Prepared for: Compass Charter Schools
Financials through Nov 30, 2023
Monthly Financial Board Report
Prepared by School's CSMC SBM - Kristin Nowak |
Actual to Budget: |
This report is as of Nov 30, 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 Nov 30, 2023, are $9,835,323 or -3.6% under our current budget due to timing of receiving LCFF revenue and Local Revenue ($51K Actual vs $85K Budgeted) |
YTD Expenses Through Nov 30, 2023, are $13,109,398 or .9% under our current budget due to underspending in Services ($2.06M Actual vs $2.38M Budgeted) |
Therefore, net income is ($3,274,075) or 8.4% under our current budget. |
Balance Sheet: |
As of Nov 30, 2023, we had total cash of $10,007,748, short-term liabilities of $5,165,995, and long-term liabilities of $61,288. The ending fund balance is $6,189,478.�Compared to last month, total reconciled cash increased by $77K, short-term liabilities increased by $8K (Accounts Payable & Accrued STRS), and long-term liabilities decreased by $5K (ROU Liability). |
Financial Summary
Report created on 1/8/2024 9:43:59 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: |
193.7 % | > 100.0 % | |
Formula:�(Cash) / (Current Liabilities) | ||
Defensive Interval | ||
Months of continued operation without incoming funds | ||
| Current: | Target: |
2.4 | > 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 1/8/2024 9:43:57 AM for Compass Charter Schools
Understanding the Financial Health of the Organization
Revenue Summary | |
Actual | $9,835,323 |
Budget | $10,204,809 |
Actual to Budget | -3.6 % |
Expense Summary | |
Actual | $13,109,398 |
Budget | $13,225,942 |
Actual to Budget | -0.9 % |
Compass Charter Schools Financial Snapshot
|
Cash Balance |
$10,007,748 |
FY 2023-2024, July - November
Report created on 1/8/2024 9:43:59 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 | $8,065,000 | $8,401,527 | ($336,527) | $29,426,372 | 27.4 % | $21,361,372 |
Federal Revenue | $236,415 | $255,280 | ($18,865) | $2,457,623 | 9.6 % | $2,221,209 |
State Revenue | $1,482,991 | $1,462,869 | $20,122 | $4,610,146 | 32.2 % | $3,127,155 |
Local Revenue | $50,918 | $85,133 | ($34,215) | $390,712 | 13.0 % | $339,794 |
Total Revenue | $9,835,323 | $10,204,809 | ($369,486) | $36,884,854 | 26.7 % | $27,049,530 |
FY 2023-2024, July - November
Certificated Salaries | $5,093,071 | $5,190,879 | $97,807 | $13,645,001 | 37.3 % | $8,551,929 |
Classified Salaries | $1,433,464 | $1,434,148 | $684 | $3,545,066 | 40.4 % | $2,111,602 |
Benefits | $2,351,254 | $2,229,779 | ($121,475) | $5,474,750 | 42.9 % | $3,123,496 |
Total Personnel Expenses | $8,877,790 | $8,854,807 | ($22,983) | $22,664,817 | 39.2 % | $13,787,027 |
Books and Supplies | $2,168,711 | $1,986,700 | ($182,011) | $6,216,350 | 34.9 % | $4,047,639 |
Services | $2,062,897 | $2,384,436 | $321,539 | $6,442,316 | 32.0 % | $4,379,419 |
Total Operational Expenses | $4,231,608 | $4,371,136 | $139,527 | $12,658,666 | 33.4 % | $8,427,057 |
Total Expenses | $13,109,398 | $13,225,942 | $116,544 | $35,323,483 | 37.1 % | $22,214,085 |
Net Income | ($3,274,075) | ($3,021,133) | ($252,941) | $1,561,371 | -209.7 % | $4,835,446 |
Revenue |
$9,835,323 |
|
Expenses |
$13,109,398 |
|
Surplus / (Deficit) |
($3,274,075) |
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 1/8/2024 9:43:59 AM for Compass Charter Schools
| Cash Amount | Actual or Projected |
July 2022 | $19,148,473.82 | Actual |
August 2022 | $17,223,677.82 | Actual |
September 2022 | $18,492,472.00 | Actual |
October 2022 | $16,537,123.28 | Actual |
November 2022 | $20,402,003.84 | Actual |
December 2022 | $21,760,388.96 | Actual |
January 2023 | $21,760,191.50 | Actual |
February 2023 | $20,219,682.10 | Actual |
March 2023 | $22,704,178.52 | Actual |
April 2023 | $24,549,088.38 | Actual |
May 2023 | $23,027,029.72 | Actual |
June 2023 | $23,070,773.46 | 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 | $10,619,537.00 | 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 1/8/2024 9:43:59 AM for Compass Charter Schools
Assets | |
Current Assets | |
Accounts Receivable | $523,375 |
Cash and Cash Equivalents | $10,007,748 |
Employee Advances | $75 |
Prepaid Expenses | $17,879 |
Short Term Investments | $797,525 |
Total Current Assets | $11,346,604 |
| |
Fixed Assets | |
Fixed Assets | $64,938 |
Total Fixed Assets | $64,938 |
| |
Other Assets | |
Other Assets | $5,220 |
Total Other Assets | $5,220 |
| |
Total Assets | $11,416,761 |
Liabilities and Net Assets | |
Current Liabilities | |
Accounts Payable | $198,411 |
Accrued Liabilities | $980,934 |
Other Short Term Liability | $3,986,650 |
Total Current Liabilities | $5,165,995 |
| |
Long Term Liabilities | |
Other Liabilities | $61,288 |
Total Long Term Liabilities | $61,288 |
| |
| |
| |
Total Liabilities | $5,227,283 |
| |
Net Increase/(Decrease in Net Assets) | |
Net Increase/(Decrease) in Net Assets | ($3,274,075) |
Total Net Increase/(Decrease) in Net Assets | ($3,274,075) |
| |
Total Net Assets | |
Total Net Assets | $6,189,478 |
Total Net Assets | $6,189,478 |
| |
Ending Net Assets | |
Ending Net Assets | $9,463,553 |
Total Ending Net Assets | $9,463,553 |
| |
Total Liabilities and Net Assets | $11,416,761 |
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 - November
Report created on 1/8/2024 9:44:00 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 1/8/2024 9:44:00 AM for Compass Charter Schools
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 |
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 |
Looking Ahead
Report created on 1/8/2024 9:44:00 AM for Compass Charter Schools
3/28/2024 | ESSER and GEER Annual Report due |
4/1/2024 | Audit firm selection |
Form 700 |
Looking Ahead
Report created on 1/8/2024 9:44:00 AM for Compass Charter Schools
HELPING THE EDUCATION MOVEMENT SUCCEED ONE SCHOOL AT A TIME
Report created on 1/8/2024 9:43:58 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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