2024-09-03T10:53:25-00:00 2023-06-30 753125446 THOMAS & COMPANY CPA PA 9710 STIRLING RD STE 101 COOPER CITY FL 33024 990 2022-07-01 411900808 LIFE PREP LIFE 6517936624 930 GERANIUM AVENUE EAST SAINT PAUL MN 55106 NOU YANG BOARD CHAIR 6517936624 2024-09-03 true ROBY THOMAS CPA P02147175 9544357272 2024-09-03 2022 2024-08-08 14:25:15Z NOU YANG 930 GERANIUM AVENUE EAST SAINT PAUL MN 55106 3530724 false X WWW.LIFEPREPSCHOOL.ORG X 1998 MN TO PREPARE THE STUDENTS ENROLLED FOR A LIFE OF SUCCESS FOR STUDENTS PRESCHOOL - GRADE 6. 6 2 50 4 0 4522530 3517521 0 0 13203 4522530 3530724 0 0 2453626 2247119 0 0 2008567 1016107 4462193 3263226 60337 267498 2297160 3734476 4728975 5933353 -2431815 -2198877 X See Schedule O false false 2765751 EDUCATIONAL SERVICES 190169 FOOD SERVICES 2955920 true false false false false false false false false false true false false true true false true false true false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 5 0 50 true false false false false false false false false X 6 2 false false false false false true false true true false false false true true true true true true false false X KARA KERR 6517936624 930 GERANIUM AVE SAINT PAUL MN 55106 LEAH JONES TEACHER 040.00 X X 109840 0 0 BETH LARSON TEACHER MEMBER 040.00 X 65377 0 0 CHRISTINE OBERMUELLER SECRETARY 040.00 X X 59119 0 0 KATIE SCHLOSSER TREASURER 040.00 X X 49956 0 0 NOU YANG BOARD CHAIR 005.00 X X 0 0 0 MICHAEL DAY VICE CHAIR 005.00 X X 0 0 0 GILLIAN SWABY MEMBER 005.00 X 0 0 0 JENNIE THAO MEMBER 005.00 X 0 0 0 284292 1 false false false 3517521 3517521 OTHER REVENUES 13203 13203 13203 3530724 13203 0 0 0 0 0 0 1792106 1612895 179211 0 455013 409512 45501 0 0 0 67500 60750 6750 0 0 195443 175899 19544 0 0 49161 44245 4916 0 117573 105816 11757 158740 142866 15874 0 17277 15549 1728 0 0 0 34931 31438 3493 SUPPLIES AND MATERIALS 127347 114612 12735 FOOD SERVICE 190169 190169 DUES AND MEMBERSHIPS 11378 10240 1138 EQUIPMENT 46588 41929 4659 0 3263226 2955920 307306 0 797516 625420 625059 118263 4144 53769 921116 873330 47416 47786 823025 2889238 2297160 3734476 693080 275329 4035895 5658024 4728975 5933353 X -2431815 -2198877 -2431815 -2198877 2297160 3734476 X 267498 -34560 X false true X true true true X false 509483 509483 411633 363847 47786 47786 Financial derivatives and other financial products Closely-held equity interests RIGHT OF USE ASSETS, NET 2152412 DEFERRED OUTFLOWS- PENSION 736826 2889238 Federal income taxes DUE TO OTHER GOVERNMENTAL UNITS 101169 NET PENSION LIABILITY 2364265 LEASE LIABILITY 2176503 DEFERRED INFLOWS- PENSION 1016087 5658024 3530724 3530724 3530724 3263226 3263226 3263226 true false true true true true false false false false false false false false true false true 6a FEDERAL AND STATE AID FOR STUDENTS Form 990, Part III, Line 1 PROVIDE GRADES K-6 ELEMENTARY EUCATION AND HELP STUDENTS TO UNDERSTAND AND USE THEIR OWN LEARNING STYLES. THIS IS ACCOMPLISHED BY EDUCATING THE STUDENTS AS REQUIRED BY THE MINNESOTA STATE EDUCATION STANDARDS, OUTCOMES AND