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Larchmont Schools Regular Meeting of the Board of Directors April 12th, 2016 – 6:30 PM Larchmont Charter School at La Fayette Park Place Assembly Room 2801 W. 6 th St., Los Angeles, CA 90057

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_____________________________________________________________________________________________________

Larchmont Schools

I.

Call to Order & Roll Call

Members of the Governing Board

Alicia Lara, Board Chair

Danny Corwin, Board Vice Chair

Gabi Loeb, Board Treasurer

Anna Lee

Frances Hoge, Board Secretary

David Lee

Ali Baird

Erica Pitman

Drew Furedi

Melissa Schrift

Lara Goldstone

Dena Stein

Arianne Groth

Katherine Strunk

Nick Grouf

Duane Stullich

Beatrice Hsu

Lindsay Sturman

Brian Kaplan

II.

Public Comments

Larchmont welcomes the community to our board meetings. Due to the Brown Act, the board

hears public comment but does not engage in dialogue with public speakers and will refer

items to the staff for follow up as needed. At this time any person wishing to speak to any item

not on the agenda will be granted three minutes to make a public comment to the Board of

Directors. Any person wishing to speak to any item on the agenda can either make the public

comment (not to exceed three minutes) at this time or when the item comes up on the

agenda.

III.

Reports to the Board

a.

Executive Director Report

b.

Academic Excellence Committee Update

IV.

Consent Agenda

a.

Approval of Meeting Minutes: March 1, 2016

V.

Discussion & Action Items

a.

Financial Update & Approval of Monthly Financials

b.

Discussion & Action on 2

nd

Interim Financial Report

c.

Discussion of Additional Spending Priorities and Plan for 2015-16

The mission of Larchmont Schools is to provide a socio-economically, culturally and racially diverse

community of students with an exceptional public education. We foster creativity and academic

excellence; our students learn with and from each other in an experience-centered, inquiry-based

learning environment. With participation from our entire community, we strive to instill in each

student a dedication to improving the world we inhabit.

Larchmont Schools

Regular Meeting of the Board of Directors

April 12th, 2016 – 6:30 PM

Larchmont Charter School at La Fayette Park Place Assembly

Room

(2)

_____________________________________________________________________________________________________

d.

Review Draft 2016-17 Budget & LCAP

e.

Discussion and Action on Teacher Compensation Task Force Proposal

f.

Action on Draft 2016-17 Academic Calendar

g.

Discussion and Ratification on Prop 39 Alternative Agreement

VI.

Closed Session:

a.

Section 54956.8: CONFERENCE WITH REAL PROPERTY NEGOTIATORS: Property - 1265 N.

Fairfax Ave., West Hollywood, CA 90046

b.

Section 54957:

PUBLIC EMPLOYMENT: DISCIPLINE/DISMISSAL/RELEASE

c.

Section 54957:

PUBLIC EMPLOYMENT: EXECUTIVE DIRECTOR PERFORMANCE EVALUATION

VII.

Board Chair Comments

VIII.

Adjournment

This legislative body conducts business under the meeting requirements of the Ralph M. Brown Act.

MEETING AGENDA & RELATED MATERIALS

Agendas for regular board meetings as defined by the Brown Act will be posted at the meeting site and the

legislative body’s website, if applicable, 72 hours prior to the start of the meeting. Agendas for special meetings as

defined by the Brown Act will be posted at the meeting site and the legislative body’s website, if applicable, 24

hours prior to the start of the meeting. Materials relating to an agenda topic that is a matter of public record in

open session, will be made available for public inspection 72 hours prior to the start of the meeting, or,

alternatively, when the materials are distributed to at least a majority of board members.

THE ORDER OF BUSINESS MAY BE CHANGED WITHOUT NOTICE

Notice is hereby given that the order of consideration of matters on this agenda may be changed without prior

notice.

REASONABLE LIMITATIONS MAY BE PLACED ON PUBLIC TESTIMONY

The Governing Board’s presiding officer reserves the right to impose reasonable time limits on public testimony to

ensure that the agenda is completed.

SPECIAL PRESENTATIONS MAY BE MADE

Notice is hereby given that, consistent with the requirements of the

Bagley-Keene Open Meeting Act

, special

presentations not mentioned in the agenda may be made at this meeting. However, any such presentation will

be for information only.

