CAvANAUGH & co. LLP Certified Public Accountants

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1 CAvANAUGH & co. LLP Certified Public Accountants SARASOTA OFFICE 2381 FRUITVILLE ROAD SARASOTA, FLORIDA FAX VENICE OFFICE 333 WEST MIAMI A VENUE VENICE FLORIDA FAX INDEPDENDENT ACCOUNTANTS' COMPILATION REPORT Sarasota School of Arts & Sciences, Inc. 645 Central Avenue Sarasota, Florida To the Board of Directors: We have compiled the accompanying statement of financial position of Sarasota School of Arts and Sciences, Inc. (a not for profit organization) as of December 31, 2015 and the related statements of activities for the month and year to date period then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. Management has elected to omit substantially all of the disclosures and the statement of cash flows required by generally accepted accounting principles in the United States of America. If the omitted disclosures and statement of cash flows were included in the financial statements, they might influence the user's conclusions about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. The supplementary information contained in Schedules 1 and 2 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary information has been compiled from information that is the representation of management. We have not audited or reviewed the supplementary information and, accordingly, do not express an opinion or provide any assurance on such supplementary information. Sarasota, Florida January 28, 2016

2 Page: I Sarasota School of Arts & Sciences, Inc Statement of Financial Position December 31, 2015 ASSETS CURRENT ASSETS Debt Service Fund- WF Project Account - WF Debt Service Reserve - WF Revenue Bond Rplcrnnt Fund WF Bank of America Checking Fifth Third Bank Fifth Third Bank Hartford Life and Annuity Bank of America Reserve Petty Cash Prepaid Insurance Prepaid Expense $ 419, , , , , , , , TOTAL CURRENT ASSETS 2,745, PROPERTY AND EQUIPMENT Land Buildings and Fixed Equipment Accum Deprn - Bldgs and Equip Classroom Fum and Equip Accum Deprn - Cis Fum &Equip Furniture and Fixtures Accum Deprn- Fum and Fixture Computer Equipment Accum Deprn - Computer Equip Office Furniture and Equipment Accum Deprn - Ofc Fum & Equip Motor Vehicles Accum Deprn - Motor Vehicles Property under Capital Lease Accum Depr - Capital Lease Audio Visual Materials Accum Depm -Audio Visual Computer Software Accum Amortz - Comp Software 652, ,483, (1,018,794.12) 307, (194,544.02) 256, (191,340.19) 233, (172,875.74) 392, (229,711.80) 143, (143,534.00) 42, (26,107.67) 15, (11,753.02) 162, (150,676.32) TOTAL PROPERTY AND EQUIPMENT 8,551, OTHER ASSETS TOTAL OTHER ASSETS TOTAL ASSETS $ 11,296,712.39

3 Page:2 Sarasota School of Arts & Sciences, Inc Statement of Financial Position December 31, 2015 LIABILITIES AND FUND BALANCES CURRENT LIABILITIES Current Portion -Capital Lease Current Portion - Bond Salaries Payable Retirement Payable Accounts Payable Interest Payable $ 8, ,00 176, , , , TOTAL CURRENT LIABILITIES 728, LONG-TERM LIABILITIES Notes Payable - Insurance Prem Educational Facility Bond Discount Ed Facility Bond 14, ,220,00 (25,562.00) TOTAL LONG-TERM LIABILITIES 10,209, TOTAL LIABILITIES 10,93 7, FUND BALANCES Restricted Debt Service Restricted Renewal-Replc Fund Restricted Capital Projects Fund Balance-Unrestricted Investment in Fixed Assets Excess Revenue <Expense> 1,339, , , , (1,767,25) (137,063.98) TOTAL FUND BALANCES 358, TOTAL LIABILITIES AND FUND BALANCE $ 11,296,712.39

4 Statements of Activities For the Month and Year to Date Periods Ended December 31,2015 Page: 1 CURRENT MONTH CURRENT MONTH ACTUAL BUDGET ACTUAL BUDGET REVENUE IDEA Funds $ 2, ,23 Florida Finance Program (FTE) 323, , ,785, ,668, Instructional Materials 4, , , School Recognition Funds 6,25 37,50 Reading Instruction 3, , , , Miscellaneous State Revenue 14, , , , Capital Outlay Funds 22, , , , Classroom for Kids , , , , District School Taxes 117, , , , District Local Capital Imp 103, , , , Interest - Operating 10, , , Private Grants and Donations 5,30 Student Fees - Field Trips 30 7, , , Mise Local Fundraising 2, , , , Total Revenues 656, , ,518, ,226, EXPENSES BASIC INSTRUCTION Salaries - Basic Teachers 191, , ,041, ,062, Merit Pay- Basic Teachers 4, , Retirement -Basic Teachers 9, , , , Social Security- Basic Teache 13, , , , Insurance - Basic Teachers 19, ,75 116, ,50 Worker's Comp- Basic Teachers 1, , , Contract Svcs - Basic 2, , , , Travel - Basic Programs Materials and Supplies 2, , , , Textbooks 16, , , , Periodicals , ,25 AIV Materials , Fum and Equip (Non-Cap) 4, , ,75 Computer Software (Non-Cap) ,16 1, Total Basic Instruction 261, , ,548, ,493, SPORTS/RECREATION Contract Svcs - Sports/Rec , , Facility Rent - Sports/Rec , Other Mat/Supp Sports/Rec , , Total Sports/Recreation , , ,499.94

