Prepared for: Compass Charter Schools
Financials through Sep 30, 2023
Monthly Financial Board Report
Prepared by School's CSMC SBM - Kristin Nowak |
Actual to Budget: |
This report is as of Sep 30, 2023, compared against our board-approved budget on input date, based on input enrollment count students enrolled and�input enrollment ADA ADA. |
YTD Revenues Through Sep 30, 2023, are $4,267,835 or -27.7% under our current budget due to receiving less LCFF Revenue ($3.08M actual vs $5.43M budgeted) and Local Revenue ($39K actual vs $461K budgeted). |
YTD Expenses Through Sep 30, 2023, are $7,115,394 or 13% under our current budget due to underspending in Books & Supplies ($1.09M actual vs $2.12M budgeted) |
Therefore, net income is ($2,847,558) or 25.3% under our current budget. |
Balance Sheet: |
As of Sep 30, 2023, we had total cash of $10,105,879, short-term liabilities of $5,069,612, and long-term liabilities of $70,963. The ending fund balance�is $6,615,994. Compared to last month, total reconciled cash increased by $147K, short-term liabilities decreased by $65K (Accounts Payable & Accrued STRS), and long-term liabilities increased by $6K (ROU Liability). |
Financial Summary
Report created on 10/19/2023 4:54:45 PM for Compass Charter Schools
Current Ratio (Liquidity) | ||
Ability to pay short-term obligations | ||
| Current: | Target: |
2.3 | > 1.0 | |
Formula:�(Current Assets) / (Current Liabilities) | ||
Cash Ratio | ||
Ability to meet short-term obligations with cash | ||
| Current: | Target: |
199.3 % | > 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 10/19/2023 4:54:44 PM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $4,267,835 |
Budget | $5,903,554 |
Actual to Budget | -27.7 % |
Expense Summary | |
Actual | $7,115,394 |
Budget | $8,175,429 |
Actual to Budget | -13.0 % |
Compass Charter Schools Financial Snapshot
|
Cash Balance |
$10,105,879 |
FY 2023-2024, July - September
Report created on 10/19/2023 4:54:45 PM for Compass Charter Schools
| July - Last Closed | 2023-2024 | ||||
Account Description | Actual | Budget | Variance $ | Total Budget | Actual to Total Budget % | Remaining Budget |
LCFF Revenue | $3,636,092 | $5,430,203 | ($1,794,110) | $27,853,061 | 13.1 % | $24,216,968 |
Federal Revenue | $57,250 | - | $57,250 | $2,559,176 | 2.2 % | $2,501,925 |
State Revenue | $535,654 | $12,420 | $523,234 | $2,155,576 | 24.8 % | $1,619,922 |
Local Revenue | $38,839 | $458,805 | ($419,966) | $2,426,192 | 1.6 % | $2,387,353 |
Total Revenue | $4,267,835 | $5,901,428 | ($1,633,593) | $34,994,005 | 12.2 % | $30,726,169 |
FY 2023-2024, July - September
Certificated Salaries | $2,646,039 | $2,537,115 | ($108,924) | $13,558,595 | 19.5 % | $10,912,555 |
Classified Salaries | $828,863 | $822,933 | ($5,930) | $3,304,952 | 25.1 % | $2,476,089 |
Benefits | $1,158,261 | $1,352,397 | $194,136 | $5,431,313 | 21.3 % | $4,273,052 |
Total Personnel Expenses | $4,633,163 | $4,712,445 | $79,281 | $22,294,859 | 20.8 % | $17,661,696 |
Books and Supplies | $1,093,815 | $2,121,446 | $1,027,631 | $5,619,650 | 19.5 % | $4,525,835 |
Services | $1,388,415 | $1,341,538 | ($46,878) | $5,906,474 | 23.5 % | $4,518,059 |
Total Operational Expenses | $2,482,231 | $3,462,984 | $980,753 | $11,526,124 | 21.5 % | $9,043,893 |
Total Expenses | $7,115,394 | $8,175,429 | $1,060,035 | $33,820,983 | 21.0 % | $26,705,589 |
Net Income | ($2,847,558) | ($2,274,001) | ($573,558) | $1,173,022 | -242.8 % | $4,020,580 |
Revenue |
$4,267,835 |
|
Expenses |
$7,115,394 |
|
Surplus / (Deficit) |
($2,847,558) |
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 10/19/2023 4:54:46 PM 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 | $9,620,237.00 | Projected |
November 2023 | $10,141,785.00 | Projected |
December 2023 | $10,619,537.00 | Projected |
January 2024 | $10,354,972.00 | Projected |
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 10/19/2023 4:54:46 PM for Compass Charter Schools
Assets | |
Current Assets | |
Accounts Receivable | $754,782 |
Cash and Cash Equivalents | $10,105,879 |
Employee Advances | $608 |
Prepaid Expenses | $17,879 |
Short Term Investments | $797,525 |
Total Current Assets | $11,676,674 |
| |
Fixed Assets | |
Fixed Assets | $74,676 |
Total Fixed Assets | $74,676 |
| |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
| |
Total Assets | $11,756,570 |
Liabilities and Net Assets | |
Current Liabilities | |
Accounts Payable | $191,711 |
Accrued Liabilities | $994,747 |
Other Short Term Liability | $3,883,154 |
Total Current Liabilities | $5,069,612 |
| |
Long Term Liabilities | |
Other Liabilities | $70,963 |
Total Long Term Liabilities | $70,963 |
| |
| |
| |
Total Liabilities | $5,140,575 |
| |
Net Increase/(Decrease in Net Assets) | |
Net Increase/(Decrease) in Net Assets | ($2,847,558) |
Total Net Increase/(Decrease) in Net Assets | ($2,847,558) |
| |
Ending Net Assets | |
Ending Net Assets | $9,463,553 |
Total Net Assets | $9,463,553 |
| |
Total Liabilities and Net Assets | $11,756,570 |
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 |
2.3 |
Balance Sheet Summary FY 2023-2024 - September
Report created on 10/19/2023 4:54:46 PM for Compass Charter Schools
| Executive VP of Client Services�Tom Nichols�tnichols@csmci.com |
| School Business Manager�Kristin Nowak�knowak@csmci.com |
| Account Manager�Mai Luong�mluong@csmci.com |
| Associate AM�Kimber Nelson�knelson@csmci.com |
CSMC Charter School Support Team
Report created on 10/19/2023 4:54:46 PM for Compass Charter Schools
10/25/2023 | Webinar #4 |
10/31/2023 | If PENSEC filed, 20 Day Attendance Report |
ASES attendance and expenditure reports | |
Federal Cash Management Data Collection (CMDC) | |
11/29/2023 | Webinar #5 |
11/30/2023 | UPK expenditure survey due |
12/5/2023 | Workshop Topic: LCAP & Accountability Planning |
12/7/2023 | Workshop Topic: LCAP & Accountability Planning |
12/13/2023 | Winter Office Hours |
12/15/2023 | Annual Financial Audit Report deadline |
First Interim Financial Report | |
12/30/2023 | Charter School Revolving Loan applications due |
1/13/2024 | CARES, ESSER, ESSER II, ESSER III expenditure report |
1/15/2024 | P-1 Attendance Report |
1/19/2024 | Several special education reports due; timing and steps vary by SELPA |
Looking Ahead
Report created on 10/19/2023 4:54:47 PM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 10/19/2023 4:54:45 PM 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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