Creative Montessori Academy Balance Sheet July 2018 (Unaudited)

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Cory Rodgers
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1 Balance Sheet (Unaudited) Fund: General Fund Assets Cash-Fifth Third 996, Cash-Athletic 3, Due From State 556, Due From Federal 117, Due From ISD 68, Prepaid Expenses-Payroll and Benefits 235, Prepaid Expenses 7, Total Assets 1,985, Liabilities Accounts Payable 57, Due To Agency Fund 9, Due To Capital Projects Fund 1,036, Due To Lunch Fund 35, Accrued Expenditures 15, Accrued Payroll and Benefits 204, Total Liabilities 1,359, Fund Equity Beginning Fund Equity 1,395, Change in Fund Equity (769,479.52) Total Fund Equity 625, Total Liabilities & Fund Equity 1,985, Page 1 of 19

2 Statement of Activities (Summary) (Unaudited) Fund: General Fund This Month Y-T-D Budget Difference Percent Revenues Total Local Sources 9, , , (269,029.01) 3% Total State Sources - - 6,309, (6,309,515.00) 0% Total Federal Sources , (402,819.00) 0% Total Revenues 9, , ,990, (6,981,363.01) 0% Expenditures Total Basic Programs 34, , ,303, ,268, % Total Added Needs 38, , , , % Total Support Services - Pupil , , % Total Support Services - Instructional Staff 3, , , , % Total Support Services - General Administration 60, , , , % Total Support Services - School Administration 38, , , , % Total Support Services - Business , , % Total Operation and Maintenance of Plant 47, , , , % Total Support Services - Central 10, , , , % Total Athletic Activities , , % Total Community Services , , % Total Fund Modifications 544, , , , % Total Expenditures 778, , ,372, ,593, % Change in Fund Equity (769,479.52) (769,479.52) (381,921.00) (387,558.52) Page 2 of 19

3 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Local Sources Preschool Fees 1, , ,000 (158,121.50) 1% Latchkey Fees ,000 (94,947.50) 0% Summer Camp Fees 7, , ,500 (12,995.00) 37% Miscellaneous Other ,000 (2,965.01) 1% Total Local Sources 9, , ,500 (269,029.01) 3% 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 9, , ,990,834 (6,981,363.01) 0% Page 3 of 19

4 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Instruction Basic Programs Elementary Teacher Salaries - - 1,615,000 1,615, % Assistant Salaries 6, , , , % Substitute Salaries 1, , ,000 73, % Teacher Benefits , , % Outside Service Substitutes ,000 25, % Copier Lease 2, , ,000 37, % Teaching Supplies-General 19, , , , % Technology-Non Depreciable ,000 25, % Dues & Fees - - 1,000 1, % Field Trips ,500 1, % Miscellaneous Other - - 2,500 2, % Fall/Spring Music Shows - - 5,000 5, % Total Elementary 29, , ,111,000 3,081, % Pre-School Preschool Teacher Salaries ,000 85, % Preschool Assistant Salaries 4, , ,000 55, % Preschool Benefits ,000 44, % Preschool Supplies and Snacks - - 2,000 2, % Total Pre-School 4, , , , % Total Basic Programs 34, , ,303,000 3,268, % Page 4 of 19

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 21, , , , % Title I Teacher Benefits 3, , ,795 29, % Title I Supplies 13, , , % Title IV Supplies ,000 10, % Total Compensatory Education 38, , , , % Total Added Needs 38, , , , % Total Instruction 73, , ,100,781 4,027, % Page 5 of 19

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 3, , ,000 61, % Title IIA Prof Development ,875 16, % Library Salaries ,580 30, % Library Benefits ,000 12, % Technology Consulting Services ,000 30, % Special Ed Supervision - - 5,000 5, % Total Support Services - Instructional Staff 3, , , , % Support Services - General Administration Legal Services ,000 25, % Audit Services 6, , ,000 3, % 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 60, , , , % Page 6 of 19