5 Statements of Activities For the Month and Year to Date Periods Ended December 31,2015 Page:2 CURRENT MONTH CURRENT MONTH ACTUAL BUDGET ACTUAL BUDGET HEALTH SERVICES Salaries - Health Services 2, , , , Merit Pay - Health Services Retirement - Health Services Social Security- Health Svcs , Insurance - Health Services , ,85 Worker's Comp- Health Svcs Materials/Supplies - Health Sv , , Total Health Services 3, , , , ESE INSTRUCTION Salaries -ESE Teachers 19, , , , Merit Pay- ESE Teachers , Retirement - ESE Teachers 1, , , , Social Security- ESE Teachers 1, , , , Insurance - ESE Teachers 2, , , , Worker's Comp- ESE Teachers , Professional Services - ESE 2, , , , Materials/Supplies - ESE , ,75 Total ESE Expenses 27, , , , MEDIA SERVICES Salaries - Media Services 3, , , , Retirement - Media Services , Social Security - Media Svcs , , Insurance - Media Svcs , ,85 Worker's Comp- Media Svcs Repairs and Maint - Media Svcs 3, ,50 22, ,00 Materials/Supplies - Media Svc ,25 4, ,50 Computer Equip (Non-Cap) -Medi ,75 Computer Software - Media Svcs , Total Media Services 8, , , , DEVELOPMENT/TRAINING Development Svc - Marketing 1,25 8, ,50 Training- Professional Fees , , Training- Travel Costs , , Total Development/Training , , , BOARD/SPONSOR EXPENSE Professional Services - Board 4, , , Insurance and Bond - Board ,07 2, Dues and Fees- Board , Administration - Sponsor Cost 3, , , , Total Board/Sponsor Expense 3, , , ,250.54

6 Statements of Activities For the Month and Year to Date Periods Ended December 31,2015 Page:3 CURRENT MONTH CURRENT MONTH ACTUAL BUDGET ACTUAL BUDGET ADMINISTRATION EXPENSE Salaries - Administration 44, , , , Merit Pay- Administration , Contracted - Support Personnel ,25 10, ,50 Retirement -Administration 2, , , , Social Security - Admin 3, , , , Insurance - Administration 3, , , ,25 Worker's Comp - Admin , , Professional /Consult - Admin Travel - Administration Communication/Postage - Admin 50 5, ,00 Materials/Supplies -Admin 6, , , , Other Costs - Administration Fum and Equip (Non Cap) , Fiscal Services - Contracted 3, ,50 13, ,00 Total Administration Expense 63, , , , TRANSPORTATION EXPENSE Salaries - Transportation , , Merit Pay - Transportation Social Security - Trans Worker's Comp - Transportation Contract Svcs - Transportation 1, ,25 5, ,50 Repairs - Transportation , , District Transportation Chgs (1,509.69) 7,00 36, ,00 Fuel - Transportation , , Oil and Grease-Transportation , Repair Parts - Transportation , Tires/Tubes - Transportation 25 1,50 Total Transportation Expense 1, , , , FACILITIES EXPENSE Salaries - Maintenance 14, , , , Merit Pay- Maintenance , Retirement - Maintenance , , Social Security - Maint 1, , , Insurance - Maintenance 1, , , , Worker's Comp- Maintenance , , Insurance -Facilities 7, , , , Maintenance - Facilities 3, , , , Rental - Facilities ,64 3,75 Telephone , ,50 Utilities 3, , , , Electric 9, , , , Custodial Supplies 2, , , Improvements - Grounds , ,50 Plant Maintenance - Contract , , , Total Facilities Expense 43, , , ,050.42

