Prepared for: Compass Charter Schools
Financials through Dec 31, 2023
Monthly Financial Board Report
Prepared by School's CSMC SBM - Kristin Nowak |
Actual to Budget: |
This report is as of Dec 31, 2023, compared against our board-approved 1st Interim budget on 12/02/2023, based on an enrollment of 2,463 students enrolled and an enrollment ADA of 98%. |
YTD Revenues Through Dec 31, 2023, are $12,745,227 or -8.5% under our current budget due to timing of receiving LCFF and State revenues (State SPED). |
YTD Expenses Through Dec 31, 2023, are $15,798,733 or 1.6% under our current budget due to some underspending in Personnel Expenses ($10.6M Actual vs $10.9M Budgeted) and Services ($2.6M Actual vs $2.9M Budgeted) |
Therefore, net income is ($3,053,507) or 43.7% under our current budget. |
Balance Sheet: |
As of Dec 31, 2023, we had total cash of $10,812,557, short-term liabilities of $5,658,637, and long-term liabilities of $56,277. The ending fund balance is $6,410,046.�Compared to last month, total reconciled cash increased by $804K, short-term liabilities increased by $493K (Accounts Payable & Accrued STRS), and long-term liabilities decreased by $5K (ROU Liability). |
Financial Summary
Report created on 1/18/2024 8:38:30 AM for Compass Charter Schools
�
Current Ratio (Liquidity) | ||
Ability to pay short-term obligations | ||
| Current: | Target: |
2.1 | > 1.0 | |
Formula:�(Current Assets) / (Current Liabilities) | ||
Cash Ratio | ||
Ability to meet short-term obligations with cash | ||
| Current: | Target: |
191.1 % | > 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 1/18/2024 8:38:29 AM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $12,745,227 |
Budget | $13,924,630 |
Actual to Budget | -8.5 % |
Expense Summary | |
Actual | $15,798,733 |
Budget | $16,049,076 |
Actual to Budget | -1.6 % |
Compass Charter Schools Financial Snapshot
|
Cash Balance |
$10,812,557 |
FY 2023-2024, July - December
Report created on 1/18/2024 8:38:30 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 | $10,849,866 | $11,789,372 | ($939,506) | $29,426,372 | 36.9 % | $18,576,506 |
Federal Revenue | $278,504 | $312,866 | ($34,362) | $2,457,623 | 11.3 % | $2,179,119 |
State Revenue | $1,543,824 | $1,693,613 | ($149,788) | $4,610,146 | 33.5 % | $3,066,322 |
Local Revenue | $73,032 | $128,780 | ($55,748) | $390,712 | 18.7 % | $317,680 |
Total Revenue | $12,745,227 | $13,924,630 | ($1,179,404) | $36,884,854 | 34.6 % | $24,139,627 |
FY 2023-2024, July - December
Certificated Salaries | $6,320,738 | $6,502,048 | $181,310 | $13,645,001 | 46.3 % | $7,324,263 |
Classified Salaries | $1,724,152 | $1,733,646 | $9,494 | $3,545,066 | 48.6 % | $1,820,915 |
Benefits | $2,608,918 | $2,690,177 | $81,259 | $5,474,750 | 47.7 % | $2,865,832 |
Total Personnel Expenses | $10,653,807 | $10,925,871 | $272,064 | $22,664,817 | 47.0 % | $12,011,009 |
Books and Supplies | $2,511,383 | $2,162,021 | ($349,362) | $6,216,350 | 40.4 % | $3,704,967 |
Services | $2,633,542 | $2,961,184 | $327,641 | $6,442,316 | 40.9 % | $3,808,774 |
Total Operational Expenses | $5,144,926 | $5,123,205 | ($21,721) | $12,658,666 | 40.6 % | $7,513,740 |
Total Expenses | $15,798,733 | $16,049,076 | $250,343 | $35,323,483 | 44.7 % | $19,524,750 |
Net Income | ($3,053,507) | ($2,124,446) | ($929,061) | $1,561,371 | -195.6 % | $4,614,878 |
Revenue |
$12,745,227 |
|
Expenses |
$15,798,733 |
|
Surplus / (Deficit) |
($3,053,507) |
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 1/18/2024 8:38:30 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 | $10,354,972.00 | 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 1/18/2024 8:38:31 AM for Compass Charter Schools
Assets | |
Current Assets | |
Accounts Receivable | $431,685 |
Cash and Cash Equivalents | $10,812,557 |
Employee Advances | $46 |
Prepaid Expenses | $17,879 |
Short Term Investments | $797,525 |
Total Current Assets | $12,059,692 |
| |
Fixed Assets | |
Fixed Assets | $60,048 |
Total Fixed Assets | $60,048 |
| |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
| |
Total Assets | $12,124,960 |
Liabilities and Net Assets | |
Current Liabilities | |
Accounts Payable | $434,781 |
Accrued Liabilities | $1,355,372 |
Other Short Term Liability | $3,868,484 |
Total Current Liabilities | $5,658,637 |
| |
Long Term Liabilities | |
Other Liabilities | $56,277 |
Total Long Term Liabilities | $56,277 |
| |
| |
| |
Total Liabilities | $5,714,913 |
| |
Net Increase/(Decrease in Net Assets) | |
Net Increase/(Decrease) in Net Assets | ($3,053,507) |
Total Net Increase/(Decrease) in Net Assets | ($3,053,507) |
| |
Total Net Assets | |
Total Net Assets | $6,410,046 |
Total Net Assets | $6,410,046 |
| |
Ending Net Assets | |
Ending Net Assets | $9,463,553 |
Total Ending Net Assets | $9,463,553 |
| |
Total Liabilities and Net Assets | $12,124,960 |
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 |
2.1 |
Balance Sheet Summary FY 2023-2024 - December
Report created on 1/18/2024 8:38:31 AM 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 1/18/2024 8:38:31 AM for Compass Charter Schools
1/19/2024 | Several special education reports due; timing and steps vary by SELPA |
1/24/2024 | Webinar #6 |
1/31/2024 | Federal Cash Management Data Collection (CMDC) |
ASES attendance and expenditure reports | |
2/1/2024 | School Accountability Report Card (SARC) due in CDE portal |
Nonclassroom-based funding determinations due | |
2/15/2024 | Property tax exemption requests due |
2/16/2024 | ASES applications for next year due |
2/20/2024 | Workshop: State & Federal Programs Compliance |
2/22/2024 | Workshop: State & Federal Programs Compliance |
2/28/2024 | Webinar #7 |
Schools must present LCAP mid-year update to board by this date | |
3/1/2024 | ESSA Per-Pupil report due |
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 |
3/28/2024 | ESSER and GEER Annual Report due |
| Audit firm selection |
Looking Ahead
Report created on 1/18/2024 8:38:31 AM for Compass Charter Schools
4/1/2024 | Form 700 |
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 1/18/2024 8:38:31 AM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 1/18/2024 8:38:30 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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