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 13, , , , % Headmaster / Secretary Benefits 7, , ,000 72, % Office Supplies and Postage ,000 14, % Dues & Fees 3, , ,000 6, % Total Support Services - School Administration 38, , , , % Support Services - Business Bank Fees ,500 4, % Total Support Services - Business ,500 4, % Operation and Maintenance of Plant Janitor Salaries 5, , , , % Janitor Benefits ,000 34, % Telephone and Internet 3, , ,000 16, % Water and Sewer 7, , ,500 6, % Property and Liability Insurance 22, , ,000 17, % Building Maintenance 3, , ,000 71, % Lawn Care/Snow Removal ,000 15, % Building Rental 2, , ,285 4, % Other Rentals ,000 4, % Gas ,000 20, % Electricity ,000 55, % Janitor Supplies 1, , ,000 38, % Alarm System ,500 1, % Total Operation and Maintenance of Plant 47, , , , % Page 7 of 19

8 Statement of Activities (Detail) Fund: General Fund This Month Y-T-D Budget Difference Percent Support Services - Central Marketing 9, , ,000 45, % Social Media Reporter Salary - - 1,800 1, % Social Media Reporter Benefits % Prof Development ,500 11, % Title IIA Prof Development - - 5,420 5, % Personnel Recruitment - - 2,500 2, % Fingerprinting ,000 1, % Misc. Technology Services ,500 3, % Total Support Services - Central 10, , ,220 72, % 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 161, , ,228,424 2,066, % 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 544, , , , % Total Expenditures 778, , ,372,755 6,593, % Change in Fund Equity (769,479.52) (769,479.52) (381,921) (387,558.52) Page 8 of 19

9 Check Register Report July 1, July 31, 2018 Check Date Check Vendor Name Description Amount 7/11/ A T & T Telephone 7/17-8/ /11/ Abatement & Demolition Services, LLC Abatement 33, /11/ Absopure Water Company Water /11/ Absopure Water Company Water cooler /11/ ADT Security System Monitoring /11/ Alison Montessori Teaching Supplies-General /11/ Applied Imaging Copier usage 1, /11/ Applied Imaging Copier usage 1, /11/ Choice Schools Associates LLC Management Fee for 54, /11/ Choice Schools Associates LLC Payroll for June 29, 2018 (actual) 3, /11/ Cintas Corporation-300 Cleaning supplies /11/ Cintas Corporation-300 Cleaning supplies /11/ Cintas Corporation-300 Cleaning supplies /11/ Cintas Corporation-300 Uniform rental /11/ Cintas Corporation-300 Uniform rental /11/ Cintas Corporation-300 Uniform rental /11/ Cintas Corporation-300 Cleaning supplies /11/ City of Southgate 2018 Summer Property Tax 7, /11/ Delta Education Science Curriculum 48, /11/ Detroit Institute for Children Occupational Therapy Services /11/ Detroit Institute for Children Psychological Services /11/ Elite Fund, Inc. E-rate support services /11/ First Student Charter Bus Rental Field Trip- LP Skating Center /11/ First Student Charter Bus Rental Field Trip- MJR /11/ Guardian Environmental Services, Inc. A/C Repair /11/ Guardian Environmental Services, Inc. A/C Maintenance 2, /11/ Guardian Environmental Services, Inc. A/C Repair /11/ Guardian Environmental Services, Inc. A/C Repair /11/ Institute for Excellence in Education Spring 2018 Board Policy Updates /11/ Jodi Dobbs Summer Camp Fees /11/ Kathi Prior Family Movie Night /11/ Kathi Prior Family Movie Night- speakers /11/ Michael Ryan Fingerprinting /11/ MIChoice LLC Payroll for August 10, 2018 (estimate) 100, /11/ MIChoice LLC Payroll for August 24, 2018 (estimate) 100, /11/ MIChoice LLC Employee Benefits for August 2018 (estimate) 35, /11/ MIChoice LLC Payroll for June 29, 2018 (actual) (16,938.29) 7/11/ Northern Analytical Services, LLC Air monitoring 4, /11/ S & S Worldwide, Inc. Summer camp supplies 1, Page 9 of 19

