Reid Traditional Schools Obligated Group Balance Sheet (unaudited) as of December 31, 2017

Transcription

1 Reid Traditional Schools Obligated Group Balance Sheet (unaudited) as of December 31, 2017 ASSETS as of CURRENT ASSETS Cash & Cash Equivalents 2,746,552 Prepaid expense & deposits 80,062 TOTAL CURRENT ASSETS 2,826,614 FIXED ASSETS Land & improvements 3,648,500 Building & improvements 20,310,178 Furniture, fixtures, equipment 2,656,685 Less accumulated depreciation (5,440,109) TOTAL FIXED ASSETS 21,175,254 Credit Reserve for 2013Q Bonds 276,262 Liquid Reserve for 2013Q Bonds 308,631 Debt Reserve Funds 1,539,412 Construction Project Fund 24,312 Special Redemption Fund 19,807 Repair & Replacement Funds 117,170 TOTAL ASSETS 26,287,462 LIABILITIES & EQUITY LIABILITIES CURRENT LIABILITIES Accounts Payable 48,591 Accrued payroll & related 529,263 Bonds Payable, current portion 371,173 TOTAL CURRENT LIABILITIES 949,028 LONG TERM LIABILITIES Bonds payable, non-current portion 23,058,916 Bonds Premium 1,929,434 Bond Sinking Fund (unamortized loan issuance costs) (623,307) TOTAL LONG TERM LIABILITIES 24,365,041 TOTAL LIABILITIES 25,314,069 NET ASSETS (EQUITY) Unrestricted net assets 1,566,504 Net Income, current year (620,393) Temporarily restricted net assets 27,282 TOTAL EQUITY 973,393 TOTAL LIABILITIES & EQUITY 26,287,462

2 RTS Obligated Group Consolidated Profit and Loss (unaudited) Revenue State Equalization 3,659,887 3,850,975 8,971,911 8,616,158 Prop , , , ,789 Instructional Improvement ,759 51,248 Local Revenue & Interest Federal Grants (IDEA) 46,377 57, , ,927 Gifts, Donations and TCDs 19,671 16,171 45,300 48,078 Auxiliary 619, ,418 1,118,353 1,136,031 Total Revenue 4,540,632 4,699,489 10,886,300 10,593,091 Expenses Salaries, Benefits & Taxes 3,360,364 3,483,958 6,928,370 6,682,309 Accounting & Audit 30,400 30,400 35,500 35,500 Advertising/Marketing/Want Ad 21,346 20,730 41,460 41,177 Auxiliary Services and Supplies 64,243 62, , ,463 Bank Charges , Bond Interest & Fees 455, ,049 1,102,553 1,104,202 Cleaning 56,245 53,166 94,000 97,079 Copier Maintenance 23,143 35,300 70,600 57,758 Dues and Fees 41,018 43,774 50,995 48,417 Electricity 107, , , ,751 Instructional/Library Supplies 62,326 47,663 81,726 96,613 Insurance 32,576 45,900 82,000 56,157 InterCompany Interest 0 10,400 20,800 0 IT Services 125, , , ,265 Legal 825 5,500 11,000 6,325 Miscellaneous Services 21,696 18,493 31,500 34,704 Payroll Fees 11,147 13,500 37,000 34,543 Pest Control 1,026 1,200 2,400 2,226

3 RTS Obligated Group Consolidated Profit and Loss (unaudited) Postage and Delivery 1,856 1,700 3,400 3,557 Printing 4,465 5,000 7,000 6,465 Prof Services - Background check Publications Repairs and Maintenance 43,239 58, ,000 97,077 Security and Fire Monitoring 3,866 4,625 9,250 8,491 Seminars & Travel 6,305 10,553 18,000 15,100 Software 39,042 39,129 44,700 45,561 Spalding Expense 305 2,000 11,000 9,395 Special Education 153, , , ,875 Student Transportation 4,455 4,250 12,500 12,955 Supplies 39,471 27,509 35,450 41,229 Taxes (Sales) 6,494 2,850 5,700 9,344 Testing 4,698 4,400 5,000 5,298 Telephone/Fax/Internet 16,303 17,125 34,250 33,441 Textbooks 9,186 19,830 53,000 42,356 Water 32,738 29,165 51,500 54,227 Total Expense 4,781,328 4,999,468 9,939,798 9,566,360 Income in Excess of Expense (240,696) (299,979) 946,502 1,026,732 Depreciation 379, , , ,710 Operating Profit (Loss) (620,392) (637,314) 271, ,022

4 Reid Traditional Schools, Inc Balance Sheet (unaudited) as of December 31, 2017 ASSETS CURRENT ASSETS as of Cash & Cash Equiv 129,744 Accounts Receivable (Intercompany) 116 TOTAL CURRENT ASSETS 129,860 FIXED ASSETS Land & improvements 3,648,500 Building & improvements 20,310,178 Furniture, fixtures, equipment 6,693 Less accumulated depreciation (3,914,987) TOTAL FIXED ASSETS 20,050,384 Debt Reserve for 2016 bonds 1,539,412 Construction Project Fund 24,312 Repair & Replacement Funds 117,170 TOTAL ASSETS 21,861,138 LIABILITIES & EQUITY LIABILITIES CURRENT LIABILITIES Accounts Payable (Intercompany) 90,424 Accrued payroll & related 33,234 Bonds Payable, current portion 240,000 TOTAL CURRENT LIABILITIES 363,658 LONG TERM LIABILITIES Bonds payable, non-current portion 20,565,000 Bonds Premium Issue 1,742,950 Bond Sinking Fund (unamortized loan issuance costs) (544,667) TOTAL LONG TERM LIABILITIES 21,763,283 TOTAL LIABILITIES 22,126,941 NET ASSETS (EQUITY) Unrestricted net assets (259,566) Net Income, current year (6,237) TOTAL EQUITY (265,803) TOTAL LIABILITIES & EQUITY 21,861,138

5 Reid Traditional Schools, Inc. Income Statement (unaudited) Revenue: Lease Income 729, ,199 1,458,398 1,458,398 Management Fees 309, , , ,000 Interest & Dividends Total Revenue 1,039,021 1,038,199 2,076,398 2,077,220 Expenses: Salaries, Benefits & Taxes 286, , , ,238 Accounting & Audit 9,350 9,350 11,000 11,000 Advertising & Marketing 20,899 20,000 40,000 40,000 Bond Interest & Fees 402, , , ,352 Copier Maintenance 1,535 2,300 4,600 3,150 Dues and Fees & Bank Charges 3,322 2,750 3,000 3,750 Insurance - Cyber 3,800 4,000 4,000 3,800 IT Services 45,000 36,000 45,000 60,000 Legal 165 2,000 4,000 2,165 Miscellaneous/Staff Appreciation 390 1,500 3,000 1,890 Payroll Fees 2,627 5,000 10,000 7,625 Postage & Delivery Prof Svcs - Background Checks Publications Repairs & Maintenance Seminars & Travel 4,534 6,553 10,000 7,100 Software & website 10,185 9,128 9,200 11,125 Supplies ,650 1,200 Telephone/Fax/Internet Total Expenses 792, ,970 1,669,900 1,662,920 Income in Excess of Expenses 246, , , ,300 Depreciation & Amortization 252, , , ,380 Operating Profit (Loss) (6,237) 19,307 (39,347) (91,080)