Charter Application Technical Assistance Workshop Hello! Thank you for joining us! 2 The Charter Institute at Erskine John Li, Assistant Director of Finance 3 Finance - Agenda
State Funding Education Finance Act Education Improvement Act SC Charter School Act Federal Funding Risk Prevention PowerSchool and Student Counts
Procurement SCDE Updates Budgeting Best Practices 4 Finance Office Expectations Process funding to school on a timely manner Coordinate with Institute PowerSchool team to ensure accurate enrollment data Financial Reporting
LARS ESSA Prepare annual budget requests to the Governors office, Education Oversite Committee, and other state agencies 5 Finance School Expectations Schools adhere to funding requirements Schools have adequate internal control systems Schools comply with all state and federal laws and regulations Schools comply with their charter contract Schools meet performance expectations Schools meet all reporting requirements completely and on time 6
Finance Funding Sources Local Donations, gifts Private Grants State Funding Base Student Funding (EFA) Categorical Funding (EIA) Charter School Funding (Proviso) Federal Funding Title I
Title II IDEA 7 Finance - Definitions Average Daily Membership (ADM) The aggregate number of days in membership divided by the number of days school is in session at the reporting period. Weighted Pupil Units (WPU)
The total ADM in a classification multiplied by assigned weight for that student classification. 8 Finance Weightings Classification Weighting Kindergarten 1.00 Primary (1-3) 1.00
Elementary (4-8) 1.00 High School (9-12) 1.00 Trainable Mentally Handicapped 2.04 Speech 1.90 Homebound 1.00
Weighting Gifted and Talented .15 Academic Assistance .15 Dual Credit Enrollment .15 Limited English Proficiency .20
Pupil in Poverty .20 10 Finance Funding Allocation Updates Initial Funding Projection 5 Day Count New Charter Schools Schools having approved incremental growth and expansion 45 Day Count All schools 135 Day Count All schools 11
State Base funding Brick and Mortar Virtual Base Student Cost EFA $2,425.00 Base Student Cost EFA Additional Funding Total Per Pupil Additional Funding $3,600.00
Total Per Pupil $2,425.00 $1,900.00 $4,325.00 $6,025.00 12 Finance Funding Calculation EFA and Charter Funding are calculated as follows:
Beginning of Fiscal Year: Total Funding for each classification = ADM for classification X Weighting for classification = WPU x Base Student Cost Monthly Payment = Total Funding / # payment months remaining in fiscal year Example: Brick/Mortar, Kindergarten ADM of 36 (EFA) 36 x 1.00 = 36 x $2,485 = $89,460 Monthly Payment = $89,460 / 12 = $7,455 (Charter): 36 x 1.00 = 36 x $3,600 = $129,600 Monthly Payment = $129,600 / 12 = $10,800
13 Finance Financial Transparency Financial records are subject to Freedom of Information Act (FOIA) Schools annual audit will be post to the Institutes website Schools are recommended to post all check registers, credit card statements, and audit reports to the schools website 14 Finance Audit Requirements SECTION 594050 (3) adhere to the same financial audits, audit procedures, and audit requirements as are applied to public
schools. SECTION 594060 (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. Source-SC Code of Laws Title 59-Chapter 40 15 Chart of Accounts Become familiar with SCDEs financial accounting handbook. Standard revenue and expenditure definition. Revenue code and sub-fund provided for each source of funding Expenditures maintained and tracked by source of funding
16 Estimating Student counts Be careful in estimates of students. Dont over inflate student counts when completing your budget. Remember you are adjusted at the 5th day of school and over-estimating initial student counts could result in a loss of funding. 17 Finance Charter School Budgeting Set up a sound financial governance
structure Trust, but verify Understand your financial drivers Prioritize spending that will assist in the goal of Moving the Needle Be conservative Underestimate revenues, overestimate expenses 18 Finance Financial Governance Does your governing board have a finance committee? Who is your finance expert? Who will run the day to day finances at
the school? 19 Finance Questions? John Li Assistant Director of Finance [email protected] 803-849-2459 Ciera Bing School Federal Programs Finance Coordinator [email protected] Tasha Robinson Consultant 20
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