Miami Arts Charter School

Transcription

1 Miami Arts Charter School PROFIT AND LOSS July - September, 2017 INCOME 3300 Revenue from State Sources 3400 Income from Local Sources 3493 Unapplied Cash Payment Income Total Income GROSS PROFIT EXPENSES 5100 Basic Instruction 6100 Pupil Personnel Services 7100 Board of Directors 7200 General Administration 7300 School Administration 7400 Facilities Acquisition 7500 Fiscal Services 7600 Food Service 7700 Central Services 7800 Student Transportation 7900 Operation of Plant 8100 Maintenace of Plant 8200 Admin Tech Services 9200 Debt Service Unallocated Depreciation Expense Total Expenses NET OPERATING INCOME NET INCOME TOTAL JUL - SEP, ,926, , $3,011, $3,011, , , , ,31 316, ,75 43, , , , , , , $2,586, $425, $425, JUL- SEP, 2016 (PY) 2,868, , $2,881, $2,881, , , , , , ,30 32, , , , , , , $2,353, $528, $528, Accrual Basis Wednesday, November 8, :00 PM GMT-8 1/1

2 Miami Arts Charter School BALANCE SHEET As of September 30, 2017 TOTAL AS OF SEP 30, 2017 ASSETS Current Assets Bank Accounts 1111 Banesco USA - Operating 232, Regions Bank - Debt Service Reserve 2,578, Regions - Project Funds 867, Iberia Bank - Reserve 298, Regions Bank - Repairs & Replace Reserve 143, Regions Bank - Facilities 42, Regions Bank - MAC Facilities 9, Total Bank Accounts $4, 172, Accounts Receivable 1130 Accounts Receivable 49, Total Accounts Receivable $49, Other Current Assets 1150 Reimbursable Construction Costs Deposits Receivable 41, Prepaid Expenses 53, Other Current Assets Inventory Asset 26, Bond Issuance Discount 1,036, Inventory Asset Total Other Current Assets $1, 157, Total Current Assets $5,378, Fixed Assets 1300 Leasehold Improvements 354, Accumulated Depreciation - UH Improvements -269, Textbooks & Instructional Software 108, Accumulated Depreciation - Text & Inst Software -106, Computers & Internet Technology 712, Accumulated Depreciation - Comp. & Inter Tech -314, Furniture, Fixtures and Equipment 715, Accumulated Depreciation - F,F & E -259, Musical Instruments 168, Accumulated Depreciation - Musical Instruments -104, Kitchen Equipment 78, Accumulated Depreciation - Kitchen Equipment -49, Office Equipment 48, Accumulated Depreciation - Office Equipment -21, Land 6,746, Building 21,097, Accumulated Depreciation - Building -659, AS OF SEP 30, 2016 (PY) 166, ,575, , , , $3,776, , $88, , , , $1 33, $3,997, , , , , , , , , , , , , , , ,746,07 21,091, , Accrual Basis Wednesday, Novembers, :01 PM GMT-8 1/2

3 TOTAL AS OF SEP 30, 2017 AS OF SEP 30, 2016 (PY) Total Fixed Assets $28,245, $28, 755, Other Assets Exchanges & Transfers 23,52 66,40 Total Other Assets $23,52 $66,40 TOTAL ASSETS $33,647, $32,819, LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 2120 Accounts Payable 733, ,243, Total Accounts Payable $733, $1,243, Other Current Liabilities 211 O Salaries and Benefits Payable 358, , Due to Miami Arts, Inc - Activities 9, Accrued Interest Payable 86, Health Insurance Deductions -3, , b Emp. Deductions -1, , Child care deductions 2315 Obligation Under Capital Lease 335, , Total Other Current Liabilities $n5, $421, Total Current Liabilities $1,508, $1,665, Long-Term Liabilities 2312 Long Term Loan Payable 300,00 300, Bonds Construction Loans 33,665, ,083, Total Long-Tenn Liabilities $33,965, $33,383, Total Liabilities $35,473, $35,048, Equity 2990 Unrestricted -2,251, ,756, Net Income 425, , Total Equity $ -1,826, $ -2,228, TOTAL LIABILITIES AND EQUITY $33,647, $32,819, Accrual Basis Wednesday, November 8, :01 PM GMT-8 212

4 Miami Arts Charter School Statement of Cash Flows July - September, 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net Income 425, Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of fixed assets 198, (Increase) decrease in current assets: Accounts receivable Inventory Prepaid expenses Increase (decrease) in current liabilities: Accounts payable Accrued expenses and unearned revenue Payment of short term portion of leases NET CASH PROVIDED BY OPERATING ACTIVITIES -5, ,52 36, , , , , , , CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment NET CASH PROVIDED BY INVESTING ACTIVITIES -88, , CASH FLOWS FROM FINANCING ACTIVITIES Payments on long term debt - Capital Leases Payments on long term debt - Bonds Loan -129, NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES -129, NET INCREASE (DECREASE} IN CASH 620, Beginning Cash Balance 3,551, Ending Cash Balance 4,172,042.55