7 Statements of Activities For the Month and Year to Date Periods Ended December 31,2015 Page:4 CURRENT MONTH CURRENT MONTH ACTUAL BUDGET ACTUAL BUDGET CAPITAL EXPENDITURES Equipment Lease - Admin 2, , , , Fum and Equip/Basic-Capital 4, , , , Computer Hardware -Capital 8, , , Computer Software -Capital 7, , , , Automobiles 3, , , , Remodeling and Renovation 4, , , , Interest on Debt Service 56, , , , Payment of Replacement Reserve , Total Capital Expenditures 77, , , , MISC EXPENSES Field Trip 2, , , , Fund Raising 13, , , , Total Mise Expenses 16, , , , Total Expenses 508, , ,470, ,226, Excess Revenue (Expense) before Depreciation 147, , DEPRECIATION EXPENSE Depreciation Expense 30, , Total Depreciation Expense 30, , Excess Revenue (Expense) after Depreciation $ 116, (137,063.98) 0.42

8 Schedule of Actual vs Budget - Year to Date For the Six Months Ended December 31, 2015 Page: I Schedule 1 ACTUAL BUDGET REVENUE IDEA Funds Florida Finance Program (FTE) Instructional Materials School Recognition Funds Reading Instruction Miscellaneous State Revenue Capital Outlay Funds Classroom for Kids 4-8 District School Taxes District Local Capital Imp Interest - Operating Private Grants and Donations Student Fees -Field Trips Mise Local Fundraising $ 1,785, , , , , , , , , ,30 57, , ,23 1,668, , ,50 17, , , , , , , , , Total Revenues 3,518, ,226, EXPENSES BASIC INSTRUCTION Salaries - Basic Teachers Merit Pay- Basic Teachers Retirement- Basic Teachers Social Security- Basic Teache Insurance - Basic Teachers Worker's Comp- Basic Teachers Contract Svcs - Basic Travel - Basic Programs Materials and Supplies Textbooks Periodicals AIV Materials Fum and Equip (Non-Cap) Computer Software (Non-Cap) 1,041, , , , , , , , , , ,16 1,062, , , , ,50 5, , , , ,25 2, ,75 1, Total Basic Instruction 1,548, ,493, SPORTS/RECREATION Contract Svcs - Sports/Rec Facility Rent - Sports/Rec Other Mat/Supp Sports/Rec 2, , , , , Total Sports/Recreation 12, ,499.94

9 Schedule of Actual vs Budget - Year to Date For the Six Months Ended December 31,2015 Page:2 Schedule 1 HEALTH SERVICES Salaries - Health Services Merit Pay- Health Services Retirement - Health Services Social Security- Health Svcs Insurance - Health Services Worker's Comp - Health Svcs Materials/Supplies -Health Sv Total Health Services ACTUAL 13, , , , BUDGET 13, , , , , ESE INSTRUCTION Salaries -ESE Teachers Merit Pay- ESE Teachers Retirement- ESE Teachers Social Security- ESE Teachers Insurance - ESE Teachers Worker's Comp- ESE Teachers Professional Services - ESE Materials/Supplies -ESE Total ESE Expenses 111, , , , , , , , , , , , , , ,75 184, MEDIA SERVICES Salaries - Media Services Retirement - Media Services Social Security - Media Svcs Insurance - Media Svcs Worker's Comp- Media Svcs Repairs and Maint - Media Svcs Materials/Supplies - Media Svc Computer Equip (Non-Cap) -Medi Computer Software - Media Svcs Total Media Services 20, , , , , , , , , , ,00 7,50 3,75 2, , DEVELOPMENT/TRAINING Development Svc - Marketing Training -Professional Fees Training - Travel Costs Total Development/Training 8, , , , ,50 4, , ,749.96

10 Schedule of Actual vs Budget - Year to Date For the Six Months Ended December 31,2015 Page: 3 Schedule 1 BOARD/SPONSOR EXPENSE Professional Services - Board Insurance and Bond - Board Dues and Fees - Board Administration - Sponsor Cost Total Board/Sponsor Expense ACTUAL 49, , , , BUDGET 25, , , , , ADMINISTRATION EXPENSE Salaries - Administration Merit Pay- Administration Contracted - Support Personnel Retirement - Administration Social Security - Admin Insurance - Administration Worker's Comp - Admin Professional /Consult -Admin Travel - Administration Communication/Postage - Admin Materials/Supplies -Admin Other Costs - Administration Fum and Equip (Non Cap) Fiscal Services - Contracted Total Administration Expense 250, , , , , , , , , , , , ,50 13, , ,25 1, ,00 27, , ,00 364, TRANSPORTATION EXPENSE Salaries - Transportation Merit Pay - Transportation Social Security - Trans Worker's Comp - Transportation Contract Svcs - Transportation Repairs -Transportation District Transportation Chgs Fuel - Transportation Oil and Grease-Transportation Repair Parts - Transportation Tires/Tubes- Transportation Total Transportation Expense 1, , , , , , , ,50 4, ,00 4, , , ,50 66,926.40

