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Board to meet with KV Trust after questions about leases and a disputed payment
Summary
Board members raised concerns about unsigned lease addenda and approximately $10,700 in contested payments to the KV Trust, which owns the land and buildings used by Kings Valley Charter School. The board scheduled a meeting with the Trust to review documents and reconcile accounts.
Board members and staff discussed the relationship with the KV Trust, the landowner that holds the loans the charter pays through rent, and flagged documentation and accounting concerns.
A staff presenter explained the Trust owns site land and that the school pays rent to cover loans that were scheduled to end; several modular and property loans ended recently and rent payments have continued. The presenter said the school has paid additional sums and flagged roughly $10,700 for review.
Board members said they cannot locate signed copies of some lease addenda. One board member noted an addendum dated 2019 and said signed copies appear to be missing from both the school’s and the Trust’s files. Another board member replied that it may be an addendum that was never executed and urged follow-up with the Trust.
The board agreed to meet the next night with representatives of the KV Trust to discuss the missing documentation and the $10,700 payment question and to try to resolve perceived informal arrangements (for example, exchanges of mowing, cameras, and propane) that have not been formally accounted for. Staff said the auditors will review lease documentation and that unresolved items may be raised during the audit process.
What’s next: Board representatives will attend the scheduled meeting with the KV Trust and return with any reconciled documents or recommended remediation for the auditors; staff will prepare copies of lease agreements and addenda for the follow-up meeting.
