Creative Montessori Academy Balance Sheet August 2018 (Unaudited)

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1 Balance Sheet (Unaudited) Fund: General Fund Assets Cash-Fifth Third 1,204, Cash-Athletic 3, Prepaid Expenses-Payroll and Benefits 280, Prepaid Expenses 7, Total Assets 1,495, Liabilities Accounts Payable 11, Due To Agency Fund 10, Due To Capital Projects Fund 1,034, Due To Lunch Fund 35, Total Liabilities 1,091, Fund Equity Beginning Fund Equity 1,397, Change in Fund Equity (993,925.11) Total Fund Equity 403, Total Liabilities & Fund Equity 1,495, Page 1 of 18

2 Statement of Activities (Summary) (Unaudited) Fund: General Fund This Month Y-T-D Budget Difference Percent Revenues Total Local Sources 10, , , (258,681.08) 7% Total State Sources - - 6,309, (6,309,515.00) 0% Total Federal Sources , (402,819.00) 0% Total Revenues 10, , ,990, (6,971,015.08) 0% Expenditures Total Basic Programs 27, , ,303, ,239, % Total Added Needs 15, , , , % Total Support Services - Pupil , , % Total Support Services - Instructional Staff 11, , , , % Total Support Services - General Administration 57, , , , % Total Support Services - School Administration 31, , , , % Total Support Services - Business (24.84) , , % Total Operation and Maintenance of Plant 35, , , , % Total Support Services - Central 4, , , , % Total Athletic Activities , , % Total Community Services , , % Total Fund Modifications 44, , , , % Total Expenditures 227, ,013, ,372, ,359, % Change in Fund Equity (217,010.17) (993,925.11) (381,921.00) (612,004.11) Page 2 of 18

3 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Local Sources Preschool Fees 5, , ,000 (152,616.50) 5% Latchkey Fees ,000 (94,947.50) 0% Summer Camp Fees 4, , ,500 (8,255.00) 60% Miscellaneous Other ,000 (2,862.08) 5% Total Local Sources 10, , ,500 (258,681.08) 7% State Sources Foundation Allowance - - 5,886,642 (5,886,642.00) 0% 31A At-Risk ,332 (318,332.00) 0% Headlee Obligation for Data Collect ,750 (18,750.00) 0% Special Ed ,791 (85,791.00) 0% Total State Sources - - 6,309,515 (6,309,515.00) 0% Federal Sources Title I Grant ,995 (220,995.00) 0% Title IIA Grant ,249 (29,249.00) 0% Title IV Grant ,000 (10,000.00) 0% IDEA ,575 (142,575.00) 0% Total Federal Sources ,819 (402,819.00) 0% Total Revenues 10, , ,990,834 (6,971,015.08) 0% Page 3 of 18

4 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Instruction Basic Programs Elementary Teacher Salaries 2, , ,615,000 1,612, % Assistant Salaries 6, , , , % Substitute Salaries ,000 75, % Teacher Benefits (1,105.95) , , % Outside Service Substitutes ,000 25, % Copier Lease 2, , ,000 34, % Teaching Supplies-General 12, , , , % Technology-Non Depreciable ,000 25, % Dues & Fees - - 1,000 1, % Field Trips ,500 1, % Miscellaneous Other ,500 1, % Fall/Spring Music Shows - - 5,000 5, % Total Elementary 23, , ,111,000 3,055, % Pre-School Preschool Teacher Salaries ,000 85, % Preschool Assistant Salaries 4, , ,000 51, % Preschool Benefits (572.93) (24.57) 45,000 45, % Preschool Supplies and Snacks ,000 1, % Total Pre-School 3, , , , % Total Basic Programs 27, , ,303,000 3,239, % Page 4 of 18

5 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Added Needs Special Education Special Ed Teacher Salaries ,000 95, % Special Ed Benefits ,000 23, % IDEA Teacher Salaries ,500 98, % IDEA Teacher Benefits ,500 23, % Special Ed Teaching Supplies - - 1,500 1, % Total Special Education , , % Compensatory Education 31A Assistant Salaries , , % 31A Assistant Benefits ,282 84, % 31A Behavior Interventionist Salaries ,050 36, % 31A Behavior Interventionist Benefits - - 8,000 8, % Title I Summer/Tutor Salaries ,000 40, % Title I Summer/Tutor Benefits - - 5,434 5, % Title I Teacher Salary 13, , , , % Title I Teacher Benefits 2, , ,795 26, % Title I Supplies - 13, , % Title IV Supplies ,000 9, % Total Compensatory Education 15, , , , % Total Added Needs 15, , , , % Total Instruction 42, , ,100,781 3,982, % Page 5 of 18

