Notes About the New Money Project Fund The New Money Fund ($1.2 million) mu funds are released upon the earlier of A) de October 29, 2023. At such time, any balanc be used to Redeem Bonds (reduce Principa Expenditures to Date: New Money Fund Period: Expendit Starting amount: FY22, budgeted: ($782,935 FY23, anticipated: ($60,000) FY24, anticipated - flooring ($357,065
(“The Bond”) ust be expended by October 2023. The elivery of a Completion Certificate or B) ce remaining in excess of $100,000 would al) and the residual applied towards Interest. tures: Balance: 5) $1,200,000 5) $417,065 $357,065 $0 20
Notes about Loans Total of $2,698,200 will be forgive ● ST CDE B Loan: $949,500 ● CURE CDE B Loan: $1,738 This amount of debt forgiveness w negotiated in 2015. The forgivenes Two Rivers renovate, open, and op 26th St. NE (the building that hou
en in FY23: 8,800 was established when these loans were ss was based on the condition that perate the DCPS-owned facility at 820 uses Young Elementary School). 21
Appe
endix 22
KPI: Days of Cash The FY23 budget includes 18 fewe February 2022 financials. Days of Cash: Details Two Rivers’ Daily Actual Ending Operating Cost: Cash Balance, June 2021 $72,145 $8,868,408
er days of cash than the Projected Ending Projected Ending Cash Balance, Cash Balance, June 2022 June 2023 $8,073,607 $7,511,143 23
KPI: Gross Margin FY23’s current projected gross margin is 0%, compared to –6% in FY22. Operating at a deficit in this fiscal year will result in the drawing down of “reserves” built up over time, namely net assets and cash balance. Key measurables like days of cash and debt service coverage ratio (DSCR) are still forecast to be strong in FY23.
Calculating Gross Margin Gross margin is the difference between revenue and expenses, divided by revenue. $102,384 ÷ $28,637,294 Note: Expenses include both ordinary and extraordinary (depreciation, amortization, and interest) expenses. 24
KPI: Debt Service Coverag ● At this time, there are ongoing lenders about removing the Yo covenant calculations, which wo service coverage ratio in the eye this does not appear on DC PC ● Simplified, each $31,000 of new combination thereof) positively indicator by 1/100th of a point
ge Ratio conversations with Two Rivers’ oung leasehold from our debt would positively affect our debt es of our financial partners, even if CSB records. w revenue or savings (or y improves our DC PCSB DSCR t. 25
1 2 34567 Summary Financials (IS2), v2.5 Two Rivers Income Statement, Reconcilation to Cash, and Quick Analysis Income Statement SY18-19 SY19-20 SY20-21 SY21-22 SY22-23 SY23-24 SY24-25 - - - - - Event -- 974 997 1,057 1,066 1,066 Students 861 915 Employees -- - 96 96 96 96 Teachers -- - 78 75 75 75 Other Curricular -- - 36 36 36 36 General and Admin -- - 210 207 207 207 Total Employees Revenue 17,205,973 19,715,760 20,557,684 21,494,817 22,978,965 23,898,625 24,418,835 State and Local Revenue 1,405,386 2,292,585 1,986,865 3,982,799 2,045,260 1,374,717 1,404,304 Federal Revenue 372,219 334,481 368,221 472,412 502,996 Private Grants and Donations 615,100 (141,789) 299,457 387,902 2,960,515 490,727 263,249 Earned Fees (236,566) 293,148 71,593 169,916 180,142 203,446 191,804 Donated Revenue 262,317 187,126 19,252,210 22,531,924 23,250,080 26,403,655 28,637,294 26,154,641 26,781,187 Total Revenue Operating Expense 9,128,779 10,964,617 12,348,773 14,273,781 14,971,087 15,390,257 15,775,013 Salaries 1,873,952 2,292,484 2,640,805 3,257,411 3,551,624 3,652,716 3,742,683 Benefits and Taxes 122,619 26,993 258,533 196,944 209,694 Contracted Staff 117,144 135,808 102,912 85,617 88,222 204,580 93,140 Staff-Related Costs 41,580 649,586 649,586 55,973 55,973 90,869 - Rent 1,249,089 931,363 1,420,690 1,624,127 - 1,714,672 Occupancy Service 649,586 1,672,827 1,002,660 2,292,206 2,053,214 2,104,557 Direct Student Expense 1,161,214 961,041 1,414,035 1,318,303 1,416,727 1,672,850 1,486,338 Office & Business Expense 2,018,881 293,148 4,980 169,916 180,142 2,053,226 191,804 Donated Expense - - 104,409 115,674 1,450,353 123,162 Contingency 904,574 262,317 18,341,219 19,122,108 23,236,839 24,253,732 187,126 25,441,063 Total Operating Expense 4,190,705 4,127,972 3,166,816 4,383,562 120,158 1,340,124 Net Operating Income - 24,822,134 Interest, Depreciation 16,158,027 592,566 2,236,437 2,202,115 1,332,507 2,222,877 3,094,183 1,827,974 2,278,332 2,079,063 1,953,716 Depreciation and Amortization 21,542,649 27,751,608 28,534,910 2,270,569 29,617,656 Interest 506,676 513,009 1,707,431 (1,347,953) 1,971,795 (2,836,469) Total Expenses 794,077 742,842 102,384 29,064,497 Net Income 17,458,780.62 19,597,070 SY20-21 SY21-22 (2,909,857) SY24-25 1,793,430 2,934,854 1,707,431 (1,347,953) SY22-23 (2,836,469) Adjustments To Cash Flow 580,368 2,236,436 102,384 SY23-24 2,222,877 Net Income SY18-19 SY19-20 (546,599) (639,974) (2,909,857) (259,215) Add Depreciation 1,793,430 2,934,854 (291,509) (347,522) 2,202,115 2,270,569 (55,000) Operating Fixed Assets 438,254 490,535 (234,867) (404,974) (204,838) 17,764 Buildings (176,139) (382,574) (36,770,664) - (445,000) - Other Operating Activities - - - 0 (35,000) 67,201 - Financing Activities (1,435,950) - 6,361,933 - - Per-Pupil Adjustments - 10,997,415 (95,186) (349,323) - (680,116) Suspense - - - - - - - Facilities Project Adjustments - 664,750 - (645,222) 1,246,310 Equity 34,592 95,186 37,429,784 (683,202) - - (1,590,159) Total Cash Flow Adjustments - - 0 (8,788,922) 1,042,710 Net cash increase for year (1,139,243) - (1,867,147) 654,186 (13,770,467) 306,195 (664,848) - 2,013,626 (562,464) (2,569,905) 364,948 Analysis SY18-19 SY19-20 SY20-21 SY21-22 SY22-23 SY23-24 SY24-25 Beginning Cash Balance 5,724,048 6,378,235 6,743,183 8,756,809 8,073,607 7,511,143 5,643,996