REASONABLE ACCOMMODATION WILL BE PROVIDED FOR ANY INDIVIDUAL WITH A DISABILITY

Pursuant to the

Rehabilitation Act of 1973

and the

Americans with Disabilities Act of 1990

, any individual with a

disability who requires reasonable accommodation to attend or participate in this meeting may request assistance

by contacting Larchmont Schools, 444 N. Larchmont Blvd, #207, Los Angeles, CA 90004; telephone: (323) 380-7893;

(3)

School-wide Performance Tracker

APRIL 2016

Student Demographics

Instructional & Cultural Highlights

Total Enrollment

% Enrolled

ADA (Current Month)

ADA (Year to Date)

Free & Reduced Lunch

English Language Learners

Special Education

Hispanic/Latino

Asian

African American

Caucasian

Other/Unclassified

Suspensions/Expulsions

1,412

98%

96%

96%

37%

6%

11%

31%

17%

5%

38%

9%

12S

-

College Acceptances are in! We’re incredibly proud of our

inaugural class of seniors!

-

LFP MS students competed in the LA County Science Fair with

several winning top prizes!! Selma’s Science Fair is Wednesday.

-

LCS Junior, Edward Park placed among the top 500 students in

the US in a national math competition

-

Pippin was a huge success – performed at the LA Theater

Center with packed houses both nights from all 4 campuses!

-

We reached agreement with St. Ambrose and Verizon has

withdrawn its proposed cell tower installation

-

April 30

th

is the Carnival and Famous Bake Sale 10-4 at FFX

-

June 3

rd

is the Annual Auction Gala at the Wilshire Country Club

-

Stakeholder Surveys are going out this week

-

Selma’s vocal workshop performing at multiple campuses, FFX

Chess Tournament, Art Shows & end of year culminating

exhibitions being prepped at all sites.

Operational Updates

Upcoming Dates

«

Lottery/acceptance results: 183 new students total TK-12. TK/K:

96 accepted (39 at FFX, FRL 17/39= 43.5%) (57 at HGR, FRL:

22/57= 38.6%); 6

th

grade 32 accepted (FRL: 13/32=40.6%); 7

th

grade 11 accepted (FRL: 5/11= 45%); 9

th

grade 21 accepted

(FRL 8/21= 38%)

«

Annual Giving/Pledge Drive –$1.25m

«

World’s Fair $14,000

«

Jogathons - $105,762k

«

Music Night - $27k

«

Gala – June 3

rd

at Wilshire Country Club (goal of $150k)

«

Party Book - $25,730k

«

Pali Field Trip - $5k

«

Business Affiliates (escrip & gear sales) - $5k

April 13, 8:35-12:45 LCS Selma Science Fair

April 18, 2016- Parent Education Session- Student Support

System from 5 pm - 6 pm (FFX Campus)

Apr 23 - 24: FFX/SEL Chess Tournament ; FFX time TBD

April 26, 2016- LCS Finance Committee Meeting @ 7:00 pm

(FFX Campus)

Apr 27: FFX SPRING CONCERT ; FFX 6:30 -8 pm

April 29, 2016- LA Slam Competition - Poetry Slam - LFP

April 30, 2016- LCS Carnival from 10 am - 4 pm (FFX)

May 2 - 6, 2016- Teacher Appreciation Week

May 3: LCS Board Meeting ; FFX Campus 6:30 pm

May 5: Art Show/Projects' Night ; FFX 6 - 7 pm

May 9, 2016- CASSP Assessment Window Begins.

May 12: Asian American Heritage Lunch; FFX 12- 3pm

Academic Data

(4)

LCS Board of Directors

Academic Excellence Committee

Revisiting Our Purpose

LCS Academic Excellence Committee’s Charge

On behalf of the entire LCS Board, the Academic Excellence Committee (which is comprised of board

members, additional representatives from the education community, and the Executive Director) works to

ensure that LCS is setting academic goals, identifying the skills necessary to reach these goals, and making

progress towards student mastery of these skills. The AEC is supported by representatives of the LCS

instructional leadership team.

We do this by:

- setting and revisiting short-, intermediate- and long-term academic goals for LCS;

- supporting the school team to understand how to measure progress, within the context of the fullness of the

LCS model;

- monitoring relevant academic progress, as described in our charter;

- consistently reporting to the full board as to the above items;

- work with other board committees to ensure sufficient resources to accomplish academic goals.

