Trinity Basin Preparatory, Inc.

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1 Financial Statements with Compliance Reports and Supplemental Information August 31, 2016

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3 Contents Independent Auditors Report 1 Financial Statements: Statement of Financial Position 3 Statement of Activities 4 Statement of Cash Flows 6 Notes to Financial Statements 7 Compliance Reports: 15 Independent Auditors Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 16 Independent Auditors Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance 18 Schedule of Findings and Questioned Costs 20 Schedule of Prior Audit Findings 21 Schedule of Expenditures of Federal Awards 22 Notes to Schedule of Expenditures of Federal Awards 23 Supplemental Information: 24 Schedule of Capital Assets 25 Budgetary Comparison Schedule 26 Schedule of Expenses 27

4 Independent Auditors Report To the Board of Directors of Trinity Basin Preparatory, Inc. Report on Financial Statements We have audited the accompanying financial statements of Trinity Basin Preparatory, Inc. (Academy) (a nonprofit organization), which comprise the statement of financial position as of August 31, 2016, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with U.S. generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risk of material misstatement of the financial statements, 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 financial statements 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 financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Sutton Frost Cary LLP Certified Public Accountants and Consultants Phone Six Flags Drive, Suite 600 Arlington, Texas Fax

5 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Trinity Basin Preparatory, Inc. as of August 31, 2016 and the changes in its net assets and its cash flows for the year then ended in accordance with U.S. generally accepted accounting principles. Other Matters Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information listed in the accompanying table of contents is presented for purposes of additional analysis as required by the Texas Education Agency and is not a required part of the financial statements. The accompanying schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis and is also not a required part of the financial statements. The supplementary information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with U.S. generally accepted auditing standards. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 17, 2017 on our consideration of Trinity Basin Preparatory, Inc. s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Trinity Basin Preparatory, Inc. s internal control over financial reporting and compliance. Arlington, Texas January 17, 2017 A Limited Liability Partnership

6 Statement of Financial Position August 31, 2016 Assets Current assets: Cash and cash equivalents $ 3,341,907 Due from Texas Education Agency 1,294,944 Prepaid expense 277,351 Total current assets 4,914,202 Non-current assets: Deposits 20,267 Property held for sale 2,969,949 Property and equipment, net 24,597,019 Total non-current assets 27,587,235 Total assets $ 32,501,437 Liabilities and Net Assets Current liabilities: Accounts payable $ 652,720 Accrued wages 1,059,351 Accrued interest 51,080 Line of credit 600,000 Current maturities of capital lease obligation 263,619 Current maturities of long-term debt 683,911 Total current liabilities 3,310,681 Long-term liabilities: Deferred rent 120,000 Capital lease obligation 455,572 Long-term debt, net of debt issuance costs 28,562,538 Total long-term liabilities 29,138,110 Total liabilities 32,448,791 Unrestricted net assets 52,646 Total liabilities and net assets $ 32,501,437 See notes to financial statements. 3

7 Statement of Activities Year Ended August 31, 2016 Temporarily Unrestricted Restricted Total Revenue and other support Local support 5740 Other revenue from local sources $ 61,368 $ - $ 61, Food service activity 38,147-38,147 Total local support 99,515-99,515 State program revenue 5810 Foundation School Program - 18,877,407 18,877, Per Capita Apportionment - 254, , State Program Revenues Distributed by TEA - 501, ,826 Total state program revenue - 19,633,300 19,633,300 Federal program revenue 5920 ESEA Title I, Part A - 784, , IDEA Part B, Formula - 277, , IDEA Part B, Preschool - 2,252 2, Child Nutrition Program - 1,084,972 1,084, ESEA Title II, Part A - 64,076 64, ESEA Title III, Part A - 182, , Summer School LEP - 10,018 10, Federal Revenues Distributed by State of Texas Government Agencies (other than TEA) - 112, ,142 Total federal program revenue - 2,517,602 2,517,602 Net assets released from restrictionssatisfaction of program restrictions 22,150,902 (22,150,902) - Total revenue and other support 22,250,417-22,250,417 See accompanying notes to financial statements. 4