Net cash increase 654,186 364,948 2,013,626 (683,202) (562,464) (1,867,147) (1,590,159) Ending Cash Balance 6,378,235 6,743,183 8,756,809 8,073,607 7,511,143 5,643,996 4,053,837 Available for Debt Service 1,793,430 2,934,854 1,707,431 (1,347,953) 102,384 (2,909,857) (2,836,469) Net Income 506,676 513,009 592,566 2,236,437 2,202,115 2,270,569 2,222,877 + Deprecation and Amortization +(-) Decrease(Increase) of RNA 794,077 742,842 1,827,974 2,278,332 - - - +(-) Unrealized Losses(Gains) - +(-) increase(decrease) of accrued rent liabilities 3,094,183 4,190,705 4,127,972 3,166,816 2,079,063 1,971,795 1,953,716 + Interest 794,077 742,842 + Debt Service Reserve Fund 641,268 1,827,974 2,278,332 400,000 1,332,507 1,340,124 + Capitalized Interest Fund (1,630,360) 660,447 287,216 4,783,562 1,435,345 (887,517) 2,056,911 2,038,832 Total Available for Debt Service 2.16 (4.72) 2,488,421 2,565,548 2,164,179 575,000 595,000 Debt Service 1.66 1.23 - 2,631,911 2,633,832 Interest 57,397 69,905 2,164,179 0.51 0.51 Principal 153 115 2.21 Total Debt Service 7% -5% 73,408 75,054 Debt Service Coverage Ratio (DSCR) 72,145 77 54 104 Daily Expense 46,444 52,285 0% -11% -11% Days of Cash 137 129 Gross Margin 9% 13% Per-Pupil, with inflation effects removed SY19-20 Per-Pupil Economics SY18-19 21,547 SY20-21 SY21-22 SY22-23 SY23-24 SY24-25 2,506 105% 103% 103% Inflation 407 21,106 21,559 (155) 2,040 3,995 20,804 21,766 22,348 Revenue 861 320 343 369 1,852 1,252 1,285 307 389 State and Local Revenue 19,984 24,625 74 170 428 447 460 2,680 185 241 Federal Revenue 1,632 23,871 26,483 170 176 163 23,821 24,510 Private Grants and Donations 714 25,926 Earned Fees (275) Donated Revenue 305 Total Revenue 22,360 Operating Expense 10,603 11,983 12,678 14,317 13,554 14,017 14,437 Salaries 2,176 2,505 2,711 3,267 3,215 3,327 3,425 Benefits and Taxes 134 28 259 Contracted Staff 136 148 106 86 178 186 192 Staff-Related Costs 48 710 667 56 80 83 85 Rent 1,365 956 1,425 51 - - Occupancy Service 754 1,828 1,029 2,299 Direct Student Expense 1,349 1,050 1,452 1,322 1,470 1,524 1,569 Office & Business Expense 2,345 320 5 170 1,859 1,870 1,926 Donated Expense 1,051 - - 105 1,283 1,321 1,360 Contingency 561 608 2,243 Depreciation and Amortization 305 812 1,877 2,285 163 170 176 Interest - 105 109 113 588 21,418 22,118 27,835 1,994 2,068 2,034 Total Expenses 922 3,207 1,753 (1,352) 1,882 1,796 1,788 Net Income 20,277.33 25,834 26,471 27,106 2,083 SY19-20 (2,650) (2,596) 93 8% Per-Pupil Growth Analsis (Updated SY20-21) 54% -43% Per-Pupil Economics Growth SY18-19 -44% SY20-21 SY21-22 SY22-23 SY23-24 SY24-25 Revenue 5% 10% State and Local Revenue -2% 2% -4% 5% 3% -19% 96% -54% -32% 3% Federal Revenue -16% 16% 3% -298% 8% 589% 5% 30% Private Grants and Donations -77% 27% -93% 3% -3% 132% -4% 3% Earned Fees 11% -2% 4% -8% Donated Revenue Total Revenue Operating Expense
Salaries - 13% 6% 13% -5% 3% 3% Benefits and Taxes 15% 8% 21% -2% 3% 3% Contracted Staff -2% -79% 836% -31% 4% 3% Staff-Related Costs 207% -29% -19% -7% 4% 3% Rent -6% -6% -92% -10% -100% Occupancy Service -30% 49% 3% 4% 3% Direct Student Expense 1% -44% 123% -19% 1% 3% Office & Business Expense -22% 38% -9% -3% 3% 3% Donated Expense -98% 3233% -4% 4% 3% Contingency 0% 0% 4% 3% Depreciation and Amortization 5% 9% 269% -11% 4% -2% Interest 131% 22% -18% -5% 0% Total Expenses -5% 26% -7% 2% 2% -12% 3% Balance Sheet Presentation (Do Not Delete) 6% Balance Sheet SY18-19 SY19-20 SY20-21 SY21-22 SY22-23 SY23-24 SY24-25 ASSETS 6,378,235 6,743,183 3,908,355 3,681,347 3,235,076 1,752,823 162,664 Current Assets - - 4,847,450 4,391,256 4,275,062 3,890,168 3,890,168 8,067,797 8,073,326 1,747,164 1,700,660 1,700,660 Cash and Cash Equivalents 769,862 1,152,650 6,066,044 6,066,044 6,066,044 6,066,044 6,066,044 Restricted Cash 5,862,153 6,146,715 19,128,441 19,128,441 19,128,441 19,128,441 19,128,441 Accounts Receivable 1,940,751 1,946,298 42,018,087 41,340,414 34,451,788 32,538,136 30,947,977 Other Current Assets 14,951,000 15,988,846 Intercompany Transfers 4,847,449.99 4,391,256.06 4,275,062.06 3,890,168.06 3,890,168.06 Current Assets Total - - 17,982,856 17,254,499 15,458,209 14,406,276 12,604,435 Noncurrent Assets 13,761,634 22,713,885 800,663 1,034,312 1,068,461 869,663 762,844 Restricted Cash - 296,581 296,581 296,581 296,581 Facilities, Net 351,683 536,863 23,630,969 22,976,648 21,098,313 19,462,689 17,554,028 Operating Fixed Assets, Net - - 65,649,056 64,317,063 55,550,101 52,000,825 48,502,005 Rental Deductions Noncurrent Assets Total 14,113,317 23,250,748 396,743 396,743 396,743 396,743 396,743 TOTAL ASSETS 29,064,318 39,239,593 752,968 820,212 855,983 876,679 894,443 LIABILITIES Current Liabilities 381,922 4,013,438 - 0 0 0 0 Accounts Payable 171,218 710,897 - - - - - Accrued Salaries and Benefits 95,186 292,207 292,207 292,207 292,207 292,207 Deferred Revenue - 1,441,918 1,509,162 