CWC LA - Cash Balance (March 2013)

Transcription

1 CWC LA - Cash Balance (March 2013) 1,200,000 Cash Balance 1,000, ,000 ($1,000s) 600, , ,000 - CWC LA - Actuals/Projected CWC LA - Budgeted (Nov) 1 1

2 CWC Hollywood - Financial Dashboard (March 2013) ($1,000s) $450 $400 $350 $300 $250 $200 $150 $100 $50 $- Cash Balance Income Statement Actual Budget B/(W) Forecast % of Full Year Budget % of B/(W) Principal Apportionment 649, ,450 23,676 1,258,442 55% 1,296,092 54% (37,650) Federal Revenue 125,417 62,078 63, ,211 7% 130,756 5% 33,455 State Revenue 183, ,325 (7,124) 344,482 15% 350,254 15% (5,772) Other Local Revenue 110, ,275 (73,430) 172,567 8% 251,729 11% (79,162) Grants/Fundraising 207, ,422 (21,898) 349,800 15% 360,210 15% (10,410) TOTAL REVENUE 1,276,115 1,291,551 (15,436) 2,289, % 2,389, % (99,540) Salaries & Benefits 1,059,851 1,073,242 13,391 1,466,868 65% 1,472,439 65% 5,570 Student Supplies 62, ,309 50, ,816 5% 158,795 7% 46,979 Operating Expenses 330, ,997 (51,220) 470,528 21% 417,929 18% (52,598) Other 97, ,021 44, ,793 9% 213,513 9% 20,720 Actual and Projected Cash Budget (Nov. Approved) TOTAL EXPENSES 1,549,855 1,606,568 56,713 2,242, % 2,262, % 20,671 Income/(Loss) (273,740) (315,018) 41,277 47, ,365 (78,869) Y/E CASH BALANCE Projected Budget Better / (Worse) Revenue / Cost / $ 7,310 $ 7,921 $ (611) Projected 9,300 Projected 9,107 $300 $200 Income From Operations Budget 9,428 Budget 8,929 Better / (Worse) (128) Better / (Worse) (178) $100 STATE BUDGET UPDATE ($1,000s) $- $(100) $(200) $(300) $(400) $(500) Actual Income Act & Proj Income Budget (Nov Approved) With the passage of Proposition 30, which temporarily increases the personal income tax rates for upper-income taxpayers and the sales tax rate for all taxpayers, the state officially established the Education Protection Account (EPA). Revenue generated from the increased taxes are deposited into the EPA and later distributed to districts and charter schools. For the current fiscal year, districts and charter schools will receive one lump sum payment in June or July This distribution schedule put a strain on charter schools cash flow. Beginning in the fiscal year, EPA funds will be allocated on a quarterly basis beginning in September 2013 or October 2013, which will still impact cash flow but not to the degree experienced this year. While funds from the EPA are part of a district s or charter school s general purpose funding, Proposition 30 specifies that EPA funds may not be used for salaries or benefits of administrators or any otheradministrative costs. A list of allowable activities is provided here: (see Question 11). From an accounting perspective, EPA revenue and expenditures must be coded separately (under a new resource code, 1400, created specifically for EPA funds) and from an operational perspective, governing boards must determine the use of EPA funds at an open public meeting. This determination must occur annually including in the current year. Your ExED team leader will assist in ensuring that discussion of the FY12-13 EPA spending plan is included on a board agenda prior to June 30. The EPA spending plan for FY13-14 can be approved with the adoption of the FY13-14 budget. FY NET INCOME/ (LOSS) Projected Budget Better / (Worse) $ 47,496 $ 126,365 $ (78,869) In other state budget news, the chair of the Assembly Education Committee (Joan Buchanan) introduced a Local Control Funding Formula bill, presenting a challenge to Governor Brown s preferred timeline for implementing his overhaul of California s K-12 finance system. Governor Brown has wanted the legislature to adopt the new funding system as part of the budget package. State legislators, however, have repeatedly expressed interest in a full vetting of the