TY 2018 Form 990 Schedule O

efile Public Visual Render ObjectId: 202010529349300706 - Submission: 2020-02-21 TIN: 83-1261878

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 6	THE MEMBER OF THE CORPORATION IS NORTH LAKES CHARTER ACADEMY.
FORM 990, PART VI, SECTION A, LINE 7A	THE MEMBER SHALL ELECT THREE DIRECTORS, AT LEAST TWO OF WHOM SHALL ALSO BE MEMBERS OF THE BOARD OF DIRECTORS OF NORTH LAKES CHARTER ACADEMY.
FORM 990, PART VI, SECTION A, LINE 8B	THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
FORM 990, PART VI, SECTION B, LINE 11B	THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE FORM 990 IS THEN SENT TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING WITH THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	THE CONFLICT OF INTEREST POLICY APPLIES TO THE SCHOOL'S BOARD OF DIRECTORS, COMMITTEES OF THE BOARD, AS WELL AS EMPLOYEES AND PARENTS OF ENROLLED STUDENTS. TRANSACTIONS WHERE A CONFLICT OF INTEREST WAS DETERMINED TO EXIST BY REMAINING INDEPENDENT MEMBERS MAY NOT BE EXECUTED UNLESS ALL OF THE FOLLOWING CONDITIONS ARE MET: (1) THE INTEREST IS DISCLOSED OR KNOWN TO THE MEMBERS OF THE BOARD (OR COMMITTEE THEREOF); (2) THE BOARD OR COMMITTEE APPROVES, AUTHORIZES, OR RATIFIES THE ACTION IN GOOD FAITH; (3) THE APPROVAL IS BY A MAJORITY OF MEMBERS (NOT COUNTING THE INTERESTED INDIVIDUAL); AT (4) A MEETING WHERE A QUORUM IS PRESENT (NOT COUNTING THE INTERESTED INDIVIDUAL). THE INDIVIDUAL WITH THE CONFLICT MAY BE PRESENT FOR DISCUSSION TO ANSWER QUESTIONS BUT MAY NOT ADVOCATE FOR THE ACTION TO BE TAKEN OR VOTE ON THE ACTION. THE MINUTES OF THE MEETING DOCUMENT CLEARLY THAT THE PROCEEDINGS RELATED TO CONFLICTS OF INTEREST AND THAT THE POLICY'S REQUIREMENTS HAVE BEEN MET.
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 XII, LINE 1, EXPLANATION OF METHOD OF ACCOUNTING:	THE ORGANIZATION FOLLOWS A MODIFIED ACCRUAL METHOD OF ACCOUNTING AS PRESCRIBED BY THE MINNESOTA DEPARTMENT OF EDUCATION. THE SCHOOL-WIDE FINANCIAL STATEMENTS ARE REPORTED USING THE ECONOMIC RESOURCES MEASUREMENT FOCUS AND THE ACCRUAL BASIS OF ACCOUNTING. GRANTS AND SIMILAR ITEMS ARE RECOGNIZED WHEN ALL ELGIBILITY REQUIREMENTS IMPOSED BY THE PROVIDER HAVE BEEN MET.

Return Reference

Explanation

FORM 990, PART VI, SECTION A, LINE 6

THE MEMBER OF THE CORPORATION IS NORTH LAKES CHARTER ACADEMY.

FORM 990, PART VI, SECTION A, LINE 7A

THE MEMBER SHALL ELECT THREE DIRECTORS, AT LEAST TWO OF WHOM SHALL ALSO BE MEMBERS OF THE BOARD OF DIRECTORS OF NORTH LAKES CHARTER ACADEMY.

FORM 990, PART VI, SECTION A, LINE 8B

THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.

FORM 990, PART VI, SECTION B, LINE 11B

THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. THE FORM 990 IS THEN SENT TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING WITH THE IRS.

FORM 990, PART VI, SECTION B, LINE 12C

THE CONFLICT OF INTEREST POLICY APPLIES TO THE SCHOOL'S BOARD OF DIRECTORS, COMMITTEES OF THE BOARD, AS WELL AS EMPLOYEES AND PARENTS OF ENROLLED STUDENTS. TRANSACTIONS WHERE A CONFLICT OF INTEREST WAS DETERMINED TO EXIST BY REMAINING INDEPENDENT MEMBERS MAY NOT BE EXECUTED UNLESS ALL OF THE FOLLOWING CONDITIONS ARE MET: (1) THE INTEREST IS DISCLOSED OR KNOWN TO THE MEMBERS OF THE BOARD (OR COMMITTEE THEREOF); (2) THE BOARD OR COMMITTEE APPROVES, AUTHORIZES, OR RATIFIES THE ACTION IN GOOD FAITH; (3) THE APPROVAL IS BY A MAJORITY OF MEMBERS (NOT COUNTING THE INTERESTED INDIVIDUAL); AT (4) A MEETING WHERE A QUORUM IS PRESENT (NOT COUNTING THE INTERESTED INDIVIDUAL). THE INDIVIDUAL WITH THE CONFLICT MAY BE PRESENT FOR DISCUSSION TO ANSWER QUESTIONS BUT MAY NOT ADVOCATE FOR THE ACTION TO BE TAKEN OR VOTE ON THE ACTION. THE MINUTES OF THE MEETING DOCUMENT CLEARLY THAT THE PROCEEDINGS RELATED TO CONFLICTS OF INTEREST AND THAT THE POLICY'S REQUIREMENTS HAVE BEEN MET.

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 XII, LINE 1, EXPLANATION OF METHOD OF ACCOUNTING:

THE ORGANIZATION FOLLOWS A MODIFIED ACCRUAL METHOD OF ACCOUNTING AS PRESCRIBED BY THE MINNESOTA DEPARTMENT OF EDUCATION. THE SCHOOL-WIDE FINANCIAL STATEMENTS ARE REPORTED USING THE ECONOMIC RESOURCES MEASUREMENT FOCUS AND THE ACCRUAL BASIS OF ACCOUNTING. GRANTS AND SIMILAR ITEMS ARE RECOGNIZED WHEN ALL ELGIBILITY REQUIREMENTS IMPOSED BY THE PROVIDER HAVE BEEN MET.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2018

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