LCS Academic Excellence Committee’s Short-Term Goals

By June, 2016:

Support staff with creating an assessment system that incorporates offering

assessments, accessing and analyzing resulting data, making programmatic and

instructional changes as necessary, and monitoring progress.

The assessment calendar (the first piece of the system) will outline which

assessments are offered and when, aligned to the different skills and

competencies being assessed.

The analysis calendar will align to data availability from assessments, with

discrete timepoints by which the LCS staff will provide an analysis report

to the AEC and then the board.

The calendar of professional development and other programmatic

elements will align with assessments and analyses.

The purpose of this system is to inform instructional and programmatic decisions

at the classroom, grade level, and school levels as well as will feed into dashboard.

By August, 2016 (before the school year begins):

Revise “Academic Excellence” section of dashboard to include

Metrics for academic skills gained in project-based learning that are

outcomes of constructivist approach (e.g., grade-specific skills that may

not be tested on standardized achievement tests, such as the ability to

Lara Goldstone 3/23/16 5:50 AM

Comment [1]:

Please feel free to make

comments and suggestions in comment

boxes. You can also type right in the

document. Consider this more of a

brainstorm.

Jesse Noonan 4/1/16 11:42 PM

(5)

construct a research question on their own, make a compelling

presentation, etc.)

Metrics for college readiness

Valid and reliable metrics for key skills or subjects across the grades

Create calendar of AEC meetings and activities for 2016-17 year, including

Committee review of data prior to presentation to board

Feedback from staff on supports/resources needed

By September, 2016:

Revise “Academic Excellence” section of dashboard to include

Growth goals in addition to achievement goals for 2016-17

Attainable and ambitious goals based on current performance

By December, 2016:

Build out AEC goals for 2017-2020?

Revisit AEC’s charge and participate in a cycle of inquiry with staff to ensure

goals are aligned with school’s goals?

Jesse Noonan 4/5/16 6:31 AM

(6)

Board Member

Present

Absent

Board Member

Present

Absent

Alicia Lara, Board Chair

X

Danny Corwin, Board Vice Chair

X

Gabi Loeb, Board Treasurer

X

Frances Hoge, Board Secretary

X

Beatrice Hsu

X

Ali Baird

X

Nick Grouf

X

Lindsay Sturman

X

Melissa Schrift

X

Drew Furedi

X

David Lee

X

Lara Goldstone

X

Duane Stullich

X

Tony Yanow

X

Anna Lee

X

Arianne Groth

X

Erica Pitman

X

Brian Kaplan

X

Dena Stein

X

Katherine Strunk

X

I.

Call to Order & Roll Call

The meeting was called to order by the Board Chair

II.

Public Comments

Mason Bendewald (parent at LFP) – spoke about increasing parent engagement at LFP and supporting that

participation.

III.

Discussion and Action Items

a.

Financial Update & Approval of Monthly Financials

Motion: Gabi Loeb

Second: Dena Stein

Member

Yay

Nay Abstain

Absent

Member

Yay

Nay

Abstain

Absent

Lara

X

Corwin

X

Loeb

X

Hoge

X

Hsu

X

Baird

X

Grouf

X

Sturman

X

Schrift

X

Furedi

X

D. Lee

X

Stullich

X

Goldstone

X

Stein

X

Kaplan

X

Yanow

X

A. Lee

X

Strunk

X

Groth

X

Pitman

X

b.

Discussion & Approval of 2015-16 Fiscal Policies

Motion: Drew Furedi

Second: Melissa Schrift

Member

Yay

Nay Abstain

Absent

Member

Yay

Nay

Abstain

Absent

Lara

X

Corwin

X

Loeb

X

Hoge

X

Hsu

X

Baird

X

Larchmont Charter School

Board of Directors Meeting Minutes

March 1, 2016 – 6:30 PM

(7)

Schrift

X

Furedi

X

D. Lee

X

Stullich

X

Goldstone

X

Stein

X

Kaplan

X

Yanow

X

A. Lee

X

Strunk

X

Groth

X

Pitman

X

c. Discussion & Approval of Contract of Engagement with Independent Auditors VTD

Motion: Ali Baird

Second: Tony Yanow

Member

Yay

Nay Abstain

Absent

Member

Yay

Nay

Abstain

Absent

Lara

X

Corwin

X

Loeb

X

Hoge

X

Hsu

X

Baird

X

Grouf

X

Sturman

X

Schrift

X

Furedi

X

D. Lee

X

Stullich

X

Goldstone

X

Stein

X

Kaplan

X

Yanow

X

A. Lee

X

Strunk

X

Groth

X

Pitman

X

IV.