proposal in the state education policy committees. The introduction of Buchanan s bill ensures that there will be hearings on all aspects of the proposal but also impacts whether the new funding formula, if approved by the legislature, could go into in effect with the start of the new fiscal year on July 1. *DOF estimates will change and may not be a reliable estimate of 13/14 funding under LCFF given that the data utilized may be old Average % 95.6% 97.3% -1.7% 95.6% P P Balance Sheet Analysis Prior Month Current Month Comment Cash 216, ,665 Accounts Receivable 8,842 8,842 Due from Others 0 0 Accounts Payable (Including Payroll) 17,332 26,578 Due to Others (2,100) 0 Available Line of Credit 0 0 Debt 0 0 Cash Ratio (Cash/CL) > 1 is good Quick Ratio ((Cash+AR)/CL) > 1 is good Debt-Equity Ratio - - < 1 is good Actual Budget Debt Service Coverage Ratio (DSCR) N/A N/A > 1.1 is good Average Average Lease Payment Coverage Ratio > 1.35 is good Through Interest Coverage Ratio N/A N/A > 1.5 is good Month 7 Budget Better / (Worse) Forecast Days Cash on Hand is good Enrollment

3 CWC Silverlake - Financial Dashboard (March 2013) ($1,000s) $700 $600 $500 $400 $300 $200 $100 $- $(100) $(200) Cash Balance Income Statement Actual Budget B/(W) Forecast % of Full Year Budget % of B/(W) Principal Apportionment 627, ,193 (8,330) 1,143,621 55% 1,206,226 55% (62,605) Federal Revenue 40,336 59,604 (19,268) 283,283 14% 122,071 6% 161,212 State Revenue 181, ,623 (61,276) 318,533 15% 440,878 20% (122,345) Other Local Revenue 13,351 23,091 (9,740) 29,224 1% 35,710 2% (6,486) Grants/Fundraising 123, ,594 (147,885) 318,709 15% 381,166 17% (62,457) TOTAL REVENUE 986,607 1,233,106 (246,498) 2,093, % 2,186, % (92,681) Salaries & Benefits 930, ,843 11,176 1,275,378 62% 1,275,976 62% 598 Student Supplies 163, ,583 (4,423) 198,929 10% 199,485 10% 556 Operating Expenses 307, ,119 (44,222) 392,675 19% 377,952 18% (14,723) Other 96, ,331 45, ,042 9% 212,158 10% 24,116 Actual and Projected Cash Budget (Nov Approved) TOTAL EXPENSES 1,497,111 1,504,875 7,764 2,055, % 2,065, % 10,546 Income/(Loss) (510,504) (271,770) (238,734) 38, ,481 (82,135) Y/E CASH BALANCE Projected Budget Better / (Worse) Revenue / Cost / $ 140,177 $ 19,267 $ 120,910 Projected 9,357 Projected 9,186 ($1,000s) $200 $100 $- $(100) $(200) $(300) $(400) $(500) $(600) $(700) $(800) Income From Operations Act & Proj Income Budget (Nov. Approved) Budget 9,268 Budget 8,757 Better / (Worse) 89 Better / (Worse) (429) STATE BUDGET UPDATE With the passage of Proposition 30, which temporarily increases the personal income tax rates for upper-income taxpayers and the sales tax rate for all taxpayers, the state officially established the Education Protection Account (EPA). Revenue generated from the increased taxes are deposited into the EPA and later distributed to districts and charter schools. For the current fiscal year, districts and charter schools will receive one lump sum payment in June or July This distribution schedule put a strain on charter schools cash flow. Beginning in the fiscal year, EPA funds will be allocated on a quarterly basis beginning in September 2013 or October 2013, which will still impact cash flow but not to the degree experienced this year. While funds from the EPA are part of a district s or charter school s general purpose funding, Proposition 30 specifies that EPA funds may not be used for salaries or benefits of administrators or any otheradministrative costs. A list of allowable activities is provided here: (see Question 11). From an accounting perspective, EPA revenue and expenditures must be coded separately (under a new resource code, 1400, created specifically for EPA funds) and from an operational perspective, governing boards must determine