Financial Compliance Meeting – Quarter 1
[School]
[Date]
Objectives /
  • Introductions/Staff Changes
  • Review Budget variance
  • Review Q4 performance metrics
  • Next Steps

Required Quarterly Reporting (MCRR) / July/August Reporting
Quarterly Report using Excel template (Quarter 4)
Board approved 2015-16 budget
Board-approved letter of engagement
Submit verification of pre-audit planning meeting/activities
Form 9
Loan/Debt Documentation
New/updated insurance policies
Financial statements 4 days prior to meeting date
Discussion Items/Questions /
  • OEI Updates
  • Responsibilities of BD and NMH
  • Southside Special Services of Marion County (Special Education Co Op Opportunity)
  • A-F meeting Presentation Reminder
  • Date: Tuesday, August 11th
  • Time: 1:00 p.m. – 2:30 p.m.
  • Location: Christel House Academy West – 55 N. Tibbs Avenue
  • September 30th IDOE Finance meeting with Hazel Beasley and Melissa Ambre
  • What topics/questions do you have?
  • School Updates
  • Staff changes in financially related positions—Board Finance Committee, Chief Financial Officer, etc.
  • Enrollment
  • Projections for 2015-2016
  • 14-15 91% enrollment, 347 students with 380 provided by charter
  • Vex Robotics Participation
Budget Variance
Over / Under
  • Revenues
  • Federal Special Ed $19,032 over
  • Title I $49,836 over
  • Textbook Reimbursement$22,713 unplanned revenue. Context?
  • Expenses
  • Salary and Wages $81,756over. Context?2015-2016 budget shows wage increase over high bonus expense
  • Other Benefits $24,335 over. What items are packaged into this line item?
  • Classroom Supplies$22,409 over. Rationale behind budget number? FY 16 budget shows $50,000. Steps to meet this?
  • Staff Training$24,458over—funded by Title I excess? Significantly less ($20,000) for FY 16
  • Admin Supplies and Materials $33,585 over. What supplies fell in this category? $12,000 budget FY 16.
  • Accounting Fees $74,987 over
  • Depreciation Did not budget for depreciation—cash basis accounting?.
  • Context for Loss on Modulars
/
  • Revenues
  • Basic grant--$79,939 under. Context? Enrollment driven?
  • Overpayments and refunds $32,161 under
  • Title II funding $31,077 under—frequent occurrence across portfolio
  • Alterations made in future budget for fluctuations in Title I and II?
  • Federal Lunch/Breakfast$73,990 under. Budgeting variancerelated to enrollment? Other factors?
  • Expenses
  • Bonuses $61,674 under budget.
  • Health Insurance--$36,931 under—less employees buying in than expected?
  • Admin Salary and Wages$83,464 under. What was the designated role of this individual? Were role merged?
  • Community Relations—Will the fundraising brunch go here next year and be closer to this $12,000 mark?
  • Technology $34,140 under, primarily from misc. computer and software expenses
  • Other expenses $98,172 under, mostly from transportation and student lunch expense..
  • Transportation $22,878 under. Enrollment driven?
  • Student Lunch Expense: $76,442 under

Discussion of one pager and historical trends – See Excel Tracker
Next Steps / School / OEI
*Your next Financial Quarterly meeting is scheduled for [Date]