1,544,933 1,565,629 1,583,393 Short-Term Debt 660,447 7,035,743 Other Current Liabilities 1,312,063 2,435,883 45,320,232 45,183,716 36,227,198 35,515,680 34,784,162 Current Liabilities Total 2,525,650 14,291,147 6,160,122 6,142,845 6,142,845 6,142,845 6,142,845 Long-Term Liabilities (1,743,386) (1,640,878) (1,589,476) (1,538,074) (1,486,672) Long-Term Debt 16,664,213 11,919,278 40,120,451 Other Long-Term Liabilities 435,334 757,898 49,736,968 49,685,683 40,780,567 41,686,080 39,440,335 Loan costs, Net (388,769) (491,472) 51,178,886 51,194,845 42,325,500 41,023,728 Long-Term Liabilities Total 9,948,390 TOTAL LIABILITIES 16,710,778 12,185,703 14,103,816 12,755,863 12,858,247 366,354 7,111,922 NET ASSETS 19,236,428 26,476,850 366,354 366,354 366,354 - 366,354 Unrestricted Net Assets - - - - Temporarily Restricted Net Assets 9,090,217 12,120,504 10,314,745 Permanently Restricted Net Assets 737,673 642,239 14,470,170 13,122,218 13,224,601 52,000,824 7,478,276 TOTAL NET ASSETS - - 65,649,056 64,317,062 55,550,101 48,502,004 (1) 9,827,889 12,762,743 0 (0) (1) (1) 39,239,593 TOTAL LIABILITES AND EQUITY 29,064,317 0 Diff (0) EdOps Facility Analysis SY18-19 SY19-20 SY20-21 SY21-22 SY22-23 SY23-24 SY24-25 2,806,180 3,051,525 3,319,392 3,397,776 3,681,506 3,827,951 3,946,617 Facility Metrics 293,141 293,141 297,570 1,830,112 1,831,290 1,866,933 1,856,842 Facility Funding Depreciation Expense (reference) Occupancy Expense (Cash Version) 649,586 649,586 649,586 1,420,690 1,624,127 1,672,850 1,714,672 Rent Expense (8000,8010, 8020, not 8001) 1,161,214 1,249,089 931,363 2,227,226 2,079,063 1,971,795 1,953,716 Occupancy Service Expense (81xx) 1,827,974 8,956,518 Debt - Interest (12000, 12010, 12020) 794,077 742,842 136,515 11,035,581 711,518 731,518 Debt - Principal (260*, 261*), Outlays only 660,447 4,744,936 1,827,974 2,363,741 12,659,708 2,683,313 2,685,234 Debt Subtotal 1,454,525 5,487,778 3,408,923 3,784,432 4,356,163 4,399,905 Total Occupancy Expenses 3,265,325 7,386,454
Public Revenue 19,252,210 22,531,924 23,250,080 26,403,655 28,637,294 26,154,641 26,781,187 Total Revenue -640,850 -523,579 -705,531 -926,039 -3,613,068 -881,300 -958,048 Less Private Revenue 25,024,225 Total Public Revenue 18,611,360 22,008,345 22,544,549 25,477,617 25,273,341 25,823,139 343.9% Occupancy Expense/Facility Funding Revenue 116.4% 242.1% 102.7% 111.4% 50.6% 113.8% 111.5% Occupancy Expense/Public Revenue 17.5% 33.6% 15.1% 14.9% 44.2% 17.2% 17.0% Occupancy Expense/Total Revenue 17.0% 32.8% 14.7% 14.3% 16.7% 16.4%
IDX Income Statement EdOps Reporting, v2.5 Forward (This Year + Next 3) Two Rivers Detail Account SY21-22 SY22-23 SY23-24 SY24-25 Revenue 12,914,965 14,485,991 14,888,193 15,185,957 State and Local Revenue 3,638,787 3,851,564 3,962,046 4,041,287 4000 · Per-pupil alloc 4010 · Per-pupil SpEd alloc 363,040 230,635 264,503 269,793 4011 · Per-pupil SpEd ESY 202,343 223,534 228,005 232,565 4020 · Per-pupil LEP/NEP alloc 698,170 691,360 711,285 725,558 4040 · Per-pupil At Risk 235,277 4050 · Per-pupil adjustment - - - 4090 · Per-pupil shortfall contingency - (231,646) - - 4100 · Per-pupil facility alloc 3,397,776 3,681,506 3,827,951 3,946,617 4200 · Local grants - - 4210 · Local programs 30,000 30,000 16,642 17,058 State and Local Revenue Total 14,461 16,021 23,898,625 24,418,835 21,494,817 22,978,965 Federal Revenue 294,601 5000 · ESEA Title 1 249,744 276,689 287,416 86,021 5001 · ESEA Title 2 72,100 80,471 83,923 27,036 5002 · ESEA Title 3 8,595 25,609 26,377 298,463 5003 · IDEA 611 253,018 280,316 291,184 1,824 5004 · IDEA 619 1,623 1,740 1,779 10,000 5005 · ESEA Title 4 23,984 10,000 10,000 5007 · CARES ESSER-II 952,432 - 5008 · ESSER III 1,420,351 - - - 5009 · ARP Facilties Grant. 363,636 717,349 - - 5030 · Competitive federal grants 210,535 - 181,220 5100 · National school lunch prog 107,037 - 181,220 126,262 5101 · National school breakfast 43,873 320,424 123,183 51,753 5103 · Donated Federal Commodities 20,000 118,585 50,491 23,592 5110 · E-rate program 33,145 48,606 23,017 39,098 5111 · Emergency Connectivity Fund 126,513 22,158 38,145 150,939 5120 · Medicaid program 96,213 36,721 147,258 113,494 Federal Revenue Total 3,982,799 110,726 1,404,304 - 1,374,717 Private Grants and Donations 144,000 106,593 238,502 6020 · Foundation grants 86,576 2,045,260 102,126 6200 · Individual contributions 20,000 23,592 6210 · Corporate contributions 2,500 224,000 232,685 6220 · Foundation contributions 115,145 95,917 99,635 2,949 6230 · Special event contributions 368,221 22,158 23,017 135,827 Private Grants and Donations Total 2,770 2,877 502,996 40,630 127,568 132,514 Earned Fees 1,000 472,412 490,727 106,252 6400 · Paid meal sales 60,000 1,180 6420 · Student/parent fundraising 4,135 56,611 77,745 6430 · Student uniform sales 249,646 1,108 1,151 112,613 6500 · Short-term investments 60,000 82,400 4,877 6510 · Dividends & interest securities - 4,581 4,758 - 6530 · Realized gains/losses 32,491 104,019 - 6560 · Miscellaneous revenue 387,902 2,698,200 - 38,327 Earned Fees Total 35,996 - 139,916 2,960,515 37,392 263,249 Donated Revenue 30,000 203,446 6700 · Donated services revenue 169,916 157,939 6710 · Donated tangibles revenue 26,403,655 148,336 154,087 33,864 Donated Revenue Total 31,805 33,039 191,804 180,142 187,126 26,781,187 Revenue Total 28,637,294 26,154,641
