Chicago Public Schools - Office of Innovation & Incubation Financial & Compliance Performance Report. Net Asset Ratio (a) 3.

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Corey Small
5 years ago
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1 School: Address: 2 South Homan Avenue Financial Management & Accountability Version: H Phone: Term of Agreement: Grades Served: Chicago Public Schools - Office of Innovation & Incubation 20- Financial & Performance Report L.E.A.R.N. Charter School Network PreK-8th School ID: Various Financial Management and Category Indicator Change in Net Assets (a) Performance Liquidity/Current Ratio (a) Net Asset Ratio (a) Cash on Hand Ratio (b) Loan Delinquency (a) Financial Condition Financial Practices Annual Audit (a) 2 Legal Quarterly Statements Audit Reporting CPS/State/Federal (a) The scores are based on the June 0, 20 audited consolidated financial statements that includes the LEARN Charter School Network, LEARN Charter THC, LLC, LEARN Charter Master Tenant LLC, and LEARN Development Corp. (b) The cash on hand ratio was computed based on the LEARN Charter School Network's cash balance and expenses from LEARN's unaudited consolidating June 0, 20 financial statements.

2 LEARN FY FY Change in Net Assets FY Surplus/(Deficit),75,689 Increase in net assets is greater than budgeted surplus FY ed Surplus /(Deficit) 62,0 Current Ratio Ratio Range Performance Score Current Ratio Performance Score.. Current Assets,5,60 Current Liabilities 9,586,8 Net Asset Ratio Ratio Range Performance Score Net Asset Ratio 20.22% 0 Performance Score Total Net Assets 2,0,60 0. Total Assets 59,55,6 Cash on Hand Ratio Ratio Range Performance Score Cash on Hand Ratio.22 0 Performance Score (a) Represents the charter school network's cash balance and expenses from unaudited consolidating financial statements Year-end Cash Balance (a),622,822 Est. Monthly Cash Expenses 2,969,50 Total FY Expenses (a) 6,52,28 Less: Depreciation and Amortization (a) & (b) (878,0) (b)total Depreciation per FY Audit $,225,529 Est. Total Cash Expenses 5,6,8 Less: THC's Depreciation (per LEARN's CFO) ($7,99) LEARN Depreciation for COH Ratio $878,0 Est. Monthly Cash Expenses (/2) 2,969,50 Loan Delinquency No late payments Performance Score FY5 Appears to be a realistic budget without needs to be resubmitted. Performance Score 2

3 FY Annual Audit Audit Opinion: Significant Deficiencies / Material Weakness: Unqualified Material Weakness - Bank reconciliations Findings: None Reporting - Timeliness or not Submitted FY Late FY Quarterly Statements Late- 2nd Quarter Statement FY Audit Late with siginificant delay (5 days or more) Late- Certificate of Liability Insurance, School Staff List CPS/Fed/State

4 Version H: Financial Management and Rating Matrix for the Performance Report Financial Condition and : Indicator Change in Net Assets Liquidity/Current Ratio Net Asset Ratio Cash-on-hand Ratio Loan Delinquency Increase in net assets in line with or greater than budgeted surplus Current ratio is equal to. Net assets are equal to 0% of total assets Cash/avg. monthly expenses greater or equal to.0 No late payments in last twelve months, or no outstanding debt Realistic budget with reasonable revisions allowed through the end of October Increase in net assets less than budgeted surplus or realizing a balanced budget Current ratio is less than. but greater than or equal to. Net assets are equal to 20% of total assets but less than 0% Cash/avg. monthly expenses greater or equal to.0 but less than.0 One late payment in last twelve months Realistic budget with mostly reasonable revisions allowed through the end of October Decrease in net assets in line with or less than budgeted deficit Current ratio is less than. but greater than or equal to.0 Net assets are equal to0% of total assets but less than 20% Cash/avg. monthly expenses greater or equal to 0.75 but less than.0 Two or three late payments in last twelve months Realistic budget without needs to be resubmitted Unbudgeted decrease in net assets or decrease in net assets greater than budgeted deficit Current ratio is less than.0 Net assets are less than 0% of total assets Cash/avg. monthly expenses less than.75 More than three late payments in last twelve months Unrealistic budget with unreasonable needs to be resubmitted

5 Financial Controls: Indicator Annual Audit Unqualified opinion, no material weaknesses or significant deficiencies Unqualified opinion; one significant deficiency noted, but school will address within 2 months Unqualified opinion, with two noted significant deficiencies. Unqualified opinion, with a noted material weakness or three or more significant deficiencies; or a qualified opinion : Indicator Legal compliance reflects no findings compliance reflects one finding compliance reflects two findings compliance reflects three or more findings; and/or audit states that corrections have not been made for prior year finding(s)

6 Reporting: Indicator Quarterly Statements is submitted on a timely basis Quarterly statements are submitted on a timely basis is submitted with one delay but with prior Quarterly statements are submitted late one time is submitted delay or submitted late without prior Quarterly statements are submitted late two times is submitted delay for second year in a row, or not submitted at all Quarterly statements are submitted late three or more times, or not submitted at all Audit CPS/State/Fed Document Submissions on a timely basis Timely submittal of all required documents with one delay but with prior Late submittal of up to two required documents delay or submitted late without prior Late submittal of three required documents delay for second year in a row, or not submitted at all Late submittal of more than three required documents

Chicago Public Schools - Office of Innovation & Incubation Financial & Compliance Performance Report. Change in Net Assets

Chicago Public Schools - Office of Innovation & Incubation 2013-1 Financial & Compliance Performance Report School: Catalyst Schools Consolidated (a) School ID: Various Address: 6727 S. California Avenue