Prepared for: Compass Charter Schools
Financials through Mar 31, 2024
Prepared by School's CSMC SBM - Kristin Nowak |
Monthly Financial Board Report
Actual to Budget: |
This report is as of Mar 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 Mar 31, 2024, are $22,976,061 or -2.6% under our current budget due to the late timing of receiving LCFF funds. |
YTD Expenses through Mar 31, 2024, are $24,622,618 or 3.6% under our current budget due to being underspent in Books and Supplies by $301K, Services by $528K and in Personnel Expenses by $81K. |
Therefore, net income is ($1,646,557) or -14.9% over our current budget. |
Balance Sheet: |
As of Mar 31, 2024, we had total cash of $11,144,745, short-term liabilities of $4,648,661, and long-term liabilities of $41,131. The ending fund balance is $7,816,995. �Compared to last month, total reconciled cash increased by $1.27M, short-term liabilities decreased by $55K (Accounts Payable), and long-term liabilities decreased by $5K (ROU Liability). |
Financial Summary
Report created on 4/15/2024 12:29:39 PM for Compass Charter Schools
Current Ratio (Liquidity) | ||
Ability to pay short-term obligations | ||
| Current: | Target: |
2.7 | > 1.0 | |
Formula:�(Current Assets) / (Current Liabilities) | ||
Cash Ratio | ||
Ability to meet short-term obligations with cash | ||
| Current: | Target: |
239.7 % | > 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 4/15/2024 12:29:37 PM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $22,976,061 |
Budget | $23,600,755 |
Actual to Budget | -2.6 % |
Expense Summary | |
Actual | $24,622,618 |
Budget | $25,535,181 |
Actual to Budget | -3.6 % |
Financial Snapshot
|
Cash Balance |
$11,144,745 |
FY 2023-2024, July - March
Report created on 4/15/2024 12:29:39 PM for Compass Charter Schools
| July - Last Closed | 2023-2024 | ||||
Account Description | Actual | Budget | Variance $ | Total Budget | Actual to Total Budget % | Remaining Budget |
LCFF Revenue | $18,842,974 | $19,710,484 | ($867,509) | $29,298,387 | 64.3 % | $10,455,413 |
Federal Revenue | $930,919 | $925,793 | $5,125 | $2,533,640 | 36.7 % | $1,602,721 |
State Revenue | $3,083,752 | $2,764,224 | $319,529 | $3,709,755 | 83.1 % | $626,003 |
Local Revenue | $118,415 | $200,254 | ($81,839) | $382,087 | 31.0 % | $263,672 |
Total Revenue | $22,976,061 | $23,600,755 | ($624,695) | $35,923,869 | 64.0 % | $12,947,809 |
FY 2023-2024, July - March
Certificated Salaries | $9,984,131 | $10,246,112 | $261,982 | $13,528,414 | 73.8 % | $3,544,283 |
Classified Salaries | $2,589,668 | $2,628,947 | $39,278 | $3,546,697 | 73.0 % | $957,029 |
Benefits | $4,246,976 | $4,027,547 | ($219,429) | $5,448,047 | 78.0 % | $1,201,072 |
Total Personnel Expenses | $16,820,775 | $16,902,606 | $81,831 | $22,523,158 | 74.7 % | $5,702,383 |
Books and Supplies | $4,025,942 | $4,327,805 | $301,863 | $5,611,484 | 71.7 % | $1,585,542 |
Services | $3,775,901 | $4,304,770 | $528,869 | $6,129,981 | 61.6 % | $2,354,080 |
Total Operational Expenses | $7,801,843 | $8,632,575 | $830,732 | $11,741,465 | 66.4 % | $3,939,622 |
Total Expenses | $24,622,618 | $25,535,181 | $912,563 | $34,264,623 | 71.9 % | $9,642,005 |
Net Income | ($1,646,557) | ($1,934,426) | $287,868 | $1,659,246 | -99.2 % | $3,305,804 |
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 |
$22,976,061 |
|
Expenses |
$24,622,618 |
|
Surplus / (Deficit) |
($1,646,557) |
Actual to Budget Summary
Report created on 4/15/2024 12:29:39 PM 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 | $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 4/15/2024 12:29:39 PM for Compass Charter Schools
Assets | |
Current Assets | |
Accounts Receivable | $382,041 |
Cash and Cash Equivalents | $11,144,745 |
Employee Advances | $2,408 |
Prepaid Expenses | $129,585 |
Short Term Investments | $797,525 |
Total Current Assets | $12,456,304 |
Fixed Assets | |
Fixed Assets | $45,264 |
Total Fixed Assets | $45,264 |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
Total Assets | $12,506,788 |
Liabilities and Net Assets | |
Short-term Liabilities | |
Accounts Payable | $132,396 |
Accrued Liabilities | $914,969 |
Other Short Term Liability | $3,601,297 |
Total Short-term Liabilities | $4,648,661 |
Long-term Liabilities | |
Other Liabilities | $41,131 |
Total Long-term Liabilities | $41,131 |
| |
| |
Total Liabilities | $4,689,792 |
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 |
2.7 |
Total Unrestricted Net Assets | $7,057,666 |
Total Restricted Net Assets | $2,405,887 |
Total Net Increase/(Decrease) in Net Assets | ($1,646,557) |
Total Net Assets | $7,816,995 |
Total Liabilities and Net Assets | $12,506,788 |
Balance Sheet Summary FY 2023-2024 - March
Report created on 4/15/2024 12:29:39 PM 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 4/15/2024 12:29:39 PM for Compass Charter Schools
4/17/2024 | Varies - Special education federal and level 3 reports; timing and steps vary by SELPA |
Varies - Special education ADA and enrollment report; timing and steps vary by SELPA | |
4/24/2024 | Webinar #9 |
4/30/2024 | Federal Cash Management Data Collection (CMDC) |
ASES attendance and expenditure reports | |
5/1/2024 | Recommended public hearing for preliminary budget and LCAP |
P-2 Attendance Report, state deadline | |
Special education low incidence reimbursement; timing and steps vary by SELPA | |
5/15/2024 | Form 990 Return of Exempt Organization |
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 |
6/2/2024 | 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 4/15/2024 12:29:40 PM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 4/15/2024 12:29:38 PM 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
POWERED BY: