March 9, 2021 TR Board of Trustees Board Package

d by $90K, primarily due to the from last year. January after the bond refinancing into December 2020 financial ing and a good planning is required ears. PREPARED 12/30/2020 BY

Key Performance Indicators Days of Cash Gross Margin Cash balance at year-end divided Revenue less expenses, divided by by average daily expenses revenue 180 5% 160 4% 140 137 3% 120 2% 100 1% 0% 80 -1% 60 -2% -2.2% 40 -3% 20 -4% -5% 0 -2.2% GROSS MARGIN 137 DAYS OF CASH AT YEAR'S END The school will end the year with 137 The forecasted net income is -$512k, days of cash. This is above the which is $90k above the budget. It recommended 60 days. yields a -2.2% gross margin. TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 4

s Grants Invoiced DSCR Federal grants requested divided Amount of cash flow available to by federal grants awarded. meet annual interest and principal payments on debt 100% 3.50 75% 3.00 3.01 69% 2.50 50% 2.00 25% 1.50 0% 1.00 69% GRANTS INVOICED We are on track of drawing grants. 0.50 0.00 DSCR IS 3.01 Debt Service Coverage Ratio is defined by the school's bank covenants. It is not currently a concern. PREPARED 1/29/2021 BY

Local Revenue Student Expectations $k More Per-Pupil 1,200 Grade-Level Current Forecast 1,000 974 974 974 800 Special Education 173 600 Level 1 80 Level 2 38 400 Level 3 35 Level 4 20 200 Compliance 173 - LEP/NEP 30 At-Risk 205 Budgeted Forecasted Residential Enrollment Enrollment 0 The school now forecasts 974 Facilities 974 students for SY20-21. The budget target was 974. Total 974 TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 5

l Funding Than Expected SY20-21 Difference Financial Gain / (Loss) Budget 0 974 173 0 80 0 38 0 35 0 20 0 173 0 30 0 205 0 00 974 0 974 0 PREPARED 1/29/2021 BY

Forecast Overview Forecast Budget Variance $23m Revenue $23m $145k Expenses $24m $23m -$54k Net Income -$512k -$603k $90k Cash Flow $2.6m $2.7m -$67k Adjustments $23k 23k Change in $2.1m $2.1m Cash 0 TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 6

Variance Graphic Comments +145k Driven by unbudgeted 1) carryover revenue of SOAR and Dissemination grants and 2) October -54k interest revenue from TRSC. Driven by 1) amortization expense of loan cost that cannot be capitalized as building cost and 2) unbudgeted positions 90k -67k Unexpected loan cost invoice from Moody's. PREPARED 1/29/2021 BY

Cash Flow Forecast 137 Days of Cash $18.0m at year’s end $16.0m $14.0m We forecast the school’s year ending cash $12.0m balance as $8.92m, $23k above budget. $10.0m The difference is driven by: $8.0m $6.0m (+) Net income is forecasted to be $90K higher $4.0m than budgeted. $2.0m (-) Cash flow adjustments being $67K lower than budgeted due to the unexpected loan cost $k invoice from Moody’s. Jun Jul TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 7

Actuals Forecast $8.92m $23k Gain Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Budget Cash Forecast Cash PREPARED 1/29/2021 BY

Federal Revenue | $108k annual cash i Driven by unbudgeted grant carryover. Selected Accounts Forecast 923k Competitive federal grants Driven by unbudgeted carryover revenue of SOAR and Dissemination grants. TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 8

increase Budget Annual Impact on Cash (And Monthly Change) Monthly Change 815k 108k 108k 0 Accounts not shown provide 0 in annual variance and 0 in adjustments this month

Salaries | $32k annual cash decrease Driven by 3 unbudgeted substitute positions. Selected Accounts Forecast 123k Substitute salaries Driven by 3 unbudgeted positions that will start in January. TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 9

Budget Annual Impact on Cash (And Monthly Change) Monthly Change 98k -25k -28k 0 Accounts not shown provide $7k in annual variance and $3k in adjustments this month

Occupancy Service | $34k annual cash Savings due to the school closure. Selected Accounts Forecast 614k Contracted building services Less contracted building service because of the school closure. TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 10

increase Budget Annual Impact on Cash (And Monthly Change) Monthly Change 657k 42k 42k 0 Accounts not shown provide $8k in annual variance and $6k in adjustments this month

Interest | $58k annual cash decrease Non-cash amortization expense is higher than the budget. Selected Accounts Forecast 447k Amortization of deferred financing Less amortization expense of loan cost can be capitalized as building cost. TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 11

Budget Annual Impact on Cash (And Monthly Change) Monthly Change 389k -58k -58k 0 Accounts not shown provide 0 in annual variance and 0 in adjustments this month

Operating Fixed Assets | $30k annual c Actual FF&E purchase has exceeded the budget. Selected Accounts Forecast 280k FF&E We have purchase more FFE than budgeted. TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 12

cash decrease Budget Annual Impact on Cash (And Monthly Change) Monthly Change 250k -30k -30k 0 Accounts not shown provide 0 in annual variance and 0 in adjustments this month

Facilities Project Adjustments | $61k a Our loan cost spending is higher than the budget. Selected Accounts Forecast 1.1m Loan cost - 2020 Bond Unexpected loan cost invoice from Moody's. TWO RIVERS | DECEMBER 2020 FINANCIALS | PAGE 13

annual cash decrease Budget Annual Impact on Cash (And Monthly Change) Monthly Change 1.1m -61k -71k 0 Accounts not shown provide 93 in annual variance and 62 in adjustments this month