Expenses 1,116,022 1,187,613 1,223,241 1,253,822 Salaries 3,712,157 3,489,389 3,594,071 3,683,923 7000 · Leadership salaries 1,810,564 2,085,904 2,148,481 2,202,193 7010 · Teacher salaries 7011 · SpEd salaries 171,657 173,314 178,514 182,977 7012 · ELL teacher salaries 1,237,312 1,374,616 1,415,854 1,451,250 7013 · Specials salaries 7014 · Substitute salaries 128,379 113,058 116,450 119,361 7020 · Teacher aides salaries 1,089,145 1,328,518 1,368,373 1,402,582 7080 · Curricular stipends 7090 · Curricular bonuses 93,596 109,694 107,715 110,407 7100 · Student support salaries 155,360 172,122 178,795 183,265 7110 · Instr staff support salaries 1,706,697 1,652,766 1,702,349 1,744,907 7120 · Clerical salaries 469,293 434,696 447,737 458,930 7130 · Business, operations salaries 350,840 366,130 377,114 386,542 7140 · Maintenance/custodial salaries 785,701 887,592 914,220 937,075 7180 · Supplemental service stipends 146,484 189,308 194,987 199,861 7190 · Supplemental service bonuses 10,459 24,587 12,036 12,337 7280 · Program stipends 59,931 66,397 68,971 70,695 7300 · Executive salaries 189,634 225,093 218,239 223,695 7310 · Development salaries 745,809 780,797 804,221 824,327 7380 · Exec, dev stipends 283,257 296,769 305,672 313,314 7390 · Exec, dev bonuses Salaries Total 6,265 6,941 7,210 7,390 Benefits and Taxes 5,220 5,783 6,007 6,158 7400 · Retirement plan contrib 14,273,781 14,971,087 15,390,257 15,775,013 7405 · DCPS Retirement plan contrib 7410 · Health insurance 544,000 598,843 615,610 631,001 7420 · Life and disability insurance 10,215 - - - 7430 · Section 125 plan 1,177,372 7460 · Workers' comp insurance 101,418 1,261,111 1,298,945 1,331,418 7500 · Social security & medicare 5,000 112,241 115,608 118,498 7510 · State unemployment tax 35,410 4,375 4,506 4,619 7520 · Transportation Tax 1,068,813 40,854 41,998 43,048 7550 · Universal Paid Leave Tax 50,504 7600 · Staff development (non-travel) 1,145,288 1,177,355 1,206,789 7610 · Staff development travel - 54,027 54,027 54,027 Benefits and Taxes Total 88,920 38,925 40,015 41,015 Contracted Staff 160,759 92,821 95,420 97,805 7700 · Substitute contract staff 15,000 183,237 188,734 193,452 7712 · Sup service contract staff 3,257,411 19,902 20,499 21,011 Contracted Staff Total Staff-Related Costs 220,397 3,551,624 3,652,716 3,742,683 7800 · Staff recruiting 38,136 7810 · Staff background checks 258,533 150,000 155,816 159,711 7820 · Staff meals, events, & awards 46,944 48,764 49,983 7830 · Staff travel (non-development) 16,724 196,944 204,580 209,694 Staff-Related Costs Total 30,373 Rent 34,322 18,706 19,267 19,749 8001 · Deferred rent expense 4,198 23,714 24,426 25,036 Rent Total 85,617 41,478 42,722 43,790 Occupancy Service 4,324 4,454 4,565 8100 · Utilities & garbage removal 55,973 88,222 90,869 93,140 8110 · Contracted building services 55,973 8120 · Maintenance and repairs 55,973 - - 8130 · Janitorial supplies 374,627 55,973 - - 8140 · Facility consulting fees 787,719 Occupancy Service Total 224,297 429,888 442,785 453,854 24,047 882,084 908,547 931,260 10,000 298,420 307,373 315,057 1,420,690 13,735 14,147 14,500 - - - 1,624,127 1,672,850 1,714,672
Direct Student Expense 200,000 246,637 256,199 262,604 9000 · Student supplies, snacks 63,046 58,731 61,008 62,533 9010 · Student assessment materials 70,000 72,334 75,138 77,017 9020 · Student textbooks 21,683 22,986 23,877 24,474 9030 · Student uniforms 82,394 76,479 79,444 81,430 9040 · Library & media materials 518,981 124,659 129,492 132,729 9050 · Contracted instruction fees 768,160 872,087 826,307 846,964 9051 · Contracted SpEd instruction 340,630 348,213 361,714 370,756 9060 · Food service fees 120,000 141,203 146,678 150,345 9070 · Student field trips 4,000 8,500 8,830 9,050 9080 · Student recruiting 4,013 8,000 8,310 8,518 9085 · Student events 20,000 19,828 20,597 21,112 9090 · Other student expenses 18,000 16,929 17,585 18,025 9091 · Translation services 61,299 36,628 38,048 38,999 9094 · COVID-19 Expenses 2,292,206 2,053,214 2,053,226 2,104,557 Direct Student Expense Total 126,906 137,134 142,451 146,012 Office & Business Expense 16,430 22,117 22,974 23,549 9100 · Office supplies 117,483 118,210 122,793 125,863 9110 · Copier rental & services 4,000 1,609 1,671 1,713 9120 · Telephone & telecommunications 5,669 4,313 4,480 4,592 9130 · Postage, shipping, delivery 113,049 126,033 130,919 134,192 9140 · External printing 234,334 267,566 256,639 262,782 9200 · Business insurance 191,473 247,582 257,181 263,610 9210 · Authorizer fees 40,000 35,325 36,695 37,612 9230 · Accounting, auditing, payroll 224,907 255,760 265,676 272,318 9240 · Legal fees 45,000 90,613 94,126 96,480 9260 · Computer support fees 156,139 105,464 109,552 112,291 9270 · Fundraising fees 4,000 5,000 5,194 5,324 9280 · Other professional fees 38,913 9290 · Other expenses 1,318,303 - - - 9300 · Dues, fees, and fines 1,416,727 1,450,353 1,486,338 Office & Business Expense Total 104,409 104,409 115,674 120,158 123,162 Contingency 115,674 120,158 123,162 9900 · Unforeseen expenses 139,916 Contingency Total 30,000 148,336 154,087 157,939 169,916 31,805 33,039 33,864 Donated Expense 23,236,839 180,142 187,126 191,804 9400 · Donated services expense 3,166,816 24,253,732 24,822,134 25,441,063 9410 · Donated tangibles expense 4,383,562 1,332,507 