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Charter School Financial Training for Board Members

Understand state, federal, and other funding for community schools to make informed financial decisions. Topics include budgets, audits, forecasts, and OCCS expectations.

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Charter School Financial Training for Board Members

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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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