Alpha Charter of Excellence, Inc. Financial Statementsand Supplementary ...

Alpha Charter of Excellence, Inc. Financial Statements and Supplementary Information

June 30, 2021

Alpha Charter of Excellence, Inc. Table of Contents Page

Independent Auditors' Report ........................................................................................................................ 1-2

Management's Discussion and Analysis ....................................................................................................... 3-8

Basic Financial Statements

Government-wide Financial Statements

Statement of Net Position ......................................................................................................................... 9

Statement of Activities ............................................................................................................................ 10

Fund Financial Statements

Balance Sheet ? Governmental Fund .................................................................................................... 11

Reconciliation of the Balance Sheet ? Governmental Fund to the Statement of Net Position ........................................................................................................................................ 12

Statement of Revenues, Expenditures, and Changes in Fund Balance ? Governmental Fund ................................................................................................................................ 13

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds to the Statement of Activities ............................................................... 14

Notes to the Financial Statements..................................................................................................... 15-21

Required Supplementary Information

Budgetary Comparison Schedule ? General Fund .............................................................................. 22

Budgetary Comparison Schedule ? Special Revenue Fund ................................................................ 23

Notes to Budgetary Comparison Schedules ? Governmental Funds ................................................... 24

Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ....................................................................................................... 25-26

Schedule of Findings and Questioned Costs and Summary Schedule of Prior Audit Findings .................... 27

Management Letter in Accordance with the Rules of the Auditor General of the State of Florida ................................................................................................................................... 28-29

6303 Blue Lagoon Drive, Suite 200 Miami, Florida 33126-6025 Ph: (305) 373-0123 Fax: (305) 374-4415

Independent Auditors' Report

To the Board of Directors Alpha Charter of Excellence, Inc. Miami, Florida

We have audited the accompanying financial statements of the governmental activities and major funds of Alpha Charter of Excellence, Inc. (the "School") as of and for the year ended June 30, 2021, and the related notes to the financial statements, which collectively comprise the School'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.

Auditors' Responsibility

Our responsibility is to express an opinion 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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating 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 opinion.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Alpha Charter of Excellence, Inc. as of June 30, 2021, and the respective changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America.

To the Board of Directors Alpha Charter of Excellence, Inc.

Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and budgetary comparison information on pages 3-8 and 22-24 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. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 14, 2021, on our consideration of Alpha Charter of Excellence, Inc.'s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Alpha Charter of Excellence, Inc.'s internal control over financial reporting and compliance.

Miami, Florida September 14, 2021

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Alpha Charter of Excellence, Inc. Management's Discussion and Analysis

For the Year Ended June 30, 2021

Our discussion and analysis of Alpha Charter of Excellence, Inc.'s (the "School") financial performance provides a narrative overview of the School's financial activities for the year ended June 30, 2021. We encourage readers to read it in conjunction with the School's independent auditors' report, financial statements, accompanying notes and supplementary information to the financial statements.

Financial Highlights

The assets of the School exceeded its liabilities at the close of the fiscal year resulting by $537,322.

The School's total net position increased by $97,821 primarily due to an increase in grant revenue as a result of CARES Act funds received related to the COVID-19 pandemic.

Student enrollment decreased by 23 students this past year, a 7% decrease. Student enrollment totaled 290, 313 and 318 in years 2021, 2020 and 2019, respectively.

As of June 30, 2021, the School's governmental funds reported ending fund balances of $440,238 an increase of $45,310 in comparison with the prior year. The entire fund balance belongs to the general fund as any excess revenues over expenditures in the other governmental funds are transferred to the general fund.

Overview of the Financial Statements

This discussion and analysis are intended to serve as the introduction to the School's financial statements. The School's financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other required supplementary information in addition to the basic financial statements themselves.

Government-wide financial statements The government-wide financial statements are designed to provide readers with a broad overview of the School's finances, in a manner similar to a private-sector business.

The statement of net position presents information on all the School's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the School is improving or deteriorating.

The statement of activities presents information for all the current year's revenues and expenses regardless of when cash is received or paid. Thus, revenues and expenses are reported in this statement for some items that will eventually result in cash flows in future fiscal periods.

The government-wide financial statements distinguish the School's function as being principally supported by local revenues (FTE dollars through the Miami-Dade County School Board) (governmental activities) as opposed to business-type activities that are intended to recover all or a significant portion of their costs through user fees and charges. The School does not have any business-type activities and does not have any component units for which they are financially responsible. The government-wide financial statements can be found on pages 9-10 of this report.

Fund financial statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The School, like other state and local government entities, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The School has one fund category, governmental funds. There are no proprietary or fiduciary funds maintained by the School. The fund financial statements present information in more detail than the government-wide financial statements.

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