Please note that what appears as a large deficit in New Legacy’s financial statements is a direct result of national guidelines issued by the Governmental Accounting Standards Board (GASB) regarding pensions. Like all public charter schools, New Legacy is a governmental entity and participates in Colorado’s Public Employees’ Retirement Association state pension and benefits plan. GASB requires that all governmental entities’ financial statements report the proportionate share of the unfunded liability that exists for the Colorado Public Employees Retirement fund.