Twin Cities Academy St. Paul, Minnesota Financial Statements Overview As of January 31, 2016

Transcription

1 St. Paul, Minnesota Financial Statements Overview Financial Summary Revenues: Original Revised Expenses: Excess / Deficit $3,104,500 Original $3,043,116 $61,382 $3,367,352 Revised $3,712,932 ($345,580) $1,813,210 $1,773,165 $40, % 47.8% Comments Enrollment and Summary Analysis Original Estimate 245 ADM Revised Estimate 251 ADM Current Enrollment ADM Financial Statements Overview Based on audited information, the school's beginning fund balance is $1,111,858. This month we are presenting a proposed revised budget for approval which projects a net income for of -$345,580. The deficit would be caused by one-time moving expenses and equipment purchases for the new building. This net income would bring our June 2016 preliminary fund balance to $766,278, or 20.6% of total expenditures. The year to date state revenue related to the 10% holdback is being estimated and recognized as a receivable. The year to date activity does not include calculations for expenses incurred by the school that will be paid after the end of the month. Overall, revenues and expenses are running below our proposed revised budget for the school year. Cash From a cash basis, the school is in a positive cash position, with cash and investments of $1,190,739. Our current Days Cash on Hand is 119 days for both schools combined. The bond covenants require a minimum of 60 days cash on hand at June 30. Our current Debt Service Coverage Ratio is 122% for both schools combined based on the Debt Service on Bonds amount. The bond covenants require a minimum of 120% Debt Service Coverage Ratio at year-end beginning in FY17. Supplemental Information Also provided within these statements are checks that were written and wires that were processed during the month. These reports are intended to inform the administration and board members of activity that has happened in the school s financial records. The projections shown on this report are prepared using both the school leadership s estimates and consultant estimates. This report is prepared for internal use only. This report has not been compiled, reviewed, or audited and should not be relied on for other uses. 2/14/ TCA P L January 2016 Overview

2 Balance Sheet Audited Balance June 30, 2015 Balance January 31, 2016 Assets Current Assets Cash and Investments 794,049 1,190,739 Accounts Receivable 14,413 0 Due from Other Funds 9,265 0 Due from Other MN Dist - TCAHS 103,498 61,595 PY State Aids Receivable 0 3,153 CY State Aid Receivable 306,718 34,898 Federal Aids Receivable 32,201 0 Prepaid Expenses 84,938 2,253 Total Current Assets 1,345,082 1,292,637 Total All Assets 1,345,082 1,292,637 Liabilities and Fund Balance Current Liabilities Salaries and Wages Payable 82,623 47,526 Due to Other Funds 9,265 0 Due to Other MN Dist - TCAHS 11,176 0 Accounts Payable 19,870 10,081 Payroll Deductions and Contributions 110,289 83,126 Total Current Liabilities 233, ,733 Fund Balance Fund Balance ,111,858 1,111,858 Net Income To Date 40,046 Total Fund Balance 1,111,858 1,151,904 Total Liabilities and Fund Balance 1,345,082 1,292,637 Beltz, Kes, Darling, Assoc. 2/14/ TCA P L January 2016 Balance Sheet

3 Statement of Revenues and Expenditures Adopted 245 ADM 277 WADM 251 ADM 284 WADM Activity 58.3% Percent of Actuals to General Fund - 01 Revenues State Revenues General Education Aid 1,918,405 1,988,654 1,216, % Q-Comp Aid 61,248 55, % Land Endowment Aid 6,115 6,934 3, % Charter School Lease Aid 297, , , % Special Education Aid 274, ,396 97, % PY Over/Under Accruals CY State Aid Receivable/(Deferred Revenue) 34,898 Total State Revenues 2,557,836 2,755,206 1,457, % Federal Revenues Title Programs 40,086 43,940 14, % Special Education 40,064 34,238 15, % Total Federal Revenues 80,150 78,178 29, % Local Revenues Reimbursements from other Districts - TCAHS 334, , , % Fees from Patrons 29,028 35,000 34, % Interest Earnings 60 1, % Donations and Gifts 10,000 10,000 7, % Miscellaneous Revenues 500 5,000 4, % Total Local Revenues 374, , , % Total Revenues 3,012,000 3,272,502 1,776, % 2/14/ TCA P L January 2016