6 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Support Services - Pupil OT Services ,000 10, % Psychological Services ,000 30, % IDEA Speech Pathology Services ,575 20, % Speech Pathology Services ,500 55, % Limited English Proficient (LEP) Services ,000 70, % Social Work Services Salary ,000 40, % Social Work Services Benefits ,000 11, % Total Support Services - Pupil , , % Support Services - Instructional Staff Prof Development 11, , ,000 49, % Title IIA Prof Development ,875 16, % Library Salaries ,580 30, % Library Benefits (0.18) (0.18) 12,000 12, % Technology Consulting Services ,000 30, % Special Ed Supervision - - 5,000 5, % Total Support Services - Instructional Staff 11, , , , % Support Services - General Administration Legal Services ,000 24, % Audit Services 3, , ,000 (500.00) 106% Advertising - - 1,500 1, % Policy Manual Updates - - 1,900 1, % MIChoice Management Services Fee 54, , , , % WRESA Oversight Services Fee , , % Dues & Fees - - 3,500 3, % Total Support Services - General Administration 57, , , , % Page 6 of 18

7 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Support Services - School Administration Headmaster Salaries 13, , , , % Secretary Salaries 10, , , , % Headmaster / Secretary Benefits 6, , ,000 65, % Office Supplies and Postage 1, , ,000 10, % Dues & Fees - 3, ,000 6, % Total Support Services - School Administration 31, , , , % Support Services - Business Bank Fees (24.84) ,500 4, % Total Support Services - Business (24.84) ,500 4, % Operation and Maintenance of Plant Janitor Salaries 6, , , , % Janitor Benefits 2, , ,000 31, % Telephone and Internet 3, , ,000 12, % Water and Sewer - 7, ,500 6, % Property and Liability Insurance - 22, ,000 17, % Building Maintenance 13, , ,000 57, % Lawn Care/Snow Removal ,000 15, % Building Rental 2, , ,285 2, % Other Rentals ,000 4, % Gas ,000 19, % Electricity 4, , ,000 50, % Janitor Supplies 1, , ,000 36, % Alarm System ,500 1, % Total Operation and Maintenance of Plant 35, , , , % Page 7 of 18

8 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Support Services - Central Marketing 3, , ,000 41, % Social Media Reporter Salary - - 1,800 1, % Social Media Reporter Benefits % Prof Development , ,500 11, % Title IIA Prof Development - 2, ,420 3, % Personnel Recruitment - - 2,500 2, % Fingerprinting ,000 1, % Misc. Technology Services ,500 3, % Total Support Services - Central 4, , ,220 66, % Athletic Activities Athletic Director Salary - - 2,500 2, % Athletic Director Benefits % Athletic Referees - - 3,000 3, % Athletic Miscellaneous Other - - 5,000 5, % Total Athletic Activities ,000 11, % Total Supporting Services 140, , ,228,424 1,920, % Community Services Latchkey Salaries ,500 47, % Latchkey Benefits - - 7,000 7, % Latchkey Supplies - - 1,000 1, % Total Community Services ,500 55, % Fund Modifications Transfer to Capital Projects Fund - 500, , % Transfer to Debt Service Fund 44, , , , % Total Fund Modifications 44, , , , % Total Expenditures 227, ,013, ,372,755 6,359, % Change in Fund Equity (217,010.17) (993,925.11) (381,921) (612,004.11) Page 8 of 18

9 Check Register Report August 1, August 31, 2018 Check Date Check Vendor Name Description Amount 8/13/ st Century Media - Michigan Marketing 2, /13/ Absopure Water Company Water cooler /13/ Albanesi Montessori Grammar Exercises 4-6 3, /13/ Albanesi Montessori New classroom- Room 210 2, /13/ Applied Imaging Copier usage /13/ Applied Imaging Copier usage /13/ Bulldog Records Management Shredding services /13/ Choice Schools Associates LLC Employee Benefits for July 2018 (actual) 10, /13/ Choice Schools Associates LLC Payroll for July 27, 2018 (actual) 49, /13/ Choice Schools Associates LLC Management Fee for 54, /13/ Choice Schools Associates LLC Payroll for September 7, 2018 (estimate) 120, /13/ Choice Schools Associates LLC Payroll for September 21, 2018 (estimate) 120, /13/ Choice Schools Associates LLC Employee Benefits for September 2018 (estimate) 40, /13/ Cintas Corporation-300 Uniform rental /13/ Cintas Corporation-300 Uniform rental /13/ Cintas Corporation-300 Uniform rental /13/ Cintas Corporation-300 Uniform rental /13/ Cintas Corporation-300 Uniform rental /13/ Cintas Corporation-300 Uniform rental /13/ Cintas Corporation-300 Uniform rental /13/ Cintas Corporation-300 Cleaning supplies /13/ Comcast Account # /13/ Companion Corporation Renewal /13/ Dayna Cranford Tuition Reimbursement /13/ DTE Energy Electricity- Account , /13/ DTE Energy Gas- Account /13/ GBC General Binding Corp Renewal of Maintenance Agreements /13/ GBC General Binding Corp Renewal of Maintenance Agreements /13/ Guardian Environmental Services, Inc. A/C Repair /13/ Guardian Environmental Services, Inc. A/C Repair /13/ Guardian Environmental Services, Inc. A/C Repair /13/ Hal - Leonard Corporation Music Express Magazine Subscription /13/ Jessica Beaudrie Pavillion rental- PD /13/ Megan Willer Room /13/ Megan Willer Tuition Reimbursement 1, /13/ Melinda Watkins Fun Fest- Ice /13/ Montessori Outlet New classroom- Room /13/ Quill Corporation Office supplies /13/ Quill Corporation Office supplies Page 9 of 18