Reports to Board

Executive Director Report

V.

Consent Agenda

Approval of Meeting Minutes: February 2, 2016

Motion: Danny Corwin

Second: Dena Stein

Member

Yay

Nay Abstain

Absent

Member

Yay

Nay

Abstain

Absent

Lara

X

Corwin

X

Loeb

X

Hoge

X

Hsu

X

Baird

X

Grouf

X

Sturman

X

Schrift

X

Furedi

X

D. Lee

X

Stullich

X

Goldstone

X

Stein

X

Kaplan

X

Yanow

X

A. Lee

X

Strunk

X

Groth

X

Pitman

X

VI.

Board Chair Comments

VII.

Closed Session

No Reportable action.

(8)
(9)

Larchmont Charter School

Kristin Dietz & Levi Kirkland

Financial Update for

Board of Directors

(10)

2015-16 Financial Update

Forecast Updates (Based on Actuals through 02/29/2016)

Cash Flow & Financing

Exhibits

(11)

2015-16 Financials

(12)

Financial Summary: February YTD

Larchmont’s current forecast for Net Operating Income is

$372k including depreciation, an increase of $46.7k from the previous forecast

Feb

Actual YTD

Approved

Budget

Previous Month's

Forecast

Current

Forecast

Variance

(Previous vs.

Current

Forecast)

Forecast

Remaining

SUMMARY

Revenue

General Block Grant

850,929

5,942,749

10,500,864

10,389,967

10,389,967

-

4,447,218

Federal Revenue

57,756

328,784

612,700

659,750

659,750

-

330,966

Other State Revenues

114,615

1,764,038

2,477,714

2,700,121

2,700,121

-

936,083

Local Revenues

30,945

407,337

485,025

662,389

665,194

2,805

257,857

Fundraising and Grants

89,615

1,211,445

1,600,000

1,600,000

1,600,000

-

388,555

Total Revenue

1,143,860

9,654,352

15,676,303

16,012,227

16,015,032

2,805

6,360,680

Expenses

Compensation and Benefits

935,378

6,498,366

10,771,756

10,717,755

10,679,920

37,835

4,181,554

Books and Supplies

65,194

550,142

863,200

1,146,255

1,146,255

-

596,113

Services and Other Operating Expenditures

297,846

2,278,329

3,366,880

3,612,374

3,606,237

6,137

1,327,908

Capital Outlay

-

24,839

75,000

75,000

75,000

-

50,161

Total Expenses

1,298,417

9,351,676

15,076,836

15,551,385

15,507,412

43,972

6,155,737

Operating Income (excluding Depreciation)

(154,557)

302,677

674,467

535,843

582,620

46,777

204,943

Operating Income (including Depreciation)

(154,557)

327,515

539,097

325,414

372,191

46,777

44,676

Fund Balance

Beginning Balance (Unaudited)

2,309,143

1,827,070

1,827,070

1,827,070

1,827,070

Audit Adjustment

-

-

(6,065)

(6,065)

Beginning Balance (Audited)

1,827,070

1,827,070

1,821,005

1,821,005

Operating Income (including Depreciation)

(154,557)

327,515

539,097

325,414

372,191

(13)

Revenue forecast increased by $2.8k since last month’s update

2015-16 Forecast Updates Summary: Revenues

Item

Local Control Funding – no change

Federal Revenue – no change

Other State Funding – no change

Local Revenue:

Increased by

$2.8K

Parking fees updated to actuals

All Other Sales updated to actuals

Donations & Fundraising – no change

Revenue Risks

(14)

2015-16 ADA Recap: February Update

The current forecast for ADA is 1,361.