10 7/11/ Sherwin Williams Paint /11/ Sherwin Williams Paint /11/ Sherwin Williams Paint /11/ US Bank Equipment Finance Copier Lease 2, /11/ Verizon Wireless Telephone /11/ JB Donaldson Company Draw Request #2 102, /11/ Wayne County Health Department Plan approval fee /23/ Alan Carter Leaders Retreat- Mileage /23/ Amazon Prime Projector Screen /23/ Amazon Prime Summer school supplies /23/ Amazon Prime Summer school supplies /23/ Amazon Prime Summer school supplies /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV 1, /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Amazon Prime Sensory Room supplies- Title IV /23/ Carey Ann`s Clown Caravan Fun Fest /23/ Center for School Advancement Literacy Coaches Training for 2017/18 5, /23/ Charter Technologies Inc E-rate Maintenance of Internal Connections 1, /23/ Choice Schools Associates LLC Payroll for July 13, 2018 (actual) 25, /23/ Cintas Corporation-300 Cleaning supplies /23/ Comcast Acct No , /23/ EmbroidMe MS Uniforms 2, /23/ Fun Services Fun Fest 4, /23/ Home Depot Credit Services Supplies /23/ Home Depot Credit Services Supplies /23/ Home Depot Credit Services Paint /23/ Jessica Beaudrie Notary /23/ Lisa Loger Leaders Retreat- Mileage /23/ Mat Rental Service Hallway mat rental /23/ Meghan Bryant SIOP PD book /23/ MIChoice LLC Payroll for July 13, 2018 (actual) (19,261.57) Page 10 of 19

11 7/23/ MIChoice LLC Workers Compensation for , /23/ MIChoice LLC Workers Compensation for , /23/ MIChoice LLC Workers Compensation for /23/ Paul Thomas Family Movie Night- speaker rental /23/ Rachel Moul CPR Certification- Mileage /23/ Rachel Moul CPR Certification class /23/ Sam`s Club MC Concessions /23/ Sam`s Club MC Fingerprinting 1, /23/ Sam`s Club MC Preschool Supplies and Snacks /23/ Sam`s Club MC Recognition gifts /23/ Sam`s Club MC Enrollment Signs /23/ Sam`s Club MC Enrollment dragons /23/ Sam`s Club MC Field Trip- Goroni /23/ Sam`s Club MC PD- beverages /23/ Sam`s Club MC PD- Lunch /23/ Sam`s Club MC PD- Lunch /23/ Sam`s Club MC PD- Lunch /23/ Sam`s Club MC Notary /23/ Scholastic Classroom Magazines Magazine renewal for , /23/ Shannon Stacy Teaching supplies- flexible seating /23/ Sherwin Williams Paint /23/ Sherwin Williams Paint /23/ Sherwin Williams Paint /27/ Academic Planners Plus Planners /27/ Cintas Corporation-300 Cleaning supplies /27/ City of Southgate Water 5/7-7/ /27/ Clear Rate Communications, Inc Telephone 7/18-8/ /27/ CPI CPI Training , /27/ Croskey, Lanni & Company, P.C. Audit Services- 2nd Installment 3, /27/ David Graham Events PD- Breakfast 8/20/18 1, /27/ Downriver Community Conference July Building Rental 2, /27/ Downriver Community Conference Quarterly Snow Removal 1, /27/ Downriver Community Conference Quarterly Elevator Telephone /27/ Downriver Community Conference Quarterly Elevator Inspection /27/ Downriver Community Conference Quarterly DTE Street Lights /27/ Downriver Community Conference Quarterly Waste Management 2, /27/ Downriver Community Conference Quarterly Grass Cutting /27/ Downriver Community Conference Locks/Keys /27/ Edmentum Study Island renewal 13, /27/ Food Service Solutions Food Service Software & Training 2, /27/ Foremost Graphics Group Fun Fest mailer 2, /27/ JB Donaldson Company Draw Request #3 125, /27/ Jessica Beaudrie Fun Fest food /27/ Jessica Beaudrie Notary stamp /27/ Jessica Beaudrie Card stock Page 11 of 19

