Prepared for: Compass Charter Schools
Financials through May 31, 2024
Prepared by School's CSMC SBM - Kristin Nowak |
Monthly Financial Board Report
Actual to Budget: |
This report is as of May 31, 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 May 31, 2024, are $28,708,985 or -4.6% under our current budget due to the late timing of receiving LCFF funds. |
YTD Expenses through May 31, 2024, are $30,692,714 or -4.8% under our current budget due to being underspent in Books and Supplies by $680K (primarily underspending in Approved Textbooks/Core Curriculum) , Services by $622K (primarily underspending in Educational Consultant services) and in Personnel Expenses by $252K. |
Therefore, net income is ($1,983,729) or -7.4% over our current budget. |
Balance Sheet: |
As of May 31, 2024, we had total cash of $11,621,334, short-term liabilities of $5,251,798, and long-term liabilities of $30,950. The ending fund balance is $7,479,824.�Compared to last month, total reconciled cash decreased by $462K, short-term liabilities increased by $121K (AP and Accrued STRS), and long-term liabilities decreased by $5K (ROU Liability). |
Financial Summary
Report created on 6/13/2024 8:44:15 AM for Compass Charter Schools
Current Ratio (Liquidity) | ||
Ability to pay short-term obligations | ||
| Current: | Target: |
2.4 | > 1.0 | |
Formula:�(Current Assets) / (Current Liabilities) | ||
Cash Ratio | ||
Ability to meet short-term obligations with cash | ||
| Current: | Target: |
221.3 % | > 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 6/13/2024 8:44:13 AM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $28,708,985 |
Budget | $30,108,256 |
Actual to Budget | -4.6 % |
Expense Summary | |
Actual | $30,692,714 |
Budget | $32,249,396 |
Actual to Budget | -4.8 % |
Financial Snapshot
|
Cash Balance |
$11,621,334 |
FY 2023-2024, July - May
Report created on 6/13/2024 8:44:15 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 | $23,495,433 | $25,388,760 | ($1,893,328) | $29,298,387 | 80.2 % | $5,802,954 |
Federal Revenue | $1,412,635 | $1,235,382 | $177,253 | $2,533,640 | 55.8 % | $1,121,005 |
State Revenue | $3,669,255 | $3,162,638 | $506,617 | $3,709,755 | 98.9 % | $40,500 |
Local Revenue | $131,663 | $321,476 | ($189,814) | $382,087 | 34.5 % | $250,425 |
Total Revenue | $28,708,985 | $30,108,256 | ($1,399,271) | $35,923,869 | 79.9 % | $7,214,884 |
FY 2023-2024, July - May
Certificated Salaries | $12,461,102 | $12,950,086 | $488,984 | $13,528,414 | 92.1 % | $1,067,312 |
Classified Salaries | $3,170,248 | $3,240,780 | $70,532 | $3,546,697 | 89.4 % | $376,449 |
Benefits | $5,280,533 | $4,974,547 | ($305,986) | $5,448,047 | 96.9 % | $167,514 |
Total Personnel Expenses | $20,911,883 | $21,165,414 | $253,530 | $22,523,158 | 92.8 % | $1,611,275 |
Books and Supplies | $4,882,261 | $5,562,424 | $680,163 | $5,611,484 | 87.0 % | $729,223 |
Services | $4,898,570 | $5,521,559 | $622,989 | $6,129,981 | 79.9 % | $1,231,411 |
Total Operational Expenses | $9,780,831 | $11,083,983 | $1,303,152 | $11,741,465 | 83.3 % | $1,960,635 |
Total Expenses | $30,692,714 | $32,249,396 | $1,556,683 | $34,264,623 | 89.6 % | $3,571,910 |
Net Income | ($1,983,729) | ($2,141,140) | $157,412 | $1,659,246 | -119.6 % | $3,642,975 |
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 |
$28,708,985 |
|
Expenses |
$30,692,714 |
|
Surplus / (Deficit) |
($1,983,729) |
Actual to Budget Summary
Report created on 6/13/2024 8:44:15 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 | $11,621,334.34 | Actual |
June 2024 | $14,228,228.75 | Projected |
Monthly Cash Balance Over Time
Current fiscal year and prior year
Report created on 6/13/2024 8:44:15 AM for Compass Charter Schools
Assets | |
Current Assets | |
Cash and Cash Equivalents | $11,621,334 |
Employee Advances | $412 |
Prepaid Expenses | $302,756 |
Short Term Investments | $797,525 |
Total Current Assets | $12,722,028 |
Fixed Assets | |
Fixed Assets | $35,325 |
Total Fixed Assets | $35,325 |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
Total Assets | $12,762,572 |
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 |
2.4 |
Total Unrestricted Net Assets | $7,057,666 |
Total Restricted Net Assets | $2,405,887 |
Total Net Increase/(Decrease) in Net Assets | ($1,983,729) |
Total Net Assets | $7,479,824 |
Total Liabilities and Net Assets | $12,762,572 |
Liabilities and Net Assets | |
Short-term Liabilities | |
Accounts Payable | $170,742 |
Accrued Liabilities | $1,402,252 |
Other Short Term Liability | $3,678,803 |
Total Short-term Liabilities | $5,251,798 |
Long-term Liabilities | |
Other Liabilities | $30,950 |
Total Long-term Liabilities | $30,950 |
Total Liabilities | $5,282,748 |
Balance Sheet Summary FY 2023-2024 - May
Report created on 6/13/2024 8:44:15 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 6/13/2024 8:44:15 AM for Compass Charter Schools
6/30/2024 | Prop 28 Arts and Music annual report due |
Spring Consolidated Application / CARS report forms close | |
Consolidated Application (ConApp) due | |
7/5/2024 | SB740 Facility Other Costs due |
7/17/2024 | Select special education final expenditure reports for prior year, reports and timing vary by SELPA |
Looking Ahead
Report created on 6/13/2024 8:44:16 AM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 6/13/2024 8:44:14 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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