2015-2016 annual report and financial...
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SOUTH BRONX CHARTER SCHOOL FORINTERNATIONAL CULTURES AND THE ARTS
FINANCIAL STATEMENTSWITH INDEPENDENT AUDITOR'S REPORT
JUNE 30, 2016
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SOUTH BRONX CHARTER SCHOOL FOR INTERNATIONAL CULTURESAND THE ARTS
INDEX
Page
INDEPENDENT AUDITOR'S REPORT 2-3
FINANCIAL STATEMENTS
Statement of Financial Position 4
Statement of Activities 5
Statement of Functional Expenses 6
Statement of Cash Flows 7
NOTES TO FINANCIAL STATEMENTS 8-13
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING AND ON COMPLIANCE AND
OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS 14-15
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INDEPENDENT AUDITOR’S REPORT
To the Board of Trustees South Bronx Charter School for International Cultures and the Arts
Report on the Financial Statements
We have audited the accompanying financial statements of South Bronx Charter School for International Cultures and the Arts, which comprise the statement of financial position as of June 30, 2016, and the related statements of activities, functional expenses and cash flows for the year then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Bronx Charter School for International Cultures and the Arts as of June 30, 2016, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Report on Summarized Comparative Information
We have previously audited South Bronx Charter School for International Cultures and the Arts’ June 30, 2015 financial statements, and our report dated October 28, 2015 expressed an unmodified opinion on those audited financial statements. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2015, is consistent, in all material respects, with the audited financial statements from which it has been derived.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 20, 2016, on our consideration of South Bronx Charter School for International Cultures and the Arts’ internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering South Bronx Charter School for International Cultures and the Arts’ internal control over financial reporting and compliance.
_______________________ Certified Public Accountants
New York, New York October 20, 2016
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SOUTH BRONX CHARTER SCHOOL FOR INTERNATIONAL CULTURES AND THE ARTS
STATEMENT OF FINANCIAL POSITION JUNE 30, 2016
(With Comparative Totals as of June 30, 2015)
ASSETS 2016 2015
CURRENT ASSETS Cash and cash equivalents 3,952,721$ 3,165,881$ Construction cash - 335,350 Grants and contracts receivable 324,762 284,252 Prepaid expenses - 2,580
Total Current Assets 4,277,483 3,788,063
PROPERTY AND EQUIPMENT, net 20,632,147 21,294,358
OTHER ASSETS Restricted cash and escrow reserves 1,740,749 1,735,448 Deferred expenses, net 624,248 647,440 Security deposits 28,830 28,830
Total Assets $ 27,303,457 $ 27,494,139
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES Bond payable - current portion 430,000$ 405,000$ Accounts payable and accrued expenses 236,293 150,865 Accrued payroll and benefits 269,013 240,549 Accrued interest payable 134,716 134,713 Construction costs payable - 113,634
Total Current Liabilities 1,070,022 1,044,761
Bonds payable, less current portion 21,435,000 21,865,000
Total liabilities 22,505,022 22,909,761
NET ASSETS - UNRESTRICTED 4,798,435 4,584,378
Total Liabilities and Net Assets $ 27,303,457 $ 27,494,139
See notes to financial statements.
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SOUTH BRONX CHARTER SCHOOL FOR INTERNATIONAL CULTURES AND THE ARTS
STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2016
(With Summarized Totals for the Year Ended June 30, 2015)
UNRESTRICTED NET ASSETS 2016 2015
REVENUE, GAINS AND OTHER SUPPORT Public School District
Resident student enrollment $ 5,949,417 $ 5,873,259 Grants and Contracts
State and local 133,035 36,321 Federal - Title and IDEA 280,443 265,743
Contributions - Foundation/Individual/Corporation - 14,563 Food Service/Child Nutrition Program 372,681 330,694 Interest and other income 8,829 129,257
Total Public Support and Revenue 6,744,405 6,649,837
EXPENSES Program Expenses
Regular education 4,670,596 4,640,350 Special education 389,847 397,215 Food service 592,460 422,410
5,652,903 5,459,975 Supporting Services
Management and general 877,445 1,063,475
Total Expenses 6,530,348 6,523,450
Change in Net Assets 214,057 126,387
NET ASSETS Beginning of year 4,584,378 4,457,991
End of year $ 4,798,435 $ 4,584,378
See notes to financial statements.