8 Statement of Activities Year Ended August 31, 2016 Temporarily Unrestricted Restricted Total Expenses Program services 11 Instruction $ 11,923,458 $ - $ 11,923, Instruction resources and media services 26,721-26, Curriculum development and instructional staff development 184, , Instructional leadership 701, , School leadership 994, , Guidance, counseling, evaluation services 290, , Health services 193, , Food services 1,439,971-1,439, Extracurricular activities 14,451-14,451 Supporting services 41 General administration 1,708,673-1,708, Facilities maintenance and operations 2,506,136-2,506, Security 175, , Data processing services 730, , Community services 20,042-20, Debt service 1,068,891-1,068, Fundraising 13,836-13,836 Total expenses 21,992,893-21,992,893 Change in net assets 257, ,524 Net deficit at beginning of year (204,878) - (204,878) Net assets at end of year $ 52,646 $ - $ 52,646 See accompanying notes to financial statements. 5

9 Statement of Cash Flows Year Ended August 31, 2016 Cash flows from operating activities: Change in net assets $ 257,524 Adjustments to reconcile change in net assets to net cash provided by operating activities Depreciation 1,394,516 Amortization of debt issuance costs 42,279 Amortization of bond premium (131,092) Changes in operating assets and liabilities: Due from Texas Education Agency (282,931) Prepaid expense 111,994 Other assets 46,650 Accounts payable and accruals 273,016 Deferred rent 24,684 Net cash provided by operating activities 1,736,640 Cash flows from investing activities: Purchases of property and equipment (4,451,032) Net cash used in investing activities (4,451,032) Cash flows from financing activities: Change in restricted cash and cash equivalents 3,592,217 Proceeds from issuance of line of credit 600,000 Principal payments on capital lease obligations (254,157) Net cash provided by financing activities 3,938,060 Net increase in cash and cash equivalents 1,223,668 Cash and cash equivalents at beginning of year 2,118,239 Cash and cash equivalents at end of year $ 3,341,907 Supplemental disclosure of cash flow information: Cash paid for interest, less amount capitalized of $106,139 $ 1,091,561 Supplemental schedule of noncash investing and financing activities: Property and equipment acquired through capital lease $ 458,196 Property reclassified as held for sale $ 2,969,949 See accompanying notes to financial statements. 6

10 Notes to Financial Statements 1. Organization and Nature of Activities Trinity Basin Preparatory, Inc. (Academy) operates under an open enrollment charter granted by the State of Texas Board of Education. The original charter was issued for a period from October 1, 1998 to July 31, The charter was last renewed June 20, 2013 and now expires July 31, The charter is subject to review and renewal prior to expiration. The Academy is part of the public school system of the State of Texas (State) and is therefore entitled to distribution from the State s available school fund. The Academy does not have the authority to impose ad valorem taxes or to charge tuition. The Academy operates under a single charter and does not conduct any non-charter activities. The Academy provides a safe, disciplined learning environment for students in grades Pre K3 through eighth at three campuses in Oak Cliff and two campuses in Fort Worth. Enrollment was over 2,300 students during the 2015/2016 school year and is currently over 2,750 students for the 2016/2017 school year. 2. Summary of Significant Accounting Policies Basis of Accounting and Financial Statement Presentation The Academy prepares its financial statements on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). The accounting system is organized under the Special Supplement to Financial Accounting and Reporting Nonprofit Charter School Chart of Accounts, a module of the Texas Education Agency Financial Accountability Resource Guide. Net assets and revenues, expenses, gains and losses are classified based on the existence and nature or absence of donor-imposed restrictions. Accordingly, net assets and changes therein are classified as follows: Unrestricted net assets - Net assets not subject to donor-imposed stipulations. Temporarily restricted net assets - Net assets subject to donor or grantor stipulations that will be met by actions of the Academy and/or the passage of time. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. There are no temporarily restricted net assets at August 31, Permanently restricted net assets - Net assets subject to donor-imposed stipulations that will never lapse thus requiring the funds to be maintained permanently by the Academy. There are no permanently restricted net assets at August 31,