QUESTIO Please contact your EdOps Fin Jenny Huang [email protected] 469.438.6648 © EdOps 2017-2

ONS? nance Specialist: g com 8 2020

Year-To-Date Actual Budget Variance Forecas Revenue 9,991,952 9,966,765 25,186 20,028,782 State and Local Revenue 1,161,051 796,840 364,211 1,927,779 Federal Revenue 199,015 (134,096) 508,779 Private Grants and Donations 64,919 86,533 291,752 Earned Fees 177,723 - 91,190 242,500 Donated Revenue 66,728 Total Revenue 66,728 11,049,153 413,220 22,999,593 11,462,372 Expenses 12,315,740 Annotated Financials Salaries 5,880,224 6,192,856 312,632 2,743,233 Benefits and Taxes 1,254,450 1,372,310 117,859 55,542 Contracted Staff 169,068 Staff-Related Costs 5,707 35,509 29,802 55,973 Rent 45,982 84,534 38,552 1,080,951 Occupancy Service 27,986 27,986 1,257,702 Direct Student Expense 387,346 557,513 - 1,244,739 Office & Business Expense 449,453 661,323 170,168 242,500 Donated Expense 593,770 615,528 211,871 100,000 Contingency 66,728 Total Ordinary Expenses - 21,758 19,265,447 Net Operating Income - 50,000 (66,728) 3,734,146 8,711,645 9,597,560 Extraordinary Expenses 2,750,727 1,451,593 50,000 2,380,907 Interest 885,915 1,865,244 Depreciation and Amortization 1,299,134 1,162,217 1,166,449 4,231 737,786 932,622 194,836

Annual Forecast Variance Remaining st Budget 421 10,036,831 2 20,028,361 9 1,819,288 108,491 766,728 u REVENUE: $145K AHEAD 9 508,313 52 256,282 466 443,860 Driven by unbudgeted 1) carryover 0 242,500 revenue of SOAR and Dissemination 3 22,854,744 35,470 114,029 grants and 2) October interest revenue from TRSC. 0 12,284,042 (0) 175,772 3 2,744,619 v EXPENSES: $54K BEHIND 42 82,127 u144,849 11,537,220 8 169,068 Driven by 1) amortization expense of 73 55,973 (31,698) 6,435,516 loan cost that cannot be capitalized as 1 1,115,027 1,386 1,488,783 building cost and 2) unbudgeted 2 1,245,091 positions 9 1,231,056 26,585 49,835 00 242,500 0 123,086 w NET INCOME: $90K ahead 0 100,000 7 19,269,502 (0) 27,986 x CASH ADJ:$67K BEHIND 6 3,585,241 34,076 693,605 (12,611) 808,249 Unexpected loan cost invoice from (13,683) 650,969 Moody's. 175,772 0 100,000 y NET CHANGE IN CASH: (0) 10,553,802 4,055 983,418 $23K AHEAD 148,904 7 2,322,502 (58,405) 1,218,690 1,127,458 4 1,865,244 0

Income Statement Actual Aug Sep Oct Revenue Jul State and Local Revenue Federal Revenue 1,764,431 1,665,694 1,662,208 1,647,182 Private Grants and Donations Earned Fees 101,327 561,983 63,386 32,378 Donated Revenue Total Revenue 1,135 3,728 6,904 11,044 Expenses Salaries 19,115 38,422 26,798 49,515 Benefits and Taxes Contracted Staff 0 0 750 65,978 Staff-Related Costs Rent 1,886,007 2,269,827 1,760,047 1,806,097 Occupancy Service Direct Student Expense 963,707 979,197 972,775 980,191 Office & Business Expense 213,039 Donated Expense 215,179 204,342 192,181 Contingency 0 Total Ordinary Expenses 000 1,903 Operating Income 4,664 Extraordinary Expenses 1,812 18,012 4,796 65,240 Interest 65,134 Monthly Financials Depreciation and Amortization 4,664 4,664 4,664 115,854 Total Extraordinary Expenses 65,978 Total Expenses 60,658 72,613 64,476 Net Income 0 Cash Flow Adjustments 165,448 33,814 58,023 1,512,002 Change in Cash 114,575 113,064 85,531 294,095 0 0 750 000 1,526,044 1,425,707 1,383,197 359,963 844,120 376,850 123,861 123,670 117,385 406,803 97,879 99,408 98,059 98,518 221,740 223,077 215,444 505,321 1,747,784 1,648,785 1,598,641 2,017,323 138,223 621,042 161,406 -211,226 4,463,662 -2,117,472 -1,497,806 8,168,087 4,601,885 - - 7,956,861 1,496,430 1,336,400