the use of EPA funds at an open public meeting. This determination must occur annually including in the current year. Your ExED team leader will assist in ensuring that discussion of the FY12-13 EPA spending plan is included on a board agenda prior to June 30. The EPA spending plan for FY13-14 can be approved with the adoption of the FY13-14 budget. FY NET INCOME/ (LOSS) Projected Budget Better / (Worse) $ 38,346 $ 120,481 $ (82,135) In other state budget news, the chair of the Assembly Education Committee (Joan Buchanan) introduced a Local Control Funding Formula bill, presenting a challenge to Governor Brown s preferred timeline for implementing his overhaul of California s K-12 finance system. Governor Brown has wanted the legislature to adopt the new funding system as part of the budget package. State legislators, however, have repeatedly expressed interest in a full vetting of the proposal in the state education policy committees. The introduction of Buchanan s bill ensures that there will be hearings on all aspects of the proposal but also impacts whether the new funding formula, if approved by the legislature, could go into in effect with the start of the new fiscal year on July Actual Budget (Nov) Average Average (12.2) % 91.9% 94.9% -3.1% 91.9% P P Balance Sheet Analysis Prior Month Current Month Comment Cash 186,185 (104,943) Accounts Receivable 0 0 Due from Others 0 0 Accounts Payable (Including Payroll) 19,592 31,959 Due to Others (2,100) 0 Available Line of Credit 0 0 Debt 452, ,500 Cash Ratio (Cash/CL) (5) (3) > 1 is good Quick Ratio ((Cash+AR)/CL) (5) (3) > 1 is good Debt-Equity Ratio (1) (0.89) 0 to 1 is good Debt Service Coverage Ratio (DSCR) N/A > 1.1 is good Lease Payment Coverage Ratio > 1.35 is good Through Interest Coverage Ratio N/A > 1.5 is good Month 7 Budget Better / (Worse) Forecast Days Cash on Hand (18.64) 45 is good Enrollment (13.0)

4 Financial Warning CWC Los Angeles (Consolidated) Financial Analysis March 2013 The $150k line of credit from Pacific Western Bank was funded in April and was fully used in early May. If additional funding is not secured, CWC LA will run out of cash in early June. Vendor payments are being held to the extent possible for each school, but essential items such as payroll, rent, and insurance are being paid. Non-essential expenditures should be postponed until additional financing is secured. Net Income CWC LA is projected to achieve a net income of $90k in FY12-13 compared to $247k in the board approved budget for a negative variance of $157k (see notes for each school and RSO for additional explanation). Revised Budget At the November 2012 CWC LA board meeting, the November forecast was approved as the revised budget. All variances to budget described below are in relation to the revised budget. Balance Sheet As of March 31, 2013, CWC LA s cash balance was $117k. By June 30, 2013, CWC LA s cash balance is projected to be $602k (assuming $450k CWC MV start-up loan and $250k CWC SL revolving loan are received). As of March 31, 2013, the Accounts Payable balance, including payroll liabilities, totaled $80k. As of March 31, 2013, CWC LA had total debt of $452.5k. 4

5 Net Income CWC Regional Support Office Financial Analysis March 2013 CWC RSO is projected to achieve a net income of $0k in FY12-13 compared to $0k in the board approved budget. Revised Budget At the November 2012 CWC LA board meeting, the November forecast was approved as the revised budget. All variances to budget described below are in relation to the revised budget. Balance Sheet As of March 31, 2013, CWC RSO s cash balance was $21k. By June 30, 2013, CWC RSO s cash balance is projected to be $0k. As of March 31, 2013, the Accounts Payable balance, including payroll liabilities, totaled $21k. Income Statement Revenue revenue for FY12-13 is projected to be $3k which is flat to budgeted revenue of $0. Expenses Indirect Costs are projected to be $351k for FY12-13, which is $27k, or 11%, under budgeted Indirect Costs of $395k. The variance to budget is explained by the following: 1) 2400 Clerical/Technical/Office is projected to be $7k over budget given the hiring of a Business Manager position beginning March ) 5550 Utilities and Housekeeping is projected to be under budget by $26k due to lower than budgeted expenses. 