TY 2020 Form 990 Schedule O

efile Public Visual Render ObjectId: 202221339349302397 - Submission: 2022-05-13 TIN: 20-1523055

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

2020

Open to Public
Inspection

Name of the organization

YINGHUA ACADEMY

Employer identification number

20-1523055

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 7A	EACH PARENT AND LEGAL GUARDIAN OF A CHILD ENROLLED AT THE SCHOOL AND EACH EMPLOYEE OF THE SCHOOL SHALL HAVE THE RIGHT TO EXERCISE ONE VOTE FOR ITS BOARD CANDIDATES.
FORM 990, PART VI, SECTION B, LINE 11B	THE BOARD OF DIRECTORS REVIEWS THE PUBLIC DISCLOSURE COPY OF THE FORM 990 PRIOR TO FILING.
FORM 990, PART VI, SECTION B, LINE 12C	YINGHUA BOARD MEMBERS SIGN AN ANNUAL CONFLICT OF INTEREST STATEMENT EACH YEAR (NEW AND INCOMING). THE STATMENTS ARE PROVIDED TO YINGHUA'S AUTHORIZER, FRIENDS OF EDUCATION, FOR REVIEW. ANY CONCERNS ARE VETTED BACK WITH THE YINGHUA BOARD. CORRECTIVE ACTIONS COULD INCLUDE MEMBERS RECUSING THEMSELVES FROM DISCUSSION OR VOTING WHEN THERE IS A PERCEIVED CONFLICT OF INTEREST UP TO A BOARD MEMBER RESIGNING.
FORM 990, PART VI, SECTION B, LINE 15	COMPARABLE SALARIES FOR CHARTER SCHOOL EXECUTIVE DIRECTORS ARE REVIEWED BY THE BOARD. ADDITIONALLY, THE EXECTIVE DIRECTOR IS SCORED BY RUBRIC IN ORDER TO DETERMINE COMPENSATION INCREASES.
FORM 990, PART VI, SECTION C, LINE 19	THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
FORM 990, PART X, LINE 25:	PENSION LIABILITIES, DEFERRED OUTFLOWS & INFLOWS PENSION: AS A CHARTER SCHOOL IN THE STATE OF MINNESOTA, PARTICIPATION IN TWO MULTIPLE-EMPLOYER, COST-SHARING DEFINED BENEFIT PENSION PLANS IS STATUTORILY REQUIRED. THE SCHOOL'S CONTRIBUTIONS TO THE PLANS ARE ALSO REGULATED BY STATUTE AND ARE BASED ON A PERCENTAGE OF SALARIES AND WAGES EARNED BY CURRENT EMPLOYEES. THEREFORE, WHILE THE NET PENSION LIABILITY, DEFERRED OUTFLOWS AND INFLOWS, ARE REPORTED ON THE SCHOOL'S STATEMENT OF NET POSITION, THE SCHOOL IS NOT IN A POSITION TO DIRECTLY CONTROL THE LIABILITIES OR THE SUBSEQUENT LIQUIDATION OF THE LIABILITIES.
FORM 990, PART XI, LINE 9:	GASB 68 - PENSION ADJUSTMENT -527,201.
FORM 990, PART XII, LINE 2C:	THE BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR.

Return Reference

Explanation

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

EACH PARENT AND LEGAL GUARDIAN OF A CHILD ENROLLED AT THE SCHOOL AND EACH EMPLOYEE OF THE SCHOOL SHALL HAVE THE RIGHT TO EXERCISE ONE VOTE FOR ITS BOARD CANDIDATES.

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

THE BOARD OF DIRECTORS REVIEWS THE PUBLIC DISCLOSURE COPY OF THE FORM 990 PRIOR TO FILING.

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

YINGHUA BOARD MEMBERS SIGN AN ANNUAL CONFLICT OF INTEREST STATEMENT EACH YEAR (NEW AND INCOMING). THE STATMENTS ARE PROVIDED TO YINGHUA'S AUTHORIZER, FRIENDS OF EDUCATION, FOR REVIEW. ANY CONCERNS ARE VETTED BACK WITH THE YINGHUA BOARD. CORRECTIVE ACTIONS COULD INCLUDE MEMBERS RECUSING THEMSELVES FROM DISCUSSION OR VOTING WHEN THERE IS A PERCEIVED CONFLICT OF INTEREST UP TO A BOARD MEMBER RESIGNING.

FORM 990, PART VI, SECTION B, LINE 15

COMPARABLE SALARIES FOR CHARTER SCHOOL EXECUTIVE DIRECTORS ARE REVIEWED BY THE BOARD. ADDITIONALLY, THE EXECTIVE DIRECTOR IS SCORED BY RUBRIC IN ORDER TO DETERMINE COMPENSATION INCREASES.

FORM 990, PART VI, SECTION C, LINE 19

THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.

FORM 990, PART X, LINE 25:

PENSION LIABILITIES, DEFERRED OUTFLOWS & INFLOWS PENSION: AS A CHARTER SCHOOL IN THE STATE OF MINNESOTA, PARTICIPATION IN TWO MULTIPLE-EMPLOYER, COST-SHARING DEFINED BENEFIT PENSION PLANS IS STATUTORILY REQUIRED. THE SCHOOL'S CONTRIBUTIONS TO THE PLANS ARE ALSO REGULATED BY STATUTE AND ARE BASED ON A PERCENTAGE OF SALARIES AND WAGES EARNED BY CURRENT EMPLOYEES. THEREFORE, WHILE THE NET PENSION LIABILITY, DEFERRED OUTFLOWS AND INFLOWS, ARE REPORTED ON THE SCHOOL'S STATEMENT OF NET POSITION, THE SCHOOL IS NOT IN A POSITION TO DIRECTLY CONTROL THE LIABILITIES OR THE SUBSEQUENT LIQUIDATION OF THE LIABILITIES.

FORM 990, PART XI, LINE 9:

GASB 68 - PENSION ADJUSTMENT -527,201.

FORM 990, PART XII, LINE 2C:

THE BOARD OF DIRECTORS ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR.

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

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2020

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