Prepared for: Compass Charter Schools
Financials through Apr 30, 2024
Prepared by School's CSMC SBM - Kristin Nowak |
Monthly Financial Board Report
Actual to Budget: |
This report is as of Apr 30, 2024, compared against our 2nd interim budget on 03/09/2024, based on 2,452 students enrolled and an ADA of 2416.05. |
YTD Revenues through Apr 30, 2024, are $26,011,167 or -3.4% under our current budget due to the late timing of receiving LCFF funds. |
YTD Expenses through Apr 30, 2024, are $27,542,224 or -5.2% under our current budget due to being underspent in Books and Supplies by $575K (primarily underspending in Approved Textbooks/Core Curriculum) , Services by $700K (primarily underspending in Educational Consultant services) and in Personnel Expenses by $221K. |
Therefore, net income is ($1,531,057) or -27.5% over our current budget. |
Balance Sheet: |
As of Apr 30, 2024, we had total cash of $12,082,994, short-term liabilities of $5,131,238, and long-term liabilities of $36,047. The ending fund balance is $7,932,496. �[Compared to last month, total reconciled cash increased by $938K, short-term liabilities increased by $483K (Accrued STRS), and long-term liabilities decreased by $5K (ROU Liability). |
Financial Summary
Report created on 5/15/2024 9:14:38 AM for Compass Charter Schools
�
Current Ratio (Liquidity) | ||
Ability to pay short-term obligations | ||
| Current: | Target: |
2.5 | > 1.0 | |
Formula:�(Current Assets) / (Current Liabilities) | ||
Cash Ratio | ||
Ability to meet short-term obligations with cash | ||
| Current: | Target: |
235.5 % | > 100.0 % | |
Formula:�(Cash) / (Current Liabilities) | ||
Defensive Interval | ||
Months of continued operation without incoming funds | ||
| Current: | Target: |
4.4 | > 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 5/15/2024 9:14:36 AM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $26,011,167 |
Budget | $26,927,402 |
Actual to Budget | -3.4 % |
Expense Summary | |
Actual | $27,542,224 |
Budget | $29,040,516 |
Actual to Budget | -5.2 % |
Financial Snapshot
|
Cash Balance |
$12,082,994 |
FY 2023-2024, July - April
Report created on 5/15/2024 9:14:38 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 | $21,232,164 | $22,549,622 | ($1,317,458) | $29,298,387 | 72.5 % | $8,066,223 |
Federal Revenue | $1,234,426 | $1,153,484 | $80,942 | $2,533,640 | 48.7 % | $1,299,214 |
State Revenue | $3,413,974 | $2,963,431 | $450,544 | $3,709,755 | 92.0 % | $295,781 |
Local Revenue | $130,603 | $260,865 | ($130,262) | $382,087 | 34.2 % | $251,484 |
Total Revenue | $26,011,167 | $26,927,402 | ($916,235) | $35,923,869 | 72.4 % | $9,912,702 |
FY 2023-2024, July - April
Certificated Salaries | $11,216,394 | $11,598,099 | $381,705 | $13,528,414 | 82.9 % | $2,312,020 |
Classified Salaries | $2,878,886 | $2,934,864 | $55,977 | $3,546,697 | 81.2 % | $667,811 |
Benefits | $4,716,866 | $4,501,047 | ($215,819) | $5,448,047 | 86.6 % | $731,181 |
Total Personnel Expenses | $18,812,146 | $19,034,010 | $221,864 | $22,523,158 | 83.5 % | $3,711,012 |
Books and Supplies | $4,517,966 | $5,093,342 | $575,376 | $5,611,484 | 80.5 % | $1,093,518 |
Services | $4,212,113 | $4,913,165 | $701,052 | $6,129,981 | 68.7 % | $1,917,869 |
Total Operational Expenses | $8,730,078 | $10,006,506 | $1,276,428 | $11,741,465 | 74.4 % | $3,011,387 |
Total Expenses | $27,542,224 | $29,040,516 | $1,498,291 | $34,264,623 | 80.4 % | $6,722,399 |
Net Income | ($1,531,057) | ($2,113,114) | $582,057 | $1,659,246 | -92.3 % | $3,190,303 |
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 |
$26,011,167 |
|
Expenses |
$27,542,224 |
|
Surplus / (Deficit) |
($1,531,057) |
Actual to Budget Summary
Report created on 5/15/2024 9:14:38 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 | $9,879,965.30 | Actual |
March 2024 | $11,144,745.19 | Actual |
April 2024 | $12,082,993.54 | Actual |
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 5/15/2024 9:14:38 AM for Compass Charter Schools
Assets | |
Current Assets | |
Cash and Cash Equivalents | $12,082,994 |
Employee Advances | $191 |
Prepaid Expenses | $173,550 |
Short Term Investments | $797,525 |
Total Current Assets | $13,054,260 |
Fixed Assets | |
Fixed Assets | $40,301 |
Total Fixed Assets | $40,301 |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
Total Assets | $13,099,781 |
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 |
2.5 |
Total Unrestricted Net Assets | $7,057,666 |
Total Restricted Net Assets | $2,405,887 |
Total Net Increase/(Decrease) in Net Assets | ($1,531,057) |
Total Net Assets | $7,932,496 |
Total Liabilities and Net Assets | $13,099,781 |
Liabilities and Net Assets | |
Short-term Liabilities | |
Accounts Payable | $137,679 |
Accrued Liabilities | $1,352,906 |
Other Short Term Liability | $3,640,653 |
Total Short-term Liabilities | $5,131,238 |
Long-term Liabilities | |
Other Liabilities | $36,047 |
Total Long-term Liabilities | $36,047 |
Total Liabilities | $5,167,285 |
Balance Sheet Summary FY 2023-2024 - April
Report created on 5/15/2024 9:14:39 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 5/15/2024 9:14:39 AM for Compass Charter Schools
5/20/2024 | Charter school information survey due to CDE |
5/22/2024 | Webinar #10 |
5/31/2024 | Universal Pre-K grant survey due |
6/1/2024 | June Board Meeting: Approval of LCAP, Budget, and ConApp, Dashboard Local Indicators, due 6/30 |
6/5/2024 | SB740 application due |
6/12/2024 | Summer Office Hours |
6/30/2024 | Spring Consolidated Application / CARS report forms close |
Prop 28 Arts and Music annual report due |
Looking Ahead
Report created on 5/15/2024 9:14:39 AM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 5/15/2024 9:14:37 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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