3) 5820 Legal/Audit is projected to be $16k over budget as some of the projected legal expenses have been moved from CWC HW and CWC SL budgets to CWC RSO. 4) 5853 ExED is projected to be $43k under budget due to delay in completing the addendum to the consolidate CWC SL and CWC HW contract into one contract with CWC LA. As a result, the fees were accounted for in each school s expenses with a corresponding decrease in the CWC RSO expenses. The contract addendum has been completed and fees will be charged to CWC RSO beginning with the December invoice. 5

6 CWC Hollywood Financial Analysis March 2013 Financial Warning As a result of Prop. 30 passing, the projected net income is positive. However, given the interyear deferrals and the funds removed from General Purpose Block Grant revenue to fund the Education Protection Account, cash flow remains a concern. To the extent possible, cash outflows will be reduced by delaying vendor payments, but where possible expenditures should be reduced or postponed. Revised Budget At the November 2012 CWC LA board meeting, the November forecast was approved as the revised budget. All variances to budget described below are in relation to the revised budget. Net Income CWC Hollywood is projected to achieve a net income of $47k in FY12-13 compared to $126k in the board approved budget. Reasons for this variance are explained below in the Income Statement section of this analysis. Balance Sheet As of March 31, 2013, the school s cash balance was $200k. By June 30, 2013, CWC HW s cash deficit is projected to be $7k. As of March 31, 2013, the Accounts Payable balance, including payroll liabilities, totaled $27k. As of March 31, 2013, CWC HW had a debt balance of $0k compared to $0k in the prior month. Income Statement Revenue revenue for FY12-13 is projected to be $2,290k, which is $100k (4%) under budgeted revenue of $2,389k. This variance is explained by the following: 1) Revenue Limit Sources is projected to be $38k under budget due to a decrease in versus budget as a result of lower total enrollment (256 vs. 264) and a lower rate (95.6% vs. 97.3%). 2) 8220 Child Nutrition (Federal) is projected to be $10k under budget due to fewer students than budgeted eligible for free meals and a lower participation rate among students eligible for free or reduced priced meals. 3) 8296 Title V, B Charter Schools Grants is projected to be over budget by $44k. It appears the school will receive the full grant amount of $575k which was unclear given the grant award notifications the school had received. 6

7 4) 8690 All Other Income (afterschool, summer school, Enrichment) is projected to be $65k under budget as budgeted revenue was over-estimated. Expenses expenses for FY12-13 are projected to be $2,242k, which is $20k (0.9%) under budgeted expenditures of $2,263k. This variance is explained by the following: 1) 2100 Instructional Aides is projected to be under budget by $16K due to lower than budgeted expenses during December holidays and some staff time being coded to other object codes. 