Following is a summary of financial statement position of School Lane Charter School for the period ending September 30, 2017.

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1 TO: Board of Trustees DATE: October 26, 2017 RE: September 30, 2017 Financial Statements Following is a summary of financial statement position of for the period ending September 30, Balance Sheet As of September 30, 2017 total cash was $9,993,147 of which $3,096,831 is in debt service fund. Accounts Receivables from districts was $4,232,490 which is expected to be collected. Accrued salaries and benefits was $1,228,138 which includes PSERS liability of 499,545 which is being paid in November. Income Statement Revenue Total Revenues at September 30, 2017 was $4,402,876 and was budgeted to be $4,642,163. Portion of Title I, II, III is expected to be received in the upcoming months Expenses Note that budgeted amount was equally divided into twelve months and that is why differences between budgeted verses actual are material. Salaries and benefit related expenditures are under budget due to less salaries were paid in the summer months and 2018 accrued salary expenses are not adjusted until the end of the fiscal year. Note that more supplies, books, technology related expenditures, furniture and equipment are purchased towards the beginning of the year and budgeted amounts are equally divided in twelve months. On the other hand expenses such as services for special education students are under budget as most services are being performed during the school year and not over summer months Bristol Pike, Bensalem PA Fax: info@schoollane.org

2 Communications includes credit for e-rate reimbursement, but is expected to be increased in the upcoming months. SLCS pays for custodial services over ten months instead of twelve and therefore expenses are expected to be as budgeted. Contracted services for food includes an advance payment but is reimbursed/credited towards the end of the fiscal year. Total expenses for three months ended September 30, 2017 were $3,760,123 plus $696,919 for bond payment. Total Net Fund Balance was negative $54,157. This is due to upfront purchases as mentioned above Bristol Pike, Bensalem PA Fax:

3 SCHOOL LANE CHARTER SCHOOL FINANCIAL STATEMENTS THREE MONTHS ENDED SEPTEMBER 30, 2017

4 Balance Sheet As of September 30, 2017 September 30, 2017 ASSETS AND DEFERRED OUTFLOWS OF RESOURCES Current Assets Cash and Cash Equiivalents Investments - restricted Accounts Receivable Prepaid Expenses Other Current Assets Total Current Assets $6,896,316 $3,096,831 $4,232,490 $59,442 $6,390 $14,291,469 Capital Assets Building Improvements Machinery & Equipment Accumulated Depreciation Total Capital Assets $6,000 $78,741 ($67,213) $17,528 Deferred Outflows of Resources Deferred Outflows - Contribution $4,654 Deferred Outflows - Pension $14,326 Total Deferred Outflows of Resources $18,980 TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $14,327,977 LIABILITIES, DEFERRED INFLOWS OF RESOURCES, AND NET POSITION Current Liabilities Accounts Payable Accrued Salaries and Related Costs Unearned Revenue Total Current Liabilities ($5,840) $1,228,138 $7,850 $1,230,148 Noncurrent Liabilites Net Pension Liability Total Noncurrent Liabilites $62,528 $62,528 Deferred Inflows of Resources Deferred Pension Total Deferred Inflows of Resources $385 $385 Net Position Unrestricted Assigned Unassigned Total Net Position $12,747,164 $287,658 $94 $13,034,916 TOTAL LIABILITIES, DEFERRED INFLOWS OF RES, & NET POSITION $14,327,977

5 Balance Sheet As of September 30, 2017 September 30, 2017 BEGINNING BALANCE WITH CURRENT YEAR ADJUSTMENTS NET SURPLUS/(DEFICIT) ENDING FUND BALANCE $13,089,073 ($54,157) $13,034,916

