TY 2020 Form 990 Schedule O

efile Public Visual Render ObjectId: 202241369349309989 - Submission: 2022-05-16 TIN: 26-0035570

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

NOVA CLASSICAL ACADEMY

Employer identification number

26-0035570

Return Reference	Explanation
Form 990, Part VI, Section A, Line 7a	Any staff members who are employed at the academy, including teachers, and all parents and legal guardians or students enrolled at the academy are the voters eligible to elect the members of the academy's board of directors.
Form 990, Part VI, Section A, Line 7b	Changes to the bylaws affecting the governance model of the school require (1) majority approval of a quorum of the board, and (2) approval by the licensed teachers employed by the school, and (3) approval by the school's authorizer, Friends of Education.
Form 990, Part VI, Section A, Line 8b	The organization does not have any committees with board authority to act on behalf of the governing body.
Form 990, Part VI, Section B, Line 11b	A draft of the Form 990 is reviewed and all financial information is verified by the academy's outsourced accountant. The Executive Director reviews the draft of the Form 990 for accuracy of non-financial information.
Form 990, Part VI, Section B, Line 12c	Board members complete annual conflict of interest statements requiring them to identify conflicts. These conflicts are shared with the board who shall determine if a conflict exists. If a conflict is determined to exist on a proposed board action, the board member refrains from voting on that action. All proceedings related to conflicts of interest are documented in the meeting minutes.
Form 990, Part VI, Section B, Line 15	Compensation of the Executive Director (ED) was based on a survey of other large charter schools in the metro area and the MACS compensation survey. The offer agreement was drafted by the board chair and reviewed by the full board. Board approval is obtained annually. Compensation for all administrative positions is determined by the Executive Director, within the board approved budget. This process is completed annually.
Form 990, Part VI, Section C, Line 19	Governing documents and policies are available to the public on Nova's website. Summary budgeted and actual revenue and expense information is on the website. The audited financial statements and documents listed above are available upon request. Summary financial information is also available on the Minnesota Department of Education's website.

Return Reference

Explanation

Form 990, Part VI, Section A, Line 7a

Any staff members who are employed at the academy, including teachers, and all parents and legal guardians or students enrolled at the academy are the voters eligible to elect the members of the academy's board of directors.

Form 990, Part VI, Section A, Line 7b

Changes to the bylaws affecting the governance model of the school require (1) majority approval of a quorum of the board, and (2) approval by the licensed teachers employed by the school, and (3) approval by the school's authorizer, Friends of Education.

Form 990, Part VI, Section A, Line 8b

The organization does not have any committees with board authority to act on behalf of the governing body.

Form 990, Part VI, Section B, Line 11b

A draft of the Form 990 is reviewed and all financial information is verified by the academy's outsourced accountant. The Executive Director reviews the draft of the Form 990 for accuracy of non-financial information.

Form 990, Part VI, Section B, Line 12c

Board members complete annual conflict of interest statements requiring them to identify conflicts. These conflicts are shared with the board who shall determine if a conflict exists. If a conflict is determined to exist on a proposed board action, the board member refrains from voting on that action. All proceedings related to conflicts of interest are documented in the meeting minutes.

Form 990, Part VI, Section B, Line 15

Compensation of the Executive Director (ED) was based on a survey of other large charter schools in the metro area and the MACS compensation survey. The offer agreement was drafted by the board chair and reviewed by the full board. Board approval is obtained annually. Compensation for all administrative positions is determined by the Executive Director, within the board approved budget. This process is completed annually.

Form 990, Part VI, Section C, Line 19

Governing documents and policies are available to the public on Nova's website. Summary budgeted and actual revenue and expense information is on the website. The audited financial statements and documents listed above are available upon request. Summary financial information is also available on the Minnesota Department of Education's website.

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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