Board approval dates:

• Created on: 03/05/2024
• Most recent update: 06/07/2024

Audit: Each year, the board should review and approve the annual audit in a meeting with the independent auditor. I-990: Each year, prior to submission to the IRS, the board should review and approve the I-990 tax return.

The annual independent audit and the annual I-990 tax return represent important public documents that attest to the Academy’s financial status. These documents are routinely shared with regulators, and are available to the public, e.g., via the Propublica Nonprofit Explorer.

Because of the significance of these documents for general financial oversight, all members of the Community Board must be familiar with, and approve, both documents prior to general circulation.

Council of Nonprofits - "After the Audit"