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School Finance 101

School Finance 101. OCCS Regional Board Training. Agenda. Today’s Goal To help community school board members understand aspects of charter school funding and other financial matters in order to raise their level of comfort when faced with financial decisions. Today’s Agenda: State Funding

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School Finance 101

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  1. School Finance 101 OCCS Regional Board Training

  2. Agenda Today’s Goal • To help community school board members understand aspects of charter school funding and other financial matters in order to raise their level of comfort when faced with financial decisions. Today’s Agenda: • State Funding • Federal Funding • Other Funding • Budgets and Financial Review • Five-Year Forecasts • Annual Financial Audits • OCCS Expectations

  3. State Funding • Community School Payment Letters • Community School Payment Reports • #1 CS Detail Payment Report • #2 CS Summary Report • #3 & #4 CS District Reports • #5 CS Statement of Settlement

  4. Layers of State Funding • Opportunity Grant - $5,800 per FTE for FY2015 • Tier 1 Targeted Assistance • Special Education • K-3 Literacy • Economically Disadvantaged Funding • Limited English Proficiency Funding • Career Technical Funding • Transportation • Facilities Funding

  5. Federal Funding • Supplement NOT Supplant • Comprehensive Continuous Improvement Plan (CCIP) Process • Drawing down funds • Single Audits (A-133)

  6. Other Types of Funding • Facilities Funding • Approximately $100 per FTE • Casino • About $50 per student • June 2014 Payment (paid August 2014) was about $25.33 per student. • 2 payments per year • January and August • Grants and Fundraising

  7. Budgets and Financial Review • Understand your financial situation • Good decisions can only be made if all relevant information is present and understood • Finance committees • Budgets • Get involved with budgeting process • Get key players involved: school leaders, etc. • Monthly or quarterly? • Actual versus Budget • Explanation of variances • Monthly financial information • Cash Flow Projection, Stmt of Activity, Budget Comparison, Balance Sheet

  8. Five-Year Forecasts • Purpose • To engage board and school community in long range planning and discussions of financial issues facing school. • To provide a method for ODE and AOS to identify school’s with potential financial problems. • Due October and May • Use ODE prescribed form • ORC 5705.391 • OAC 3301-92-04 • If there is a deficit project in one of the first three years forecasted there should be a plan in place to eliminate deficits. • Assumptions • Reasonable

  9. Annual Financial Audits • ORC 117 [specifically ORC 117.10, 117.11, 117.38] • GAAP financials due to AOS 150 days after end of fiscal year • Single Audits (A-133) • FY 2015-More than $500,000 in Federal Expenditures • FY 2016-More than $750,000 in Federal Expenditures • School Audits are Public and Easy to Find • https://ohioauditor.gov/ • Click on AUDITS > SEARCH AUDITS • Read your school’s audit • Management Letters • Audit Committees are recommended • Entrance and Exit Interviews – useful when there are issues • Fraud Interviews • During the Planning Phase the Auditor will contact a board member (usually the board president) to conduct the fraud interview. Please respond to the auditor ASAP.

  10. OCCS Expectations • Monthly Monitoring (ORC 3314.023) • Collecting monthly financials from treasurers • OCCS review • Communications with treasurers and boards • Annual Contract Monitoring • Adding financial goals to new P&A plans (Attachment 5) • Intervention • Enrollment trends • Five-year forecasts • Fiscal contract goals • Audit results • School living within financial resources

  11. OCCS Expectations (cont.) • Reauthorization • Five-year forecasts • Fiscal contract goals • Audit results • School living within financial resources

  12. Questions? Adrianne Shreve (419) 720-5202 adrianne@ohioschools.org

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