Prepared for: Compass Charter Schools
Financials through Jul 31, 2024
Prepared by School's CSMC SBM - Kristin Nowak |
Monthly Financial Board Report
Actual to Budget: |
This report is as of Jul 31, 2024, compared against our board-approved Initial Budget on 06/22/2024, based on 2,221 students enrolled and an ADA of 98.7% |
YTD Revenues through Jul 31, 2024, are $511,914 or -61.1% under our current budget due to the late timing of receiving LCFF funds for CCS LA and Yolo. (received first week of August). |
YTD Expenses through Jul 31, 2024, are $1,305,191 or -39.1% under our current budget due to being underspent in Personnel Expenses by $382K, Books and Supplies ($61K) and Services ($393K). |
Therefore, net income is ($793,276) or -3.9% over our current budget. |
Balance Sheet: |
As of Jul 31, 2024, we had total cash of $12,366,145, short-term liabilities of $8,589,227, and long-term liabilities of $20,702. The ending fund balance is $6,313,140. �When compared to the previous month, total reconciled cash increased by $886K, short-term liabilities increased by $122K (Due to Grantor Governments), and long-term liabilities decreased by $5K (ROU Liability). |
Financial Summary
Report created on 9/17/2024 11:55:27 AM for Compass Charter Schools
�
Current Ratio (Liquidity) | ||
Ability to pay short-term obligations | ||
| Current: | Target: |
1.6 | > 1.0 | |
Formula:�(Current Assets) / (Current Liabilities) | ||
Cash Ratio | ||
Ability to meet short-term obligations with cash | ||
| Current: | Target: |
130.4 % | > 100.0 % | |
Formula:�(Cash) / (Current Liabilities) | ||
Defensive Interval | ||
Months of continued operation without incoming funds | ||
| Current: | Target: |
4.2 | > 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 9/17/2024 11:55:25 AM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $511,914 |
Budget | $1,316,581 |
Actual to Budget | -61.1 % |
Expense Summary | |
Actual | $1,305,191 |
Budget | $2,141,720 |
Actual to Budget | -39.1 % |
Financial Snapshot
|
Cash Balance |
$12,366,145 |
FY 2024-2025, July - July
Report created on 9/17/2024 11:55:27 AM for Compass Charter Schools
| July - July | 2024-2025 | ||||
Account Description | Actual | Budget | Variance $ | Total Budget | Actual to Total Budget % | Remaining Budget |
LCFF Revenue | $308,252 | $1,166,254 | ($858,002) | $27,042,801 | 1.1 % | $26,734,549 |
Federal Revenue | $62,085 | $43,308 | $18,777 | $1,345,985 | 4.6 % | $1,283,899 |
State Revenue | $116,099 | $107,019 | $9,080 | $4,178,401 | 2.8 % | $4,062,302 |
Local Revenue | $25,478 | - | $25,478 | $105,687 | 24.1 % | $80,209 |
Total Revenue | $511,914 | $1,316,581 | ($804,667) | $32,672,874 | 1.6 % | $32,160,959 |
FY 2024-2025, July - July
Benefits | $341,937 | $461,353 | $119,416 | $5,536,235 | 6.2 % | $5,194,298 |
Classified Salaries | $274,144 | $287,175 | $13,031 | $3,446,104 | 8.0 % | $3,171,960 |
Certificated Salaries | $225,028 | $474,687 | $249,658 | $13,463,219 | 1.7 % | $13,238,191 |
Total Personnel Expenses | $841,110 | $1,223,215 | $382,105 | $22,445,558 | 3.7 % | $21,604,449 |
Services | $402,598 | $463,759 | $61,161 | $5,565,114 | 7.2 % | $5,162,515 |
Books and Supplies | $61,482 | $454,745 | $393,263 | $4,567,134 | 1.3 % | $4,505,652 |
Total Operational Expenses | $464,081 | $918,505 | $454,424 | $10,132,248 | 4.6 % | $9,668,167 |
Total Expenses | $1,305,191 | $2,141,720 | $836,529 | $32,577,806 | 4.0 % | $31,272,616 |
Net Income | ($793,276) | ($825,139) | $31,863 | $95,067 | -834.4 % | $888,344 |
This report displays all actual and budgeted revenue and expenditures by object code series and by month. This report can be useful in revenue in a timely manner and that you stay within board approved expenditure levels. |