11 Notes to Financial Statements Financial Instruments and Credit Risk Concentrations Financial instruments which are potentially subject to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. Cash and cash equivalents are placed with high credit quality financial institutions to minimize risk. The Academy maintains cash balances at two financial institutions located in Texas. The balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At August 31, 2016 the Academy s uninsured bank balances totaled $2,749,486. The Academy has not experienced any losses in such accounts. Accounts receivable are unsecured and are due from the Texas Education Agency. The Academy continually evaluates the collectability of accounts receivable and maintains allowances as necessary. No provision has been made for uncollectible accounts receivable as of the statement of financial position date, given that none have been identified. For the year ended August 31, 2016, the Academy received over 99% of its total revenue and support from governmental agencies. Cash and Cash Equivalents The Academy considers all highly liquid investments available for current use with original maturities of three months or less to be cash equivalents. Debt Issuance Costs and Original Issue Premiums The Academy amortizes the costs of obtaining long-term financing and original issue premiums on bond indebtedness over the average period the related bonds will be outstanding. Debt issuance costs and original issue premiums are included in long-term debt in the accompanying statement of financial position. Amortization expense is included in debt service in the accompanying statement of activities. Property and Equipment Property and equipment are stated at cost, if purchased, and at fair market value, if donated. Assets with a cost of $5,000 or more and an expected life greater than one year are capitalized. Interest expense on debt issued for construction projects is capitalized until the projects are placed in service. Depreciation of property and equipment is calculated on a straight-line method over the estimated useful lives of 5 to 30 years. Amortization of capital leases is included in depreciation expense. Property and equipment acquired with public funds received for the operation of the Academy constitute public property pursuant to Chapter 12 of the Texas Education Code. For depreciable property and equipment purchased with donor or grantor resources, the donor or grantor restriction expires over the assets useful lives. 8

12 Notes to Financial Statements Deferred Rent The Academy has a lease which includes escalating rent over the lease term. In accordance with GAAP, rent cost is accounted for on a straight-line basis over the term of the lease. Revenues and Contributions Revenues from the State s available school fund are earned based on reported attendance. Government grant contracts that are entered into by the Academy are recognized as revenue as contract terms are fulfilled. Contributions and grants are considered to be available for unrestricted purposes unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily restricted or permanently restricted support that increases those net asset classes. Contributed Services Contributed services are recognized in the accompanying financial statements at fair value if the services received create or enhance non-financial assets or require specialized skills that are provided by individuals possessing those skills and would typically need to be purchased if not provided by donation. Numerous individuals donate significant amounts of time to the Academy. No donated services were utilized that met the criteria to be recorded as revenue in the Academy s financial statements. Federal Income Taxes The Academy is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code (Code) and has not been classified as a private foundation as defined in the Code. Income generated from activities unrelated to the Academy s exempt purposes is subject to tax under Code Section 511. The Academy had no unrelated business income for the year ended August 31, Accordingly, no provision has been made for federal income tax in the accompanying financial statements. GAAP requires the evaluation of tax positions taken in the course of preparing the Academy s tax returns and recognition of a tax liability (or asset) if the Academy has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the Academy, and has concluded that as of August 31, 2016, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. 9

13 Estimates and Assumptions Trinity Basin Preparatory, Inc. Notes to Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 3. Property and Equipment Property and equipment consist of the following: Land $ 1,274,832 Buildings and improvements 24,260,672 Furniture and equipment 2,325,186 Vehicles 68,654 Total property and equipment 27,929,344 Less accumulated depreciation (3,332,325) Property and equipment, net $ 24,597,019 Depreciation expense for the year ended August 31, 2016 totaled $1,394, Line of Credit During the year ended August 31, 2016, the Academy entered into a line of credit agreement with a bank whereby it may borrow up to $600,000, with interest due at the prime rate plus 1.75% (4.75% at August 31, 2016). The note is due on demand and all interest payments are due monthly with principal due upon maturity on November 18, As of August 31, 2016, the covenants of the agreement have been met and the outstanding balance on the line of credit was $600,000 at August 31, Long-Term Debt In August 2014, the Academy completed a transaction in which the Arlington Higher Education Finance Corporation (AHEFC) issued $29,055,000 Series 2015A Education Revenue Bonds and $550,000 Series 2015B Taxable Education Revenue Bonds and loaned the proceeds of the bonds to the Academy. Wilmington Trust is trustee for the bonds. 10