6 Income Statement September 30, 2017 Annual Budget YTD Actual YTD Budgeted YTD Var - F/(U) REVENUES Local Revenues Interest Income Investment Income Daily Sales - School Lunch Program Student Fees Student Activity-Special Events Bucks County IDEA Contributions & Donations School District Tuition Before After Care Program Miscellaneous Revenue Total Local Revenues $3,000 $1,620 $750 $870 $6,000 $8,750 $1,500 $7,250 $125,740 $25,325 $31,435 ($6,110) $8,828 $7,571 $2,207 $5,364 $23,500 $0 $5,875 ($5,875) $138,795 $0 $34,699 ($34,699) $0 $43 $0 $43 $17,541,649 $4,255,222 $4,385,412 ($130,190) $96,000 $8,640 $9,600 ($960) $10,000 $95,706 $2,500 $93,206 $17,953,512 $4,402,876 $4,473,978 ($71,102) State Revenues Health Services Ready to Learn Block Grant Subsidy for Milk, Lunch Program Total State Revenues $19,260 $0 $4,815 ($4,815) $19,733 $0 $4,933 ($4,933) $9,682 $0 $2,420 ($2,420) $48,675 $0 $12,169 ($12,169) Federal Revenues Title I, II, & III Child Nutrition Program Value of Donated Commodities Total Federal Revenues $385,940 $0 $96,485 ($96,485) $215,132 $0 $53,783 ($53,783) $22,995 $0 $5,749 ($5,749) $624,067 $0 $156,017 ($156,017) TOTAL REVENUES $18,626,254 $4,402,876 $4,642,163 ($239,287) EXPENDITURES Salaries Medical Benefits Dental Benefits Other Group Insurance Benefits SS/Medicare Employer Unemployment Tax Pension Contributions Tuition Reimbursements Employee Training & Development Travel General Supplies - Reg Ed, Sp Ed, Lib General Supplies - Admin, Business General Supplies - Operations General Supplies - Student Activity School Sponsored Student Activity Books and Periodicals ($8,569,231) ($1,888,542) ($2,142,286) $253,743 ($1,181,420) ($144,343) ($295,355) $151,012 ($41,498) ($8,336) ($10,374) $2,039 ($96,572) ($15,925) ($24,143) $8,217 ($641,722) ($143,946) ($160,430) $16,484 ($42,456) ($9,150) ($10,614) $1,464 ($2,380,945) ($473,035) ($595,235) $122,200 ($66,500) ($14,374) ($16,625) $2,251 ($101,248) ($18,098) ($25,312) $7,214 ($47,600) ($6,304) ($11,900) $5,596 ($138,152) ($57,073) ($34,538) ($22,535) ($21,300) ($5,346) ($5,325) ($21) ($52,400) ($15,482) ($13,100) ($2,382) ($23,500) $0 ($5,875) $5,875 ($9,750) ($4,503) ($2,437) ($2,065) ($193,402) ($66,826) ($48,350) ($18,475)