This is 8 less than the current ADA as of end of Month 6

Please note:

Month 6’s attendance rate listed at 96.56%,

1.05% higher than rate seen in month 5

Per Approved

Budget

Per Forecast

Current

Variance (Current vs

Previous Forecast)

Variance (Current vs

Approved Budget)

Enrollment Summary

K

114

112

113

1 (1)

1

114

115

115

(1) 1

2

114

114

114

(0) (0)

3

114

114

114

- -

4

116

116

116

- -

5

119

118

119

1 (1)

6

108

108

108

- -

7

162

162

161

(2) (2)

8

162

159

160

1 (2)

9

100

119

118

(2) 18

10

100

82

84

2 (16)

11

70

55

53

(2) (17)

12

50

44

44

- (6)

Enrollment

1,443

1,418

1,417

(1)

(26)

ADA

1,372

1,361

1,369

8

(2)

ADA %

95.1%

96.0%

96.6%

0.6%

1.6%

As of Month 6

Month 7 Data:

ADA: 1351.00

(15)

2015-16 After School Program: February Update

7101

010

Forecasted Net income for the After School Program has remained

the same since last month at ($12k)

15-16 ASP Updates:

February YTD: $114k collected as of 02/29 of $260k forecast (44%)

Larger amount of ASP funds seen in February when compared to past three

months

Summary

Sept

Oct

Nov

Dec

Jan

Feb

Actual YTD

Previous

Forecast

Current

Forecast

Variance

Forecast

Remaining

% of

Forecast

Spent

Revenues

8676 After School Program Revenue

$

16,545.95

$

13,067.00

$

3,254.20

$

5,982.20

$

4,144.20

$

9,787.46

$

52,881.01

$

140,302.00

$

140,302.00

$

-

$

87,420.99

38%

8681 ACE (Enrichment) Fees

$

3,938.10

$

25,903.70

$

1,246.00

$

11,622.01

$

17,682.40

$

1,546.00

$

61,938.21

$

120,000.00

$

120,000.00

$

-

$

58,061.79

52%

Total Revenues

$

20,484.05

$

38,970.70

$

4,500.20

$

17,604.21

$

21,826.60

$

11,333.46

$

114,819.22

$

260,302.00

$

260,302.00

$

-

$

145,482.78

44%

Expenses

2905 After School Salaries

$

11,749.79

$

15,068.37

$

13,545.82

$

12,393.55

$

10,314.16

$

12,925.23

$

81,794.99

$

150,872.50

$

150,872.50

$

-

$

69,077.51

54%

2908 ACE Stipends

$

-

$

-

$

-

$

4,639.50

$

-

$

4,639.50

$

35,277.00

$

35,277.00

$

-

$

30,637.50

13%

4352 ASP Snacks

$

-

$

699.65

$

419.51

$

259.10

$

717.32

$

653.84

$

2,749.42

$

7,381.36

$

7,381.36

$

-

$

4,631.94

37%

5804 After School Vendors

$

-

$

10,060.00

$

14,338.90

$

1,840.00

$

-

$

19,663.10

$

45,902.00

$

79,129.95

$

79,129.95

$

-

$

33,227.95

58%

Total Expenses

$

11,749.79

$

25,828.02

$

28,304.23

$

19,132.15

$

11,031.48

$

33,242.17

$

135,085.91

$

272,660.81

$

272,660.81

$

-

$

137,574.90

50%

(16)

2015-16 Child Nutrition Program: February Update

Expenses outpace forecasted revenues in Larchmont’s NSLP

Sept

15

Oct

15

Nov

15

Dec

15

Jan

16

Feb

16

Total

 

YTD

Current

 

Forecast

Forecast

Remaining

%

 

of

 

Forecast

 

Spent

Revenues:

Federal

-

-

-

912

17,021

21,206

39,139

      

166,702

127,563

State

-

-

-

62

1,154

1,161

2,377

      

11,467

9,089

Local

 ‐ 

student

 

meal

 

purchases

36,006

25,798

11,308

11,560

26,023

16,808

130,081

      

242,311

112,230

Total

 

Revenues

      

36,006

       

25,798

      

11,308

        

12,534

      

44,198

      

39,175

       

171,597

      

420,479

      

248,882

41%

Expenses:

Food

School

 

Nutrition

 

Plus

730

9,683

10,570

9,505

7,154

10,804

48,446

LaLuna

 

