2016-05-16T12:31:45-05:00 2015-06-30 411690382 Malloy Montague Karnowski Radosevich 5353 Wayzata Blvd Suite 410 Minneapolis MN 55416 990 2014-07-01 651216244 Prairie Seeds Academy PRAI 7634501388 6200 W Broadway Ave N Brooklyn Park MN 55428 Ger Cha Yang CEO 7634501388 2016-05-10 1 Thomas A Karnowski P00148364 9525450424 2014 2016-08-17 19:52:53Z Cha Ger Yang 6200 W Broadway Ave N Brooklyn Park MN 55428 9536675 0 X http://www.psak12.org/ X 2004 MN Provide educational programs for grades K-12 in compliance with Minnesota public education. 4 2 139 25 0 0 1083732 1327174 7914163 8209476 346 25 0 0 8998241 9536675 0 0 0 0 4037707 4146738 0 0 0 4181035 4127359 8218742 8274097 779499 1262578 6031722 7723846 658435 4754707 5373287 2969139 The mission of Prairie Seeds Academy is to provide quality, relevant and multicultural education for all children. Therefore, the school will continuously promote the collaborative efforts and opportunities between children, parents, teachers, and the community. 0 0 7174109 8209476 Prairie Seeds Academy (PSA) opened in the fall of 2004 focused on serving underprivileged children. Since the opening of PSA the School has grown to an enrollment of 781 students serving a wide variety of students in grades K-12. The School has made significant progress closing the education achievement gap that exist in the students PSA currently serves. During the fiscal year ended June 30, 2015 Prairie Seeds Academy served an estimated 800 students. 7174109 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 22 0 1 139 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 4 2 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 MN X Beltz Kes Darling & Associates 6514632233 22488 Chippendale Avenue Farmington MN 55024 Xee Vue Vice Chair 2.00 X X 0 0 0 Jeffery Culp Board Chair 40.00 X X 39478 0 6753 Melinda Hansen Treasurer/Teacher 40.00 X X 48810 0 10600 Felicia Perry Secretary/Parent 2.00 X X 0 0 0 Cha Ger Yang CEO 40.00 X 118645 0 18950 Choua Yang Principal 40.00 X 118256 0 26012 325189 0 62315 2 0 0 0 CKC Good Food PO Box 43419 Minneapolis MN 55443 Catered meals 473184 American Student Transportation 11800 95th Avenue North Maple Grove MN 55369 Transportation 274848 Beltz Kes Darling and Associates 22488 Chippendale Avenue Farmington MN 55024 Financial Management and Payroll Service 111425 3 1320225 6949 1327174 Federal and State Sour 611710 8177096 8177096 Other Educational Purp 611710 32380 32380 8209476 25 25 9536675 8209476 0 25 327282 88502 238780 3048122 2660988 387134 177545 190508 -12963 349472 223587 125885 244317 201741 42576 3375 3375 132447 132447 393741 334690 59051 417582 374460 43122 9356 9297 59 1865703 1865246 457 2752 2752 58720 57112 1608 54637 25641 28996 191210 187499 3711 45848 98 45750 Food 523102 523102 Transportation 391574 391574 Field Trips 36839 36839 Student Registrtion Fee 320 320 153 153 8274097 7174109 1099988 0 142435 5051776 3789217 881129 1033333 26820 57545 2629893 1586006 1192121 1043887 0 537305 6031722 7723846 520904 453929 137531 4300778 658435 4754707 X 4181166 1925252 1192121 1043887 0 0 5373287 2969139 6031722 7723846 X 1262578 -3666726 X X 0 1 X 1 1 1 X 194901 26623 168278 459368 158123 301245 1975624 1401260 574364 1043887 Pension plan deferments - PERA & TRA 537305 537305 Compensated Absences Payable 168621 Net pension liability - PERA 859642 Net pension liability - TRA 2262493 Pension plan deferments - PERA & TRA 1010022 4300778 X 9536905 1582378 1582378 7954527 1582148 1582148 9536675 8562654 1870706 1870706 6691948 1582148 1582148 8274096 Part X, Line 2: The Academy is exempt from federal and state income taxes under Internal Revenue Service Code Section 501(c)(3). The Academy is subject to tax on income from any unrelated business. The Academy and the Building Company are subject to recognition requirements for uncertain income tax positions as required by the Financial Accounting Standards Board (FASB) Accounting Standards Codification 740-10 (formerly known as FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes). Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The Academy and the Building Company have analyzed tax positions taken for filing with the Internal Revenue Service and the state jurisdiction where it operates. The Academy and the Building Company believe that income tax filing positions will be sustained upon examination and do not anticipate any adjustments that would result in a material adverse effect on the Academy and the Building Companys financial condition, results of operations, or cash flows. Accordingly, the Academy and the Building Company have not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at June 30, 2015. Part XI, Line 2d - Other Adjustments: Revenue reported by related party - PSA Building Company 1,582,378. Part XI, Line 4b - Other Adjustments: Rent received from related party netted in financial statements 1,582,148. Part XII, Line 2d - Other Adjustments: Expenses reported by related party - PSA Building Company 1,870,706. Part XII, Line 4b - Other Adjustments: Rent paid to related party netted in financial statements 1,582,148. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Nondiscrimination policy is included in registration materials Schedule E, Part I, Line 6 The Academy receives state and federal aid for the purpose of educating students. Form 990, Part VI, Section A, line 2 Cha Ger Yang and Choua Yang are both officers and have a family relationship. Form 990, Part VI, Section B, line 11 The Form 990 is prepared by an independent accounting firm. Once the form is completed, it is given to the CEO and financial manager for review before it is signed and filed. The entire board does not review the 990 prior to being filed. Form 990, Part VI, Section B, line 12c Board members are required to annually report any potential conflicts of interest that may occur. Any potential conflicts are identified and resolved. Form 990, Part VI, Section B, line 15 Annual market rate analysis is used to determine appropriate compensation. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Form 990, Part XI, line 9: Change in accounting principle -3,666,726. Form 990, Part XII, Line 2c: AUTHORIZER: The Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. The Academy's approved Authorizer during the fiscal year 2015 was Audubon Center of the North Woods. RELATED ORGANIZATION Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and transactions noted. INDEPENDENT AUDITOR The financial statements are prepared by an independent accounting firm. The statements are reviewed and approved by the board before being issued. This process is the same as last year. Form 990, Part XI,LINE 9-Change in Accounting Principle: During the year ended June 30, 2015, the Academy implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions-an amendment of GASB Statement No. 27. GASB Statement No. 68 included major changes in how employers account for pension benefit expenses and liabilities. In financial statements prepared using the economic resources measurement focus and accrual basis of accounting (government-wide and proprietary funds), an employer is required to recognize a liability for its share of the net pension liability provided through the pension plan. An employer is required to recognize pension expense and report deferred outflows of resources and deferred inflows of resources for its share related to pensions. This standard required retroactive implementation, which resulted in the restatement of net position as of June 30 2014. The net position of governmental activities in the government-wide statements as of June 30, 2014 was decreased by $3,333,726. This change reflects the Academy's proportionate share of the net pension liabilities and related deferred outflows of resources for the PERA and TRA pension plans, which are now reported by employers under current guidance. Certain amounts necessary to fully restate fiscal year 2014 financial information are not determinable; therefore, prior year comparative amounts have not been restated. Form 990, Part VI, Section A, Line 1B INDEPENDENT BOARD MEMBERS Several members of the board are teachers at the school. Minnesota State Statute 124D.10 Subd. 4(g) requires the board to have at least one member that is an employee/contracted teacher. PSA Building Company 6200 West Broadway Ave North Brooklyn Park MN 55428 205892795 Facility rental MN 501(c)(3) Line 11b, II N/A 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 PSA Building Company K 1582148 Actual Cost