1,340,124 Donated Expense Total 406,325 370,825 403,636 366,035 Expenses Total 1,830,112 1,831,290 1,866,933 1,856,842 NET ORDINARY INCOME 2,236,437 2,202,115 2,270,569 2,222,877 Extraordinary Expenses 2,175,824 2,027,661 1,920,393 1,902,314 Depreciation and Amortization 51,402 51,402 51,402 51,402 11000 · Operating asset depreciation 51,106 - - - 11010 · Facility asset amortization & depreciation Depreciation and Amortization Total 2,278,332 2,079,063 1,971,795 1,953,716 4,514,769 4,281,178 4,242,364 4,176,592 Interest 27,751,608 28,534,910 29,064,497 29,617,656 12000 · Interest payments (1,347,953) (2,909,857) (2,836,469) 12020 · Amortization of deferred financing 102,384 12022 · Amort. of defer. financing - QALICB NMTC Loans Interest Total Extraordinary Expenses Total TOTAL EXPENSES NET INCOME
Cash Flow Adjustments 161,004 168,804 165,384 144,881 Add Depreciation 237,798 196,465 229,527 209,187 1700 · Accum depr FF&E 11,968 1720 · Accum depr computers 7,523 5,557 8,725 322,290 1760 · Accum depr other oper assets 320,226 321,405 336,493 1,534,552 1900 · Accum depr buildings 1,509,885 1,509,885 1,530,441 2,222,877 1910 · Accum amort lease imp 2,236,436 2,202,115 2,270,569 Add Depreciation Total (11,000) Operating Fixed Assets (185,000) (224,000) (22,000) (232,000) 1600 · FF&E (440,000) (166,000) (167,000) (16,215) 1620 · Computers (14,974) (14,974) (15,838) (259,215) 1660 · Other operating assets (639,974) (404,974) (204,838) Operating Fixed Assets Total (45,000) Buildings (232,522) (19,000) (400,000) (10,000) 1811 · Building-1227 (115,000) (16,000) (45,000) (55,000) 1812 · Building-1234 (347,522) (35,000) (445,000) Buildings Total - Other Operating Activities 72,000 60,000 (60,000) - 1200 · NCLB receivable (131,505) - 131,505 - 1220 · Supplemental grants receivable (25,000) - 1260 · Medicaid receivable 53,975 25,000 - 1390 · Loan receivable - 6,241,162 - 17,764 1420 · Deferred rent asset ST - 17,764 2200 · Accrued salaries (296,581) - 20,696 Other Operating Activities Total 67,244 35,771 67,201 - Per-Pupil Adjustments 6,361,933 - 2400 · Unearned per-pupil revenue (234,867) - Per-Pupil Adjustments Total - - - Facilities Project Adjustments 0 - - 1042 · Capitalized Interest 0 - - 1055 · Zion Project Fund (286F) - 350,000 - 1059 · SunTrust Reserve x9414 400,000 60,000 34,894 - 1820 · Construction in progress (0) 56,194 - 1831 · Leasehold Improv.-Young - - 1848 · Operating Lease Asset - Right of Use 56,194 - (370,000) - 2605 · ST CDE A Loan 0 - (595,000) 2606 · CURE CDE A Loan - - - 2607 · Tax-exempt Bond (1,124,064) (2,040,600) - - 2608 · ST CDE B Loan 369,833 (4,081,200) - (136,518) 2609 · CURE CDE B Loan - - (575,000) - 2611 · 2020 Bond Premium - (959,400) - - 2620 · Capital lease lia-facility (136,515) (1,738,800) - 34,641 2702 · Senior debt cost - QALICB NMTC Loans - (136,518) (136,518) 16,761 2705 · Loan cost - 2020 Bond - - - (680,116) 2706 · Underwriter's Discount (2020 bond) - - - 1,246,310 Facilities Project Adjustments Total (17,278) 34,641 34,641 (1,590,159) Cash Flow Adjustments Total 51,106 16,761 16,761 5,643,996 51,402 (8,788,922) (645,222) (1,590,159) CHANGE IN CASH - (664,848) 1,042,710 4,053,837 Starting Cash Balance (349,323) (562,464) (1,867,147) Change In Cash 664,750 8,073,607 7,511,143 ENDING CASH BALANCE (683,202) (562,464) (1,867,147) 7,511,143 5,643,996 8,756,809 (683,202) 8,073,607
January 2022 Fina
PREPARED MARCH 2022 BY ancials
Contents ▪Executive Summary ▪Key Performance Indicators ▪Local Revenue ▪Forecast Overview ▪Cash Forecast ▪Key Forecast Changes This Month ▪Notable Forecast Variances ▪Appendix PAGE 2
Executive Summary ▪ In January, the board approved our new F our current financial reporting starting fro end the year with 117 days of cash and ne ▪ Compared to the new FY22 budget, our fo the budget. This is mainly due to: • Forecasted revenue is $15k higher tha funds. • Forecasted expense is $94k lower tha contracted building service. ▪ We were awarded additional funding from and Emergency Connectivity Fund. Our ne significant portion of ESSER funds in FY22 ensure proper planning for the future. PAGE 3
FY22 budget, which was incorporated into om December 2021. We are expecting to egative net income of -$1.3 million. orecasted net income is $108k more than an budgeted mainly due to extra federal an budgeted mainly due to less spending in m title funds, CSP Reopening Facilities grant ew FY22 budget planned to recognize a 2, however we will reserve some revenue to
Key Performance Indicator Days of Cash Gross Margin Cash balance at year-end divided Revenue less expenses, divided by by average daily expenses revenue 117 DAYS OF CASH AT YEAR'S END -5.1% GROSS MARGIN The school will end the year with 117 days of cash. This is above the The forecasted net income is -$1.3m, recommended 60 days, and 14 more which is $108k above the budget. It days than last month yields a -5.1% gross margin. PAGE 4
rs Forecasted FAR Grants Invoiced Forecasted calculation of PCSB’s Financial Audit Review (FAR) at Federal grants requested divided year-end by federal grants awarded. 59% GRANTS INVOICED FORECASTED FAR SCORE: 89 Drawdowns will occur after the The Financial Audit Review (FAR) is the grants are approved for the ESSER PCSB’s annual evaluation of the funds. school’s financial and operational position.