12 7/27/ MIChoice LLC Advertising - Budget Hearing /27/ MIChoice LLC Fingerprinting - Idemia /27/ MIChoice LLC Personnel Recruitment - Ai(Olivia) /27/ MIChoice LLC Dues & Fees - Samanage , /27/ MIChoice LLC Personnel Recruitment - Zip Recruiter /27/ MIChoice LLC Legal Services - Clark Hill /27/ MIChoice LLC Marketing - Metro Parent 1, /27/ MIChoice LLC Marketing - Campaign Monitor /27/ MIChoice LLC Marketing - Graphic Design & Website /27/ MIChoice LLC Special Ed Supervision - S. VanderBaan /27/ Northwest Evaluation Assoc Testing 9, /27/ NT Supply Filters /27/ Plank Road Publishing, Inc. Music Curriculum /27/ Purchase Power Account # /27/ Rockalingua Renewal of annual subscription /27/ S & S Worldwide, Inc. Summer camp supplies /27/ Sherwin Williams Paint /27/ Sherwin Williams Charge correct (30.00) 7/27/ Sherwin Williams Scaffold /27/ Terminix Monthly service /27/ TV Diner PD- Dinner 8/29/18 1, /27/ Wayne County Vision screening $ 730, Page 12 of 19

13 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 (2,495.00) Total Fund Equity 35, Total Liabilities & Fund Equity 35, Page 13 of 19

14 Statement of Activities (Detail) (Unaudited) Fund: Food Service Fund This Month Y-T-D Budget Difference Percent Local Sources Food Sales , (18,000.00) 0% Total Local Sources , (18,000.00) 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 , (155,500.00) 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 (2,495.00) (2,495.00) (14,500.00) 12, Page 14 of 19

15 Balance Sheet (Unaudited) Fund: Debt Service Fund Assets US Bank # , US Bank # US Bank # , US Bank # , Total Assets 636, Liabilities Accounts Payable - Due to General Fund - Total Liabilities - Fund Equity Beginning Fund Equity 591, Change in Fund Equity 44, Total Fund Equity 636, Total Liabilities & Fund Equity 636, Page 15 of 19

16 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 16 of 19

17 Balance Sheet (Unaudited) Fund: Capital Projects Fund Assets US Bank # , Due From General Fund 1,036, Total Assets 1,136, Liabilities Accounts Payable 46, Due To General Fund - Total Liabilities 46, Fund Equity Beginning Fund Equity 817, Change in Fund Equity 272, Total Fund Equity 1,090, Total Liabilities & Fund Equity 1,136, Page 17 of 19

18 Statement of Activities (Detail) (Unaudited) Fund: Capital Projects Fund This Month Y-T-D Budget Difference Percent Local Sources Interest (583.65) 17% Total Local Sources (583.65) 17% Incoming Transfers and Other Transactions Transfer from General Fund 500, , , % Total Incoming Transfers and Other Transactions 500, , , % Total Revenues 500, , , (583.65) 100% Capital Projects Building Improvements - Expansion 227, , , , % Total Capital Projects 227, , , , % Total Expenditures 227, , , , % Change in Fund Equity 272, , , 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, ,426, Remaining Budget (24,710.93) Page 18 of 19

19 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 61 days greater but no less than 30 days $996,564 * 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 19 of 19

Creative Montessori Academy Balance Sheet August 2018 (Unaudited)

Creative Montessori Academy Balance Sheet August 2018 (Unaudited) Balance Sheet (Unaudited) Fund: General Fund Assets Cash-Fifth Third 1,204,801.20 Cash-Athletic 3,258.25 Prepaid Expenses-Payroll and Benefits 280,000.00 Prepaid Expenses 7,256.95 Total Assets 1,495,316.40