Prepared for: Compass Charter Schools
Financials through Jan 31, 2024
Prepared by School's CSMC SBM - Kristin Nowak |
Monthly Financial Board Report
Actual to Budget: |
This report is as of Jan 31, 2024, compared against our board-approved budget on input date, based on input enrollment count students enrolled and input enrollment ADA�ADA. |
YTD Revenues through Jan 31, 2024, are $16,134,667 or .1% over our current budget due to timing issue. Just about all variances zeroed out with 2nd interim budget revision. |
YTD Expenses through Jan 31, 2024, are $18,540,036 or 0% under our current budget due to all variances zeroed out with 2nd interim budget revision. |
Therefore, net income is ($2,405,369) or -.4% over our current budget. |
Balance Sheet: |
As of Jan 31, 2024, we had total cash of $10,638,060, short-term liabilities of $4,948,430, and long-term liabilities of $51,249. The ending fund balance is $7,058,184.�Compared to last month, total reconciled cash decreased by $174K, short-term liabilities decreased by $710K (Accounts Payable & Accrued STRS), and long-term liabilities decreased by $5K (ROU Liability). |
Financial Summary
Report created on 2/22/2024 10:56:12 AM for Compass Charter Schools
Current Ratio (Liquidity) | ||
Ability to pay short-term obligations | ||
| Current: | Target: |
2.4 | > 1.0 | |
Formula:�(Current Assets) / (Current Liabilities) | ||
Cash Ratio | ||
Ability to meet short-term obligations with cash | ||
| Current: | Target: |
215.0 % | > 100.0 % | |
Formula:�(Cash) / (Current Liabilities) | ||
Defensive Interval | ||
Months of continued operation without incoming funds | ||
| Current: | Target: |
4.1 | > 3 months | |
Formula:�(Cash + Securities + AR)/(Average Expenses for Past 12 Months) | ||
The chart below explains some of the parameters that the school’s leadership can evaluate to understand their financial health, and potential areas of weakness.�
Report created on 2/22/2024 10:56:11 AM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $16,134,667 |
Budget | $16,125,138 |
Actual to Budget | 0.1 % |
Expense Summary | |
Actual | $18,540,036 |
Budget | $18,540,036 |
Actual to Budget | 0.0 % |
Financial Snapshot
|
Cash Balance |
$10,638,060 |
FY 2023-2024, July - January
Report created on 2/22/2024 10:56:12 AM for Compass Charter Schools
| July - Last Closed | 2023-2024 | ||||
Account Description | Actual | Budget | Variance $ | Total Budget | Actual to Total Budget % | Remaining Budget |
LCFF Revenue | $12,918,324 | $12,918,324 | - | $29,298,387 | 44.1 % | $16,380,063 |
Federal Revenue | $761,998 | $761,998 | - | $2,533,640 | 30.1 % | $1,771,642 |
State Revenue | $2,365,810 | $2,365,810 | - | $3,709,755 | 63.8 % | $1,343,946 |
Local Revenue | $88,535 | $79,006 | $9,529 | $382,087 | 23.2 % | $293,552 |
Total Revenue | $16,134,667 | $16,125,138 | $9,529 | $35,923,869 | 44.9 % | $19,789,202 |
FY 2023-2024, July - January
Certificated Salaries | $7,545,076 | $7,545,076 | - | $13,528,414 | 55.8 % | $5,983,337 |
Classified Salaries | $2,020,755 | $2,020,755 | - | $3,546,697 | 57.0 % | $1,525,942 |
Benefits | $3,086,183 | $3,086,183 | - | $5,448,047 | 56.6 % | $2,361,864 |
Total Personnel Expenses | $12,652,015 | $12,652,015 | - | $22,523,158 | 56.2 % | $9,871,143 |
Books and Supplies | $2,796,841 | $2,796,842 | - | $5,611,484 | 49.8 % | $2,814,643 |
Services | $3,091,180 | $3,091,180 | - | $6,129,981 | 50.4 % | $3,038,801 |
Total Operational Expenses | $5,888,022 | $5,888,022 | - | $11,741,465 | 50.1 % | $5,853,444 |
Total Expenses | $18,540,036 | $18,540,036 | - | $34,264,623 | 54.1 % | $15,724,587 |
Net Income | ($2,405,369) | ($2,414,898) | $9,529 | $1,659,246 | -145.0 % | $4,064,615 |
Revenue |
$16,134,667 |
|
Expenses |
$18,540,036 |
|
Surplus / (Deficit) |
($2,405,369) |
This report displays all actual and budgeted revenue and expenditures by object code series and by month. This report can be useful in ensuring you receive your revenue in a timely manner and that you stay within the board approved expenditure levels.