Local Revenue Student Expectations $64k Less Per-Pup • Our new FY22 budget enrollment Grade-Level Current (997) is based on the final certified Forecast student numbers. Overall, we have 31 less students than the 997 original budget (1028), which was approved in June 2021 Special Education 174 Level 1 77 • We assumed an increase for PPF Level 2 44 Facilities allocation in the new Level 3 23 FY22 budget, but the actual Level 4 30 allocation stays the same, hence Compliance 174 the -$75k variance. LEP/NEP 31 PAGE 5 At-Risk 248 Residential 0 Facilities 997 Total 997
pil Funding Than Expected SY21-22 Difference Financial Gain / (Loss) Budget 0 14k 997 174 0 4k 77 959 0 678 44 0 582 23 0 1k 30 0 420 174 0 -9k 32 -1 794 248 0 00 997 0 -75k -64k 997 0
Forecast Overview Forecast Budget Variance V Revenue $26.4m $26.38m $15k +15k Expenses $27.75m $27.84m $93k +93k Net Income -$1.3m -$1.5m $108k 108k -$5k -5k Cash Flow $665k $670k Adjustments $104k -$685k -$788k Change in 0 Cash PAGE 6
Variance Graphic Comments k We are expecting to receive higher-than- k budgeted federal revenue (mainly due to k additional title funds allocation, extra Reopening facilities grant and Emergency 104k Connectivity Fund), and the surplus covers the shortfalls of lower-than-budgeted PPF revenue. Savings from contracted building service ($242k) offset the higher-than-budgeted costs of benefit and taxes ($71k), contracted staff ($61k) , office and business ($83k), and direct student expense ($47k). Cash outflows from building improvement and depreciation exceed the additional cash inflows due to lower grants receivable at FY22 year end.
Cash Forecast 117 Days of Cash at year’s end We forecast the school’s year ending cash balance as $8.18m, $145k below budget. The difference is driven by: (-) FY21 ending cash balance was $248K lower than budgeted. (-) Net income is forecasted to be $108k higher than budgeted. (+) Cash flow adjustments being $5k lower than budgeted. . PAGE 7
Actuals Forecast $145k Loss $8.18m
Key Forecast Changes This The January forecast increased the year-end cas Annual Change Category 202,589 Occupancy Service more cash Adjusting the forecast for contracted building service expense as YTD spending is lower than expected. 136,103 Salaries more cash Less salaries expense as we are shifting responsibilities to contracted services due to staff terminations. 74,552 Direct Student Expense less cash Increased forecast for expense from contracted SpEd service. 45,486 Contracted Staff less cash We are spending more in contracted subs to cover responsibilities from terminated staff. PAGE 8
s Month sh expectation by $229k. Key changes: Impact On Cash $203k $136k $75k $45k 0
Year-To-Date Variance Revenue Actual Budget Forecas State and Local Revenue Federal Revenue 12,389,956 12,730,924 (340,967) 21,494,81 2,167,511 2,109,453 58,058 3,982,799 Private Grants and Donations 161,273 204,997 (43,724) 368,22 Earned Fees Donated Revenue 260,476 206,322 54,154 387,90 Total Revenue 7,500 144,799 (137,299) 169,916 15,396,494 (409,778) 26,403,65 14,986,716 Annotated Financials Expenses 8,094,896 7,838,691 (256,204) 14,273,78 Salaries Benefits and Taxes 1,793,283 1,859,641 66,358 3,259,00 Contracted Staff Staff-Related Costs 147,548 110,378 (37,170) 258,53 Rent Occupancy Service 36,934 50,729 13,795 85,61 Direct Student Expense Office & Business Expense 32,651 32,651 - 55,97 Donated Expense Contingency 786,451 970,057 183,606 1,420,690 Total Ordinary Expenses Net Operating Income 1,230,946 1,278,129 47,182 2,230,90 839,476 853,461 13,984 1,379,60 - 144,799 144,799 169,916 - 60,905 60,905 104,409 12,962,184 13,199,440 237,255 23,238,429 2,024,532 2,197,054 (172,523) 3,165,22 Extraordinary Expenses 1,329,027 1,329,027 0 2,278,33 Interest 1,269,544 1,318,989 49,445 2,236,43 Depreciation and Amortization 2,598,571 2,648,016 49,446 4,514,769 Total Extraordinary Expenses Total Expenses 15,560,755 15,847,456 286,701 27,753,198 Net Income Cash Flow Adjustments (574,039) (450,962) (123,077) (1,349,542 Change in Cash 2,744,846 4,582,299 (1,837,452) 664,750 2,170,807 4,131,337 (1,960,530) (684,792
Annual Forecast Variance ❶ REVENUE: $15K AHEAD st Budget Remaining (72,903) We are expecting to receive higher 117,523 than budgeted federal revenue (mainly 17 21,567,721 16,797 9,104,861 due to higher-than-budgeted title 9 3,865,276 32,036 1,815,289 funds allocation, extra Reopening (78,310) facilities grant and Emergency 21 351,424 206,948 Connectivity Fund), and the surplus ❶15,143 covers the shortfalls of lower than 02 355,865 127,425 budgeted PPF revenue. 6 248,226 10,328 162,416 (71,044) 11,416,939 ❷ EXPENSES: $93K AHEAD 55 26,388,512 (61,018) Savings from contracted building 0 service ($242k) offset the 0 6,178,885 higher-than-budgeted costs of benefit 81 14,284,109 242,265 1,465,718 and taxes ($71k), contracted staff ($61k) 01 3,187,957 (47,157) 110,985 , office and business ($83k), and direct 33 197,516 (83,214) 48,684 student expense ($47k). 17 85,618 78,310 23,322 73 55,973 (0) 634,239 ❸ NET INCOME: $108K ahead 0 1,662,955 68,470 999,961 07 2,183,750 83,613 540,125 ❹ CASH ADJ:$5K BEHIND 02 1,296,387 169,916 6 248,226 0 104,409 Cash outflows from building 9 104,409 24,688 10,276,244 improvement and depreciation exceed 9 23,306,898 1,140,695 the additional cash inflows due to lower 27 3,081,614 grants receivable at FY22 year end. 949,305 ❺ NET CHANGE IN CASH: 32 2,278,332 966,893 $104K AHEAD 37 2,261,125 24,688 1,916,198 PAGE 9 9 4,539,457 ❷93,158 12,192,442 ❸108,301 (775,503) 8 27,846,355 ❹(4,775) 2) (1,457,843) ❺103,525 (2,080,096) 0 669,526 (2,855,599) 2) (788,317)
