on the matter.”

“An independent committee performs market tests using survey data from nais and cal-isoba for similar positions before offering a salary. The committee also takes into account data from similar sized institutions in major urban areas and compares the data with california and local markets. The deliberation process is substantiated.”

“The organization does not make the governing documents, conflict of interest policy or financial statements available to the public. These documents are not required by federal or state law to be made available to the general public.”

“The process has not changed since the prior year.”