ASPEN VIEW ACADEMY BASIC FINANCIAL STATEMENTS June …

ASPEN VIEW ACADEMY BASIC FINANCIAL STATEMENTS

June 30, 2017

TABLE OF CONTENTS

INTRODUCTORY SECTION Title Page Table of Contents FINANCIAL SECTION Independent Auditors' Report Basic Financial Statements

Statement of Net Position Statement of Activities Balance Sheet ? Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances ?

Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes

in Fund Balances of Governmental Funds to the Statement of Activities Notes to the Financial Statements Required Supplementary Information Budgetary Comparison Schedule ? General Fund Schedule of the School's Proportionate Share Schedule of the School's Contributions

PAGE

1 2 3 4 5 6 ? 27 28 29 30

FINANCIAL SECTION

Board of Directors Aspen View Academy Castle Rock, Colorado

INDEPENDENT AUDITORS' REPORT

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the discretely presented component unit, and each major fund of Aspen View Academy, as of and for the year ended June 30, 2017, and the related notes to the financial statements, which collectively comprise the Academy's basic financial statements as listed in the table of contents.

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 opinions 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. 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 expression an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluation 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, and each major fund of Aspen View Academy, as of June 30, 2017, and the respective changes in financial position, thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

600 17TH STREET SUITE 2800 SOUTH ? DENVER, COLORADO 80202 ?TEL 303.634.2259 ?FAX 303.496.4631

Other Matters

Required Supplementary Information

Management has not presented the management's discussion and analysis that governmental accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion is not affected by this missing information.

Accounting principles generally accepted in the United States of America require that the budgetary comparison information, schedule of the school's proportionate share, and schedule of the school's contributions on pages 28-30 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

November 29, 2017

BASIC FINANCIAL STATEMENTS

ASPEN VIEW ACADEMY

STATEMENT OF NET POSITION As of June 30, 2017

ASSETS Cash and Investments Prepaid Expenses Capital Assets, Not Depreciated Capital Assets, Depreciated, Net of Accumulated Depreciation

TOTAL ASSETS

DEFERRED OUTFLOW OF RESOURCES Related to Pensions

LIABILITIES Accounts Payable Accrued Expenses Unearned Revenues Noncurrent Liabilities Due in One Year Due in More than One Year Pension Liability

TOTAL LIABILITIES

DEFERRED INFLOW OF RESOURCES Related to Pensions

NET POSITION Net Investment in Capital Assets Restricted for Emergencies Unrestricted

TOTAL NET POSITION

PRIMARY GOVERNMENT GOVERNMENTAL

ACTIVITIES

COMPONENT UNIT

FOUNDATION

$ 2,215,132 $ 4,868

2,000,000 13,845,211

85,125 -

18,065,211

85,125

10,334,943

-

36,626

34

371,410

-

47,570

-

570,801

-

13,033,350

-

21,316,073

-

35,375,830

34

96,313

-

2,241,060 217,000

(9,530,049)

$ (7,071,989) $

85,091

85,091

The accompanying notes are an integral part of the financial statements. 1

ASPEN VIEW ACADEMY

STATEMENT OF ACTIVITIES Year Ended June 30, 2017

FUNCTIONS/PROGRAMS

Expenses

PRIMARY GOVERNMENT

Governmental Activities

Instructional

$ 6,871,066

Supporting Services

3,552,661

Interest on Long-Term Debt

470,766

NET (EXPENSE) REVENUE AND

PROGRAM REVENUES

CHANGE IN NET POSITION

Operating

Capital

Component

Charges for Grants and Grants and Governmental

Unit

Services

Contributions Contributions

Activities

Foundation

$ 494,969 $ 19,817 $

-

$ (6,356,280) $

-

228,470

63,668

232,094

(3,028,429)

-

-

-

-

(470,766)

-

Total Governmental

Activities

$ 10,894,493 $ 723,439 $ 83,485 $ 232,094

(9,855,475)

-

COMPONENT UNIT Foundation

$ 145,020 $

-

$

-

$

-

$

-

$ (145,020)

GENERAL REVENUES Per Pupil Revenue Mill Levy Grants and Contributions Other

5,953,379 456,375 20,968

104,394 19,759

TOTAL GENERAL REVENUES

6,430,722

124,153

CHANGE IN NET POSITION

(3,424,753)

(20,867)

NET POSITION, Beginning

(3,647,236)

105,958

NET POSITION, Ending

$ (7,071,989) $ 85,091

The accompanying notes are an integral part of the financial statements. 2

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