10 8/13/ Quill Corporation Skid of copy paper 1, /13/ Quill Corporation Office supplies /13/ Quill Corporation Card stock, business cards /13/ Sam`s Club MC Late Charge /13/ Sam`s Club MC Interest /13/ Sam`s Club MC MI Custom Signs /13/ Sarah Mouser Tuition Reimbursement 1, /13/ School Specialty Inc. Binders/tabs for Albanesi /13/ School Specialty Inc. Binders/tabs for playbook /13/ Sherwin Williams Paint /13/ Sherwin Williams Paint /13/ Sherwin Williams Paint /13/ US Bank Equipment Finance Copier Lease 2, /13/ Verizon Wireless Telephone /13/ Wholesale Online Printing LLC Back to School postcards /27/ Aaron White Mileage- Lansing /27/ Allied-Eagle Supply Company Cleaning supplies /27/ Amazon Prime Sensory Room supplies- Title IV /27/ Amazon Prime Two-way radios and chargers /27/ Amazon Prime Two-way radios and chargers 1, /27/ Amazon Prime Backpack carts 1, /27/ Amazon Prime Two-way radios and chargers /27/ Amazon Prime PD Books /27/ Amazon Prime Plastic sleeves /27/ Amazon Prime Building Maintenance /27/ Barbara Harrelson Refund- Uniforms /27/ Barco Products Parking lot barriers /27/ BSN Sports Volleyball Net System 2, /27/ Charter Technologies Inc Video Door System upgrade 1, /27/ Choice Schools Associates LLC Payroll for Auguts 10, 2018 (actual) 37, /27/ Cintas Corporation-300 Uniform rental /27/ Cintas Corporation-300 Uniform rental /27/ Clear Rate Communications, Inc Telephone 8/18-9/ /27/ Comcast Acct , /27/ Croskey, Lanni & Company, P.C. Audit Services- 3rd Installment 3, /27/ Custom Ink Summer Camp T-shirts /27/ Dayna Cranford Teaching Supplies-General /27/ Dayna Cranford Classroom Supply Budget /27/ Downriver Community Conference August Building Rental 2, /27/ Frank and Deans Catering PD- Lunch /27/ Guardian Environmental Services, Inc. A/C Repair /27/ Heidi Davis Classroom Supply Budget /27/ Home Depot Credit Services Building Maintenance /27/ Home Depot Credit Services Building Maintenance /27/ Home Depot Credit Services Building Maintenance Page 10 of 18

11 8/27/ Jessica Beaudrie Office Supplies and Postage /27/ Jessica Beaudrie PD- Road Rally /27/ Kelsey Weir Classroom supplies /27/ Kristen Doney Classroom Supply Budget /27/ Lisa Loger Use of facility for PD /27/ Mat Rental Service Hallway mat rental /27/ Michael Ryan Tuition Reimbursement 1, /27/ Oana Felderan Lunch account refund /27/ Purchase Power Postage- post cards /27/ Quill Corporation Teacher chairs /27/ Quill Corporation Paper /27/ Riegle Press, Inc. Lesson Plan/Attendance Books /27/ Riegle Press, Inc. CA-60 Folders /27/ Sherwin Williams Paint /27/ Stanley Steemer Carpet cleaning 2, /27/ Terminix Monthly service /27/ ULINE Pallet Truck /27/ Williams, Williams, Rattner Legal Services $ 488, Page 11 of 18

12 Balance Sheet (Unaudited) Fund: Food Service Fund Assets Due from General Fund 35, Total Assets 35, Liabilities Accounts Payable - Due to General Fund - Total Liabilities - Fund Equity Beginning Fund Equity 37, Change in Fund Equity (2,499.00) Total Fund Equity 35, Total Liabilities & Fund Equity 35, Page 12 of 18