5 Budget vs. Actuals: Operating Budget FY18 P&L Classes July - Septembe r, Wynwood Campus Homestead Campus % of Actual Budget over Budget Budget Actual Budget over Budget % of Budget Act ua l TOTAL Budget ove r Budget % of Budget Income 3300 Revenue from State Sources 3400 Income from Local Sources 3493 Unapplled Cash Payment Income Total Income 1,860, , ,935, ,873, ,60 1,903, $. -12, , , % % % 1,066, , ,076, ,092, , , ,092, $ 16, % 98.50% 2,926, , ,011, ,966, ,60 2,996, , , , % % % Gross Profit 1,935, ,903, , % 1,076, ,092, $ 16, % 3,011, ,996, , % Expenses 5100 Bas ic Instruction 6100 Pupil Personnel Services 429, , , , , , % % 296, , ,96-185, , , % 92.94% 725, , ,226, , , , % 86.73% 6300 Curriculum Development Services 7100 Board of Directors 7200 General Administration 7300 School Administration 7400 Facllltles Acquisition 7500 Fiscal Services 7600 Food Servic e 7700 Central Services 7800 Student Transportation 7900 Operation of Plant 8100 Malntenace of Plant 8200 Admln Tech Services 9200 Debt Service Unalloc ated Depreciation Expense Total Expenses Net Operating Income Net Income 9,76 6, , , , , , , , , ,577, , , ,75 7,80 107,42 23, , ,95 27, , , ,01-1, , , , , , , , , % % % % 79.69% % % % % % 57.36% 81.08% 6, , , ,75 24, , , , , , ,25 4, ,80-1, , , , , , , ,00-13, , , , , , , , % % % 80.87% % % % % % % % 1,789, $ 211, % $ 1,008, $ 1,066, $ 57, % 113, $ 243, % $ 67, $ 26, $ 41, % 113, , % 67, , , % 16, ,31 316, ,75 43, , , , , , , ,586, , , ,00 15,60 280, , , , , , , , , ,29 36, , , , , , , , , % % % % % 96.94% % 72.09% % % % 82.60% 81.08% 2,856, $ 269, % 139, $ 285, % 139, , % Wednesday, Nov 08, :04:31 PM GMT-8 -Accrual Basis

6 OFFICER S CERTIFICATE OF STUDENT ENROLLMENT RE: QUARTERLY REPORT FOR PERIOD ENDED SEPTEMBER 30 TH, 2017 November 3rd, 2017 I, Alfredo de la Rosa, Authorized Representative and Principal of Miami Arts Charter School, hereby certify that the enrollment of Miami Arts Charter School as of the close of the quarter ending September 30th, 2017 to be 1,099 and as of the close of the prior academic year ending June 30 th, 2017 to be 1,056. Currently there are no qualified students on the school waiting list. Sincerely, Alfredo de la Rosa, NBCT Founder & Chief Education Administrator

7 Miami Arts Charter School Computation of Long Term Debt Service Ratio For Period Ended September 30, 2017 Total Revenues - Miami Campus Tot.al Expenditures 7,385,906 7,124,762 Excess (Deficiency) revenues over expenditures 261,144 Add Backs: Depreciation Interest Expense 659,467 2,226,366 Available for Debt Service 3,146,977 Maximum Annual Debt Service (Higghesl long-term requirement for any current or succeeding Fiscal Period or other specified period) 2,575,000 Long Term Debt Service Ratio: 1.22

8 New Way Schools, Inc. Miami Arts Charter School 95 Northwest 23 rd Street Miami, Florida November 3rd, 2017 RE: Confirmation of Permanent Waiver of Management Fees due from Miami Arts Charter School Wynwood Campus to New Way Schools, Inc. for quarter ended September 30th, Dear Sir: New Way Schools has played a crucial role in ensuring that Miami Arts Charter School meet its educational and financial goals. To that end, we have been willing to subordinate our management fees due by Miami Arts Charter School Wynwood Campus. Please accept this letter as confirmation that Miami Arts Charter School Wynwood Campus has been permanently relieved of all management fees due under the management agreement for the period ended September 30th, The amount waived pursuant to this quarter is $114, As always, if you should need further information, please contact me. Very truly yours, Alfredo de la Rosa, President NWS 6955 Southwest 60 th Terrace, Miami, Florida (305)