Nov Dec Forecast TOTAL Jan Feb Mar Apr May Jun 2 1,626,219 1,626,219 1,665,902 1,665,902 1,665,902 1,665,902 1,665,902 1,707,319 20,028,782 8 189,488 212,490 120,836 120,836 120,836 120,836 120,836 162,551 1,927,779 4 19,337 22,771 73,977 73,977 73,977 73,977 73,977 73,977 508,779 5 22,144 21,729 19,005 19,005 19,005 19,005 19,005 19,005 291,752 800 29,295 29,295 29,295 29,295 29,295 29,295 242,500 7 1,857,187 1,883,208 1,909,015 1,909,015 1,909,015 1,909,015 1,909,015 1,992,147 22,999,593 1 976,667 1,007,687 1,117,930 1,034,660 1,037,806 1,037,806 1,037,806 1,169,506 12,315,740 2,743,233 9 198,232 231,477 247,557 247,041 249,624 247,060 247,060 250,440 55,542 169,068 0 3,011 2,696 9,413 9,413 9,413 9,413 9,413 2,767 55,973 1,080,951 3 17,567 1,892 20,514 20,514 20,514 20,514 20,514 20,514 1,257,702 1,244,739 4 4,664 4,664 4,664 4,664 4,664 4,664 4,664 4,664 242,500 100,000 0 64,617 59,742 80,271 122,667 122,667 122,667 122,667 122,667 19,265,447 4 64,511 62,522 134,708 134,708 134,708 134,708 134,708 134,708 3,734,146 4 87,222 77,523 108,495 108,495 108,495 108,495 108,495 108,495 800 29,295 29,295 29,295 29,295 29,295 29,295 000 16,667 16,667 16,667 16,667 16,667 16,667 2 1,416,492 1,448,203 1,769,516 1,728,125 1,733,854 1,731,291 1,731,291 1,859,724 5 440,695 435,005 139,499 180,889 175,160 177,724 177,724 132,422 3 200,656 189,842 203,115 203,115 203,115 203,115 203,115 203,115 2,380,907 1,865,244 8 170,832 173,090 187,910 187,910 187,910 187,910 187,910 187,910 4,246,151 23,511,599 1 371,488 362,933 391,025 391,025 391,025 391,025 391,025 391,025 -512,006 2,591,076 3 1,787,980 1,811,136 2,160,541 2,119,150 2,124,879 2,122,315 2,122,315 2,250,749 2,079,070 6 69,207 72,072 -251,526 -210,135 -215,864 -213,301 -213,301 -258,602 7 -4,796,703 -1,026,452 2,321,504 -1,388,726 -1,388,726 1,939,321 -1,388,726 -696,888 1 - -954,380 2,069,978 - - 1,726,020 - -955,491 4,727,497 1,598,861 1,604,590 1,602,026

Previous Year End Current 6/30/2020 12/31/2020 Assets 6,840,554 10,884,595 Current Assets 1,152,650 1,202,955 Cash 525,070 Accounts Receivable 445,941 29,879 Other Current Assets 29,879 Intercompany Transfers 12,642,499 Total Current Assets 8,469,024 Noncurrent Assets Accounts Receivable 0 6,241,162 Facilities, Net 35,567,888 42,281,176 Operating Fixed Assets, Net Rental Deductions 536,863 863,375 Restricted Cash 0 0 Total Noncurrent Assets Total Assets 147,282 7,709,752 36,252,032 57,095,465 Liabilities and Equity 44,721,056 69,737,964 Liabilities Balance Sheet Current Liabilities 4,013,438 1,434,013 Accounts Payable 8,447,322 4,436,931 Other Current Liabilities Accrued Salaries and Benefits 710,897 0 Total Current Liabilities 13,171,657 5,870,944 Long-Term Liabilities 19,628,697 54,208,491 Senior Debt 1,110,581 0 Subdebt 43,788 Other Long-Term Liabilities -1,958,529 Total Long-Term Liabilities 20,783,065 52,249,962 Total Liabilities 33,954,723 58,120,907 Equity 7,676,140 10,345,094 Unrestricted Net Assets 2,447,954 850,724 Net Income 421,239 Temporarily Restricted Net Assets 642,239 Total Equity 10,766,334 11,617,058 Total Liabilities and Equity 44,721,056 69,737,964





Operations Report Two Rivers July 2020 through December 2020 Current Month Year to Date (YTD) Annual Actual Budget Budget Balance Actual Budget Purchases and Expenses: 3,760 9,862 78,689 59,175 118,349 39,660 9100 · Office supplies 200 1,311 2,398 7,868 15,736 13,338 9110 · Copier rental & services 11,522 72,686 69,132 138,265 65,579 9120 · Telephone & telecommunications 13,305 2,968 5,936 4,978 9130 · Postage, shipping, delivery 437 495 958 5,442 10,883 9,583 9140 · External printing - 907 1,300 97,313 194,625 90,617 9260 · Computer support fees 16,219 104,008 37,794 75,589 36,249 9280 · Other professional fees 12,879 6,299 39,340 279,692 559,383 260,004 Total 2,258 46,615 299,379 32,839 Computers - - 197,931 216,000 216,000 18,069 1620 · Computers Services/Building Operations 27,831 26,954 126,004 161,721 323,442 197,438 8100 · Utilities & garbage removal 29,437 54,716 201,111 328,298 656,596 455,485 8110 · Contracted building services 1,515 9,067 43,815 54,399 108,798 64,983 8120 · Maintenance and repairs 1,349 16,416 16,191 8130 · Janitorial supplies 959 8,096 10,000 (225) 8140 · Facility consulting fees - 833 - 5,000 1,115,027 10,000 Total Building Operations 59,742 92,919 387,346 557,513 727,681 Furniture 29,982 - 264,134 250,000 250,000 (14,134) 1600 · FF&E Consutrction/Building Improvement 1,400 53,708 109,714 322,250 644,500 534,786 1811 · Building-1227 - 3,667 14,050 22,000 44,000 29,950 1812 · Building-1234 (778,781) (9,384,221) (4,672,683) (9,345,367) 38,854 1820 · Construction in progress 1,643 1,558,651 16,575,979 9,351,903 18,703,806 2,127,827 1831 · Leasehold Improv.-Young - 837,245 7,315,522 5,023,470 10,046,939 2,731,418 Total Improvement 3,043 Meals - 874 53 4,951 11,066 11,013 4210 · Local programs 5100 · National school lunch prog - 6,061 547 34,347 76,776 76,229 5101 · National school breakfast 5103 · Donated Federal Commodities - 2,383 344 13,504 30,185 29,841 6400 · Paid meal sales 9060 · Food service fees - 571 2,504 3,235 7,232 4,728 Meals - Net -- - - - - - 16,667 915 66,667 150,000 149,085 - (6,778) 2,533 (10,630) (24,741) (27,274)