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SOUTH BRONX CHARTER SCHOOL FOR INTERNATIONAL CULTURES AND THE ARTS
STATEMENT OF CASH FLOWSYEAR ENDED JUNE 30, 2016
(With Summarized Totals for the Year Ended June 30, 2015)
2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES
Change in Net Assets $ 214,057 $ 126,387 ADJUSTMENTS TO RECONCILE CHANGE IN NET ASSETS
TO NET CASH FROM OPERATING ACTIVITIES Depreciation 790,272 605,081 Amortization 23,192 23,191 Changes in Operating Assets and Liabilities
Grants and contracts receivable (40,510) 61,846 Prepaid expenses 2,580 14,930 Security deposits - (9,530) Accounts payable and accrued expenses 85,428 (2,626) Accrued payroll and benefits 28,464 (39,675) Accrued interest payable 3 3
Net cash from operating activities 1,103,486 779,607
CASH FLOWS FROM INVESTING ACTIVITIES Construction cash 335,350 6,882,782 Restricted cash and escrow reserves (5,301) (68,841) Capitalized assets (128,061) (5,115,294)
Net cash from investing activities 201,988 1,698,647
CASH FLOWS FROM FINANCING ACTIVITIES Bonds payable (405,000) -Construction costs payable (113,634) (1,768,738) Loan payable - (528,896)
Net cash from financing activities (518,634) (2,297,634)
NET CHANGE IN CASH AND CASH EQUIVALENTS 786,840 180,620
CASH AND CASH EQUIVALENTS
Beginning of year 3,165,881 2,985,261
End of year $ 3,952,721 $ 3,165,881
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid $ 1,077,681 $ 1,100,023
See notes to financial statements -6-
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SOUTH BRONX CHARTER SCHOOL FOR INTERNATIONAL CULTURES AND THE ARTS
STATEMENT OF FUNCTIONAL EXPENSES
YEAR ENDED JUNE 30, 2016
(With Summarized Totals for the Year Ended June 30, 2015)
Personnel Services Costs No. of Position
Regular Education
Special Education
Food Service
Total Programs
Management & General
Total 2016
Total 2015
Administrative staff personnel Instructional personnel Non-instructional personnel
Total Personnel Expenses
Operating Expenses
Payroll taxes and fringe benefits Retirement Contracted services - financial and administrative
Administrative Marketing and recruitment Insurance Legal and professional Equipment leasing Building and land rent and lease Repairs and maintenance Building security and maintenance Office expense Staff development Student services Supplies and instructional materials Food costs Transportation service Telephone and internet services Utilities Interest expense Other expenses Depreciation and amortization
Total Operating Expenses
9 27 12
437,628$ 1,276,644
149,152
1,863,424
321,144 60,131
-11,306
7,574 39,033 66,450 55,507 12,054 19,479 85,090
-63,812 61,115
106,163 -
168,330 26,204
156,459 851,370
82,826 613,126
2,807,172
23,980$ 96,092 11,932
132,004
22,750 4,260
-801 537
2,765 4,708 3,933
854 1,380 6,029
-4,520 4,330 7,521
-12,670
1,856 11,083
118,545 5,868
43,433
257,843
-$ -
201,767
201,767
34,773 6,511
-1,224
820 4,226 7,194 6,010 1,305 2,109 9,212
-6,909 6,617
11,495 191,767
-2,837
16,941 5,388 8,967
66,388
390,693
461,608$ 1,372,736
362,851
2,197,195
378,667 70,902
-13,331
8,931 46,024 78,352 65,449 14,213 22,968
100,332 -
75,241 72,061
125,179 191,767 181,000
30,897 184,483 975,304
97,661 722,947
3,455,708
137,883$ -
137,220
275,103
47,411 8,877
150,000 1,670 1,118
74,157 9,813 8,197 1,780 2,876
12,565 17,663
9,421 9,025
15,673 --
3,869 23,099
102,380 12,231 90,517
602,342
599,491$ 1,372,736
500,071
2,472,298
426,078 79,779
150,000 15,000 10,049
120,181 88,165 73,646 15,993 25,844
112,897 17,663 84,662 81,086
140,852 191,767 181,000
34,766 207,582
1,077,684 109,892 813,464
4,058,050
690,530$ 1,425,379
464,212
2,580,121
447,451 68,105
288,400 19,518 11,878
133,24270,57675,763
9,62361,33175,42514,277
100,148 53,195 76,471
195,231 152,812
63,860 214,231
1,100,023 83,496
628,273
3,943,329
TOTAL EXPENSES $ 4,670,596 $ 389,847 $ 592,460 $ 5,652,903 $ 877,445 $ 6,530,348 $ 6,523,450
See notes to financial statements
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SOUTH BRONX CHARTER SCHOOLFOR INTERNATIONAL CULTURES AND THE ARTS
NOTES TO FINANCIAL STATEMENTSJUNE 30, 2016
1. Organization
South Bronx Charter School for International Cultures and the Arts (the “School”), a 501(c) (3) tax-exempt organization, is a public charter school located in The Bronx, New York. The School opened in 2005 and currently operates classes from kindergarten to fifth grade. The School’s charter was renewed in 2013 for an additional five years. The School provides scientifically research-proven standards-based educational programs, with an emphasis on international cultures, the arts, and mastery of a second language.