14 Notes to Financial Statements The following is a summary of changes in the Academy s total long-term liabilities for the year. Amounts Begininning Ending Due Within Balances Additions Reductions Balances One Year Bonds payable Series 2014 A $ 29,055,000 $ - $ - $ 29,055,000 $ - Series 2014 B 550, , ,000 Bond premiums 709, , , ,911 Debt issuance costs (979,267) - (42,279) (936,988) - Total $ 29,335,262 $ - $ 88,813 $ 29,246,449 $ 683,911 These bonds were issued as education revenue bonds, and have interest rates ranging from 3.25% to 5%, collateralized by a pledge of revenues of the Academy and are guaranteed by the Permanent School Fund of the State of Texas. The required debt service payments of the long-term debt to satisfy the requirements of the bonds are as follows for the years ending August 31: Principal Interest Total 2017 $ 550,000 $ 1,225,906 $ 1,775, ,000 1,215,456 1,795, ,000 1,192,256 1,792, ,000 1,162,256 1,792, ,000 1,130,756 1,795, ,845,000 5,121,781 8,966, ,820,000 4,152,181 8,972, ,830,000 3,135,000 8,965, ,105,000 1,871,000 8,976, ,980, ,600 5,383,600 Total $ 29,605,000 $ 20,610,192 $ 50,215,192 Interest expense on bonds for the year ended August 31, 2016 totaled $1,119, Multi-employer Defined Benefit Pension Plan The Academy participates in a cost-sharing multiple-employer defined benefit pension plan that has a special funding situation. 11

15 Notes to Financial Statements The plan is administered by the Teacher Retirement System of Texas (TRS). TRS s defined benefit pension plan (Plan) is established and administered in accordance with the Texas Constitution, Article XVI, Section 67 and Texas Government Code, Title 8, Subtitle C. The pension trust fund is a qualified pension trust under Section 401(a) of the Code. The Texas Legislature establishes benefits and contribution rates within the guidelines of the Texas Constitution. The Plan s Board of Trustees does not have the authority to establish or amend benefit terms. All employees of public, state-supported educational institutions in Texas who are employed for one-half or more of the standard work load and who are not exempted from membership under Texas Government Code, Title 8, Section are covered by the Plan. Detailed information about the Plan is available in a separately-issued Comprehensive Annual Financial Report that includes financial statements and required supplementary information. That report may be obtained at the TRS website; by writing to TRS at 1000 Red River Street, Austin, TX, ; or by calling (800) TRS provides service retirement and disability retirement benefits, and death benefits to eligible employees (and their beneficiaries) of public and higher education in Texas. Charter schools are legally separate entities from the State and each other. Assets contributed by one charter school or Independent School District (ISD) may be used for the benefit of an employee of another ISD or charter school. The unfunded obligations get passed along to the other charter schools and ISDs. There is not a withdrawal penalty for leaving the TRS system. Information with respect to the Plan and the Academy s participation in the Plan for the year ended August 31, 2015 is as follows: Legal Name of Plan: Teacher Retirement System of Texas EIN/Pension Plan Number: N/A Total Plan Assets: $149,780,061,824 Accumulated Benefit Obligations: $163,887,375,172 Plan funded percentage: 78.43% funded Is plan covered by collective bargaining agreements? No Employer contributions to the plan: $770,717 Contributions greater than 5% of total plan contributions? No Contribution rates: Member 6.7% Non-Employer Contributing Entity (State) 6.8% Employers 6.8% There have been no changes that would affect the comparison of employer contributions from year to year. 12

16 7. Health Care Coverage Trinity Basin Preparatory, Inc. Notes to Financial Statements During the year ended August 31, 2016, employees of the Academy were covered by the TRS Active employee Health Insurance Plan. The Academy contributed $225 per month per employee for the period from September 1, 2015 to August 31, 2016 to the plan. Employees, at their option, authorized payroll withholdings to pay contributions or premiums for dependents. All premiums were paid to licensed insurers. 8. Leases Operating Leases The Academy has non-cancelable operating lease agreements that expire at various dates through August The following is a schedule of future minimum lease payments under these operating lease agreements for the years ending August 31: 2017 $ 887, , , , ,108 Thereafter 2,345,668 Lease expense incurred during the year ended August 31, 2016 totaled $970,830. Capital Leases The Academy leases certain equipment totaling $907,285 under capital lease obligations at August 31, Accumulated depreciation on these assets totaled $165,291 at August 31, The present value of future minimum lease payments at August 31 are as follows: 2017 $ 255, , , , , ,276 Less amounts representing interest 46,085 Present value of future minimum lease payments 719,191 Less current maturities 263,619 Capital lease obligations, net of current maturities $ 455,572 13