Forecast Two Rivers July 2020 through December 2020 View:: Layout: Summary Core Forecast Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun TOTAL Income Statement Revenue 1,764,431 1,665,694 1,662,208 1,647,182 1,626,219 1,626,219 1,665,902 1,665,902 1,665,902 1,665,902 1,665,902 1,707,319 20,028,782 State and Local Revenue 101,327 561,983 63,386 32,378 189,488 212,490 120,836 120,836 120,836 120,836 120,836 162,551 1,927,779 1,135 3,728 6,904 11,044 19,337 22,771 73,977 73,977 73,977 73,977 73,977 73,977 508,779 Federal Revenue 49,515 22,144 21,729 19,005 19,005 19,005 19,005 19,005 19,005 291,752 Private Grants and Donations 19,115 38,422 26,798 65,978 0 0 29,295 29,295 29,295 29,295 29,295 29,295 242,500 Earned Fees 0 0 750 1,806,097 1,909,015 1,909,015 1,909,015 1,909,015 1,909,015 Donated Revenue 1,857,187 1,883,208 1,992,147 22,999,593 Total Revenue 1,886,007 2,269,827 1,760,047 Expenses Salaries 963,707 979,197 972,775 980,191 976,667 1,007,687 1,117,930 1,034,660 1,037,806 1,037,806 1,037,806 1,169,506 12,315,740 Benefits and Taxes 215,179 204,342 192,181 213,039 198,232 231,477 247,557 247,041 249,624 247,060 247,060 Contracted Staff 2,696 9,413 9,413 9,413 9,413 9,413 250,440 2,743,233 Staff-Related Costs 0 0 0 0 3,011 1,892 20,514 20,514 20,514 20,514 20,514 Rent 1,812 18,012 4,796 1,903 17,567 4,664 4,664 4,664 4,664 4,664 4,664 2,767 55,542 Occupancy Service 4,664 4,664 4,664 4,664 59,742 80,271 122,667 122,667 122,667 122,667 Direct Student Expense 60,658 4,664 64,476 65,240 64,617 62,522 134,708 134,708 134,708 134,708 134,708 20,514 169,068 Office & Business Expense 165,448 72,613 58,023 65,134 64,511 77,523 108,495 108,495 108,495 108,495 108,495 Donated Expense 114,575 33,814 85,531 115,854 87,222 0 29,295 29,295 29,295 29,295 29,295 4,664 55,973 Contingency 113,064 65,978 0 16,667 16,667 16,667 16,667 16,667 Total Expenses 0 750 0 122,667 1,080,951 Operating Income 0 0 0 0 0 1,448,203 1,769,516 1,728,125 1,733,854 1,731,291 1,731,291 Extraordinary Expenses 1,526,044 0 1,512,002 1,416,492 435,005 139,499 180,889 175,160 177,724 177,724 134,708 1,257,702 Interest 359,963 1,425,707 1,383,197 440,695 Depreciation and Amortization 844,120 376,850 294,095 108,495 1,244,739 Total Extraordinary Expenses Net Income 29,295 242,500 16,667 100,000 1,859,724 19,265,447 132,422 3,734,146 123,861 123,670 117,385 406,803 200,656 189,842 203,115 203,115 203,115 203,115 203,115 203,115 2,380,907 97,879 99,408 98,059 98,518 170,832 173,090 187,910 187,910 187,910 187,910 187,910 187,910 1,865,244 223,077 371,488 362,933 391,025 391,025 391,025 391,025 391,025 391,025 4,246,151 221,740 621,042 215,444 505,321 (251,526) (210,135) (215,864) (213,301) (213,301) (258,602) (512,006) 138,223 161,406 (211,226) 69,207 72,072 Cash Flow Statement Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun TOTAL 138,223 621,042 161,406 (211,226) 69,207 72,072 (251,526) (210,135) (215,864) (213,301) (213,301) (258,602) (512,006) Net Income Cash Flow Adjustments Add Depreciation 97,879 99,408 98,059 98,518 170,832 173,090 187,910 187,910 187,910 187,910 187,910 187,910 1,865,245 (39,936) (197,398) (29,982) (5,656) (5,656) (5,656) (496,000) Operating Fixed Assets (120,899) (22,920) (50,929) (4,600) (9,450) (1,400) (5,656) (5,656) (5,656) (94,123) (94,123) (94,123) (688,500) (30,413) (169,801) 400,686 82,089 82,089 773,926 361,838 Buildings (63,800) 0 (44,514) (94,123) (94,123) (94,123) 4,132,035 (1,626,219) (1,626,219) 1,665,881 (1,662,166) (1,662,166) (95,186) Other Operating Activities (743,573) (153,656) (125,775) 4,012,483 (2,964,668) 57,374 82,089 82,089 82,089 103,220 103,220 103,220 1,643,680 8,168,087 (4,796,703) (1,026,452) 2,591,076 Per-Pupil Adjustments 5,284,269 (1,662,166) (1,662,166) 7,956,861 (4,727,497) (954,380) 2,048,063 (1,662,166) (1,662,166) 1,939,321 (1,388,726) (696,888) 2,079,070 1,726,020 (1,602,026) (955,491) Facilities Project Adjustments 9,787 (378,138) 287,519 103,220 103,220 103,220 Total Cash Flow Adjustments 4,463,662 (2,117,472) (1,497,806) 2,321,504 (1,388,726) (1,388,726) Change in Monthly Cash 4,601,885 (1,496,430) (1,336,400) 2,069,978 (1,598,861) (1,604,590) Income Statement Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun TOTAL 2,079,070 Change in Montly Cash (Net Restrict0ed C4a,s6h01C,8h8a5nge(s1),496,430) (1,336,400) 7,956,861 (4,727,497) (954,380) 2,069,978 (1,598,861) (1,604,590) 1,726,020 (1,602,026) (955,491) 11,355,712 9,751,122 11,477,142 9,875,116 8,919,625 Forecast Cash 6,840,554 11,442,440 9,946,010 8,609,610 16,566,471 11,838,975 10,884,595 12,954,573 9,053,570 8,014,964 10,228,352 9,202,379 8,896,412 Budget Cash 6,840,554 10,272,117 7,419,730 4,627,119 9,591,413 8,982,325 7,914,552 10,098,645