4 Statement of Revenues and Expenditures Adopted 245 ADM 277 WADM 251 ADM 284 WADM Activity 58.3% Percent of Actuals to Expenditures Salaries and Wages 846, , , % Q Comp Expenditures 61,248 55, % Employee Benefits 275, , , % Contracted Services 168, , , % Communications Services 3,488 3,000 1, % Postage 2,445 2,575 1, % Utilities 27,398 27,398 10, % Property and Liability Insurance 11,291 10,744 7, % (1) Repairs and Maintenance 10,000 10,000 4, % Contracted Transportation 217, , , % Field Trip & Extra Curricular Transportation 15,000 15,000 7, % Travel, Conferences, and Staff Training 3,672 2,500 1, % Field Trips / Registration Fees 33,400 33,400 16, % Building Lease 330, , , % (1) Other Rentals and Operating Leases 7,600 9,254 5, % Non-Instructional Supplies 27,900 30,000 18, % Maintenance Supplies 4,000 6,000 4, % Computer Software/Licensing 11,712 12,400 10, % (1) Instructional Supplies (including Textbooks) 23,500 25,500 12, % Standardized Tests 6,200 6,200 4, % (1) Library Media 1,100 1, % Other Equipment 10,000 10,000 9, % Technology Equipment 9,000 52,500 51, % Dues and Memberships, Fees 25,700 27,314 1, % Building costs covered by school 90, , % Moving Expenses 10,000 40, % Transfer to Food Service 13,500 7, % Shared Services TCAHS 334, , , % Federal Special Ed Program 40,064 34,238 18, % Title Programs 40,086 43,940 16, % State Special Ed Expenditures 288, , , % Subtotal Expenditures 2,950,616 3,618,081 1,719, % Total Expenditures 2,950,616 3,618,081 1,719, % General Fund Net Income 61,383 (345,579) 2/14/ TCA P L January 2016

5 Statement of Revenues and Expenditures Adopted 245 ADM 277 WADM 251 ADM 284 WADM Activity 58.3% Percent of Actuals to Food Services Fund - 02 Revenues State Revenues 5,500 4,000 1, % Federal Revenues 51,500 60,000 20, % Sale of Meals and Other Local Revenues 22,000 23,000 14, % Commodities Transfer from General Fund 13,500 7,850 0 Total Revenues 92,500 94,850 37, % Expenditures Salaries, Wages, and Benefits 19,068 20,250 9, % Purchased Services 1,600 1,600 1, % Supplies and Materials - Lunch 50,000 60,000 34, % Supplies and Materials - Snack 9,500 5,000 2, % Supplies and Materials - Breakfast 12,332 8,000 4, % Commodities Total Expenditures 92,500 94,850 53, % Food Services Fund Net Income 0 0 2/14/ TCA P L January 2016

6 Statement of Revenues and Expenditures Adopted 245 ADM 277 WADM 251 ADM 284 WADM Activity 58.3% Percent of Actuals to Total All Funds Revenues State Revenues 2,563,336 2,759,206 1,459, % Federal Revenues 131, ,178 50, % Local Revenues 409, , , % Total Revenues 3,104,500 3,367,352 1,813, % Expenditures Salaries and Wages 926, , , % Employee Benefits 275, , , % Purchased Services 832, , , % Supplies and Materials 146, ,200 94, % Equipment 19,000 62,500 60, % Other (Grants, Special Ed, Dues, etc.) 842,753 1,523, , % Total Expenditures 3,043,116 3,712,932 1,773, % Total Revenues All Funds 3,104,500 3,367,352 1,813, % Total Expenditures All Funds 3,043,116 3,712,932 1,773, % Net Income - All Funds 61,382 (345,580) Beginning Fund Balance, July 1, ,111,858 1,111,858 Projected Ending Fund Balance, June 30, ,173, , % 20.6% FOOTNOTES: (1) This variance is related to prepaying for the month or months subsequent to the current operating month. The projections shown on this report are prepared using both the school's estimates and consultant estimates and are prepared for internal use only. This report has not been compiled, reviewed or audited and should not be relied upon for other uses. 2/14/ TCA P L January 2016

7 r_ap_pymtreg2 TWIN CITIES ACADEMY Payment Register by Bank and Check Number Page 1 of 3 2/11/ :05:55 Co Bank Batch Pmt No Check No Pay Type Grp Code Rcd Vendor Print Recon Void Curr Pay/Void Date Amount 4042 WEST 3392 Wire PERA No Yes No USD 01/08/2016 1, WEST 3393 Wire Teachers Retirement Association No Yes No USD 01/08/2016 4, WEST 3394 Wire FEDERAL TAX (IRS) No Yes No USD 01/08/ , WEST 3395 Wire MN Dept of Revenue No Yes No USD 01/08/2016 1, WEST 3396 Wire Ascensus No Yes No USD 01/08/2016 1, WEST 3454 Wire PERA No Yes No USD 01/22/2016 1, WEST 3455 Wire Teachers Retirement Association No Yes No USD 01/22/2016 4, WEST 3456 Wire FEDERAL TAX (IRS) No Yes No USD 01/22/ , WEST 3457 Wire MN Dept of Revenue No Yes No USD 01/22/2016 1, WEST 3458 Wire Blue Cross Blue Shield of Minnesota No Yes No USD 01/29/ , WEST 3459 Wire Delta Dental of Minnesota No Yes No USD 01/29/ WEST 3460 Wire SelectAccount No Yes No USD 01/29/ WEST 3461 Wire FEDERAL TAX (IRS) No Yes No USD 01/29/ WEST 3462 Wire Vanco Services No Yes No USD 01/29/ WEST 3463 Wire Western Bank No Yes No USD 01/29/ WEST Check Molly Barnes Duffin Yes Yes No USD 01/04/2016 1, WEST Check Great River Office Products Yes Yes No USD 01/07/ WEST Check MMKR & Company Yes Yes No USD 01/07/2016 3, WEST Check Sheila Merzer M.A.L.P Yes Yes No USD 01/07/ WEST Check STEPHANIE ZEITZ-CRUSHSHON Yes Yes No USD 01/07/ WEST Check Suzanne Bodelson Yes Yes No USD 01/07/ WEST Check Taylor Publishing Company Yes Yes No USD 01/07/ WEST Check Alliance Benefit Group Yes Yes No USD 01/11/ WEST Check AmeriPride Service Inc Yes Yes No USD 01/11/ WEST Check Barthold Incorporated Yes Yes No USD 01/11/ WEST Check Branch Allen Yes Yes No USD 01/11/ WEST Check Comcast Yes Yes No USD 01/11/ WEST Check Dalco Yes Yes No USD 01/11/2016 1, WEST Check Done Right Food Services, Inc. Yes Yes No USD 01/11/2016 4, WEST Check Great River Office Products Yes Yes No USD 01/11/ WEST Check Loffler Companies, Inc - Lease Yes Yes No USD 01/11/2016 1, WEST Check Pitney Bowes Global Financial Services L Yes Yes No USD 01/11/ WEST Check SelectAccount Yes Yes No USD 01/11/2016 9, WEST Check Syand Corporation Yes Yes No USD 01/11/2016 3, WEST Check The McDowell Agency Inc Yes Yes No USD 01/11/ WEST Check Vanguard Cleaning Systems of Minnesota Yes Yes No USD 01/11/2016 2, WEST Check Beltz, Kes, Darling & Associates Yes Yes No USD 01/13/2016 4, WEST Check Cardmember Service Yes Yes No USD 01/13/ WEST Check Dalco Yes Yes No USD 01/13/