2) 4110 Textbooks is projected to be $15k under budget due to lower than expected actuals to date. 3) 4310 Instructional Materials is projected to be $16k under budget due to lower than expected actuals to date. 4) 4700 Food Supplies is projected to be under budget by $12k due to fewer meals purchased given decrease in total students and lower participation rates. 5) 5850 Non-Instructional Consultants is projected to be under budget by $11k due to lower than expected actuals to date. 6) 5851 Instructional Consultants is projected to be over budget by $26k due to forecast reflecting higher actual average monthly expenses. 7) 5853 ExED is projected to be $18k over budget due to delay in completing the addendum to the consolidate CWC SL and CWC HW contract into one contract with CWC LA. As a result, the fees were accounted for in each school s expenses with a corresponding decrease in the CWC RSO expenses. The contract addendum has been completed and fees will be charged to CWC RSO beginning with the January invoice. 8) 5897 Fundraising Cost is projected to be $18k over budget due to SCRIP fees (i.e., gift certificates that are purchased and resold), See s Candy, and items raffled off in silent auction. 9) 7310 INDIRECT COSTS (Transferred to RSO) is projected to be $22k under budget due to a reduction in RSO expenses. Budgeted average for FY12-13 is based on an enrollment of 264 students and a 97.3% attendance rate. The P-2 is based on an enrollment of 256 students and a 95.6% projected rate through March

8 CWC Silverlake Financial Analysis March 2013 Financial Warning As a result of Prop. 30 passing and the expectation of receiving the Public Charter School Grant Program (PCSGP), the projected net income is positive. However, given the slower than expected fundraising, inter-year deferrals, and the funds removed from General Purpose Block Grant to fund the Education Protection Account, cash flow remains a significant issue. CWC Silverlake is currently running a cash deficit which is being funded by internal borrowing. The $150k line of credit will reduce, but not eliminate, the internal borrowing. The school has been approved to receive the $250k CDE revolving loan which is expected to be funded in June. Revised Budget At the November 2012 CWC LA board meeting, the November forecast was approved as the revised budget. All variances to budget described below are in relation to the revised budget. Net Income CWC Silverlake is projected to achieve a net income of $38k in FY12-13 compared to $120k in the board approved budget. Reasons for this variance are explained below in the Income Statement section of this analysis. Balance Sheet As of March 31, 2013, the school s cash deficit was ($105k). By June 30, 2013, CWC SL s cash balance is projected to be $140k. As of March 31, 2013, the Accounts Payable balance, including payroll liabilities, totaled $32k. As of March 31, 2013, CWC SL had a debt balance of $453k due to Citizens of the World Charter Schools. Income Statement Revenue revenue for FY12-13 is projected to be $2,093k, which is $93k, or 4%, under budgeted revenue of $2,186k. The variance to budget is explained by the following: 1) Revenue Limit Sources is projected to be $63k under budget due to the decrease in versus budget as a result of lower total enrollment (241 vs. 254) and a lower rate (91.9% vs. 94.9%). 2) 8291 Title I, A, Basic Low Income is projected to be $29k under budget. The school will not receive Title I and Title II funding as the Single School District (SSD) plan was not 8

