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Charter Application Workshop - Finance

Charter Application Workshop - Finance. February 28, 2014. Developing a Charter Application Budget. Definition – An itemized summary probable expenditures and income/revenue for a given period How do we determine these? What are our tools?. Funding Resources.

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Charter Application Workshop - Finance

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  1. Charter Application Workshop- Finance February 28, 2014

  2. Developing a Charter Application Budget • Definition – • An itemized summary probable expenditures and income/revenue for a given period • How do we determine these? What are our tools?

  3. Funding Resources • State – Base Funding/Categorical • EIA/Lottery/General Fund • Federal – IDEA, Title I, Teacher Quality • Local – Donations/Grants/Gifts

  4. Base Funding – Local District Local District Sponsor General Fund Revenues FY 13 $42,841,764 Total District Weighted Pupils 7,179.03 Per Pupil $ 5,967.63 Inflation Factor 0.00% 0.00 Total Per Pupil $ 5,967.63 Then multiply times weighted pupils of the charter school

  5. Base Funding – State District Brick and Mortar Full Base Student Cost $2,101.00 Additional Funding $3,250.00 Total Per Pupil $5,351.00 Virtual Full Base Student Cost $2,101.00 Additional Funding $1,700.00 Total Per Pupil $3,801.00 Then multiply times weighted pupils of the charter school

  6. EFA Weightings Kindergarten 1.30 Primary (1.3) 1.24 Elementary (4-8) 1.00 High School (9-12) 1.25 TMH 2.04 Speech 1.90 Homebound 2.10 EH 2.04 EMH 1.74 LD 1.74 Hearing 2.57 Visual 2.57 OH 2.04 Vocational 1.29 Autism 2.57

  7. What Weights to Use?? • When developing a charter budget it is best to use the following: • 90% students in grade level you are serving • 5% Speech • 5% Learning Disabled • If you are serving entire special education category, budget in categories of students you are serving

  8. Examples Average Daily Membership - # of days a child is enrolled in an EFA category • ADM of 112.57 in Elementary results in a WPU figure of 112.57 • ADM of 25.89 in Speech results in a WPU figure of 49.19 • ADM of 5.21 in LD results in a WPU figure of 9.07 • Total ADM is 143.67/ Total WPU is 170.83

  9. Estimating Students • Be careful in estimates of students. Don’t over inflate student counts when completing your budget. • Original payments made on estimates • Remember – you are adjusted at the 45th day of school and over-estimating initial student counts could result in a loss of funding

  10. Why Charters Fail Failure to plan properly before opening!!!

  11. Example Continued Estimated Per Pupil $ 5,303.26 Total Weighted Pupils 170.83 Total Base Funding $1,019,450.23

  12. Actual Students Enrolled Estimated Per Pupil $ 5,967.63 Total Weighted Pupils 85.43 Total Base Funding $ 509,014.63 Resulting in a loss of $509,635.60!!!!! Or roughly half of your per pupil revenue

  13. Request for Estimate Once you have determined who your sponsor LEA will be contact the SCDE for estimate of per pupil – While it doesn’t say it is part of your application it should be included

  14. Categorical Funding Additional State Funding the school may be entitled to based on the programs they offer and the students they serve

  15. State Categorical Continued • Reading • High Achieving Students • Vocational • Professional Development • At Risk Student Funding • Teacher Supplies • National Board • K-8 Science Kits • Technology • Lottery • Education License Plates

  16. How Is Categorical Computed? • Should be based on a pro-rata share of the sponsor district. • For Example – Reading – • Sponsor district receives a total of $130,987.26 with a student population of 16,815 or $7.79 per pupil • Charter School has 187 students or an estimated allocation of $1,456.73

  17. Documents to Help You • Funding Manual – http://ed.sc.gov/agency/cfo/finance/Financial-Services/documents/2013-2014FundingManual.pdf • Accounting Handbook - http://ed.sc.gov/agency/as/ManualsHandbooksandGuidelines.cfm • Audit Guide - http://ed.sc.gov/agency/as/ManualsHandbooksandGuidelines.cfm

  18. Why Use these Manuals? • SECTION 59‑40‑50 (3) adhere to the same financial audits, audit procedures, and audit requirements as are applied to public schools • SECTION 59‑40‑60 (6) evidence that the plan for the charter school is economically sound, a proposed budget for the term of the charter, a description of the manner in which an annual audit of the financial and administrative operations of the charter school, including any services provided by the school district, is to be conducted

  19. Financial Concerns • Failure to submit year-end audit as required by Charter Law and SC law. • Better to submit 2 and none! • For report card purposes using 09-10 financial data, of the 30 schools open during that year, 6 schools failed to provide an audit to the SCDE • Don’t wait on your sponsor to do it

  20. Take Aways • Do not over estimate students in initial budget • Don’t forget to request official per pupil estimate for application • Your annual audit is not an option – send a copy even if your sponsor does!

  21. Can I do This??? Anything’s possible if you’ve got enough nerve. J.K. Rowling

  22. Questions ???

  23. Contact Information Mellanie Jinnette Phone no. 803-734-3605 E-mail - Mjinnett@ed.sc.gov Ann Castro Phone no. 803-734-8147 E-mail – Acastro@ed.sc.gov

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