Actual Income Statement Revenue Jul Aug Sep Oct State and Local Revenue Federal Revenue 1,697,549 Private Grants and Donations 409,974 Earned Fees 1,957,794 1,751,775 1,753,613 2,276 Donated Revenue 29,841 Total Revenue 39,093 156,080 255,213 0 Expenses Salaries 2,700 95,681 21,975 2,139,640 Benefits and Taxes Contracted Staff 21,979 91,100 39,948 1,163,427 Staff-Related Costs 263,859 Rent 000 Occupancy Service 30,102 Direct Student Expense 2,021,566 2,094,636 2,070,749 2,120 Office & Business Expense 4,664 Donated Expense Contingency 118,668 Total Ordinary Expenses 1,129,011 1,130,090 1,155,557 215,476 Operating Income 112,565 Extraordinary Expenses 249,667 188,002 261,120 Interest 0 Depreciation and Amortization 5,619 7,154 22,577 0 Total Extraordinary Expenses 1,910,883 Monthly Financials Total Expenses 3,683 7,190 8,666 228,757 Net Income 4,664 4,664 4,664 189,861 Cash Flow Statement 180,364 Cash Flow Adjustments 95,332 93,544 125,842 370,225 Change in Cash 2,281,108 182,022 93,008 182,057 -141,468 170,484 106,631 126,658 Oct 2,963,556 000 2,822,089 000 1,840,482 1,630,283 1,887,140 181,084 464,353 183,609 189,861 189,861 189,861 178,044 179,598 179,652 367,905 369,459 369,513 2,208,387 1,999,743 2,256,654 -186,821 94,893 -185,905 Jul Aug Sep 4,375,945 -1,177,697 -1,012,553 4,189,124 -1,082,804 -1,198,458
Forecast Nov Dec Jan Feb Mar Apr May Jun TOTAL 9 1,739,606 1,739,031 1,750,589 1,789,593 1,789,593 1,789,593 1,789,593 1,946,488 21,494,817 4 362,996 410,879 533,276 363,058 363,058 363,058 363,058 363,058 3,982,799 6 4,172 28,540 5,930 41,390 41,390 41,390 41,390 41,390 368,221 1 25,082 24,412 28,113 25,485 25,485 25,485 25,485 25,485 387,902 0 0 5,000 2,500 32,483 32,483 32,483 32,483 32,483 169,916 0 2,131,855 2,207,862 2,320,408 2,252,009 2,252,009 2,252,009 2,252,009 2,408,904 26,403,655 7 1,147,762 1,187,481 1,181,568 1,154,327 1,197,647 1,197,647 1,197,647 1,431,618 14,273,781 9 277,250 302,280 251,106 293,144 293,144 293,144 293,144 293,144 3,259,001 2 18,464 23,657 39,975 22,197 22,197 22,197 22,197 22,197 258,533 0 5,308 4,267 5,700 9,737 9,737 9,737 9,737 9,737 85,617 4 4,664 4,664 4,664 4,664 4,664 4,664 4,664 4,664 55,973 8 107,304 115,025 130,737 126,848 126,848 126,848 126,848 126,848 1,420,690 6 207,163 207,641 143,580 199,992 199,992 199,992 199,992 199,992 2,230,907 5 104,390 113,987 104,761 108,025 108,025 108,025 108,025 108,025 1,379,602 0 0 0 0 33,983 33,983 33,983 33,983 33,983 169,916 0 0 0 0 20,882 20,882 20,882 20,882 20,882 104,409 3 1,872,304 1,959,002 1,862,090 1,973,799 2,017,119 2,017,119 2,017,119 2,251,089 23,238,429 7 259,552 248,859 458,318 278,210 234,890 234,890 234,890 157,814 3,165,227 1 189,861 189,861 189,861 189,861 189,861 189,861 189,861 189,861 2,278,332 4 180,751 180,225 190,909 193,379 193,379 193,379 193,379 193,379 2,236,437 5 370,612 370,086 380,770 383,240 383,240 383,240 383,240 383,240 4,514,769 8 2,242,915 2,329,088 2,242,861 2,357,038 2,400,358 2,400,358 2,400,358 2,634,329 27,753,198 8 -111,060 -121,226 77,548 -105,029 -148,350 -148,350 -148,350 -225,425 -1,349,542 Nov Dec Jan Feb Mar Apr May Jun TOTAL 6 -2,231,677 -1,162,999 990,271 -1,392,829 -1,392,829 2,671,010 -1,392,829 -572,618 664,750 9 -2,342,737 -1,284,225 1,067,819 -1,497,859 -1,541,179 2,522,661 -1,541,179 -798,043 -684,792 PAGE 10
Previous Year End Current Assets 6/30/2021 1/31/2022 Current Assets Cash 8,868,408 11,039,215 Accounts Receivable 1,826,635 2,479,947 Other Current Assets Intercompany Transfers 365,271 363,094 Total Current Assets 29,879 29,879 Noncurrent Assets 11,090,192 Accounts Receivable 13,912,135 Facilities, Net Operating Fixed Assets, Net 6,241,162 6,241,162 Rental Deductions 42,378,915 42,500,343 Restricted Cash and Cash Equivalents 5,479,428 5,450,206 Total Noncurrent Assets Total Assets 1,717,102 1,890,108 4,938,538 5,099,814 Liabilities and Equity 60,755,144 61,181,634 Liabilities 71,845,336 75,093,769 Current Liabilities Balance Sheet Accounts Payable 396,743 235,381 Other Current Liabilities 322,702 5,089,316 Accrued Salaries and Benefits 752,968 Total Current Liabilities 1,472,413 0 5,324,697 Long-Term Liabilities Senior Debt 54,140,232 54,060,597 Other Long-Term Liabilities 4,807,457 4,857,279 Total Long-Term Liabilities 58,947,689 Total Liabilities 60,420,102 58,917,876 64,242,573 Equity Unrestricted Net Assets 10,399,976 11,057,084 Net Income 658,905 -574,039 Temporarily Restricted Net Assets 366,354 368,150 Total Equity Total Liabilities and Equity 11,425,234 10,851,195 71,845,336 75,093,769
PAGE 11
QUESTIO Please contact your EdOps Fi Zoe Chen [email protected] 2028189690 © EdOps 2017-2
ONS? inance Specialist: om 0 2020