2. Summary of Significant Accounting Policies
Basis of Presentation and Use of Estimates
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications
Certain accounts relating to the prior year have been reclassified to conform to the current year’s presentation.
Net Asset Presentation
Net assets, revenues, gains and losses are classified based on the existence or absence of donor-imposed restrictions. Unrestricted amounts are those currently available at the discretion of the board for use in the operations of the School. Temporarily restricted amounts are restricted by donor imposed restrictions as to use or time restricted. When a restriction expires, temporarily restricted net assets are re-classified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Permanently restricted amounts contain donor imposed restrictions to be maintained permanently by the School.
There are no temporarily or permanently restricted net assets at June 30, 2016.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the School considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.
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SOUTH BRONX CHARTER SCHOOLFOR INTERNATIONAL CULTURES AND THE ARTS
NOTES TO FINANCIAL STATEMENTSJUNE 30, 2016
2. Summary of Significant Accounting Policies (Continued)
Revenue Recognition
Tuition revenue is from state and local government sources for student tuition and other school-related income. The School recognizes tuition and other school-related income as revenue during the applicable school year in which the revenue is earned.
Grants and contracts revenue is recognized when qualifying expenditures are incurred and/or services are provided to the students during the applicable school year. Funds received in advance or any unspent funds for which qualifying expenditures have not been incurred are recorded as refundable advances. Any unspent amounts might be returned to the granting agency or the granting agency can approve that those amounts be applied to a future grant period.
Grants Receivable
Grants receivable are recorded at net realizable value and do not bear interest. The allowance for doubtful accounts is the School’s best estimate of the amount of probable credit losses in existing receivables. Management determines the allowance based on historical write-off experience and reviews its allowance for doubtful accounts periodically. Past due balances are reviewed individually for collectability. At June 30, 2016, there are no allowances recorded, as management believes all amounts are collectible.
Property and Equipment
Purchase of property and equipment are capitalized at cost. Donated assets are capitalized at the estimated fair value at date of receipt. Maintenance and repairs are charged to expense as incurred; significant improvements are capitalized. The School capitalizes additions improvements in excess of $1,000. Depreciation is computed using the straight-line method over estimated useful lives of 3 to 7 years for equipment, furniture and fixtures, and 39 years for the building.
Restricted Cash and Escrow Reserves
Restricted cash and escrow reserves relate to required reserve and escrow accounts that are required to be maintained by the School in accordance with the bond indenture and charter requirements.
Deferred Expenses
Closing costs consist of professional fees and costs related to the obtaining financing and are amortized on the interest method over the life of the related bonds. At June 30, 2016, accumulated amortization of bond issue costs was $71,508.
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SOUTH BRONX CHARTER SCHOOLFOR INTERNATIONAL CULTURES AND THE ARTS
NOTES TO FINANCIAL STATEMENTSJUNE 30, 2016
2. Summary of Significant Accounting Policies (Continued)
Donated Goods and Services
The School receives donated services from unpaid volunteers. No amounts have been recognized in the statement of activities since the services do not meet the specialized skill criteria for recognition under U.S. GAAP.