17 Notes to Financial Statements 9. Contingencies The Academy receives funds through state and federal programs that are governed by various statutes and regulations. State program funding is based primarily on student attendance data submitted to the Texas Education Agency and is subject to audit and adjustment. Expenses charged to federal programs are subject to audit and adjustment by the grantor agency. The programs administered by the Academy have complex compliance requirements, and should state or federal auditors discover areas of noncompliance, charter school funds may be subject to refund if so determined by the Texas Education Agency or the grantor agency. 10. Subsequent Events In October 2016, the Academy entered into a credit facility with a bank whereby it may borrow up to $2,600,000. The credit facility is made up of a $1,200,000 revolving line of credit loan for the payoff of the existing line of credit and other working capital purposes and a $1,400,000 guidance line of credit for the purpose of financing certain capital expenditures of the Academy. Additionally, the Academy exercised a purchase option to acquire real property in the amount of $800,000. The Academy evaluated subsequent events after the statement of financial position date of August 31, 2016 through January 17, 2017, which was the date the financial statements were available to be issued, and concluded that no additional disclosures are required. 14

18 Compliance Reports 15

19 Independent Auditors Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Board of Directors Trinity Basin Preparatory, Inc. We conducted our audit in accordance with U.S. generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Trinity Basin Preparatory, Inc. (Academy) (a nonprofit organization), which comprise the statement of financial position as of August 31, 2016, and the related statements of activities and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated January 17, Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the Academy s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Academy s internal control. Accordingly, we do not express an opinion on the effectiveness of the Academy s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Academy s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. 16

20 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Academy s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Academy s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Academy s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Arlington, Texas January 17, 2017 A Limited Liability Partnership 17

21 Independent Auditors Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance Board of Directors Trinity Basin Preparatory, Inc. Report on Compliance for Each Major Federal Program We have audited Trinity Basin Preparatory, Inc. s (Academy) (a nonprofit organization) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the Academy s major federal programs for the year ended August 31, The Academy s major federal programs are identified in the summary of auditor s results section of the accompanying schedule of findings and questioned costs. Management s Responsibility Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. Auditors Responsibility Our responsibility is to express an opinion on compliance for each of the Academy s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with U.S. generally accepted auditing standards; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Academy s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Academy s compliance. Opinion on Major Federal Program In our opinion, the Academy complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on its major federal programs for the year ended August 31,

22 Report on Internal Control over Compliance Management of the Academy is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Academy s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Academy s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Arlington, Texas January 17, 2017 A Limited Liability Partnership 19

23 Schedule of Findings and Questioned Costs Year Ended August 31, 2016 Section I Summary of Auditors Results Financial Statements Type of auditor s report issued: Unmodified Internal control over financial reporting: Material weaknesses identified? yes X no Significant deficiencies identified? yes X none reported Noncompliance material to financial statements noted? yes X no Federal Awards Internal control over major programs: Material weaknesses identified? yes X no Significant deficiencies identified? yes X none reported Type of auditors report issued on compliance for major programs: Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR (a)? yes X no Identification of major federal program or cluster: Child Nutrition Cluster CFDA and Dollar threshold used to distinguish between type A and type B programs: $750,000 Auditee qualified as low-risk auditee? X yes no Section II Financial Statement Findings Audit findings: None Section III Federal Award Findings and Questioned Costs Audit findings: None 20

24 Section II Financial Statement Findings Audit findings: None Trinity Basin Preparatory, Inc. Schedule of Prior Audit Findings Year Ended August 31, 2016 Section III Federal Award Findings and Questioned Costs Audit findings: None 21

25 Schedule of Expenditures of Federal Awards Year Ended August 31, 2016 Federal Grantor/ Federal Pass-through Pass through Grantor/ CFDA entity identifying Federal Program or Cluster Title Number number Expenditures U.S. Department of Education: Passed through Texas Education Agency: Special Education-Grants to States (IDEA, Part B) A $ 277,373 Special Education-Preschool Grants (IDEA Preschool) A ,252 Total Special Education Cluster 279,625 Passed through Texas Education Agency: Title I Part A - Improving Basic Programs A ,056 ESEA Title II Part A - Teacher & Principal Training A ,076 Title III, Language Instruction LEP A ,713 Summer School LEP A ,018 Total U.S. Department of Education 1,320,488 U.S. Department of Agriculture: Passed through Texas Education Agency: National School Breakfast Program ,141 National School Lunch Program ,128 USDA Commodities (noncash) ,703 Total Child Nutrition Cluster and U.S. Department of Agriculture 1,084,972 Total Expenditures of Federal Awards $ 2,405,460 22