11 Schedule of Actual vs Budget - Year to Date For the Six Months Ended December 31,2015 Page: 4 Schedule 1 FACILITIES EXPENSE Salaries - Maintenance Merit Pay - Maintenance Retirement - Maintenance Social Security - Maint Insurance - Maintenance Worker's Comp - Maintenance Insurance - Facilities Maintenance - Facilities Rental - Facilities Telephone Utilities Electric Custodial Supplies Improvements - Grounds Plant Maintenance - Contract Total Facilities Expense ACTUAL 75, , , , , , , ,64 4, , , , , , , BUDGET 73, , , , , , , , ,75 4,50 12, , , ,50 10, , CAPITAL EXPENDITURES Equipment Lease- Admin Fum and Equip/Basic-Capital Computer Hardware - Capital Computer Software - Capital Automobiles Remodeling and Renovation Interest on Debt Service Payment of Replacement Reserve Total Capital Expenditures 16, , , , , , , , , , , , , , , , , MISC EXPENSES Field Trip Fund Raising Total Mise Expenses 70, , , , , , Total Expenses 3,470, ,226, EXCESS REVENUE (EXPENSE) before DEPRECIATION 47, DEPRECIATION EXPENSE Depreciation Expense Total Depreciation Expenses 184, , EXCESS REVENUE (EXPENSE) after DEPRECIATION $ (137,063.98) 0.42

12 Schedule of Actual vs Budget - Current Month & Year to Date For the Month and Year to Date Periods Ended December 31, 2015 Page: I Schedule 2 CURRENT MONTH ACTUAL ACTUAL BUDGET VARIANCE REVENUE IDEA Funds $ 13,23 13,23 Florida Finance Program (FTE) 323, ,785, ,668, (116,867.31) Instructional Materials 31, , (2,597.26) School Recognition Funds 37,50 37,50 Reading Instmction 3, , , (681.47) Miscellaneous State Revenue 14, , , (4,598.87) Capital Outlay Funds 22, , , , Classroom for Kids , , , (3,709.86) District School Taxes 117, , , (62,008.93) District Local Capital Imp 103, , , (154,828.36) Interest - Operating 10, , , (6,365.87) Private Grants and Donations 5,30 (5,30) Student Fees -Field Trips 30 57, , (13, ) Mise Local Fundraising 2, , , (8,802.11) Total Revenues 656, ,518, ,226, (292,404.77) EXPENSES BASIC INSTRUCTION Salaries - Basic Teachers 191, ,041, ,062, , Merit Pay- Basic Teachers 25, , Retirement- Basic Teachers 9, , , , Social Security- Basic Teache 13, , , , Insurance - Basic Teachers 19, , ,50 (3,883.34) Worker's Comp- Basic Teachers 1, , , (5.82) Contract Svcs - Basic 2, , , , Travel - Basic Programs Materials and Supplies 2, , , (17,159.43) Textbooks 16, , , (100,023.11) Periodicals 4, ,25 (2,127.18) A/V Materials 2, , Fum and Equip (Non-Cap) 4, , ,75 (4,800.52) Computer Software (Non-Cap) 2,16 1, (160.02) Total Basic Instruction 261, ,548, ,493, (54,847.56) SPORTS/RECREATION Contract Svcs - Sports/Rec 2, , (232.02) Facility Rent - Sports/Rec 12 1, , Other Mat/Supp Sports/Rec , , (5,552.27) Total Sports/Recreation , , (4,654.31)