Functional Allocation of Expenses
Expenses have been charged to program and supporting services, either directly when identifiable to a specific program, or indirectly based on management's estimate of the functional area benefited.
Income Taxes
In August 14, 2007 South Bronx Charter School for International Cultures and Arts received approval of its application for tax exempt status from the Internal Revenue Service under section 501 (c) (3) of the Internal Revenue Code and has been classified as a publicly supported organization as described in Internal Revenue Code section 509 (A) (1) and 170 (B) (1) (A) (II). Management has determined that the School had no uncertain tax positions that would require financial statement recognition. The School is no longer subject to income tax examination by federal, state or local tax authorities for years before June 30, 2012.
Prior Year Summarized Comparative Information
Information as of and for the year ended June 30, 2015 is presented for comparative purposes only. The notes to the financial statements and certain activity by net asset classification are not included in this report. Accordingly, such information does not include sufficient detail to constitute a presentation in conformity with accounting principles generally accepted in the United States of America. Accordingly, such information should be read in conjunction with the School’s financial statements as of and for the year ended June 30, 2015, from which the summarized comparative information was derived.
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SOUTH BRONX CHARTER SCHOOLFOR INTERNATIONAL CULTURES AND THE ARTS
NOTES TO FINANCIAL STATEMENTSJUNE 30, 2016
2. Summary of Significant Accounting Policies (Continued)
Recently Issued Accounting Pronouncements
In April 2015, the Financial Accounting Standards Board ("FASB") issued ASU 2015-03, Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs ("ASU-2015-03"). ASU 2015-03 requires companies to present debt issuance costs as a direct deduction from the carrying value of that debt liability. ASU 2015-03 is effective for fiscal years, beginning after December 15, 2015. Early adoption is allowed for financial statements that have not been previously issued. Entities would apply the new guidance retrospectively to all prior periods (i.e., the balance sheet for each period is adjusted). The standard requires retrospective application and represents a change in accounting principle. The School has not adopted ASU 2015-03.
Subsequent Events
Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued, which date is October 20, 2016.
3. Property and Equipment
At June 30, 2016, property and equipment consisted of the following:
Furniture and fixtures $ 858,096Computer equipment and software 1,631,458Office equipment 115,999Building 18,055,969Land 1,823,000
22,484,522 Less Accumulated depreciation 1,852,376 Total $20,632,146
4. Restricted Cash and Escrow Reserves
Restricted cash and escrow reserve accounts at June 30, 2016 consist of:
Interest reserve $ 248,871 Debt service 1,491,878
$ 1,740,749
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SOUTH BRONX CHARTER SCHOOLFOR INTERNATIONAL CULTURES AND THE ARTS
NOTES TO FINANCIAL STATEMENTSJUNE 30, 2016
5. Deferred Expense
Deferred expense consisted of the following:
Bond issuance costs $ 695,756Less: Accumulated amortization (71,508)Net $ 624,248
6. Accrued Payroll and Benefits
Accrued payroll and benefits consist of amounts earned by the staff during the school year but paid out over the summer months.
7. Retirement Plan
The School offers a 401(k) plan for all employees. Employees are eligible for the plan immediately upon employment and participation in the plan is voluntary. Employees can make pretax contributions up to a maximum of 100% of their annual compensation, subject to IRS restrictions. The School matches the employee contribution up to 4% of the employee’s annual compensation. For the year ended June 30, 2016, the School’s matching contributions were $79,779. Plan assets are held in a separate trust and are not included in the accompanying financial statements. All plan assets are held for the exclusive benefit of the Plan’s participants and beneficiaries.
8. Bonds Payable
On June 11, 2013, Build NYC Resource Corporation provided construction and permanent financing through the issuance of $21,650,000 in Tax-Exempt Revenue Bonds (the “Series 2013A Bonds”), bearing interest at 2.75 to 5% per annum with principal due at varying amounts annually through maturity on April 15, 2043, and $620,000 in Taxable Revenue Bonds (the “Series 2013B Bonds”), bearing interest rate at 6% per annum with principal due at varying amounts annually through maturity on April 15, 2017. The proceeds of the bonds were used to construct a five-story building in the Bronx NY, to be used as classroom, cafeteria, kitchen, art, music room and administrative space.