On

 

The

 

Go

19128.4

13,619

6,789

13,122

14,841

12,746

80,245

Other

6,929

17,128

5,475

9,554

5,356

13,338

57,957

Total

 

Food

26,788

40,430

22,835

32,181

27,351

36,888

186,648

      

334,199

      

147,550

56%

Staffing:

Staff

 

1

1,527

1,929

1,844

1,548

1,353

1,764

9,966

Staff

 

2

907

1,261

1,176

1,176

825

1,322

6,668

Staff

 

3

646

998

1,179

792

626

631

4,871

Staff

 

4

1,644

2,627

2,595

2,034

1,868

2,505

13,274

Staff

 

5

973

1,319

1,081

816

837

1,091

6,116

Staff

 

6

964

1,183

1,349

1,162

1,078

1,395

7,150

Staff

 

7

854

966

924

702

629

865

4,939

Staff

 

8

372

118

42

33

150

67

782

PR

 

Taxes

 

(est.

 

15%)

1,183

1,560

1,529

1,239

1,105

1,446

8,065

Total

 

Staffing

      

9,071

       

11,961

      

11,719

       

9,502

      

8,470

      

11,086

      

61,831

      

90,074

      

28,243

69%

Total

 

Expenses

      

35,859

       

52,390

      

34,554

        

41,683

      

35,821

      

47,974

       

248,479

      

424,272

      

175,793

59%

(3,793)

(17)

2015-16 Fundraising: February Update

Fundraising collected YTD is $1.21M

15

15-16 Fundraising Updates:

An additional $90k was collected in February when compared with YTD actuals seen in January

$178k more than Feb 2015 YTD

Budget remaining is $389K (75.72% of fundraising collected)

Programs/Events

02/29/2015 YTD

02/29/2016 YTD

15-16 Budget

Budget Remaining

Timing

Pledge

$899,316.50

$985,127.38

$

1,219,714.75

$

234,587.37

Mainly Sept-December

Jogathon

$18,003.00

$100,021.77

$100,000.00

$

(21.77)

Event Ended

Community Events

Carnival/Bazaar

$25,898.14

$

-

$

25,000.00

$

25,000.00

May

Party Book

$36,115.99

$29,971.75

$

45,000.00

$

15,028.25

Throughout year

Other Events

$

-

$

-

$

-

$

-

Throughout year

Auction Gala/Fiesta

$1,310.00

$

-

$

120,000.00

$

120,000.00

Mid March

Music Night

$

-

$25,114.53

$

27,000.00

$

1,885.47

Late January

Other Fundraising

World Fair

$19,214.35

$18,285.25

$

18,285.25

$

-

Early November

Business Affiliates

$9,066.19

$7,156.77

$

10,000.00

$

2,843.23

Throughout year

Library

$3,398.46

$1,631.00

$

5,000.00

$

3,369.00

Throughout year

Pali Institute Trip

$3,089.50

$7,681.24

$

5,000.00

$

(2,681.24)

Throughout year

Garden/Lunch

$2,845.82

$19,619.00

$

5,000.00

$

(14,619.00)

Throughout year

HS Leadership

$2,946.33

$859.00

$

5,000.00

$

4,141.00

Throughout year

8th Grade Grad.

$

-

$

-

$

15,000.00

$

15,000.00

Throughout year

Other

$11,538.15

$

15,977.17

$

-

$

(15,977.17)

(18)

2015-16 Forecast Updates Summary: Expenses

Expense forecast decreased by $43.9k since last month’s update

Item

Compensation & Benefits – net decrease of $37.8k

Trued up to updated payroll schedules

Books & Supplies – No change

Services & Other Operating Expenditures – net decrease of $6.1k

Increased Non-Instructional Consultants to match actuals: Retirement Consulting services

Decreased Prior Year Expenses: Write off of Prior Year checks

(19)

