Prepared for: Compass Charter Schools
Financials through Oct 31, 2023
Monthly Financial Board Report
Prepared by School's CSMC SBM - Kristin Nowak |
Actual to Budget: |
This report is as of Oct 31, 2023, compared against our board-approved budget on 07/07/2023, based on an enrollment of 2,451 students enrolled and an enrollment ADA of 97%. |
YTD Revenues Through Oct 31, 2023, are $7,262,835 or -14.1% under our current budget due to timing of receiving LCFF Revenue ($5.78M actual vs $7.63M budgeted) and Local Revenue ($47K actual vs $682K budgeted). |
YTD Expenses Through Oct 31, 2023, are $10,439,211 or 3.5% under our current budget due to underspending in Books & Supplies ($1.8M actual vs $2.2M budgeted) |
Therefore, net income is ($3,176,376) or 34.3% under our current budget. |
Balance Sheet: |
As of Oct 31, 2023, we had total cash of $9,930,908, short-term liabilities of $5,157,152, and long-term liabilities of $66,137. The ending fund balance is�$6,287,177.�Compared to last month, total reconciled cash decreased by $175K, short-term liabilities increased by $88K (Accounts Payable & Accrued STRS), and long-term liabilities decreased by $5K (ROU Liability). |
Financial Summary
Report created on 11/20/2023 11:30:37 AM for Compass Charter Schools
�
Current Ratio (Liquidity) | ||
Ability to pay short-term obligations | ||
| Current: | Target: |
2.2 | > 1.0 | |
Formula:�(Current Assets) / (Current Liabilities) | ||
Cash Ratio | ||
Ability to meet short-term obligations with cash | ||
| Current: | Target: |
192.6 % | > 100.0 % | |
Formula:�(Cash) / (Current Liabilities) | ||
Defensive Interval | ||
Months of continued operation without incoming funds | ||
| Current: | Target: |
4.0 | > 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 11/20/2023 11:30:36 AM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $7,262,835 |
Budget | $8,458,579 |
Actual to Budget | -14.1 % |
Expense Summary | |
Actual | $10,439,211 |
Budget | $10,823,326 |
Actual to Budget | -3.5 % |
Compass Charter Schools Financial Snapshot
|
Cash Balance |
$9,930,908 |
FY 2023-2024, July - October
Report created on 11/20/2023 11:30:37 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 | $5,785,520 | $7,638,933 | ($1,853,413) | $27,853,061 | 20.8 % | $22,067,541 |
Federal Revenue | $197,694 | $119,705 | $77,989 | $2,559,176 | 7.7 % | $2,361,481 |
State Revenue | $1,232,125 | $18,304 | $1,213,821 | $2,155,576 | 57.2 % | $923,451 |
Local Revenue | $47,496 | $681,637 | ($634,142) | $2,447,450 | 1.9 % | $2,399,955 |
Total Revenue | $7,262,835 | $8,458,579 | ($1,195,744) | $35,015,263 | 20.7 % | $27,752,428 |
FY 2023-2024, July - October
Certificated Salaries | $3,879,710 | $3,843,017 | ($36,693) | $13,558,595 | 28.6 % | $9,678,885 |
Classified Salaries | $1,134,650 | $1,097,244 | ($37,406) | $3,304,952 | 34.3 % | $2,170,302 |
Benefits | $1,793,541 | $1,803,196 | $9,654 | $5,431,313 | 33.0 % | $3,637,771 |
Total Personnel Expenses | $6,807,902 | $6,743,457 | ($64,445) | $22,294,859 | 30.5 % | $15,486,958 |
Books and Supplies | $1,818,758 | $2,232,752 | $413,994 | $5,619,650 | 32.4 % | $3,800,892 |
Services | $1,812,551 | $1,847,117 | $34,566 | $5,906,474 | 30.7 % | $4,093,923 |
Total Operational Expenses | $3,631,309 | $4,079,869 | $448,560 | $11,526,124 | 31.5 % | $7,894,815 |
Total Expenses | $10,439,211 | $10,823,326 | $384,115 | $33,820,983 | 30.9 % | $23,381,772 |
Net Income | ($3,176,376) | ($2,364,747) | ($811,629) | $1,194,280 | -266.0 % | $4,370,656 |
Revenue |
$7,262,835 |
|
Expenses |
$10,439,211 |
|
Surplus / (Deficit) |
($3,176,376) |
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 11/20/2023 11:30:38 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 | $10,141,785.00 | 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 11/20/2023 11:30:38 AM for Compass Charter Schools
Assets | |
Current Assets | |
Accounts Receivable | $687,555 |
Cash and Cash Equivalents | $9,930,908 |
Employee Advances | $1,561 |
Prepaid Expenses | $17,879 |
Short Term Investments | $797,525 |
Total Current Assets | $11,435,428 |
| |
Fixed Assets | |
Fixed Assets | $69,819 |
Total Fixed Assets | $69,819 |
| |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
| |
Total Assets | $11,510,466 |
Liabilities and Net Assets | |
Current Liabilities | |
Accounts Payable | $407,432 |
Accrued Liabilities | $934,107 |
Other Short Term Liability | $3,815,614 |
Total Current Liabilities | $5,157,152 |
| |
Long Term Liabilities | |
Other Liabilities | $66,137 |
Total Long Term Liabilities | $66,137 |
| |
| |
| |
Total Liabilities | $5,223,290 |
| |
Net Increase/(Decrease in Net Assets) | |
Net Increase/(Decrease) in Net Assets | ($3,176,376) |
Total Net Increase/(Decrease) in Net Assets | ($3,176,376) |
| |
Total Net Assets | |
Total Net Assets | $6,127,177 |
Total Net Assets | $6,127,177 |
| |
Ending Net Assets | |
Ending Net Assets | $9,303,553 |
Total Ending Net Assets | $9,303,553 |
| |
Total Liabilities and Net Assets | $11,350,466 |
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 |
2.2 |
Balance Sheet Summary FY 2023-2024 - October
Report created on 11/20/2023 11:30:38 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 11/20/2023 11:30:38 AM for Compass Charter Schools
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 |
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 |
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 |
Looking Ahead
Report created on 11/20/2023 11:30:39 AM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 11/20/2023 11:30:37 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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