9 submitted in time to be on the March 2013 State Board of Education agenda. The SSD plan was approved at the May 2013 SBE meeting. 3) 8296 Title V, B Charter Schools Grants is projected to be $200k over budget. The timing of the first payment is still to be determined, and is projected to be after June. The projection assumes all of the Planning Year funds and $74k of implementation year funds will be recognized in the current fiscal year. 4) 8591 SB740 is projected to be under budget by $109k. SB 740 revenue has been removed from the projection to be conservative. 5) 8699 Fundraising is projected to be $62k under budget. The forecast assumes $195k of fundraising revenue to be received between April and June which introduces risk to the current forecast if these funds are not received. Outstanding events include (Walk-a-thon, Silent Auction, Garage Sale, and Annual Pledge) Expenses expenses for FY12-13 are projected to be $2,055k, which is $11k, or 1%, under budgeted expenditures of $2,066k. The variance to budget is explained by the following: 1) 4310 Instructional Materials is projected to be $12k under budget due to lower than budgeted expenditures. 2) 5820 Legal/Audit is projected to be $12k under budget as projected expenses are now accounted for in CWC RSO. 3) 5853 ExED is projected to be $26k over budget due to delay in completing the addendum to the consolidate CWC SL and CWC HW contract into one contract with CWC LA. As a result, the fees were accounted for in each school s expenses with a corresponding decrease in the CWC RSO expenses. The contract addendum has been completed and fees will be charged to CWC RSO with the December invoice. 4) 7310 INDIRECT COSTS (Transferred to RSO) is projected to be $22k under budget due to a reduction in RSO expenses. Budgeted average for FY12-13 is based on an enrollment of 254 students and a 94.9% average attendance rate. The P-2 is based on an enrollment of 241 students and a 91.9% average attendance rate. 9

10 Citizens of the World Charter Schools - Los Angeles Check Register For the Month Ending March 31, 2013 Location Check Date Check Number Payee Description Amount HW 03/11/13 - ED 3/11/2013 AT&T UVERSE /14-03/13/13 - INTERNET SERVICE HW 03/22/13 - ED 3/22/2013 AT&T /28-02/27/13 - PHONE & INTERNET SVC HW 03/28/13 - ED 3/28/2013 LOS ANGELES COUNTY OFFICE OF EDUCATION 03/13 - FY12/13 - STRS PAYMENT 12, HW /4/2013 MEKENZIE SCHNEIDER 01/14-02/11/13 - ASP ENRICHMENT ART CLASSES HW /13/2013 STAPLES ADVANTAGE COLORED PAPER, ETC HW /13/2013 STAPLES ADVANTAGE COPY PAPER, PENCILS, CLIPBOARDS, ETC HW /19/2013 KAREEM CERVANTES 02/25-03/08/13 - PAYROLL HW /26/2013 CCSA EMPLOYEE WELFARE BENEFIT TRUST 04/13 - INSURANCE PREMIUM 8, HW /26/2013 AMERICAN GTS 04/05/13 - FIELD TRIP - TRASH FOR TEACHING HW /26/2013 ATLANTIC EXPRESS INC. 04/05/13 - FIELD TRIP - TREE PEOPLE HW /26/2013 GLORIA BIGELOW 03/11-03/17/13 - REIMBURSEMENT HW /26/2013 BLICK ART MATERIALS ART SUPPLIES HW /26/2013 BLICK ART MATERIALS ART SUPPLIES HW /26/2013 BLICK ART MATERIALS ART SUPPLIES HW /26/2013 BLICK ART MATERIALS ART SUPPLIES HW /26/2013 BLICK ART MATERIALS ART SUPPLIES HW /26/2013 SARA BOHNSACK 02/11-02/26/12 - REIMBURSEMENT HW /26/2013 SARA BOHNSACK 03/18/13 - REIMBURSEMENT HW /26/2013 RENEE LIU 03/01-03/07/13 - REIMBURSMENT HW /26/2013 CYNTHIA ROMO ASP SCHOOL ENRICHMENT PIANO LESSONS HW /26/2013 CYNTHIA ROMO ASP SCHOOL ENRICHMENT PIANO LESSONS 1, HW /26/2013 TRASH FOR TEACHING 04/05/13 - ADMISSION FEE HW /27/2013 LOS ANGELES UNIFIED SCHOOL DISTRICT 04/13 - RENT - LE CONTE 8, HW /29/2013 IOANNA SKLAVENITIS ADJUSTED FINAL CHECK HW /1/2013 CITIZENS OF THE WORLD TRANSFER FUNDS FR. CWC-HW COMERICA TO PWB ACCT. 65, HW /1/2013 CITIZENS OF THE WORLD TRANSFER FUNDS FR. CWC-HW COMERICA TO CWC-SL COMERICA 1, HW 102, RSO 03/28/13 - ED 3/28/2013 LOS ANGELES COUNTY OFFICE OF EDUCATION 03/13 - FY12/13 - STRS PAYMENT 1, RSO /13/2013 AT&T ACCT# FINAL BILL RSO /13/2013 EXTENDA COMMUNICATIONS CORPORATION 02/15/13 - IT SERVICE RSO /13/2013 THE GAS COMPANY /01-01/28/13 - GAS & SECURITY DEPOSIT RSO /13/2013 LADWP UTILITIES DEPOSIT 1, RSO /13/2013 LADWP /01-02/14/13 - FIRE SERVICE CHARGES RSO /13/2013 LADWP UTILITIES DEPOSIT RSO /13/2013 LADWP /01-02/14/13 - FIRE SERVICE CHARGES RSO /13/2013 LADWP NEW ACCOUNT SERVICE CHARGE 3.00 RSO /13/2013 LADWP /14/12-01/01/13 - ELECTRIC CHARGES 1, RSO /13/2013 PACIFIC MECHANICAL CONTRACTORS 01/30/13 - AC UNIT REPAIR RSO /18/2013 LAN CLEANING SERVICE LLC 02/13 - CLEANING SERVICES 1, RSO /26/2013 ASSISTANCE LEAGUE OF SOUTHERN CALIFORNIA 12/14/12-01/24/13 - REIMBURSEMENT 4, RSO /26/2013 ATHENS SERVICES 03/01/13 - WASTE MANAGMENT FEE RSO /26/2013 CCSA EMPLOYEE WELFARE BENEFIT TRUST 04/13 - INSURANCE PREMIUM RSO /26/2013 DEWEY PEST CONTROL 03/13 - PEST CONTROL DE LONGPRE AVE / 1375 ST ANDREWS RSO /26/2013 THE GAS COMPANY /28-02/27/13 - GAS RSO /26/2013 LAW OFFICES OF YOUNG, MINNEY & CORR, LLP 12/18/12 - LEGAL SERVICES RSO /26/2013 AT&T /16-02/15/13 - PHONE SERVICE RSO /26/2013 AT&T /28/12-01/26/13 - PHONE SERVICE RSO /26/2013 AT&T UVERSE /08-03/07/13 - INTERNET SERVICE RSO /26/2013 JENNIFER BLEDSOE 01/29-02/27/13 - REIMBURSEMENT RSO /26/2013 MUSICK, PEELER & GARRETT LLP 08/01-08/02/12 - LEGAL SERVICES 1, RSO 14, SL 03/05/13 - ED 3/5/2013 AT&T /10-02/09/13 - PHONE SERVICE SL 03/13/13 - ED 3/13/2013 AT&T /17-02/26/13 - PHONE SERVICE SL 03/26/13 - ED 3/26/2013 AT&T /13 - INTERNET SL 03/28/13 - ED 3/28/2013 LOS ANGELES COUNTY OFFICE OF EDUCATION 03/13 - FY12/13 - STRS PAYMENT 11, SL /22/2013 CITIZENS OF THE WORLD SILVERLAKE VOID (0.01) SL /1/2013 SIRI FRANCE REIMB - BLICK, STAPLES SL /1/2013 LIZ KLEINROCK REIMB - INSECT LORE, AMAZON, BARNES & NOBLE SL /1/2013 MAUREEN LAMORENA-TATSUI REIMB - TARGET, USPS SL /1/2013 EMILY MEINKE REIMB - AMAZON, RALPHS, OFFICE MAX SL /1/2013 TIME WARNER CABLE INTERNET SERVICE SL /1/2013 WELLNESS WORKS, INC. 01/13 - OT/ST CONSULTATION & TREATMENT SERVICES 3, SL /1/2013 WELLNESS WORKS, INC. 11/12 - OT/ST CONSULTATION & TREATMENT SERVICES 3, SL /4/2013 CALIFORNIA CREDIT UNION-7218 CARD ENDING , SL /4/2013 LOURDES TORRES 02/08-02/22/13 - PSYCHOLOGICAL SERVICES 1, SL /13/2013 LIZ KLEINROCK 02/18-02/20/13 - REIMBURSEMENT SL /13/2013 MAUREEN LAMORENA-TATSUI 02/21-03/01/13 - REIMBURSEMENT SL /13/2013 MAUREEN LAMORENA-TATSUI 10/10-11/27/12 - REIMBURSEMENT SL /13/2013 SHAUN MANUS 03/03/13 - REIMBURSEMENT SL /13/2013 MICHELLE MINOR 02/25/13 - REIMBURSEMENT SL /13/2013 RAMONA PATRICK 02/25/13 - REIMBURSEMENT 8.81 SL /13/2013 LOURDES TORRES 02/10-03/10/13 - PSYCHOLOGICAL SERVICES SL /26/2013 TAMARA BICK 03/08-03/14/13 - REIMBURSEMENT 3, SL /26/2013 CANON SOLUTIONS AMERICA 11/28/12-02/27/13 - COPIER USAGE SL /26/2013 CANON SOLUTIONS AMERICA 11/28/12-02/27/13 - COPIER USAGE SL /26/2013 CANON FINANCIAL SERVICES 03/13 - COPIER LEASE # SL /26/2013 CANON FINANCIAL SERVICES 03/13 - COPIER LEASE #

11 Citizens of the World Charter Schools - Los Angeles Check Register For the Month Ending March 31, 2013 Location Check Date Check Number Payee Description Amount SL /26/2013 CCSA EMPLOYEE WELFARE BENEFIT TRUST 04/13 - INSURANCE PREMIUM 4, SL /26/2013 CHANDLER S CHANG, PH.D 02/05-02/12/13 - OUTPATIENT PSYCHOTHERAPY SL /26/2013 CHANDLER S CHANG, PH.D 02/12/13 - OUTPATIENT PSYCHOTHERAPY SL /26/2013 CITY OF LOS ANGELES 09/28/12 - ILLEGAL SIGN REMOVAL FEE SL /26/2013 MAUREEN LAMORENA-TATSUI 02/14/13 - REIMBURSEMENT SL /26/2013 MAURA LATTY 03/03/13 - REIMBURSEMENT SL /26/2013 LAW OFFICES OF YOUNG, MINNEY & CORR, LLP 02/21-02/28/13 - LEGAL SERVICES 1, SL /26/2013 LOURDES TORRES 03/11-03/19/13 - PSYCHOLOGICAL SERVICES SL /26/2013 PRN NURSING CONSULTANTS 01/18/13 - CONSULTING SERVICES SL /27/2013 ASSISTANCE LEAGUE OF SOUTHERN CALIFORNIA 04/13 - RENT 7, SL /27/2013 LOS ANGELES UNIFIED SCHOOL DISTRICT 04/13 - RENT - GRANT 4, SL /27/2013 LOS ANGELES UNIFIED SCHOOL DISTRICT 04/13 - RENT - MICHELTORENA 3, SL 54, Report 171,