2015-16: February YTD

Expenses Trending Over/Under

Expenses Trending Over and/or Fully Expended

Custodial Supplies

– 77% spent = $21.6k

Non Instructional Student Materials & Supplies

– 100% spent = $4.3k

Classroom Furniture, Equipment & Supplies

– 100% spent = $100k

Other food

– 90% spent = $9.2k

Conference Fees

– 100% spent = $4k

Insurance –

89% spent = $114k

Janitorial, Gardening Services & Supplies

– 73% spent = $22k

Repairs and Maintenance – Other Equipment

– 78% spent = $2.8k

Consultants –Non Instructional

– 100% spent = $13.5k

Legal Fees

– 81% spent = $18.7k

Expenses Trending Under

Professional Development Supplies

– 23% spent, $7.6k forecast remaining

HS PE Supplies

– 5% spent, $7.6k forecast remaining

Teacher Supplies

– 48% spent, $32.6k remaining

After School Program Supplies/Snacks

– 37%, $4.6k remaining

Computers

– 41% spent, $151.9k forecast remaining

Professional Development

– 24% spent, $26.8k forecast remaining

Sports

– 27% spent, $12.4k forecast remaining

(20)

PacWest Line of Credit

As of 02/29/2016 the Line was paid down in full

2015-16 Cash Flow

Larchmont shows a strong cash balance at the end of February

Depending on timing of uncertain cash flows (such as fundraising, food services, after school) Larchmont may or

may not be drawing from the LOC

2015-16 Cash Flow & Financing

627,231

514,118

851,847

658,734

552,850

1,244,016

1,522,331

1,378,356

1,058,035

1,336,938

774,706

387,849

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

(21)

Projected cash need seen in September and potentially March

Key Assumptions

$10K of 2015-16 fundraising accrued

$100K retention bonus to be paid in August

2016-17 Cash Flow & Financing Need

403,998

366,403

(155,284)

442,444

816,043

494,910

597,198

476,407

194,364

623,433

374,207

332,759

(400,000)

(200,000)

200,000

400,000

600,000

800,000

1,000,000

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

(22)

Exhibits

15-16 Cash Flow Forecast

16-17 Cash Flow Forecast

February 2016 YTD Financials

(23)

LARCHMONT CHARTER SCHOOL

Monthly Cash Forecast

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Forecast

AP/AR

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Actual

Projected

Projected

Projected

Projected

Beginning Cash

$392,221.11

627,231

514,118

851,847

658,734

552,850

1,244,016

1,522,331

1,378,356

1,058,035

1,336,938

774,706

Revenue

General Block Grant

129,742

561,684

1,034,895

722,870

543,960

1,376,135

722,535

850,929

850,202

1,264,881

722,699

722,699

10,389,967

886,737

Federal Income

15,174

30,349

22,763

61,462

1,543

87,883

51,854

57,756

121,120

83,420

43,005

43,005

659,750

40,415

Other State Income

47,078

89,884

66,240

61,968

24,181

813,060

547,012

114,615

65,554

361,632

111,292

58,179

2,700,121

339,426

Local Revenues

802

2,301

56,115

198,654

16,293

45,192

57,035

30,945

102,090

38,589

38,589

78,589

665,194

-Fundraising and Grants

250

17,577

203,293

476,078

160,206

153,165

111,261

89,615

131,357

68,634

59,247

119,318

1,600,000

10,000

Total Revenue

193,046

701,794

1,383,306

1,521,032

746,183

2,475,435

1,489,697

1,143,860

1,270,322

1,817,157

974,832

1,021,791

16,015,032

1,276,578

Expenses

Compensation & Benefits

373,062

532,746

876,382

962,843

993,640

875,962

948,353

935,378

964,357

1,050,472

1,049,305

1,017,421

10,679,920

100,000

Books & Supplies

11,016

134,555

92,490

105,784

71,729

51,518

17,856

65,194

149,301

148,938

148,938

148,938

1,146,255

-Services & Other Operating Expenses

303,917

204,087

308,825

152,930

364,312

300,261

346,152

297,846

449,699

324,929

324,906

228,374

3,606,237

-Capital Outlay

23,662

-

-

1,177

-

-

-

-

22,569

9,198

9,198

9,198

75,000

-Total Expenses

711,657

871,387

1,277,697

1,222,734

1,429,681

1,227,741

1,312,361

1,298,417

1,585,925

1,533,535

1,532,346

1,403,930

15,507,412

100,000

Operating Cash Inflow (Outflow)

(518,611)

(169,593)

105,609

298,298

(683,498)

1,247,694

177,336

(154,557)

(315,603)

283,621

(557,515)

(382,138)