13 Statement of Activities (Detail) (Unaudited) Fund: Food Service Fund This Month Y-T-D Budget Difference Percent Local Sources Food Sales (4.00) (4.00) 18, (18,004.00) 0% Total Local Sources (4.00) (4.00) 18, (18,004.00) 0% State Sources State Lunch Receipts - - 2, (2,500.00) 0% Total State Sources - - 2, (2,500.00) 0% Federal Sources Free/Reduced Lunch , (135,000.00) 0% Total Federal Sources , (135,000.00) 0% Incoming Transfers and Other Transactions Transfer from General Fund % Total Incoming Transfers and Other Transactions % Total Revenues (4.00) (4.00) 155, (155,504.00) 0% Food Services Food Service Salaries and Benefits - - 5, , % Contract Services , , % Miscellaneous Other - 2, , , % Total Food Services - 2, , , % Total Expenditures - 2, , , % Change in Fund Equity (4.00) (2,499.00) (14,500.00) 12, Page 13 of 18

14 Balance Sheet (Unaudited) Fund: Debt Service Fund Assets US Bank # , US Bank # US Bank # , US Bank # , Total Assets 681, Liabilities Accounts Payable - Due to General Fund - Total Liabilities - Fund Equity Beginning Fund Equity 591, Change in Fund Equity 89, Total Fund Equity 681, Total Liabilities & Fund Equity 681, Page 14 of 18

15 Statement of Activities (Detail) (Unaudited) Fund: Debt Service Fund This Month Y-T-D Incoming Transfers and Other Transactions Interest , Transfer From General Fund 44, , Total Incoming Transfers and Other Transactions 44, , Total Revenues 44, , Debt Service Principal on Bonds - - Interest on Bonds - - Trustee and Other Fees - - Total Debt Service - - Total Expenditures - - Change in Fund Equity 44, , Page 15 of 18

16 Balance Sheet (Unaudited) Fund: Capital Projects Fund Assets US Bank # , Due From General Fund 1,034, Total Assets 1,134, Liabilities Accounts Payable 46, Due To General Fund - Total Liabilities 46, Fund Equity Beginning Fund Equity 817, Change in Fund Equity 270, Total Fund Equity 1,088, Total Liabilities & Fund Equity 1,134, Page 16 of 18

17 Statement of Activities (Detail) (Unaudited) Fund: Capital Projects Fund This Month Y-T-D Budget Difference Percent Local Sources Interest (455.74) 35% Total Local Sources (455.74) 35% Incoming Transfers and Other Transactions Transfer from General Fund - 500, , % Total Incoming Transfers and Other Transactions - 500, , % Total Revenues , , (455.74) 100% Capital Projects Building Improvements - Expansion 2, , , , % Total Capital Projects 2, , , , % Total Expenditures 2, , , , % Change in Fund Equity (2,614.09) 270, , Expansion Project Budget $ 1,401, DCC Purchase - Phase 1 94, Paid $85,466 90% DCC Purchase - Phase 2 37, Architect 28, Paid Northern Analytical - Asbestos 9, Paid Wayne County Health Department Paid Total Project (Change Order #3) 1,188, Paid to date $252, Asbestos Abatement 33, Paid Additional Asbestos Abatement - Tunnels 29, Vertex Integration - RTU Units 3, Volleyball Nets 2, Paid 1,428, Remaining Budget (27,452.93) Page 17 of 18

18 Status of Debt Covenants (Unaudited) The Academy must maintain a certain debt service coverage ratio based on the days cash on hand ratio. If the days cash on hand ratio is less than 60 days, the Academy must maintain a debt service coverage ratio of 1.10:1.00. If the days cash on hand ratio is equal to or greater than 60 days, the Academy must maintain a debt service coverage ratio of 1.00:1.00 Current Debt Covenant Target Month Description Metric Status Days Cash On Hand Covenant: (Academy Cash + Liquid Investments) *365 Operating Expenses 60 days or 74 days greater but no less than 30 days $1,204,801 * 365 $5,981,886 Debt Service Coverage Ratio: (Based on Budget) Academy Gross Revenues - Operating Expenses Principal + Interest requirement for fiscal year or greater $6,990,834 - $5,981,886 $483,550 - Note: Operating Expenses excludes capital expenditures, transfers to debt service funds, and expenses paid from revenue sources not pledged to the series 2011 Bonds (e.g. federal grants). Page 18 of 18

Creative Montessori Academy Balance Sheet July 2018 (Unaudited)

Creative Montessori Academy Balance Sheet July 2018 (Unaudited) Balance Sheet (Unaudited) Fund: General Fund Assets Cash-Fifth Third 996,564.13 Cash-Athletic 3,258.25 Due From State 556,563.67 Due From Federal 117,804.55 Due From ISD 68,260.00 Prepaid Expenses-Payroll