|
Revenue |
$511,914 |
|
Expenses |
$1,305,191 |
|
Surplus / (Deficit) |
($793,276) |
Actual to Budget Summary
Report created on 9/17/2024 11:55:27 AM for Compass Charter Schools
| 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 | $9,879,965.30 | Actual |
March 2024 | $11,144,745.19 | Actual |
April 2024 | $12,082,993.54 | Actual |
May 2024 | $11,621,334.34 | Actual |
June 2024 | $11,479,792.11 | Actual |
| Cash Amount | Actual or Projected |
July 2024 | $12,366,145.46 | Actual |
August 2024 | $11,977,697.30 | Actual |
September 2024 | $9,459,701.00 | Projected |
October 2024 | $9,620,237.00 | Projected |
November 2024 | $10,141,785.00 | Projected |
December 2024 | $10,619,537.00 | Projected |
January 2025 | $10,354,972.00 | Projected |
February 2025 | $9,880,852.16 | Projected |
March 2025 | $10,325,710.19 | Projected |
April 2025 | $9,874,641.55 | Projected |
May 2025 | $9,664,276.32 | Projected |
June 2025 | $14,228,228.75 | Projected |
Monthly Cash Balance Over Time
Current fiscal year and prior year
Report created on 9/17/2024 11:55:27 AM for Compass Charter Schools
Assets | |
Current Assets | |
Accounts Receivable | $1,032,914 |
Cash and Cash Equivalents | $12,366,145 |
Prepaid Expenses | $653,438 |
Short Term Investments | $840,034 |
Total Current Assets | $14,892,531 |
Fixed Assets | |
Fixed Assets | $25,318 |
Total Fixed Assets | $25,318 |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
Total Assets | $14,923,069 |
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 |
1.7 |
Total Unrestricted Net Assets | $5,329,812 |
Total Restricted Net Assets | $1,776,604 |
Total Net Increase/(Decrease) in Net Assets | ($793,276) |
Total Net Assets | $6,313,140 |
Total Liabilities and Net Assets | $14,923,069 |
Liabilities and Net Assets | |
Short-term Liabilities | |
Accounts Payable | $139,054 |
Accrued Liabilities | $5,066,048 |
Other Short Term Liability | $3,384,124 |
Total Short-term Liabilities | $8,589,227 |
Long-term Liabilities | |
Other Liabilities | $20,702 |
Total Long-term Liabilities | $20,702 |
Total Liabilities | $8,609,928 |
Balance Sheet Summary FY 2024-2025 - July
Report created on 9/17/2024 11:55:27 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 9/17/2024 11:55:27 AM for Compass Charter Schools
9/27/2024 | CSMC Webinar |
9/29/2024 | CTEIG application deadline |
9/30/2024 | UPK Planning and Implementation report |
Educator Effectiveness annual expenditure report | |
10/1/2024 | Special education current year Level 3 placement requests; timing varies by SELPA |
10/13/2024 | CARES, ESSER, ESSER II, ESSER III expenditure report |
10/15/2024 | Special education one time funding reports; timing varies by SELPA |
10/25/2024 | CSMC Webinar |
10/31/2024 | If PENSEC filed, 20 Day Attendance Report |
ASES attendance and expenditure reports | |
Federal Cash Management Data Collection (CMDC) | |
ELOP 21-22 and 22-23 expenditure report | |
11/29/2024 | CSMC Webinar |
11/30/2024 | UPK expenditure survey due |
12/5/2024 | CSMC Workshop: LCAP and Accountability |
12/7/2024 | CSMC Workshop: LCAP and Accountability |
12/13/2024 | CSMC Office Hours |
12/15/2024 | Annual Financial Audit Report deadline |
First Interim Financial Report | |
Audits may be due to special education SELPAs, deadlines vary |
Looking Ahead
Report created on 9/17/2024 11:55:28 AM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 9/17/2024 11:55:26 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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