Balance Sheet 45 6 Two Rivers 6/30/20 12/31/20 As of December 31, 2020 Last Year Current View: 6,840,554 10,884,595 1,152,650 1,202,955 Summary 445,941 525,070 Balance Sheet 29,879 29,879 Assets 8,469,024 12,642,499 Assets 0 6,241,162 Current Assets 35,567,888 42,281,176 Cash Accounts Receivable 536,863 863,375 Other Current Assets 0 0 Intercompany Transfers Total Current Assets 147,282 7,709,752 Noncurrent Assets 36,252,032 57,095,465 Accounts Receivable 44,721,056 69,737,964 Facilities, Net Operating Fixed Assets, Net Current Rental Deductions Restricted Cash Total Noncurrent Assets Total Assets Liabilities and Equity Last Year 1,434,013 Liabilities and Equity 4,436,931 4,013,438 Current Liabilities 8,447,322 0 Accounts Payable 5,870,944 Other Current Liabilities 710,897 Accrued Salaries and Benefits 13,171,657 10,345,094 Total Current Liabilities 850,724 7,676,140 421,239 Equity 2,447,954 Unrestricted Net Assets 11,617,058 Net Income 642,239 Temporarily Restricted Net Assets 10,766,334 54,208,491 Total Equity 0 19,628,697 Long-Term Liabilities 1,110,581 (1,958,529) Senior Debt 52,249,962 Subdebt 43,788 69,737,964 Other Long-Term Liabilities 20,783,065 Total Long-Term Liabilities 44,721,056 Total Liabilities and Equity

Request for Proposal Architectural and Engineering Services Two Rivers at Young 15 Februrary 2021 STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Statement of Interest / Cover Letter Point of Contact 15 February 2021 John Burke, AIA Principal-in-Charge Request for Proposals RFP Architectural and Engineering Services Two Rivers Public Charter School Projects; 202 939 0027 [email protected] Young ES Campus Expansion of Health Suite 805 15th Street NW Installation of Two Bathrooms and one ADA single bathroom Suite 430 Two classrooms and offices Washington DC 20005 Renovation of Unoccupied Space studio27arch.com 4th Street Upper School Campus Renovation of Rooftop Deck Play Space Dear Ms. Williams, We are pleased to be considered for design services to support Two Rivers PCS at Young renovation projects as stated January 29, 2021 RFP. Our studio's mission is guided by a commitment to designing high-performance public charter schools, and as such, our portfolio consists overwhelmingly of phased, fully occupied, fast-track school projects delivered on time and within budget. Because of this proven experience, we understand how to deliver coordinated, scope- inclusive documents. We feel we are qualified for this project because: Studio Twenty Seven Architecture has completed more than thirty public charter schools in Washington DC and these projects have given us abundant experience with very modest construction budgets and fast moving schedules. The design and construction of these projects are customarily completed within a 16-20 month timeframe. Budget challenges are identified quickly and resolved promptly. We believe in process as the means for achieving successful architecture, and we work closely with our clients and end users to ensure a design process that is disciplined in relevance to program and budget. Buildings are not static structures but living creations that evolve over time and are required to cooperate within their context and ecosystem. In our work we strive to use a language of architecture to express ideas and concepts that are relevant to our clients, their needs and programs. The core members of this team have been retained on several separate occasions to work together on charter school projects and have received stellar performance evaluations from past clients, including the DC Department of General Services. In the words of our DC DGS project manager, the performance evaluations of Studio Twenty Seven Architecture featured “the highest score he has ever given a design team.” We look forward to the opportunity of continuing our relationship with Two Rivers Public Charter School. Sincerely, Proprietary Statement: This proposal includes John K. Burke, AIA confidenƟal data that shall not be disclosed Principal-in-Charge outside Two Rivers Public Charter School, and shall not be duplicated, used or disclosed in whole or STUDIOTWENTYSEVENARCHITECTURE in part, for any purpose other than to evaluate this proposal.

