PARAGON MANAGEMENT, INC. d.b.a. Paradise Schools FINANCIAL, STATE PAYMENT AND ENROLLMENT REPORTS Quarter ended December 31, 2016
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1 PARAGON MANAGEMENT, INC. d.b.a. Paradise Schools FINANCIAL, STATE PAYMENT AND ENROLLMENT REPORTS Quarter ended December 31, 2016 Series 2016 $45,530,000 The Industrial Development Authority of the County of Maricopa Education Revenue Bonds (Paradise Schools Project) Please see the following attachments as required in Section 8.05 of the Loan Agreement: - Unaudited financial statements for the quarter ending December 31, 2016; - Arizona Department of Education (ADE) monthly equalization payment rep01i (CHAR64-1) dated January 3, 2017; - ADE base equalization calculation report (CHAR55-1), including Average Daily Membership student count, dated January 3, January 31, 2017 Paragon Management, Inc.
2 ASSETS PARAGON MANAGEMENT, INC. d.b.a. PARADISE SCHOOLS BALANCE SHEET December 31, 2016 (Unaudited) Cash and investments * $ 1,649, 136 * Trustee cash and investments: Principal I Interest fund 435,553 Debt service reserve fund 2,931,539 Expense fund 7,373 Repair & replacement fund 158,072 Revenue fund 3 Cost of Issuance fund 9,372 Project fund 15,493,390 Total trustee cash and investments Accounts receivable ** Due from other school groups Deposits paid Deferred charges (net of amortization) Fixed assets (net of accumulated depreciation) Construction in progress TOTAL ASSETS LIABILITIES AND NET ASSETS Liabilities Accounts payable Accrued wages and benefits Due to other school groups Unearned revenue Deposits received Accrued bond liabilities Line of credit payable Notes payable Bonds payable Bond premium (net of amortization) Total Liabilities 19,035,303 1,248,861 ** ,335 24,774,705 1,098,054 $ 48,755,894 $ 42,423 98, , , , ,530,000 2,378,282 48,769,854 Net Assets Beginning of year 2,284,359 Current year net income (loss) (2,298,320) Total Net Assets *** (13,960) *** TOTAL LIABILITIES AND NET ASSETS $ 48,755,894 * Portion of Cash and investments that is for Boosters $115,997 ** Accounts receivable includes $1,073,995 in state aid received 1/3/17 *** Portion of Net Assets that is restricted: -0-. Bal Sht Paragon 1/19/2017
3 PARAGON MANAGEMENT, INC. dba PARADISE SCHOOLS OPERATING STATEMENT Fiscal Year July 1, 2016 to June 30, December Activity (Unaudited) Actual % of Total Revenue Current Month Year-to-Date Forecast Variance Variance % Actual % of Total Revenue Forecast Variance Variance % --- Annual --- YTDof Budget Budget $ 1,118,906 65,000 78,977 14,338 16,230 29,429 18,843 51,589 53, % 4.5% 5.5% 1.0% 2.0% 1.3% 3.6% 3.7% $ 1,080,701 64,000 50,000 10,000 12,000 15,000 22,000 42,000 40,000 REVENUE $ 38, % State Aid $ 6,528,148 1, % Classroom Site (Prop 301) 335,533 28, % Federal and State Grants 145,619 4, % Eagles Nest 114,744 4, % Kiddie Paradise 56,971 14, % PEP/PHP/Enterprise 105,161 (3,157) -14.4% Food Service 134,434 9, % Extracurricular Activities 356,805 13, % Other Income 101, % 6,491,890 $ 36, % 320,000 15, % 115,000 30, % 97,000 17, % 50,500 6, % 53,500 51, % 147,000 (12,566) 4.5% 314,000 42, % 99,000 2, % 4.9% 26.6% 18.3% 12.8% 96.6% -8.5% 13.6% 2.1% $ 12,948, % 770, % 540, % 190, % 105, % 110, % 310, % 412, % 172, % 1,446, % 1,335, , % TOTAL REVENUE 7,878, % 7,687, , % 15,558, % 904,330 68,988 47,375 1,020, % 4.8% 3.3% 70.5% 870,000 70,000 49, ,000 EXPENSE Paradise Education Center (34,330) -3.9% Salaries and Related Exp 3,351,045 1, % Services and Fees 458,532 1, % Supplies 293,768 (31,693) -3.2% Total Paradise Ed Ctr 4,103, % 3,365,000 13, % 451,000 (7,532) 3.7% 323,000 29, % 4,139,000 35, % -1.7% 9.1% 0.9% 7,196, % 880, % 590, % 8,667, % 321,880 7,416 16, , % 0.5% 23.9% 336,000 11,000 18, ,000 Paradise Honors HS 14, % Salaries and Related Exp 1,241,583 3, % Services and Fees 81,673 1, % Supplies 97,197 19, % Total Paradise Honors HS 1,420, % 1,286,000 44, % 79,000 (2,673) 1.2% 101,000 3, % 1,466,000 45, % -3.4% 3.8% 3.1% 2,806, % 152, % 208, % 3, 166, % 15,206 11,460 27,678 15,842 37, , % 1.9% 2.6% 7.4% 13,000 11,000 15,000 18,000 45, ,000 Special Funds (2,206) -17.0% Eagles Nest 70,617 (460) -4.2% Kiddie Paradise 49,953 (12,678) -84.5% PEP/PHP/Enterprise 55,788 2, % Food Service 103,358 7, % Extracurricular Activities 152,602 (5,685) -5.6% Total