Two Rivers Assessment Overview Guide CIRCLE Literacy CIRCLE Math EL Skills Block mCLASS Reading A Assessments mCLA Grades PS-PK PS-PK KG-2G (3G at 4ES) 1G-5G students below 65th K and percentile on MAP Asssess students on key Asssess students on key Assess. students on key Assesses students on key Assesses s foundational reading skills: foundational math skills: foundational reading skills: reading skills: math skills: Letter Names Rapid Letter Naming (PKG Rote Counting Letter Sounds ORF: Oral Reading Fluency to Counting (K- Only) Counting with 1-1 Spelling Syllable Segmenting Correspondence Decoding see gaps Number Iden Onset-Rime Blending Shape Naming and Fluency Alliteration Recognition Discrimination MAZE: For comprehension Missing Num Rhyming Recognition Numeral Identification Rapid Vocabulary Naming Simple Operations Quantity Dis Rhyme Production Listening Next Numbe Words in a Sentence Number Fac Purpose BOY-Beginning of the Year Aim Line-This achievement points to where MOY-Middle of the Year be in their key reading skills throughout the y EOY-End of the Year BOY-Beginning of the Year Red Level (Intensive)- Indicates a serious need for MOY-Middle of the Year intervention; the student is far below age appropriate EOY-End of the Year performance for this time of year Red Level (Intensive)- Indicates a serious n Yellow Level (Strategic)- Indicates a need for additional intervention; the student is far below grade le support; the student is below age appropriate performance for of the year this time of year Yellow Level (Strategic)- Indicates a need f Green Level (Meets Goal)- Indicates student is performing at support; the student is below grade level age appropriate performance for this time of the year Green Level (Meets Goal)- Indicates studen Blue Level (Advanced)- Indicates student is performing grade level for the time of year above age appropriate performance for this time of the year Blue Level (Advanced)- Indicates student is above grade level for the time of year Key Terms Frequency Given three times a year: Given three times a year: BOY-Beginning of Year Benchmark in September BOY-Beginning of Year Benchmark in Septem MOY-Middle of Year Benchmark in January MOY-Middle of Year Benchmark in January EOY-End of Year Benchmark in May EOY-End of Year Benchmark in May Teacher reads and shows Teacher reads and shows Students read aloud to Teacher read students items while students students items while students teacher as teacher captures and students respond verbally; teachers respond verbally; teachers students’ data on assessment capture data on computer capture data on computer device Format TRC comprehension is assessed verbally and in URLs written response starting at Additional level M and up Resources CIRCLE Teacher Login CIRCLE Teacher Login mClass Reporting mclass Stud CIRCLE Training CIRCLE Training mC mClass Parent Information Shee
Assessment ASS Math NWEA- MAP Growth Common Lit Interim Other Assessments (Measures of Academic Progress) Assessments d 1st Grade 1st Grade - 8th Grade 3rd- 8th Grade Bridges Math Number Corner Check-Ups: K-5th Grade Carnegie Learning Unit Assessments: 6th-8th Grade students on key Measures Growth Over Time: Tracks an Measures Mastery: : individual's progress in reading and math, Assesses students’ mastery of within one year and year to year, and grade-level Common Core -1) compare this growth to that of their Reading standards; Questions ntification (K-1) academic progress across the nation target specific grade-level mber (K-1) standards and measures scrimination (K-1) Common Core Aligned: Items align to students’ response to instruction er (1) Common Core standards in a given period cts (1) *Additional Writing Assessment: While the Common Lit assessment does not itself include on-demand writing assessments, we design writing prompts + rubrics at the start of the year for each iterim assessment, so that we can also collect data on students' text and evidence-based writing students should RIT-A score given to a student that Percentage Score-A score that year describes his/her achievement and shows the percent of questions instructional level, regardless of age or student got correct on the grade assessment Percentile-How your child compares to Writing Rubric Score-Scale of other students nationally 1-4 need for Lexile Range-A range that indicates a evel for this time child’s reading level, derived from RIT score (www.lexile.com) for additional nt is performing at s performing Given 3 times a year (Sept. and May; in Given 3 times a year select grades, given also in January) (October, January, March) mber ds items aloud Taken on the computer (in lockout browser) Taken on the computer (on s respond verbally website) Adaptive: Computer gives a “harder” question when students get one correct to Includes multiple choice, short, determine a “just right level”; Questions for and open response items one test can range from kindergarten to college level dent Assessment Includes all multiple choice items; No “open Common Lit Site Class App response” questions et K-1 NWEA-MAP Teacher Login 12 Common Questions Parents Ask About MAP NWEA-MAP Reference Sheet
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