13 Schedule of Actual vs Budget- Current Month & Year to Date For the Month and Year to Date Periods Ended December 31,2015 Page:2 Schedule 2 CURRENT MONTH ACTUAL ACTUAL BUDGET VARIANCE HEALTH SERVICES Salaries - Health Services 2, , , Merit Pay - Health Services Retirement - Health Services Social Security- Health Svcs , Insurance - Health Services , ,85 (132.84) Worker's Comp- Health Svcs (1.31) Materials/Supplies - Health Sv , , (79.27) Total Health Services 3, , , ESE INSTRUCTION Salaries- ESE Teachers 19, , , , Merit Pay- ESE Teachers 3, , Retirement - ESE Teachers 1, , , Social Security- ESE Teachers 1, , , , Insurance - ESE Teachers 2, , , , Worker's Comp- ESE Teachers , Professional Services - ESE 2, , , , Materials/Supplies - ESE , ,75 (1,511.34) Total ESE Expenses 27, , , , MEDIA SERVICES Salaries - Media Services 3, , , , Retirement - Media Services , Social Security - Media Svcs , , (111.51) Insurance - Media Svcs , ,85 (166.44) Worker's Comp- Media Svcs (2.19) Repairs and Maint - Media Svcs 3, , ,00 (7, ) Materials/Supplies - Media Svc , ,50 2, Computer Equip (Non-Cap) -Medi 3,75 3,75 Computer Software - Media Svcs , , Total Media Services 8, , , , DEVELOPMENT/TRAINING Development Svc - Marketing 8, ,50 (1,237.15) Training- Professional Fees , , (3,659.17) Training - Travel Costs 2, , (754.02) Total Development/Training , , (5,650.34)

14 Schedule of Actual vs Budget - Current Month & Year to Date For the Month and Year to Date Periods Ended December 31,2015 Page: 3 Schedule 2 CURRENT MONTH ACTUAL ACTUAL BUDGET VARIANCE BOARD/SPONSOR EXPENSE Professional Services - Board 49, , (24,057.06) Insurance and Bond - Board 1,07 2, , Dues and Fees - Board 50 1, Administration - Sponsor Cost 3, , , (1,013.19) Total Board/Sponsor Expense 3, , , (22,890.25) ADMINISTRATION EXPENSE Salaries - Administration 44, , , , Merit Pay - Administration 4, , Contracted - Support Personnel , ,50 (3,239.16) Retirement - Administration 2, , , Social Security - Admin 3, , , , Insurance - Administration 3, , ,25 (1,472.52) Worker's Comp- Admin , , (539.25) Professional/Consult - Admin (56.25) Travel - Administration Communication/Postage -Admin 5, ,00 (2,268.26) Materials/Supplies -Admin 6, , , (24,733.18) Other Costs -Administration (998.95) Furn and Equip (Non Cap) , Fiscal Services - Contracted 3, , ,00 1, Total Administration Expense 63, , , (21,759.88) TRANSPORTATION EXPENSE Salaries - Transportation , , , Merit Pay- Transportation Social Security - Trans Worker's Comp- Transportation Contract Svcs -Transportation 1, , ,50 2, Repairs - Transportation , , , District Transportation Chgs (1,509.69) 36, ,00 5, Fuel - Transportation , , , Oil and Grease-Transportation , Repair Parts - Transportation , , Tires/Tubes - Transportation 1,50 1,50 Total Transportation Expense 1, , , ,556.39

15 Schedule of Actual vs Budget - Current Month & Year to Date For the Month and Year to Date Periods Ended December 31,2015 Page:4 Schedule 2 CURRENT MONTH ACTUAL ACTUAL BUDGET VARIANCE FACILITIES EXPENSE Salaries - Maintenance 14, , , (1,521.44) Merit Pay- Maintenance 2, , Retirement - Maintenance , , (27.24) Social Security - Maint 1, , , (139.14) Insurance - Maintenance 1, , , ( ) Worker's Comp - Maintenance , , (417.25) Insurance - Facilities 7, , , (23,566.83) Maintenance - Facilities 3, , , (5,841.57) Rental - Facilities 10 3,64 3,75 11 Telephone , ,50 (243.88) Utilities 3, , , (15,892.28) Electric 9, , , (3,104.54) Custodial Supplies 9, , , Improvements - Grounds , , Plant Maintenance - Contract , , Total Facilities Expense 43, , , (44,837.83) CAPITAL EXPENDITURES Equipment Lease Admin 2, , , (6,536.63) Fum and Equip/Basic-Capital 4, , , (52,822.81) Computer Hardware - Capital 76, , (26,345.08) Computer Software -Capital 7, , , (7,311.79) Automobiles 3, , , (18,414.72) Remodeling and Renovation 4, , , (89,714.11) Interest on Debt Service 56, , , , Payment of Replacement Reserve 2, , Total Capital Expenditures 77, , , (110,840.92) MISC EXPENSES Field Trip 2, , , (20,881.30) Fund Raising 13, , , (5,100.66) Total Mise Expenses 16, , , (25,981.96) Total Expenses 508, ,470, ,226, (244,525.77) EXCESS REVENUE <EXPENSE> before Depreciation 147, , (47,879.00) DEPRECIATION EXPENSES Depreciation Expense 30, , (184,943.40) Total Depreciation Expenses 30, , (184,943.40) EXCESS REVENUE <EXPENSE> after Depreciation $ 116, (137,063.98) ,064.40