Special Funds 432, % 68,000 (2,617) 0.6% 50, % 54,500 (1,288) 1.3% 121,500 18, % 185,000 32, % 479,000 46, % 0.1% -2.4% 14.9% 17.5% 9.7% 143, % 89, % 95, % 269, % 349, % 946, % 1,474, % 1,456,000 (18,140) -1.2% TOTAL OPERATING EXP 5,956, % 6,084, , % 12,780, % (27,245) -1.9% (120,299) 93, % GROSS OPERATING INC 1,922, % 1,603, , % 2,777, % 79, ,348 3, % 6.9% 0.2% 79,000 97,728 2,594 OTHER EXPENSES - 0.0% Depreciation 450,000 (2,620) -2.7% Interest Expense 788,332 (406) -15.7% Other bond expenses 24, % 450, % 758,370 (29,962) 0.3% 43,808 19, % -4.0% 44.9% 876, % 1,677, % 99, % $ (209,592) - $ (209,592) -14.5% $ (299,621) $ 90,029 NET OPERATING INC (LOSS) $ 659,954 Loss on Refunding of 2003, 2006 and 2010 Bonds (2,958,274) GAAP NET INCOME (LOSS) $ (2,298,320) 8.4% 351,713 $ 308,241 $ 125,189 SUPPLEMENTAL INFORMATION Curr Month $ 800, ,531 96,444 Allocation Paradise Ed Ctr State Aid Paradise Honors HS State Aid General Administration Expense $ YTD 4,669,711 1,858, ,259 Budget $ 9,262,646 3,686, ,216 YTD% Enrollment 50.4% Enrollment Goal 50.4% Enrolled Students 53.5% % Enrolled 2,013 1, % Operating Stmts Paragon Dec161/19/2017
4 SAIS CHAR Paragon Management, Inc. Arizona Department Of Education Payment Schedule Detail FY Apportionment Date: 1/3/2017 Run Date: 12/22/ Calculated Equalization AdjustmentsEqualization Adjustment (detail on last page) Current Adjusted Base $13,172, ($210,229.03) $12,961, Payment Detail Equalization YTD Payment Ln # Month Assistance Base % To Be Paid YTD -- 1 AUG $12,696, $1,057, Calculated Current Month Payment $1,057, Adjustment To Payment Current Month Payment $1,057, Actual Equalization Assistance Paid YTD $1,057, SEP $12,576, $2,096, $1,038, $2, $1,041, $2,098, SEP $2, $2, 100, OCT $12,589, $3,147, $1,048, $1,048, $3, 149, NOV $12,964, $4,320, $1, 173, $1, 173, $4,323, DEC $12,975, $5,406, $1,086, $1,086, $5,409, JAN $12,961, $6,480, $1,073, $1,073, $6,483, FY16 Statewide Recalculation Adjustment 3 Off cycle payment for Small School Weight Adjustment Off cycle payment for Small School Weight Adj11stmept
5 SAIS CHAR64-1 Arizona Department of Education Payment Schedule Detail Fiscal Year Apportionment Date : 01/03/2017 Run Date: 12/22/ Paragon Management, Inc. Equalization Adjustments Adjustment Type Description FY17 Small School Weight Adjustment per Session Law FY17 Charter Additional Assistance Adjustment per Session Law FY16 Statewide Recalculation Adjustment Off cycle payment for Small School Weight Adjustment FY Adjustment Amount $0.00 ($210,214.93) $2, $2, ($14.10)
6 SAIS CHAR Paragon Management, Inc. Non-AOI Student Counts Arizona Department Of Education Basic Calculations For For Charter Schools FY Apportionment Date: Run Date: Page: 01/03/ /20/ of 4 K Total FY Average Daily Membership (100th Day) 1, FY Estimated Student Count th Day Actual 1, * 1 OOth Day Actual 1, Enrollment Cap , , , *Student count used to calculate equalization assistance Weighted Student Counts Student Count Support Level Weight Weighted Student Count K-8 1, x = 1, x = Sub Total 1, , Add-Ons Estimated 40th Day * *100th Day Support Total 40th Day FY FY Level Estimated 40th Day 100th Day Student Count FY ADM ADM ADM Weight Student Count Student Count Student Count Add-On K-3 Reading x = K * x = ELL x = HI x = MD-R,A-R,SID-R x = MD-SC,A-SC,SID-SC x = MDSSI x = OIR x = SC x = DD,ED,MllD,SLD,SLl,OHI x = EDP x = MOID x = VI x = Total Weighted Add-On Count
7 SAIS CHAR Paragon Management, Inc. Student Counts Non-AOI Student Counts AOI Full Time Student Counts AOI Part Time Student Counts Arizona Department Of Education Basic Calculations For For Charter Schools Weighted Student FY Weighted Add-On 2, = ) x 0.95 = ) x 0.85 = 2, , Apportionment Date: 01 /03/2017 Run Date: 12/20/2016 Page: 4 of 4 Base Support Level Total Weighted Student Count Base Level Amount Base Support Level Base Support Level Adjustments Adjusted Base Support Level Additional Assistance Student Count Additional Assistance Per Student Additional Assistance Total Additional Assistance Adjusted Base Support Level Total Additional Assistance Equalization Base/Assistance 2, $3, $9,487, $16, $9,504, K , $1, $2, $2,505, $1, 162, $3,667, $9,504, $3,667, $13,172, Base Support Level Adjustments Audit Service Expense $16, $16,960.00
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