16233 SOUTH 4BTH ST. PHOENIX, AZ HORIZOHCtC.ORG / / CERTIFICATE OF DEBT SERVICE COVERAGE RATIO
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1 ~ H0Rfidot1RS SOUTH 4BTH ST. PHOENIX, AZ HORIZOHCtC.ORG / / CERTIFICATE OF DEBT SERVICE COVERAGE RATIO The Industrial Development Authority of the County of Maricopa Education Facility Revenue Refunding Bonds Please see the attached reports: Horizon Community Learning Center Project Series Audited Debt Service Coverage Ratio and Statement of Number of Days Cash On Hand for the fiscal year. 2. Retention of Students by Grade Level Report. IN WITNESS WHEREOF, I have hereunto set my hand on behalf of the Borrower as of this 1st Day of February, Horizon Community Learning Center Signature:..{AM"--""~~-...--" Title: Fi~ CA& ]::; l ~ --~~ ~ LEARN. BELIEVE. DREAM.DARE.
2 HORIZON COMMUNITY LEARNING CENTER, INC. DEBT SERVICE COVERAGE RATIO AND DAYS CASH ON HAND CALCULATION YEAR ENDED JUNE 30, 2017
3 HORIZON COMMUNITY LEARNING CENTER, INC. TABLE OF CONTENTS YEAR ENDED JUNE 30, 2017 INDEPENDENT AUDITORS' REPORT 1 DEBT SERVICE COVERAGE RATIO AND DAYS CASH ON HAND CALCULATION 3 NOTES TO HISTORICAL DEBT SERVICE COVERAGE RATIO AND WORKING CAPITAL FUND DEPOSIT CALCULATION 4
4 .v CliftonlarsonAllen CliftonlarsonAllen LLP INDEPENDENT AUDITORS' REPORT The Bond Issuer and Trustee and Board of Directors Horizon Community Learning Center, Inc. We have audited the accompanying Debt Service Coverage Ratio and Days Cash on Hand Calculation of the Horizon Community Learning Center, Inc., for the year ended June 30, 2017 and the related notes to the Debt Service Coverage Ratio and Days Cash on Hand Calculation. Management's Responsibility for the Debt Service Coverage Ratio and Days Cash on Hand Calculation Management is responsible for the preparation and fair presentation of the Debt Service Coverage Ratio and Days Cash on Hand Calculation in accordance with the provisions of Article VI 11, Sections 8.05(e) and (f) of the loan agreement between the Industrial Development Authority of the County of Maricopa and Horizon Community Learning Center, Inc. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the Debt Service Coverage Ratio and Days Cash on Hand Calculation that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on the Debt Service Coverage Ratio and Days Cash on Hand Calculation based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Debt Service Coverage Ratio and Days Cash on Hand Calculation is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Debt Service Coverage Ratio and Days Cash on Hand Calculation. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the Debt Service Coverage Ratio and Days Cash on Hand Calculation, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the Debt Service Coverage Ratio and Days Cash on Hand Calculation in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the Debt Service Coverage Ratio and Days Cash on Hand Calculation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. ~ Amemberof ~ ~~~~ (1)
5 The Bond Issuer and Trustee and Board of Directors Horizon Community Learning Center, Inc. Opinion In our opinion, the Debt Service Coverage Ratio and Days Cash on Hand Calculation referred to above present fairly, in all material respects, the information required by the loan agreement for the Horizon Community Learning Center, Inc. for the year ended June 30, 2017, in conformity with the basis of accounting described in Note 1. Basis of Accounting We draw attention to Note 1, which describes the basis of accounting. The Debt Service Coverage Ratio and Days Cash on Hand Calculation is prepared on the basis of the provision of Article VIII, Sections 8.05(e) and (f) of the loan agreement between the Industrial Development Authority of the County of Pima and Horizon Community Learning Center, Inc., as discussed in Note 1, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to comply with the reporting provisions of the contract referred to above. Our opinion is not modified with respect to that matter. Restriction on Use This report is intended solely for the information and use of the board of directors and management of Horizon Community Learning Center, Inc. and filing with the Bond Issuer and Trustee. This report is not intended to be and should not be used by anyone other than these specified parties. CliftonlarsonAllen LLP Phoenix, Arizona December 21, 2017 (2)