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Firm Profile Firm Name STUDIO TWENTY SEVEN ARCHITECTURE Point of Contact John K. Burke, AIA Founded Principal Number of [email protected] Employees 202.939.0027 Certified 805 15th Street NW Suite 430 statement on Washington, DC 20005 debarment T. 202.939.0027 www.studio27arch.com 1999 Principal (Officer) 1 Associate Principals 3 Project Managers 7 Project Architects 9 Interior Designers 2 Architects 17 CAD Operator / BIM Specialists 3 Administration 2 Total: 18 STUDIO TWENTY SEVEN ARCHITECTURE is a 20 person full service architectural firm. None of the architects have been debarred, suspdended, or otherwise prohibited from professional practice by any federal, state or local agency, and all licenses are active. DC Licensure ARC100958 4/30/2022 ARC200549 4/30/2022 John Burke ARC103200 4/30/2022 Jake Marzolf ARC102029 4/30/2022 Katie Sellis ARC200467 4/30/2022 James Spearman ARC200580 4/30/2022 Allyson Klinner Natalie Mutchler STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Firm Profile Firm Profile STUDIO TWENTY SEVEN ARCHITECTURE is a 18 person full service architectural firm. From program to permit, our Studio develops accurate Organizational and well-coordinated project documents timely and effectively. We possess Structure relevant K-12 and charter school experience, as demonstrated in the project examples in this response, to develop optimal design solutions for the expansion of the health suite, renovation of the rooftop deck play space, and various classroom and office space for Two Rivers Elementary School. The accuracy of our drawings and keenly focused construction administration protect owner’s contingency and speed the construction process. STUDIO TWENTY SEVEN ARCHITECTURE designs with a sustainability consciousness exemplified by designing our educational projects to USGBC LEED certification up to Platinum rating. Our workload is as such that the Two Rivers' projects will not interfere with any ongoing projects to ensure a 18-24 month completion. Principal (Officer) 1 Associate Principals 3 Project Managers 7 Project Architects 9 Interior Designers 2 Architects 17 CAD Operator / BIM Specialists 3 Administration 2 Total: 18 Wow, what a community focused project - so much so that it's hard to still think of it simply as a school. ~ Jury comment USGBC National Capital Region 2018 Project Award Bridges and Briya Public Charter Schools, Mamie D. Lee Campus WINNER New Construction

