Charter FARs

[Anonymous]

On the CMI thread, someone mentioned the Charter school FARs (financial reports). The sector's have been released as of today. I think this link works for the full reports by school?

http://www.livebinders.com/play/play?id=2383674

[Anonymous]

Anonymous wrote:On the CMI thread, someone mentioned the Charter school FARs (financial reports). The sector's have been released as of today. I think this link works for the full reports by school?

http://www.livebinders.com/play/play?id=2383674

Remember that audits and reports take time. All of this data is now a year old- its based on audits as of June 30, 2017.

[Anonymous]

The numbers for SSMA are concerning, considering the additional upheaval this year.

[Anonymous]

Harmony... ayyy.

[Anonymous]

Anonymous wrote:The numbers for SSMA are concerning, considering the additional upheaval this year.

Yes... I assume the financial issues stem from the move?

[Anonymous]

Eagle is looking pretty rough

[Anonymous]

Are these schools doing anything to inform parents of how they will handle their financial problems?

[Anonymous]

Anonymous wrote:On the CMI thread, someone mentioned the Charter school FARs (financial reports). The sector's have been released as of today. I think this link works for the full reports by school?

http://www.livebinders.com/play/play?id=2383674

Wow... CMI. How did they go so deep in debt? I know it's a bigger school, but that's a lot!

[Anonymous]

Anonymous wrote:Are these schools doing anything to inform parents of how they will handle their financial problems?

That’s not really how it works.

Remember your school’s board had this data a year ago — so the situation may be different now.

You can certainly ask about this but it is not something that charter schools proactively discuss with parents (unless you are one of the parent members of the board of directors). And you shouldn’t look at this report in isolation, but also read the 990s and the annual reports, which include approved budgets. All are available on the PDSB website, on each school’s profile page.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Are these schools doing anything to inform parents of how they will handle their financial problems?

That’s not really how it works.

Remember your school’s board had this data a year ago — so the situation may be different now.

You can certainly ask about this but it is not something that charter schools proactively discuss with parents (unless you are one of the parent members of the board of directors). And you shouldn’t look at this report in isolation, but also read the 990s and the annual reports, which include approved budgets. All are available on the PDSB website, on each school’s profile page.

Why wouldn't they discuss it? I think people would want to know how the debt is going to be paid off. And looking at CMI's budget I see total revenue of $9.3 million and total expenses of $9.5 million-- before half a million dollars in depreciation. So net income of -$772,609. Ayy!

https://www.dcpcsb.org/report/budget/creative-minds-pcs-budget

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are these schools doing anything to inform parents of how they will handle their financial problems?

That’s not really how it works.

Remember your school’s board had this data a year ago — so the situation may be different now.

You can certainly ask about this but it is not something that charter schools proactively discuss with parents (unless you are one of the parent members of the board of directors). And you shouldn’t look at this report in isolation, but also read the 990s and the annual reports, which include approved budgets. All are available on the PDSB website, on each school’s profile page.

Why wouldn't they discuss it? I think people would want to know how the debt is going to be paid off. And looking at CMI's budget I see total revenue of $9.3 million and total expenses of $9.5 million-- before half a million dollars in depreciation. So net income of -$772,609. Ayy!

https://www.dcpcsb.org/report/budget/creative-minds-pcs-budget

Wow, that is potentially a serious dereliction of duty by the board to pass a negative budget after ending the year with negative net assets. Sometimes you will have a negative year because of transitions, growth plans, etc, but that would be with enough cushion to take the hit. CMI does not appear to have that cushion.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are these schools doing anything to inform parents of how they will handle their financial problems?

That’s not really how it works.

Remember your school’s board had this data a year ago — so the situation may be different now.

You can certainly ask about this but it is not something that charter schools proactively discuss with parents (unless you are one of the parent members of the board of directors). And you shouldn’t look at this report in isolation, but also read the 990s and the annual reports, which include approved budgets. All are available on the PDSB website, on each school’s profile page.

Why wouldn't they discuss it? I think people would want to know how the debt is going to be paid off. And looking at CMI's budget I see total revenue of $9.3 million and total expenses of $9.5 million-- before half a million dollars in depreciation. So net income of -$772,609. Ayy!

https://www.dcpcsb.org/report/budget/creative-minds-pcs-budget

Wow, that is potentially a serious dereliction of duty by the board to pass a negative budget after ending the year with negative net assets. Sometimes you will have a negative year because of transitions, growth plans, etc, but that would be with enough cushion to take the hit. CMI does not appear to have that cushion.

If there's a reason, I'm all ears. But where is the board in all of this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are these schools doing anything to inform parents of how they will handle their financial problems?

That’s not really how it works.

Remember your school’s board had this data a year ago — so the situation may be different now.

You can certainly ask about this but it is not something that charter schools proactively discuss with parents (unless you are one of the parent members of the board of directors). And you shouldn’t look at this report in isolation, but also read the 990s and the annual reports, which include approved budgets. All are available on the PDSB website, on each school’s profile page.

Why wouldn't they discuss it? I think people would want to know how the debt is going to be paid off. And looking at CMI's budget I see total revenue of $9.3 million and total expenses of $9.5 million-- before half a million dollars in depreciation. So net income of -$772,609. Ayy!

https://www.dcpcsb.org/report/budget/creative-minds-pcs-budget

The expenses per student of over $5,000 more than the sector average is the fundamental problem. CMI is in a bind because an enrollment of 341 is not really big enough to run a "full size" school- you need to spread overhead costs over more students.

[Anonymous]

Your input isn't needed here. If you don't like it then you can always lottery for another school. There are plenty of people on the wait list who would be happy to take your spot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are these schools doing anything to inform parents of how they will handle their financial problems?

That’s not really how it works.

Remember your school’s board had this data a year ago — so the situation may be different now.

You can certainly ask about this but it is not something that charter schools proactively discuss with parents (unless you are one of the parent members of the board of directors). And you shouldn’t look at this report in isolation, but also read the 990s and the annual reports, which include approved budgets. All are available on the PDSB website, on each school’s profile page.

Why wouldn't they discuss it? I think people would want to know how the debt is going to be paid off. And looking at CMI's budget I see total revenue of $9.3 million and total expenses of $9.5 million-- before half a million dollars in depreciation. So net income of -$772,609. Ayy!

https://www.dcpcsb.org/report/budget/creative-minds-pcs-budget

The expenses per student of over $5,000 more than the sector average is the fundamental problem. CMI is in a bind because an enrollment of 341 is not really big enough to run a "full size" school- you need to spread overhead costs over more students.

Bingo. They need more students — or lower costs. We know they don’t pay teachers much. What is chewing up the budget?