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SOUTH BRONX CHARTER SCHOOLFOR INTERNATIONAL CULTURES AND THE ARTS
NOTES TO FINANCIAL STATEMENTSJUNE 30, 2016
8. Bonds Payable (Continued)
Future minimum principal payments for the next five years are as follow:
Year ended June 30,
2017 $ 430,000 2018 450,000 2019 465,000 2020 480,000 2021 500,000 2022 and thereafter 19,540,000 Total $ 21,865,000
Debt Service Coverage Ratio
Pursuant to the loan agreement, The School is required to maintain ongoing debt service coverage ratio greater than 1.0.
9. Concentration of Risk
The School maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The School has not experienced any losses in such accounts. The School believes it is not exposed to significant credit risk on cash and cash equivalents.
The School receives a substantial portion of its support and revenue from the New York City Department of Education. If the charter school laws were modified, resulting in reduction or elimination of these revenues the School’s finances could be materially adversely affected.
10. Contingency
The School participates in a number of federal and state programs. These programs require that the School comply with certain requirements of laws, regulations, contracts, and agreements applicable to the programs in which it participates. All funds expended in connection with government grants and contracts are subject to audit by government agencies. While the ultimate liability, if any, from such audits of government and contracts by government agencies is presently not determinable, it should not, in the opinion of the management, have a material effect on the financial position or results of operations. Accordingly, no provision for any such liability that may result has been made in the accompanying financial statements.
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INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED
ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
To the Board of Trustees of South Bronx Charter School for International Cultures and the Arts
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of South Bronx Charter School for International Cultures and the Arts, which comprise the statement of financial position as of June 30, 2016, and the related statements of activities, functional expenses and cash flows for the year then ended, and the related notes to the financial statements, and have issued our report thereon dated October 20, 2016.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered South Bronx Charter School for International Cultures and the Arts’ internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of South Bronx Charter School for International Cultures and the Arts’ internal control. Accordingly, we do not express an opinion on the effectiveness of South Bronx Charter School for International Cultures and the Arts’ internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
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_______________________
Compliance and Other Matters
As part of obtaining reasonable assurance about whether South Bronx Charter School for International Cultures and the Arts’ financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audits, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the organization’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the organization’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Certified Public Accountants
New York, New York October 20, 2016
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New York State Education Department�Request for Proposals to Establish Charter Schools Authorized by the
Board of Regents�
2014-15 Budget & Cash Flow Template
General Instructions and Notes for New Application Budgets and Cash Flows Templates�
1 2
3
4
5
Complete ALL SIX columns in BLUE Enter information into the GRAY cells Cells containing RED triangles in the upper right corner in columns B through G contain guidance on that particular item
Funding by School District information for all NYS School district is located on the State Aid website at https://stateaid.nysed.gov/charter/. Refer to this website for per-pupil tuition funding for all school districts. Rows may be inserted in the worksheet to accomodate additional districts if necessary.
The Assumptions column should be completed for all revenue and expense items unless the item is self-explanatory. Where applicable, please reference the page number or section in the application narrative that indicates the assumption being made. For instance, student enrollment would reference the applicable page number in Section I, C of the application narrative.
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South Bronx Charter School for International Culture and the Arts PROJECTED BUDGET FOR 2015-2016 Assumptions
July 1, 2015 to June 30, 2016 DESCRIPTION OF ASSUMPTIONS - Please note assumptions when applicable Please Note: The student enrollment data is entered below in the Enrollment Section beginning in row 155. This will populate the data in row 10.
