US Department of Education



Financial Compliance Meeting – Quarter 1[School][Date]ObjectivesIntroductions/Staff ChangesReview Budget variance Review Q4 performance metricsNext StepsRequired Quarterly Reporting (MCRR)July/August ReportingQuarterly Report using Excel template (Quarter 4)Board approved 2015-16 budgetBoard-approved letter of engagement Submit verification of pre-audit planning meeting/activitiesForm 9Loan/Debt DocumentationNew/updated insurance policies Financial statements 4 days prior to meeting date Discussion Items/QuestionsOEI UpdatesResponsibilities of BD and NMHSouthside Special Services of Marion County (Special Education Co Op Opportunity)A-F meeting Presentation ReminderDate: Tuesday, August 11thTime: 1:00 p.m. – 2:30 p.m.Location: Christel House Academy West – 55 N. Tibbs AvenueSeptember 30th IDOE Finance meeting with Hazel Beasley and Melissa AmbreWhat topics/questions do you have?School UpdatesStaff changes in financially related positions—Board Finance Committee, Chief Financial Officer, etc. EnrollmentProjections for 2015-2016 14-15 91% enrollment, 347 students with 380 provided by charterVex Robotics ParticipationBudget VarianceOver UnderRevenuesFederal Special Ed $19,032 overTitle I $49,836 overTextbook Reimbursement $22,713 unplanned revenue. Context?ExpensesSalary and Wages $81,756 over. Context? 2015-2016 budget shows wage increase over high bonus expenseOther Benefits $24,335 over. What items are packaged into this line item?Classroom Supplies $22,409 over. Rationale behind budget number? FY 16 budget shows $50,000. Steps to meet this?Staff Training $24,458 over—funded by Title I excess? Significantly less ($20,000) for FY 16Admin Supplies and Materials $33,585 over. What supplies fell in this category? $12,000 budget FY 16. Accounting Fees $74,987 overDepreciation Did not budget for depreciation—cash basis accounting?. Context for Loss on ModularsRevenues Basic grant--$79,939 under. Context? Enrollment driven?Overpayments and refunds $32,161 underTitle II funding $31,077 under—frequent occurrence across portfolioAlterations made in future budget for fluctuations in Title I and II?Federal Lunch/Breakfast $73,990 under. Budgeting variance related to enrollment? Other factors?Expenses Bonuses $61,674 under budget. Health Insurance--$36,931 under—less employees buying in than expected?Admin Salary and Wages $83,464 under. What was the designated role of this individual? Were role merged?Community Relations—Will the fundraising brunch go here next year and be closer to this $12,000 mark?Technology $34,140 under, primarily from misc. computer and software expensesOther expenses $98,172 under, mostly from transportation and student lunch expense..Transportation $22,878 under. Enrollment driven?Student Lunch Expense: $76,442 underDiscussion of one pager and historical trends – See Excel TrackerNext StepsSchoolOEI*Your next Financial Quarterly meeting is scheduled for [Date] ................
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