TY 2021 Form 990 Schedule O

efile Public Visual Render ObjectId: 202341319349303974 - Submission: 2023-05-11 TIN: 65-0864257

SCHEDULE O
(Form 990)

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

2021

Open to Public
Inspection

Name of the organization

RENAISSANCE CHARTER SCHOOL INC

Employer identification number

65-0864257

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 3	THE ORGANIZATION HIRED A PROFESSIONAL CHARTER SCHOOL MANAGEMENT COMPANY TO OVERSEE THE DAY TO DAY OPERATIONS OF THE SCHOOLS.
FORM 990, PART VI, SECTION B, LINE 11B	A COPY OF FORM 990 WAS PROVIDED TO THE BOARD OF DIRECTORS BY THE ORGANIZATION'S INDEPENDENT ACCOUNTING FIRM. IT WAS REVIEWED AND APPROVED BY THE GOVERNING BOARD PRIOR TO GOVERNMENT SUBMISSION.
FORM 990, PART VI, LINE 12B	THE ORGANIZATION CIRCULATES QUESTIONNAIRES TO BOARD MEMBERS FOR DISCLOSURE OF ANY CONFLICT OF INTEREST ISSUES.
FORM 990, PART VI, SECTION B, LINE 12C	THE CONFLICT OF INTEREST POLICY IS MONITORED DURING THE ANNUAL AUDIT. BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST THAT OCCURRED DURING THE YEAR UNDER AUDIT.
FORM 990, PART VI, SECTION C, LINE 18	THE ORGANIZATION MAKES ITS FORM 1023 AND FORM 990 AVAILABLE UPON REQUEST TO THE MANAGEMENT COMPANY.
FORM 990, PART VI, SECTION C, LINE 19	THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST TO THE MANAGEMENT COMPANY.
FORM 990, PART IX, LINE 11G	CONTRACTED AND VENDOR SERVICES: PROGRAM SERVICE EXPENSES 17,211,975. MANAGEMENT AND GENERAL EXPENSES 20,565,950. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 37,777,925. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 1,532,355. MANAGEMENT AND GENERAL EXPENSES 3,769,451. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,301,806.
FORM 990, PART XI, LINE 9:	NET BOOK VALUE LEASED ASSET 105,911,611. LEASE LIABILITY -107,479,527. ACCRUED INTEREST PAYABLE -84,297.
FORM 990, PART XII, 2C	THE BOARD OF DIRECTORS OVERSEES THE AUDIT PROCESS. THE PROCESS HAS NOT CHANGED OVER THE PAST YEAR.
FORM 990, PART XII, 3B	AN AUDIT AS REQUIRED AS SET FORTH IN THE SINGLE AUDIT ACT WAS PERFORMED.
FORM 990, PART XI, LINE 9:	FOR 2022, THE ENTITY IMPLEMENTED ACCOUNTING STANDARDS UPDATE (ASU) 2016-02, LEASE - (TOPIC 842). ASU 2016-02 ENHANCES THE RELEVANCE AND CONSISTENCY OF INFORMATION OF THE ENTITY'S LEASING ACTIVITIES. IT ESTABLISHES REQUIREMENTS FOR LEASE ACCOUNTING BASED ON THE PRINCIPLE THAT LEASES ARE FINANCING OF THE RIGHT TO USE AN UNDERLYING ASSET. A LESSEE IS REQUIRED TO RECOGNIZE A LEASE LIABILITY AND AN INTANGIBLE RIGHT TO USE LEASE ASSET, AND A LESSOR IS REQUIRED TO RECOGNIZE A LEASE RECEIVABLE AND A DEFERRED INFLOW OF RESOURCES. THESE CHANGES WERE INCORPORATED IN THE ENTITY'S 2022 FINANCIAL STATEMENTS AND REDUCED BEGINNING NET ASSETS.

Return Reference

Explanation

FORM 990, PART VI, SECTION A, LINE 3

THE ORGANIZATION HIRED A PROFESSIONAL CHARTER SCHOOL MANAGEMENT COMPANY TO OVERSEE THE DAY TO DAY OPERATIONS OF THE SCHOOLS.

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

A COPY OF FORM 990 WAS PROVIDED TO THE BOARD OF DIRECTORS BY THE ORGANIZATION'S INDEPENDENT ACCOUNTING FIRM. IT WAS REVIEWED AND APPROVED BY THE GOVERNING BOARD PRIOR TO GOVERNMENT SUBMISSION.

FORM 990, PART VI, LINE 12B

THE ORGANIZATION CIRCULATES QUESTIONNAIRES TO BOARD MEMBERS FOR DISCLOSURE OF ANY CONFLICT OF INTEREST ISSUES.

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

THE CONFLICT OF INTEREST POLICY IS MONITORED DURING THE ANNUAL AUDIT. BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST THAT OCCURRED DURING THE YEAR UNDER AUDIT.

FORM 990, PART VI, SECTION C, LINE 18

THE ORGANIZATION MAKES ITS FORM 1023 AND FORM 990 AVAILABLE UPON REQUEST TO THE MANAGEMENT COMPANY.

FORM 990, PART VI, SECTION C, LINE 19

THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST TO THE MANAGEMENT COMPANY.

FORM 990, PART IX, LINE 11G

CONTRACTED AND VENDOR SERVICES: PROGRAM SERVICE EXPENSES 17,211,975. MANAGEMENT AND GENERAL EXPENSES 20,565,950. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 37,777,925. PROFESSIONAL SERVICES: PROGRAM SERVICE EXPENSES 1,532,355. MANAGEMENT AND GENERAL EXPENSES 3,769,451. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,301,806.

FORM 990, PART XI, LINE 9:

NET BOOK VALUE LEASED ASSET 105,911,611. LEASE LIABILITY -107,479,527. ACCRUED INTEREST PAYABLE -84,297.

FORM 990, PART XII, 2C

THE BOARD OF DIRECTORS OVERSEES THE AUDIT PROCESS. THE PROCESS HAS NOT CHANGED OVER THE PAST YEAR.

FORM 990, PART XII, 3B

AN AUDIT AS REQUIRED AS SET FORTH IN THE SINGLE AUDIT ACT WAS PERFORMED.

FORM 990, PART XI, LINE 9:

FOR 2022, THE ENTITY IMPLEMENTED ACCOUNTING STANDARDS UPDATE (ASU) 2016-02, LEASE - (TOPIC 842). ASU 2016-02 ENHANCES THE RELEVANCE AND CONSISTENCY OF INFORMATION OF THE ENTITY'S LEASING ACTIVITIES. IT ESTABLISHES REQUIREMENTS FOR LEASE ACCOUNTING BASED ON THE PRINCIPLE THAT LEASES ARE FINANCING OF THE RIGHT TO USE AN UNDERLYING ASSET. A LESSEE IS REQUIRED TO RECOGNIZE A LEASE LIABILITY AND AN INTANGIBLE RIGHT TO USE LEASE ASSET, AND A LESSOR IS REQUIRED TO RECOGNIZE A LEASE RECEIVABLE AND A DEFERRED INFLOW OF RESOURCES. THESE CHANGES WERE INCORPORATED IN THE ENTITY'S 2022 FINANCIAL STATEMENTS AND REDUCED BEGINNING NET ASSETS.

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

Cat. No. 51056K

Schedule O (Form 990) 2021

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