507,620

1,176,578

Revenues - Prior Year Accruals

1,227,283

72,232

35,295

51,332

218,082

6,807

11,815

(51,081)

-

-

-

-Expenses - Prior Year Accruals

(19,659)

(28,135)

(7,500)

-

1,000

-

-

56,295

-

-

-

-Accounts Receivable - Current Year

-

-

-

-

-

-

-

-

-

-

-

-Accounts Payable - Current Year

(44,466)

(132,636)

70,983

(167,534)

112,950

(152,659)

99,993

16,197

-

-

-

-Summerholdback for Teachers

-

-

-

-

-

-

-

-

-

-

-

-Loans Payable (Current)

(405,140)

145,020

114,998

(375,209)

245,582

(410,676)

(10,829)

(10,829)

(4,718)

(4,718)

(4,718)

(4,718)

Other Balance Sheet Changes

(4,397)

-

18,343

-

-

-

-

-

-

-

-

-Ending Cash

627,231

514,118

851,847

658,734

552,850

1,244,016

1,522,331

1,378,356

1,058,035

1,336,938

774,706

387,849

(24)

LARCHMONT CHARTER SCHOOL

Monthly Cash Forecast

Beginning Cash

Revenue

General Block Grant

Federal Income

Other State Income

Local Revenues

Fundraising and Grants

Total Revenue

Expenses

Compensation & Benefits

Books & Supplies

Services & Other Operating Expe

Capital Outlay

Total Expenses

Operating Cash Inflow (Outflow)

Revenues - Prior Year Accruals

Expenses - Prior Year Accruals

Accounts Receivable - Current Y

Accounts Payable - Current Year

Summerholdback for Teachers

Loans Payable (Current)

Other Balance Sheet Changes

Ending Cash

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Forecast

AP/AR

Projected

Projected

Projected

Projected

Projected

Projected

Projected

Projected

Projected

Projected

Projected

Projected

387,849

403,998

366,403

(155,284)

442,444

816,043

494,910

597,198

476,407

194,364

623,433

374,207

155,100

610,702

507,302

1,196,436

747,703

747,703

1,196,436

902,803

888,750

1,342,546

872,140

872,140

11,178,605

1,138,843

15,712

31,424

44,865

87,656

44,865

44,865

87,656

60,577

44,770

85,879

43,087

43,087

677,235

42,791

46,291

92,582

62,890

62,890

491,564

74,493

74,493

170,779

63,533

274,985

119,252

57,654

1,933,689

342,282

-

42,428

82,428

42,428

42,428

42,428

82,428

42,428

42,428

42,428

82,428

544,284

-250

17,577

203,293

576,078

185,206

178,165

111,261

89,615

131,357

68,634

59,247

119,318

1,750,000

10,000

217,353

752,285

860,778

2,005,489

1,511,767

1,087,654

1,512,275

1,306,203

1,170,838

1,814,472

1,136,154

1,174,628

16,083,813

1,533,916

422,844

769,933

1,050,681

1,049,305

1,049,075

1,049,075

1,050,910

1,049,305

1,049,305

1,038,573

1,038,573

943,053

11,560,633

-28,607

35,425

52,315

51,093

51,093

51,093

51,780

51,780

51,780

51,780

51,780

51,780

580,304

-317,431

202,146

346,834

302,646

302,624

344,316

302,579

321,191

347,078

290,332

290,309

216,526

3,584,012

-

-

-

-

-

-

-

-

-

-

-

-

-768,882

1,007,504

1,449,830

1,403,044

1,402,792

1,444,484

1,405,269

1,422,276

1,448,163

1,380,685

1,380,663

1,211,358

15,724,949

-(551,529)

(255,219)

(589,052)

602,445

108,975

(356,830)

107,006

(116,073)

(277,325)

433,787

(244,508)

(36,730)

358,864

1,533,916

572,395

322,342

72,084

-

269,343

40,415

-

-

-

-

-

(100,000)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-(4,718)

(4,718)

(4,718)

(4,718)

(4,718)

(4,718)

(4,718)

(4,718)

(4,718)

(4,718)

(4,718)

(4,718)

-

-

-

-

-

-

-

-

-

-

-403,998

366,403

(155,284)

442,444

816,043

494,910

597,198

476,407

194,364

623,433

374,207

332,759

References

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