6 HORIZON COMMUNITY LEARNING CENTER, INC. DEBT SERVICE COVERAGE RA TIO AND DAYS CASH ON HAND CALCULATION YEAR ENDED JUNE 30, 2017 REVENUE State Grants and Aid Charges for Services Rentals Contributions and Donations Interest Income Other Income Total Revenue OPERA TING EXPENSES Total Expense NET INCOME AVAILABLE FOR DEBT SERVICE ANNUAL DEBT SERVICE (Total Principal and Interest Due on All of the Borrower's Long-Term Indebtedness During the Fiscal Year) DEBT SERVICE COVERAGE RATIO (Net Income Available for Debt by Debt Service Requirement for the Year) $ 10,258,775 1,384,653 64, ,412 3,178 51,410 12,144,005 9,942,891 $ 2,201,114 $ 754, Cash and Cash Equivalents Operating Expenses Days per Year Operating Expenses per Day DAYS CASH ON HAND $ 3,333,951 $ 9,942, $ 27, (3)
7 HORIZON COMMUNITY LEARNING CENTER, INC. NOTES TO DEBT SERVICE COVERAGE RATIO AND DAYS CASH ON HAND CALCULATION YEAR ENDED JUNE 30, 2017 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Debt Service Coverage Ratio and Days Cash on Hand Calculation is defined and presented on the basis of accounting prescribed by the loan agreement by and between the Industrial Development Authority of the County of Maricopa and Horizon Community Learning Center, Inc., Article VIII, Sections 8.05(e) and (f). This prescribed reporting system allows exclusion of certain revenues and expenses from the total revenues/expenses reported in the financial statements. As part of the agreement, the Horizon Community Learning Center, Inc. is required to maintain a Debt Service Coverage Ratio of at least 1.1 and Days Cash on Hand of at last 45 as of June 30, The calculations for June 30, 2017 is presented to assist interested parties in assessing the performance of Horizon Community Learning Center, Inc. for the year then ended. NOTE 2 RECONCILIATION TO FINANCIAL STATEMENTS The following summaries are useful to reconcile the financial statements to the Historical Debt Service coverage Ratio and Working Capital Deposit Fund Calculation. Statement of Activities Less: Depreciation and Amortization Less: Loss on Disposal of Fixed Assets Less: Bad Debt Expense Less: Interest Expense and Fiscal Charges incurred on Outstanding Note Payable Operating Expenses Expenses $ 11,680,464 (569,094) (28,419) (70,534) (1,069,526) $ 9,942,891 (4)
8 Retention of Grade Level Enrollment Enrollment in Enrollment in Retention Grade Jan.2017 Jan.2018 Wait List Rate KG % 1st % 2nd % 3rd % 4th % 5th % 6th % 7th % 8th % 9th % 10th % 11th % 12th % TOTAL
9 ~ HOR~NORS SOUTH 4BTH ST. PHOENIX, AZ 8504B HORIZONCLC.ORG // CERTIFICATE OF ANNUAL INVESTOR CALL The Industrial Development Authority of the County of Maricopa Education Facility Revenue Refunding Bonds Horizon Community Learning Center Project Series 2016 Please accept this Certificate as notification of the Annual Investor Call for the School Year. The annual call is scheduled for February 23, 2018, at 2:00 PM, local time. To participate send an to for the call information. IN WITNESS WHEREOF, I have hereunto set my hand on behalf of the Borrower as of this 1st day of February, Signature: Horizon Community Learning Center {J iilrr Title: 6 ;...s f.\-n UE b1/2..e:z-,~ LEARN.BELIEVE. DREAM.DARE.
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