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2013 Annual Financial Management Report

2013 Annual Financial Management Report. Manara Academy Nov. 16 th , 2013. O utline. What is School FIRST? 2011 School FIRST 2012 School FIRST 2013 School FIRST Conclusion. School FIRST/Charter FIRST. Financial Integrity Rating System of Texas

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2013 Annual Financial Management Report

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  1. 2013 Annual Financial Management Report Manara Academy Nov. 16th, 2013

  2. Outline • What is School FIRST? • 2011 School FIRST • 2012 School FIRST • 2013 School FIRST • Conclusion

  3. School FIRST/Charter FIRST Financial Integrity Rating System of Texas Adopted in Dec. 2007 for School Districts Impacts school accreditation. May impact the special education determination status Is a group of accountability indicators to test against FIRST Rating on TEA’s website.

  4. 2011 Charter FIRST • 3 financial accountability indicators only • Source of data is the 2009-2010 annual financial audit • 3 possible Ratings: • Standard Achievement • Substandard Achievement • Suspended-Data Quality (affects accreditation for the year 11-12) • Must receive a “Yes” on all 3 indicators to achieve “Standard Achievement” rating. • Our district received a “Standard Achievement”

  5. 2012 Charter FIRST • Add the financial solvency provisions • Add PEIMS Standard data provisions • 21 indicators (just like school districts)-changed later to 19 indicators • Possible ratings would be: • Superior Achievement • Above Standard Achievement • Standard Achievement • Substandard Achievement • Suspended-Data Quality

  6. 2013 Charter FIRST • Superior Achievement • Investment Indicator, Indicator # 19: • An investment Plan • Could still be challenging given the size of the charter and Investment Atmosphere/opportunities

  7. Rating for Manara Academy 2013 Ratings for Charter Schools Select 2012-2013 from the dropdown Click the district number to display indicators Passed the first 6 indicators Received highest scores (5 out of 5) for indicators 7 to 18. Could not meet indicator # 19 (Investment Earnings) – TEA is reconsidering this indicator.

  8. Compensations and Gifts Reported compensations & reimbursements to the Superintendent & Board of Trustees members for the 2011-2012 year. Reported gifts received from external entities (by superintendent or charter holder) – none. * The amount forms 50% of contract total as the person is split between the Superintendent and the Principal two roles.

  9. Financial Solvency Inputs Annual total expenditures from General Operating fund. Capital outlays Default on borrowed funds Whether the Charter declared bankruptcy within the last 2 years Staff to WADA ratio Number of superintendents and business managers in the last 3 years.

  10. Conclusion Superior Achievement for Manara Academy for the 3rd year in a row. Noticeably Improved financial performance for 2011-2012 relative to previous year (2010-2011). No corrective actions required. Expect further improvement and similar results for next year. Investing School funds - numerous factors come to play…. Heading the right way and is more prepared for growth and expansion.

  11. Questions ?! Manara Academy Business Office (972) 905 3827 4200 Royal Lane, Suite # 175 Irving, TX 75063

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