7 Income Statement September 30, 2017 Annual Budget YTD Actual YTD Budgeted YTD Var - F/(U) Special Education Services Furniture & Equipment Technology Field Trips Legal Services Audit Services Other Purchased Services Dues and Fees Payroll Services Advertising and Public Relations Communications - Tel, Int, Postage Rental Disposal Services Custodial Services Utilities Building Repairs Rental of Buildings Operation of Bldg Svcs Land and Improvements Care and Upkeep of Grounds Services Repairs & Maintenance - Equip, Vehicles Rental of Equipment Insurance - General Liability Community Recreation Contracted Services - Food Food Supplies Commodities Total OTHER EXPENDITURES Bond Interest/Principal Expense Budgetary Reserve TOTAL OTHER EXPENDITURES TOTAL EXPENDITURES ($726,791) ($44,675) ($181,698) $137,022 ($120,000) ($168,414) ($30,000) ($138,414) ($521,271) ($309,197) ($130,318) ($178,879) ($68,980) ($3,800) ($17,245) $13,445 ($150,000) ($12,983) ($37,500) $24,517 ($25,000) ($12,300) ($6,250) ($6,050) ($97,812) ($19,495) ($24,453) $4,958 ($105,350) ($8,922) ($26,337) $17,415 ($21,000) ($5,633) ($5,250) ($383) ($48,800) ($7,355) ($12,200) $4,845 ($90,000) ($6,394) ($22,500) $16,106 ($33,890) ($5,545) ($8,472) $2,927 ($270,318) ($32,395) ($67,579) $35,185 ($416,520) ($59,375) ($104,130) $44,755 ($27,000) $0 ($6,750) $6,750 ($44,850) ($9,546) ($11,213) $1,667 ($15,179) ($11,536) ($3,795) ($7,742) ($70,000) ($4,000) ($17,500) $13,500 ($79,310) ($7,665) ($19,827) $12,162 ($49,000) ($7,849) ($12,250) $4,401 ($4,220) ($590) ($1,055) $465 ($128,300) ($34,463) ($32,075) ($2,388) ($25,350) ($606) ($6,337) $5,731 ($339,555) ($115,296) ($84,889) ($30,407) ($5,000) ($805) ($1,250) $445 ($22,995) $0 ($5,749) $5,749 ($17,114,187) ($3,760,123) ($4,278,521) $518,398 ($878,500) ($696,919) ($219,625) ($477,294) ($300,000) $9 ($75,000) $75,009 ($1,178,500) ($696,910) ($294,625) ($402,285) ($18,292,687) ($4,457,033) ($4,573,146) $116,113 BEGINNING FUND BALANCE NET SURPLUS/(DEFICIT) ENDING FUND BALANCE $15,116,294 $15,116,294 $15,116,294 $15,116,294 $333,567 ($54,157) $69,017 ($123,174) $15,449,861 $15,062,137 $15,185,311 $14,993,119

8 Statement of Cash Flows As of September 30, 2017 September 30, 2 CASH FLOWS FROM OPERATING ACTIVITIES NET SURPLUS/(DEFICIT) FOR PERIOD ($54,157) ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Decrease in PNC Checking 5627 $747,781 Increase in PNC Escrow Bensalem 5429 ($184) Increase in PNC Money Market 5635 ($2,325) Increase in PNC Payroll 5563 ($4,620) Decrease in US BANK Revenue Fund 7000 $937,469 Decrease in PNC Before/Aftercare Fund 5555 $6,474 Decrease in PNC Food Service Fund 5619 $59,717 Increase in Petty Cash ($1,000) Increase in US BANK DSF 5000 ($9,533) Increase in US BANK Revenue Fund 5001 ($523) Decrease in US BANK Capitalized Int 5002 $694,536 Decrease in US BANK DSRF 5003 $2,815 Increase in US BANK Repair & Replace 7001 ($360) Decrease in Interfund AR $116 Increase in Accounts Receivable Billing ($2,965,351) Decrease in Other Accounts Receivable - Misc. $79,754 Decrease in Prepaid Expenses $838 Increase in INTERFUND(USED TO BALANCE FUNDS ONLY) ($81,179) Decrease in Accounts Payable ($62,094) Increase in PSERS Employee Payable $106,243 Increase in PSERS Employer Payable $426,475 Increase in 403B Plans Payable $15,269 Increase in FSA Payable $1,364 Decrease in Colonial Life Insurance Payable $0 Increase in Wells Fargo Money Market 9618 ($7) Increase in PNC Food Service Fund 5619 ($7,847) Increase in Interfund AR ($116) Decrease in INTERFUND(USED TO BALANCE FUNDS ONLY) $73,215 Increase in Accounts Payable $29,670 Decrease in PNC Payroll 5563 $2,660 Increase in PNC Before/Aftercare Fund 5555 ($773) Decrease in INTERFUND(USED TO BALANCE FUNDS ONLY) $7,965 Decrease in Accounts Payable ($3,454) Increase in PSERS Employee Payable $218 Increase in PSERS Employer Payable $944 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES $0

9 Enrollment Analysis As of September 30, 2017 Previous Current Month Month Grade Enrollment New Withdrawn Enrollment K Total