| Form 990, Part VI, Section B, line 11 |
A copy of the finished 990 report will be sent to the Executive Director and the School Director, who is on the board. An electronic copy will go to the key organization officer before it is mailed to the IRS. |
| Form 990, Part VI, Section B, line 12c |
All Directors are required to annually sign a conflict of interest disclosure statement. |
| Form 990, Part VI, Section B, line 15 |
The organization's Executive Director's salaries are determined by comparability data and approved by the board. |
| Form 990, Part VI, Section C, line 19 |
The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. |
| Form 990, Part XI, line 9: |
Change in accounting principle -4,044,968. |
| FORM 990, PART XI, LINE 2C: |
The Board assumes responsibilty for oversight of the audit of its financial statements and selection of an indendent accountant annually. This process has not changed from the prior year. |
| FORM 990, PART VI, SECTION A, LINE 1B: |
Several members of the board are teachers at the Academy. Minnesota State Statute 124D.10 Subd. 4.(g) requires the board to have at least one employed or contracted teacher. |
| RELATED ORGANIZATION COMPENSATION: |
Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no other transactions noted. |
| AUTHORIZER |
The Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. The Academy's approved Authorizer during the fiscal year 2015 was the Concordia University. |
| Form 990 Part XI Line 9 |
During the year ended June 30, 2015, the Academy implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. GASB Statement No. 68 included major changes in how employers account for pension benefit expenses and liabilities. In financial statements prepared using the economic resources measurement focus and accrual basis of accounting (entity-wide and proprietary funds), an employer is required to recognize a liability for its share of the net pension liability provided through the pension plan. An employer is required to recognize pension expense and report deferred outflows of resources and deferred inflows of resources for its share related to pensions. This standard required retroactive implementation, which resulted in the restatement of net position as of June 30, 2014. The net position of governmental activities in the entity-wide financial statements as of June 30, 2014 was decreased by $4,044,968. This change reflects the Academy's proportionate share of the net pension liabilities ($4,303,627 decrease in net position) and related deferred outflows of resources ($258,659 increase in net position) for the PERA and TRA pension plans, which are now reported by employers under current guidance. Certain amounts necessary to fully restate fiscal year 2014 financial information are not determinable; therefore, prior year comparative amounts have not been restated. |
Attach to Form 990 or 990-EZ.