OrganizaCtiohnaartl Resumes

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Organizational Chart ARCHITECTURE SPECIALTY CONSULTANTS STUDIO TWENTY SEVEN ARCHITECTURE MEP Engineering Fire Protection Engineering PRIME A/E CONTRACTOR Engenium Architecture | Project Management | Construction Administration Rep | Interior Design | Feasibility Studies Space Programming | Facilities (past and current working relationship) Planning Design Test Fits | ADA Compliance Scheduling | Value Engineering | Specifications | Bidding Facilitation | Project Close Out | Post Construction Assessments JOHN BURKE, AIA Quality Control Principal Structural Engineering Principal-in-Charge Primary Point of Contact Ehlert Bryan (past and current working relationship) NATALIE MUTCHLER, AIA Project Manager Construction Administration Architect Civil Engineering Representative CHRISTOPHER CONSULTANTS (past and current working relationship) CLAIRE BARROWS, AIA Project Architect Cost Estimating Architect Construction Administration Representative TCT Toscano Clements Taylor (past and current working relationship) ALYSON KLINNER, AIA Project Architect Architect STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Team John K. Burke, AIA Years of Experience | with S27 31 | 21 Studio27 Architecture Principal-in-Charge Education Bachelor of Architecture Role Virginia Polytechnic Institute and State University Point of Contact Quality Assurance Principal Registrations DC, MD, NJ, DE, NC, VA, NCARB Level of Involvement 45% Affiliations Availability 50% American Institute of Architects ROLE Primary Point of Contact and Quality Assurance Principal, Mr. Burke will be responsible for the preparation of and coordination of municipal and regulatory permits. He is the co-founder and Principal of Studio Twenty Seven Architecture and brings over thirty years of experience managing unique and complex projects, from new designs of buildings and schools, to task orders for public charter schools. He provides vision and leadership and implements firm-wide design standards and quality assurance for all aspects of building retrofits, facility diagnostics, universal access and design, entitlement issues, and sustainability innovations. RELEVANT EXPERIENCE KIPP DC Douglass Junior High School $21M | 140,000 SF | 2010 Two Rivers Public Charter School, Washington DC Principal-in-Charge for $21M modernization. $10M | 28,687 new construction, 14,414 renovated | Performed with Elhert Bryan Consulting Engineers. 2021 Principal-in-Charge for addition and renovation to middle KIPP DC Webb School Addition, Washington, DC school. $25M | 40,000 SF new, 65,000 SF renovation | 2013 Principal-in-Charge for the 103,000 sf renovation consisting LAMB Public Charter School, Washington DC of renovations to existing school buildings, as well as $13.7M | 75,000 SF | 2021 demolition of an existing wing and design and construction. Principal-in-Charge for interior renovations to public charter school. KIPP DC Benning Road Washington, DC $18M | Phase III in Design: 115,788 SF | 2006 - present Richard Wright Public Charter School, Washington DC Principal-in-Charge for the new state-of-the-art charter $10M | | 2021 school building. Principal-in-Charge for interior renovation of public charter school. KIPP DC MC Terrell Modernization, Washington, DC $16.5 M | 128,539 SF | 2021 Creative Minds International Public Charter School, Principal-in-Charge for concept drawings and massing $3M | 57,000 SF | 2016 concepts for school modernization. Principal-in-Charge for interior renovations and selective demolition/renovation included new classroom space, Bridges & Briya Public Charter Schools fire alarm panels, code compliance, HVAC and plumbing (Mamie D. Lee Campus) improvements. $32M | 82,000 SF | 2016 Principal-in-Charge for the renovation of and addition to a Breakthrough Montessori Public Charter School former District of Columbia School property. $4.2M | 54,000 SF | 2018 Principal-in-Charge for design and value engineering for ADA KIPP DC Ferebee-Hope Redevelopment compliance, entrance security, lower level renovation and fitout. $80M | 110,000 SF | 2022 Principal-in-Charge for $81M redevelopment of 10 acre site, new high school, outdoor areas and new recreation center. Estimated completion date 2022. STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Team Natalie Mutchler, AIA Years of Experience | with S27 11 | 8 Studio27 Architecture Project Architect Education Bachelor of Architecture Role Virginia Polytechnic Institute and State University Project Manager Constructin Administration Registrations Representative DC Level of Involvement 65% Affiliations Availability 85% American Institute of Architects ROLE Natalie Multchler will act as Project Manager and be responsible for preparations of plan for the purpose of permitting, bidding and construction administration for all systems services and components required for renovations and additions. She routinely provides concept design, zoning, public approvals, construction documentation, and construction administration for a our occupied, fast-track K-12 schools and was the Project Manager for the recent addition and renovation to Two Rivers at Young. She is experienced with renovation and rehabilitation projects.municipal and regulatory permits. RELEVANT EXPERIENCE Historic Chapman Stables Adaptive Reuse Washington DC Two Rivers Public Charter School, Washington DC $24M | 125,000 SF | 2018 $10M | 28,687 New 14,414 renovated | 2021 Project Architect for historic adaptive reuse of abandoned Project Manager for addition and renovation to middle school. building listed on the National Register of Historic Places, converted into market rate/inclusionary condominiums. Creative Minds International Public Charter School $3M | 57,000 SF | 2016 KIPP DC Webb School Addition Project Architect for interior renovations and selective Washington, DC demolition/renovation included new classroom space, $25M | 40,000 SF new, 65,000 SF renovation | 2013 fire alarm panels, code compliance, HVAC and plumbing Project Architect for the renovation consisting of improvements. An existing 150KVA transformer previously renovations to existing school buildings, as well located in the court yard was also relocated to the new as demolition of an existing wing and design and electrical room and a new distribution panel now provide construction. power to the low voltage panels on the ground, 1st and 2nd floor. Installation of new HVAC DOAS system. Achievement Prep at Wahler Campus Washington, DC KIPP DC MC Terrell Elementary School, $31.5M | 105,000 SF | 2016 $16.5 M | 128,539 SF | 2021 Project Architect for the second phase of the project Project Designer for concept drawings and massing concepts involved the renovation of the existing 55,000 SF to for school modernization. meet the needs of APA’s elementary and early childhood programs. Bridges & Briya Public Charter Schools (Mamie D. Lee Campus) $32M | 82,000 SF | 2016 Project Architect for the renovation of and addition to a former District of Columbia School property. STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Team Claire Barrows, AIA Years of Experience | with S27 10 | 8 Studio27 Architecture Project Architect Education Bachelor of Science in Architecture Role University of Virginia Project Architect Constructin Administration Registrations Representative MD Level of Involvement 65% Affiliations American Institute of Architects Availability 85% ROLE Claire Barrows is a project architect and architectural designer with Studio Twenty Seven Architecture. Claire will work the team to develop the site and building planning designs, programming, and life-cycle costing. She is an experienced Project Designer and routinely develops concept design, zoning approvals, public approvals, construction documentation, and construction administration for a variety of fast-track K-12 facilities. RELEVANT EXPERIENCE Alexandria City Public Schools Charles Barrett Elementary School, Alexandria, VA Creative Minds International Public Charter School $6M | 55,000 SF | 2015 Washington, DC Project Architect for the renovation to create a cohesive $3M | 57,000 SF | 2016 organization of the academic and residential spaces Project Architect for interior renovations and selective within the singular building Exterior improvements to the demolition/renovation included new classroom space, building and site take care to use materials and massing fire alarm panels, code compliance, HVAC and plumbing that create a unified campus for the two organizations improvements. and a complimentary landmark to the neighborhood. Mundo Verde Bilingual Public Charter School Breakthrough Montessori Public Charter School Washington, DC Washington, DC $15M | 50,000 SF | 2015 $4.2M | 54,000 SF | 2018 Project Architect for the coordination of multi-disciplined Project Architect for design and value engineering for ADA consultants for the development of plans and programming. compliance, entrance security, lower level renovation and