OBJECTIVES. THE SCHOOL TRACHED STUDENTS TO LOVE, LEARN, ACHIEVE AND SUCCED THROUGH MODELING OF BEHAVIORS THAT EXEMPLIFY THIS PHRASE. OUR STUDENTS GIVE BACK TO THE COMMUNITY THROUGH SERVICE LEARNING PROJECTS BY CLEANING UP AREA PARKS, VOLUNTEERING THEIR TIME AT FEED MY STARVING CHILDREN AND PARTICIPATING IN AREA PARADES. Form 990, Part VI, Line 7a ALL PARENTS AND GUARDIANS OF STUDENTS AT THE SCHOOL AND STAFF EMPLOYED BY THE SCHOOL ARE ELIGIBLE TO VOTE IN THE ELECTIONS FOR MEMBERS OF THE BOARD OF DIRECTORS. Form 990, Part VI, Line 11b THE FORM 990 WILL BE REVIEWED BY THE FINANCE COMMITTEE AND BOARD OF DIRECTORS BEFORE SUBMISSION TO THE IRS. Form 990, Part VI, Line 12c THE SCHOOLS FINANCIALS ARE REVIEWED AT EACH BOARD MEETING. THE FINANCIALS INCLUDE THE SUMMARY AND DETAILED INCOME STATEMENTS, BALANCE SHEET, PERIOD BALANCE SHEET AND MONTHLY PAYMENT REGISTER. BOARD MEMBERS ARE PROVIDED THESE DOCUMENTS PRIOR TO THE BOARD MEETING. BOARD MEMBERS WITH QUESTIONS REGARDING PAYEES ASK QUESTIONS. IF A CONFLICT OF INTEREST IS FOUND, THE RELATIONSHIP IS TO BE CANCELLED IMMEDIATELY WITH NO FURTHER TRANSACTIONS TO TAKE PLACE. WHEN HIRING A NEW VENDOR, THEY ARE QUESTIONED OF ANY KNOWN CONNECTIONS TO ANY BOARD MEMBERS. IF THERE IS A CONNECTION, IT IS BROUGHT TO THE BOARD OF DIRECTORS ATTENTION INCLUDING SAID BOARD MEMBER FOR CONVERSATION AND DETERMINATION OF CONFLICT OF INTEREST BY REMAINING MEMBERS WHO DO NOT HAVE A CONFLICT. THE BOARD OF DIRECTORS ARE COVERED BY THIS POLICY AS REQUIRED BY LAW. PROCEEDINGS FOR CONFLICTS OF INTEREST ARE RECORDED IN THE MEETING MINUTES TO DOCUMENT THE OPEN SESSION CONDUCTED BY THE BOARD. Form 990, Part VI, Line 15a THE EXECUTIVE DIRECTOR NEGOTIATES AND APPROVES CONTRACTS WITHIN THE BOUNDARIES OF THE APPROVED BUDGET FOR ALL EMPLOYEES WHO DO NOT REPORT TO THE LIFE PREP BOARD OF DIRECTORS. THE 2022-2023 SCHOOL YEAR INCLUDED A COMPLEX MATRIX TAKING INTO ACCOUNT ACHIEVEMENT OF STUDENTS IN CLASSES, PERCENTAGE OF STUDENTS ON GRADE LEVEL, Q COMP REVIEWS, SUCCESS IN MEETING THE MISSION AND VISION OF LIFE PREP. EMPLOYEES WHO REPORT TO THE BOARD NEGOTIATE THEIR CONTRACTS BASED ON QUALITY OF WORK AND MEETING THE JOB DESCRIPTION AS PRESENTED TO EMPLOYEE EACH YEAR. WHEN DETERMINING THE COMPENSATION OF THE SCHOOL DIRECTOR, THE SCHOOLS BOARD OF DIRECTORS REVIEWS THE COMPENSATION LEVELS OF COMPARABLE POSITIONS WITHIN THE COMMUNITY AS WELL AS REVIEWING EXPERIENCE LEVEL AND SCHOOL SIZE FOR THE SCHOOL DIRECTOR. THE BOARD RESEARCHED MARKET RATES FOR SCHOOLS OF THE SAME SIZE IN ENROLLMENT AND REVENUE AND THEN COMPARED EMPLOYEES TO THE SALARIES OF INDIVIDUALS WHO ARE IN THOSE LIKE SCHOOLS. THE PROCESS AND DETERMINATION WERE DOCUMENTED IN CLOSED SESSION BOARD MINUTES. Form 990, Part VI, Line 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE ALL AVAILABLE UPON REQUEST. Form 990, Part XI, Line 8 The school restated its net position to correct the understatement of PERA and TRA deferred outflows and deferred inflows from the prior year. The effect of the restatement is -34,560