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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).”
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
Today’s session will:
State – Base Funding/Categorical
Federal – IDEA, Title I Local – Donations/Grants/Gifts
Funding Resources
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
Base Funding – Local District
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
Where do the Numbers Come From??
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
State Funding in General Fund
Revenue from Federal Sources
4110 Impact Act 216,3454999 Other Federal Revenue
51
Total Revenue from Sponsor General Fund $111,102,345
Other Funding in General Fund
Brick and Mortar
Full Base Student Cost $1,880.00
Additional Funding $3,250.00
Total Per Pupil $5,130.00
Virtual
Full Base Student Cost $1,880.00
Additional Funding $1,700.00
Total Per Pupil $3,580.00
Then multiply times weighted pupils of the charter school
Base Funding – State District
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.
What is a WPU?
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
EMH1.74
LD1.74
Hearing 2.57
Visual2.57
OH2.04
Vocational1.29
Autism 2.57
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
What Weights to Use??
Average Daily Membership - # of days a child is enrolled in an EFA category
1. ADM of 112.57 in Elementary results in a WPU figure of 112.57
2. ADM of 25.89 in Speech results in a WPU figure of 49.19
3. ADM of 5.21 in LD results in a WPU figure of 9.07
4. Total ADM is 143.67/ Total WPU is 170.83
Examples
Base Per Pupil $ 5,953.17Total 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.
How Much Funding Do I Receive?Local Sponsored
How Much Funding Do I Receive?SCPCSD
Brick & Mortar
Base Per Pupil $5,130.00
Total WPU – Charter 170.83
Total Funding $ 876,357.90
Virtual
Base Per Pupil $ 3,580.00Total WPU – Charter 170.83
Total Funding $ 611,571.40
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
Failure to plan
properly before
opening!!!
Why Charters Fail
Additional State Funding the school may be entitled to based on the programs they offer and
the students they serve
Categorical Funding
State Categorical Continued
Reading High Achieving
Students Vocational Professional
Development At Risk Student
Funding
Lottery National Board Student Health
and Fitness Aid to District
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
How Is Categorical Computed?
Documents to Help You
Funding Manual
Accounting Handbook
Audit Guide
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
Why Use these Manuals?
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
Financial Concerns
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!
Additional Issues
???
Questions
Contact Information
Mellanie JinnetteFinancial Systems Manager
Office of Finance
1429 Senate Street
Suite 303-BColumbia, SC 29201
Tel: 803-734-3605E-mail: [email protected]