Overhauling the existing elementary school involved all new fitout. Exterior new ramp/entry and a mezzanine addition mechanical systems. A new air-cooled variable refrigerant flow and load dock roof was also included. Phase 2 included system allows for localized climate control and energy savings. the addition of an elevator from level to level 2, as well as LEED Platinum (new construction). a bridge connecting to the mezzanine. Alexandria City Public Schools Bridges & Briya Public Charter Schools James Polk Elementary School, Alexandria, VA Mamie D. Lee Campus, Washington, DC $2M | 56,000 SF | 2014 $32M | 82,000 SF | 2016 Project Architect for the two-story addition. The building Project Architect for the renovated building demolished contains four classrooms, connections to the existing building the three one-story structures and renovated the two story on each floor, an interior circulating stair, and a secondary, structure, with new additions provided at both ends of the glass-enclosed stairwell. renovated structure. Achievement Prep at Wahler Campus, Washington, DC $31.5M | 105,000 SF | 2016 Project Architect for the renovation and construction of a new middle school. The second phase of the project involved the renovation of the existing school. STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Team Allyson Klinner, AIA Years of Experience | with S27 10 | 8 Studio27 Architecture Project Architect Education Bachelor of Architecture Role Auburn University Project Architect Constructin Administration Registrations Representative DC, NCARB Level of Involvement 65% Availability 85% ROLE Ms. Klinner serves as project architect and project manager on many of the Studio’s school projects. She will serve as Project Architect. She has extensive experience developing master plans for Studio27’s fast-track school projects, as well as establishing and implementing effective communication procedures for all team components. She has been involved in some of Studio27’s sizable, multi-disciplined, complex and unique projects, and is instrumental in each projects’ success. RELEVANT EXPERIENCE KIPP DC Smilow Campus, Washington, DC $20M | 50,000 SF addition | 2016 LAMB Public Charter School, Washington DC Project Designer / Manager for multiphased, includes new $13.7M | 75,000 SF | 2021 gymnasium, cafeteria and 30 new classrooms. Phase 2 Project Manager for interior renovations to public charter included fast track interior renovations to existing building, school. and Phase 3 included mechanical system and fire protection renovations to existing building. KIPP Baltimore, Harmony Academy and Ujima Academy $1M | 6,000 SF | 2020 Maya Angelou Public Charter School, Washington, DC Project Manager for Masterplanning effort. $1M construction of $8M | 100,000 SF | 2014 new health clinic, renovation of classroom spaces, and reuse of Project Architect for the new and remodeled classrooms, existing finishes and fixtures to fullest extent possible. an improved library, offices, a new commercial kitchen, and a renovated cafeteria. Construction required Digital Pioneers Academy, Washington, DC demolition, abatement and renovation of interior $600,000 Design budget | 6,500 SF | 2019 spaces. The project featured extensive utility work and Project Manager/Designer for the interior improvements of replacement of public water mains and HVAC systems. 3 floors, within the existing church building to accommodate The exterior received new windows and doors throughout, integration of Academy. Construction timeline was 8 weeks in a roof screen system and a modernized fire alarm system. total. Bridges & Briya Public Charter Schools KIPP DC MC Terrell Elementary School, (Mamie D. Lee Campus), $16.5 M | 128,539 SF | 2021 Washington, DC Project Architect responsible for coordination of multi-discipline $32M | 82,000 SF | 2016 team that includes civil engineering, mechanical/electrical/ Project Manager for the renovation of and addition to a plumbing engineering, structural engineering, landscape former District of Columbia School property. The Mamie architecture, transportation engineer (parking), geotechnical D. Lee School was built by the District in 1967 for special- and environmental engineering as well as asbestos abatement. needs children. The original school is a cluster of three A proposed 39,000 SF semi-underground parking structure is one-story and one two-story structures grouped around included in the modernization and is situated underneath the a central stepped, concrete courtyard. The renovated soccer field. building demolished the 3 one-story structures and renovated the two story structure, with new additions provided at both ends of the renovated structure. This resulted in a “U-Shaped” building that creates a central courtyard open to the large green space maintained by the National Park Service next door. STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP Project Experience 1 Two Rivers Public Charter School at Young 2 Washington, DC 3 4 Richard Wright Public Charter School Washington, DC Latin American Montessori Bilingual Public Charter School Washington, DC Arlington Public Schools Education Center Arlington, VA STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP 1 Two Rivers Middle School Client name, phone number, location, enrollment A PEPCO transformer room was located in a portion of the existing Two River Public Charter School of Young building with a utility ductbank which cut through our proposed 820 26th Street NE Washington DC building footprint. We performed test borings to verify the location Enrollment 350 enrollment of the ductbank underground and built out foundation around the ductbank to avoid conflicts. GSF new construction New construction 28,687 SF Project is located in a designated Anacostia Watershed zone which GSF renovation Renovation 14,414 SF requires additional stormwater management measures. In order to Program elements meet the requirements on a tight site, we maximized the green roof Programming, Architectural Design, Interior Design, Materials of the building by: Research, Construction Documents and Administration. Core classrooms of the middle school program are 6th, 7th and 8th A cantilevered corner maximizes the 2nd floor roof plane, grades. Special instruction rooms include art, drama, music, applying green roof to the sloped light monitor, and elevating spanish, science lab, and breakout instructional spaces. Renovation mechanical equipment to allow for green roof below. of adjacent gymnasium. All outdoor play are designed to be permeable including the rubberized playsurface and a modular tiled basketball court while Bidder personnel involved still allowing recess program. John Burke, AIA A bioretention area at the traffic circle treats all surface storm Natalie Mutchler, AIA water from the perimeter of the building and the drop-off drive. Forrest Xu, LEED AP BD+C All walkway surfaces are permeable pavers. Engenium Group (MEP Engineering) Cost Saving Measures: Kept the existing gym floor and Ehlert Bryan (Structural Engineering) repaired and damaged areas, it has been beautifully restored Christopher Consultants (Civil Engineering, Landscape) and carries the history of the space. Utilized a portion of the existing building for elective classrooms to save cost and work Targeted / actual opening date August 2020/Jan 2021 with the program. Construction Budget, bid amount, final cost, description of Expansion ready: Due to the limited site, the school wanted to change orders be sure future expansion was possible. Design accomodates $12,000,000. load capacity to carry another story if more space is needed. Assisted client wiht project budget and project schedule, value The Bridge: Physically connecting the two buildings was arrived engineering, building permit drawings, including site plan at through investigation. It made the most sense for the school for zoning, mechanical, electrical, plumbing and structural programmatically and with the running of infrastructure from engineering specifications. the existing building. The schools share a kitchen and nurse’s suite, avoiding redundant program saved cost and gave more Relevance to Young project, design challenges, lessons learning space to the students. learned with educational facilities, effective value for modest The corner cantilever of the building helped us achieve construction costs, or modular construction. multiple objectives: Covered outdoor seating area for students Studio Twenty Seven Architecture developed the new expansion of waiting before school or for classes to gather during school, a separate building connected via bridge and renovation to the a larger green roof footprint, more play space behind the existing middle school. building because the building can cover a portion of the drop- off circle, and a more welcoming less intrusive face to the street. STUDIOTWENTYSEVENARCHITECTURE

Request for Proposal Two Rivers at Young - Architectural and Engineering Services RFP 1 Two Rivers Middle School