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Finance for Charter School Leaders August 2, 2012

Finance for Charter School Leaders August 2, 2012. “A high-quality charter school is a financially viable and choice –driven innovation that produces student achievement and stakeholder satisfaction through effective leadership (2012 SC Charter Application).”. Today’s session will:.

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Finance for Charter School Leaders August 2, 2012

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  1. Finance for Charter School LeadersAugust 2, 2012 “A high-quality charter school is a financially viable and choice –driven innovation that produces student achievement and stakeholder satisfaction through effective leadership (2012 SC Charter Application).”

  2. Today’s session will: Provide general reminders for charter school applicants and school leaders Review general finance topics of interest to charter school leaders Address specific questions posed during the New Charter Developer’s Workshop

  3. Funding Resources State – Base Funding/Categorical Federal – IDEA, Title I Local – Donations/Grants/Gifts

  4. Base Funding – Local District Local District Sponsor General Fund Revenues FY 11 $111,102,345 Total District Weighted Pupils 18,662.71 Per Pupil $ 5,953.17 Inflation Factor 0.00% 0.00 Total Per Pupil $ 5,953.17 Then multiply times weighted pupils of the charter school

  5. Where do the Numbers Come From?? Sponsor District – Total General Fund Revenue Local Revenue 1210 Ad Valorem Taxes $ 37,569,335 1310 Tuition from Patrons 56,915 1320 Tuition from other LEAs 25,000 1510 Interest on Investments 392,036 1910 Rentals 57,423 1950 Refund on Prior Year Expen 456 1993 Receipt of Insurance Proceeds 14,129 1999 Rev from Other Local Sources 500,241

  6. State Funding in General Fund 3131 Handicapped Transportation 16,570 3132 Home Schooling 3,277 3160 Bus Driver Salary 830,718 3162 Transportation Workers Comp 59,322 3180 Fringe Benefits 11,987,123 3181 Retiree Benefits 1,653,423 3199 Other Restricted State 1,565 3250 Medicaid Match 27,828 3300 EFA (Consolidated) 32,449,355 3999 Other State 265 3810 Local Property Tax Relief 4,689,112 3820 Homestead Exemption 995,433 3825 Reimbursement Tax Relief 19,556,423

  7. Other Funding in General Fund Revenue from Federal Sources 4110 Impact Act 216,345 4999 Other Federal Revenue 51 Total Revenue from Sponsor General Fund $111,102,345

  8. Base Funding – State District Brick and Mortar Full Base Student Cost $2,012.00 Additional Funding $3,250.00 Total Per Pupil $5,262.00 Virtual Full Base Student Cost $2,012.00 Additional Funding $1,700.00 Total Per Pupil $3,712.00 Then multiply times weighted pupils of the charter school

  9. What is a WPU? A WPU or weighted pupil unit is the additional “weighting” added to the base student cost to determine the additional funding students should receive based on their classification. This is the same for a charter in the State Charter district or a locally sponsored charter school.

  10. 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

  11. 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 ed category, budget in categories of students you are serving

  12. 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

  13. How Much Funding Do I Receive?Local Sponsored Base Per Pupil $ 5,953.17 Total WPU – Charter 170.83 Total Funding $1,016,980.03 For new schools, initial funding is based on projections and adjusted at the 5th day of school. Figure is updated at the 45th day of school and again at the 135th day of school.

  14. How Much Funding Do I Receive?SCPCSD Virtual Base Per Pupil $ 3,712.00 Total WPU – Charter 170.83 Total Funding $ 634,120.96 Brick & Mortar Base Per Pupil $5,262.00 Total WPU – Charter 170.83 Total Funding $ 898907.46

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

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

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

  18. State Categorical Continued • Reading • High Achieving Students • Vocational • Professional Development • At Risk Student Funding • Lottery • National Board • Student Health and Fitness • Aid to District

  19. 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

  20. Documents to Help You • Funding Manual http://ed.sc.gov/agency/cfo/finance/Fiscal-Systems/documents/2011_12FundingManual.pdf • Accounting Handbook http://ed.sc.gov/agency/cfo/finance/Fiscal-Systems/documents/pupilaccountingmanual.pdf • Audit Guide http://ed.sc.gov/agency/cfo/finance/Single-Audit/documents/11-12_AnnualAuditGuide_Part1.pdf

  21. 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

  22. 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

  23. Additional Issues • Reporting Students Correctly • Reporting Teachers through PCS • Maintaining accurate financial records by required fund/function/object classifications • Example – salaries for high school teacher under Students at Risk – 338 – 114 – 100 • Be Audit Ready AT ALL TIMES!

  24. Questions ???

  25. Contact Information Mellanie Jinnette Financial Systems Manager Office of Finance 1429 Senate Street Suite 303-BColumbia, SC 29201Tel: 803-734-3605E-mail: mjinnett@ed.sc.gov

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