8 r_ap_pymtreg2 TWIN CITIES ACADEMY Payment Register by Bank and Check Number Page 2 of 3 2/11/ :05:55 Co Bank Batch Pmt No Check No Pay Type Grp Code Rcd Vendor Print Recon Void Curr Pay/Void Date Amount 4042 WEST Check Demco Yes Yes No USD 01/13/ WEST Check Diversified Snack Distribution Yes Yes No USD 01/13/ WEST Check Done Right Food Services, Inc. Yes Yes No USD 01/13/2016 2, WEST Check Infinite Campus Inc Yes Yes No USD 01/13/ WEST Check Navigate Care Consulting LLC Yes Yes No USD 01/13/ WEST Check Needels Supply Yes Yes No USD 01/13/ WEST Check On The Move-Therapy Services Yes Yes No USD 01/13/ WEST Check Rift Valley Transportation Yes Yes No USD 01/13/ WEST Check St. Paul Publishing Company Yes Yes No USD 01/13/ WEST Check Teachers On Call Yes Yes No USD 01/13/ WEST Check Teaching Temps Yes Yes No USD 01/13/ WEST Check The McDowell Agency Inc Yes Yes No USD 01/13/ WEST Check Tierney Bros. Yes Yes No USD 01/13/ WEST Check Academy of Holy Angels Yes No No USD 01/22/ , WEST Check Alliance Benefit Group Yes No No USD 01/22/ WEST Check AmeriPride Service Inc Yes Yes No USD 01/22/ WEST Check Atomic Data LLC Yes Yes No USD 01/22/ WEST Check Booth Law Group LLC Yes No No USD 01/22/ WEST Check Brian Sandifer Yes Yes No USD 01/22/ WEST Check Cardmember Service Yes Yes No USD 01/22/2016 3, WEST Check City of Saint Paul (Fire Inspections) Yes Yes No USD 01/22/ WEST Check Hanover Insurance Group Yes No No USD 01/22/2016 1, WEST Check Jason Snoddy Yes Yes No USD 01/22/ WEST Check Lifetrack Resources Yes Yes No USD 01/22/ WEST Check LPL Financial RP Compensation Yes No No USD 01/22/ WEST Check Minnesota Association for Children's Ment Yes No No USD 01/22/ WEST Check Purchase Power Yes Yes No USD 01/22/ WEST Check Region V Yes Yes No USD 01/22/2016 1, WEST Check Rift Valley Transportation Yes Yes No USD 01/22/ WEST Check Sacred Heart Parish Yes Yes No USD 01/22/ , WEST Check Sara Clover Yes No No USD 01/22/ WEST Check Scholastic INC Yes Yes No USD 01/22/ WEST Check Syand Corporation Yes Yes No USD 01/22/ WEST Check TDS Metrocom - MN Yes Yes No USD 01/22/ WEST Check Teaching Temps Yes Yes No USD 01/22/ WEST Check High School Yes No No USD 01/22/2016 6, WEST Check Tyco Integrated Security Yes Yes No USD 01/22/ WEST Check Office Team Yes No No USD 01/28/

9 r_ap_pymtreg2 TWIN CITIES ACADEMY Payment Register by Bank and Check Number Page 3 of 3 2/11/ :05:55 Co Bank Batch Pmt No Check No Pay Type Grp Code Rcd Vendor Print Recon Void Curr Pay/Void Date Amount 4042 WEST Check Syand Corporation Yes No No USD 01/28/2016 4, Report Total: Bank Total: $194, $194,179.47