26 Notes to Schedule of Expenditures of Federal Awards 1. Basis of Presentation The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Trinity Basin Preparatory, Inc. (Academy). The information in this schedule is presented in accordance with the requirements of Title U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Academy not intended to and does not present the financial position, changes in net assets, or cash flows of the Academy. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles in OMB Circular A-122, Cost Principles for Non-Profit Organizations, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Academy has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. 2. Non-Cash Federal Awards The Academy received non-cash awards in the form of food commodities totaling $41,703 for the year ended August 31,

27 Supplemental Information 24

28 Schedule of Capital Assets August 31, 2016 Ownership Interest Description Local State 1510 Land $ - $ 1,274, Buildings and improvements - 24,260, Furniture and equipment - 1,417, Equipment under capital lease - 907, Vehicles - 68,654 $ - $ 27,929,344 25

29 Budgetary Comparison Schedule August 31, 2016 Budgeted Amounts Actual Variance from Original Final Amounts Final Budget Revenue and other support: Local support: 5740 Other revenue from local sources $ 51,000 $ - $ 61,368 $ 61, Food service activity 41,000 75,189 38,147 (37,042) State program revenue: 5810 Foundation School Program 19,550,200 19,189,285 18,877,407 (311,878) 5810 Per Capita Apportionment - 26, , , State Program Revenues Distributed by TEA - 357, , ,424 Federal program revenue: 5920 ESEA Title I, Part A 711, , ,056 7, IDEA Part B, Formula 195, , ,373 38, IDEA Part B, Preschool 2,252 2,208 2, Child Nutrition Program 1,071,800 1,066,837 1,084,972 18, ESEA Title II, Part A 105,753 61,494 64,076 2, ESEA Title III, Part A 125, , ,713 35, Summer School LEP 10,100 3,500 10,018 6, E-rate 150, Medicaid Administration Claiming 10,000 53,873 - (53,873) 5920 Summer School Nutrition 7,000 84,833 - (84,833) 5930 Federal Revenues Distributed by State of Texas Government Agencies (other than TEA) 7,000 10, , ,124 Total revenue and other support 22,038,866 22,093,464 22,250, ,953 Expenses: 11 Instruction 11,235,000 11,868,764 11,923,458 (54,694) 12 Instructional resources and media services 77,250 25,780 26,721 (941) 13 Curriculum development and instructional staff development 345, , ,233 (4,776) 21 Instructional leadership 650, , ,429 12, School leadership 1,100, , ,648 (24,527) 31 Guidance, counseling and evaluation services 200, , ,576 (1,770) 33 Health services 155, , ,937 4, Food services 1,450,000 1,496,792 1,439,971 56, Extracurricular activities 20,700 10,845 14,451 (3,606) * 41 General administration 2,008,500 1,706,395 1,708,673 (2,278) 51 Facilities maintenance and operations 2,150,000 2,521,301 2,506,136 15, Security 140, , ,151 (3,913) 53 Data processing services 720, , ,740 18, Community services 16,500 21,041 20, Debt service 1,365,000 1,066,273 1,068,891 (2,618) 81 Fundraising 34,300 10,001 13,836 (3,835) Total expenses 21,667,350 21,998,462 21,992,893 5,569 Increase in net assets 371,516 95, , ,522 Net deficit at beginning of year (204,878) (204,878) (204,878) - Net assets (deficit) at end of year $ 166,638 $ (109,876) $ 52,646 $ - * Annual dues for Texas Charter School Academic & Athletic League 2016/2017 School Year ($4,100) budgeted for September, 2016, expensed August 16,

30 Schedule of Expenses August 31, 2016 Object Code Description Amount 6100 Payroll costs $ 14,462, Professional and contracted services 2,276, Supplies and materials 2,395, Other operating expenses 1,788, Debt service 1,068,891 $ 21,992,893 27

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