OTHER FUNDRAISING TOTAL
Total Revenue 7,039,642 6,328 - - - 7,045,970 Total Expenses 5,309,357 238,349 - - 1,384,102 6,931,809
Net Income 1,730,285 (232,021) - - (1,384,102) 114,161 Actual Student Enrollment 454 - -
Total Paid Student Enrollment 454 - 454
PROGRAM SERVICES SUPPORT SERVICES
OTHER FUNDRAISING TOTAL
REVENUE REVENUES FROM STATE SOURCES
Per Pupil Revenue New York City $13,877.00 6,300,158 - - - - 6,300,158 School District 2 (Enter Name) - - - - - -School District 3 (Enter Name) - - - - - -School District 4 (Enter Name) - - - - - -School District 5 (Enter Name) - - - - - -
6,300,158 6,300,158
Special Education Revenue - - - - - -Grants
Stimulus - - - - - -Other - - - - - -
Other State Revenue - - - - - -TOTAL REVENUE FROM STATE SOURCES 6,300,158 6,300,158
REVENUE FROM FEDERAL FUNDING IDEA Special Needs - 6,328 - - - 6,328 Title I 313,173 - - - - 313,173 Title Funding - Other 50,949 - - - - 50,949 School Food Service (Free Lunch) 297,296 - - - - 297,296 Grants
Charter School Program (CSP) Planning & Implementation - - - - - -Other - - - - - -
Other Federal Revenue - - - - - -TOTAL REVENUE FROM FEDERAL SOURCES 661,418 6,328 667,746
LOCAL and OTHER REVENUE Contributions and Donations, Fundraising - - - - - -Erate Reimbursement 28,800 - - - - 28,800 Interest Income, Earnings on Investments, 7,000 - - - - 7,000 NYC-DYCD (Department of Youth and Community Developmt.) - - - - - -Food Service (Income from meals) 3,000 - - - - 3,000 Text Book 39,266 - - - - 39,266 Other Local Revenue - - - - - -
TOTAL REVENUE FROM LOCAL and OTHER SOURCES 78,066 78,066
TOTAL REVENUE 7,039,642 6,328 7,045,970
List exact titles and staff FTE"s ( Full time eqiuilivalent) EXPENSES ADMINISTRATIVE STAFF PERSONNEL COSTS No. of Positions
Executive Management 1.00 172,220 10,900 - - 34,880 218,000 Instructional Management 1.00 105,000 - - - - 105,000 Deans, Directors & Coordinators 4.00 219,627 - - - - 219,627 CFO / Director of Finance - - - - - - -Operation / Business Manager 1.00 - - - - 78,000 78,000 Administrative Staff 1.00 - - - - 73,200 73,200
TOTAL ADMINISTRATIVE STAFF 8 496,847 10,900 186,080 693,827
INSTRUCTIONAL PERSONNEL COSTS Teachers - Regular 20.00 1,220,617 - - - - 1,220,617 Teachers - SPED 1.00 - 54,731 - - - 54,731 Substitute Teachers - 10,000 - - - - 10,000 Teaching Assistants 1.00 32,000 - - - - 32,000
REGULAR EDUCATION
SPECIAL EDUCATION
MANAGEMENT & GENERAL
REGULAR EDUCATION
SPECIAL EDUCATION
MANAGEMENT & GENERAL
CY Per Pupil Rate
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South Bronx Charter School for International Culture and the Arts PROJECTED BUDGET FOR 2015-2016 Assumptions
July 1, 2015 to June 30, 2016 DESCRIPTION OF ASSUMPTIONS - Please note assumptions when applicable Please Note: The student enrollment data is entered below in the Enrollment Section beginning in row 155. This will populate the data in row 10.
OTHER FUNDRAISING TOTAL
Total Revenue 7,039,642 6,328 - - - 7,045,970 Total Expenses 5,309,357 238,349 - - 1,384,102 6,931,809
Net Income 1,730,285 (232,021) - - (1,384,102) 114,161 Actual Student Enrollment 454 - -
Total Paid Student Enrollment 454 - 454
PROGRAM SERVICES SUPPORT SERVICES
OTHER FUNDRAISING TOTAL
REGULAR EDUCATION
SPECIAL EDUCATION
MANAGEMENT & GENERAL
REGULAR EDUCATION
SPECIAL EDUCATION
MANAGEMENT & GENERAL
Specialty Teachers 5.00 310,414 - - - - 310,414 Aides 3.00 - - - - 112,000 112,000 Therapists & Counselors - - - - - - -Other - - - - - - -
TOTAL INSTRUCTIONAL 30 1,573,031 54,731 112,000 1,739,762
NON-INSTRUCTIONAL PERSONNEL COSTS Nurse - - - - - - -Librarian - - - - - - -Custodian 3.00 - - - - 132,380 132,380 Security - - - - - - -Other 6.00 - - - - 283,400 283,400
TOTAL NON-INSTRUCTIONAL 9 415,780 415,780
SUBTOTAL PERSONNEL SERVICE COSTS 47 2,069,878 65,631 713,
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