Actual to Budget Summary
Report created on 2/22/2024 10:56:13 AM for Compass Charter Schools
| Cash Amount | Actual or Projected |
July 2022 | $9,574,236.91 | Actual |
August 2022 | $8,611,838.91 | Actual |
September 2022 | $9,246,236.00 | Actual |
October 2022 | $8,268,561.64 | Actual |
November 2022 | $10,201,001.92 | Actual |
December 2022 | $10,880,194.48 | Actual |
January 2023 | $10,880,095.75 | Actual |
February 2023 | $10,109,841.05 | Actual |
March 2023 | $11,352,089.26 | Actual |
April 2023 | $12,274,544.19 | Actual |
May 2023 | $11,513,514.86 | Actual |
June 2023 | $11,535,386.73 | Actual |
| Cash Amount | Actual or Projected |
July 2023 | $10,508,844.93 | Actual |
August 2023 | $9,959,137.57 | Actual |
September 2023 | $10,105,879.44 | Actual |
October 2023 | $9,930,907.61 | Actual |
November 2023 | $10,007,748.21 | Actual |
December 2023 | $10,812,556.80 | Actual |
January 2024 | $10,638,059.56 | Actual |
February 2024 | $9,880,852.16 | Projected |
March 2024 | $10,325,710.19 | Projected |
April 2024 | $9,874,641.55 | Projected |
May 2024 | $9,664,276.32 | Projected |
June 2024 | $14,228,228.75 | Projected |
Monthly Cash Balance Over Time
Current fiscal year and prior year
Report created on 2/22/2024 10:56:13 AM for Compass Charter Schools
Assets | |
Current Assets | |
Accounts Receivable | $432,076 |
Cash and Cash Equivalents | $10,638,060 |
Employee Advances | $373 |
Prepaid Expenses | $129,469 |
Short Term Investments | $797,525 |
Total Current Assets | $11,997,503 |
| |
Fixed Assets | |
Fixed Assets | $55,141 |
Total Fixed Assets | $55,141 |
| |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
| |
Total Assets | $12,057,863 |
Liabilities and Net Assets | |
Current Liabilities | |
Accounts Payable | $198,103 |
Accrued Liabilities | $1,082,682 |
Other Short Term Liability | $3,667,646 |
Total Current Liabilities | $4,948,430 |
| |
Long Term Liabilities | |
Other Liabilities | $51,249 |
Total Long Term Liabilities | $51,249 |
| |
| |
| |
Total Liabilities | $4,999,679 |
| |
Net Increase/(Decrease in Net Assets) | |
Net Increase/(Decrease) in Net Assets | ($2,405,369) |
Total Net Increase/(Decrease) in Net Assets | ($2,405,369) |
| |
Total Net Assets | |
Total Net Assets | $7,058,184 |
Total Net Assets | $7,058,184 |
| |
Ending Net Assets | |
Ending Net Assets | $9,463,553 |
Total Ending Net Assets | $9,463,553 |
| |
Total Liabilities and Net Assets | $12,057,863 |
The balance sheet displays all of the school’s assets and the school’s obligations (‘liabilities’) at a particular point in time. It is a useful way to ensure the school has enough money to pay off its debts. |
|
Liquidity Ratio |
2.4 |
Balance Sheet Summary FY 2023-2024 - January
Report created on 2/22/2024 10:56:13 AM for Compass Charter Schools
| Kristin Nowak�School Business Manager�knowak@csmci.com |
| Brian Lara�Associate SBM�blara@csmci.com |
| Mai Luong�Account Manager �mluong@csmci.com |
| Kimber Nelson�Associate AM �knelson@csmci.com |
| Tom Nichols �Executive Vice President of Client�Services and Operations�tnichols@csmci.com |
CSMC Charter School Support Team
Report created on 2/22/2024 10:56:13 AM for Compass Charter Schools
2/26/2024 | CRDC Data Due (reporting year 2021-2022) |
2/28/2024 | Schools must present LCAP mid-year update to board by this date |
Webinar #7 | |
3/1/2024 | Fall 2 Deadline- No Amendment Window |
Principal Apportionment- Prior year ADA corrections due | |
Audit Adjustments to CALPADS Data | |
Audit Adjustments to CALPADS Data | |
ESSA Per-Pupil report due | |
3/4/2024 | Recommendation- Review attendance in preparation for P-2 Submission |
3/13/2024 | Spring Office Hours |
3/15/2024 | Second Interim Financial Report state deadline, authorizers may require earlier |
3/24/2024 | Special education MOE pre-test; timing and steps vary by SELPA |
3/27/2024 | Webinar #8 |
4/1/2024 | Audit firm selection |
Form 700 | |
4/5/2024 | ESSER and GEER Annual Report due |
4/9/2024 | Workshop: Charter Renewal |
4/11/2024 | Workshop: Charter Renewal |
4/15/2024 | CARES, ESSER, ESSER II, ESSER III, ELOG, ARP expenditure report |
4/18/2024 | Special education federal and level 3 reports; timing and steps vary by SELPA |
Looking Ahead
Report created on 2/22/2024 10:56:14 AM for Compass Charter Schools
| |
4/21/2024 | Special education ADA and enrollment report; timing and steps vary by SELPA |
4/24/2024 | Webinar #9 |
4/30/2024 | Federal Cash Management Data Collection (CMDC) |
ASES attendance and expenditure reports | |
5/1/2024 | Recommended public hearing for preliminary budget and LCAP |
P-2 Attendance Report, state deadline | |
Special education low incidence reimbursement; timing and steps vary by SELPA | |
5/15/2024 | Form 990 Return of Exempt Organization |
5/20/2024 | Annual report for federal pandemic relief funds |
Charter school information survey due to CDE | |
5/22/2024 | Webinar #10 |
Looking Ahead
Report created on 2/22/2024 10:56:14 AM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 2/22/2024 10:56:12 AM for Compass Charter Schools
info@csmci.com�Office: 888.994.CSMC�43460 Ridge Park Dr., Ste. 100 �Temecula, Ca 92590
www.csmci.com
Charter Vision
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