Charter Board Finance Reporting Presented by:

Transcript:Charter Board Finance Reporting Presented by::
Charter Board Finance Reporting Presented by: Colorado Virtual Academy Peak to Peak Charter School Woodrow Wilson Academy Presenter Introductions Colorado Virtual Academy Abe Barela (Senior Manager of Finance) Heidi Heineke Magri (Head of School) Peak to Peak Charter School Sam Todd (Executive Director of Operations) Woodrow Wilson Academy Garrett Gifford (Board Treasurer) Carol Tveitmoe (Finance Manager) Today’s Objectives Identify important questions to ask regarding school financial stability Outline best practices from experienced charter schools Provide an opportunity to ask questions Key Questions for Boards What are key indicators of financial health? What are the financial measures and metric appropriate for board level monitoring? How does a board define the key indicators for inclusion on the board dashboard? How can the board use key indicators to monitor finance over short and long periods of time? What does a board do with financial information provided at these high levels? How does board review and understanding of the school budget relate to the finance indicators on the dashboard? COVA Financial Measures COVA Key Financial Measures COVA Key Financial Measures Peak to Peak Financial Measures Peak to Peak Financial Measures Peak to Peak Financial Measures Peak to Peak Financial Measures Peak to Peak Financial Measures Peak to Peak Financial Measures Peak to Peak Financial Measures Woodrow Wilson Financial Measures Revenue = PPR Enrollment (FTE) Wait List Elementary to Middle School Retention Other Revenue Sources Wildcat Care/Pre-K Home School Program Woodrow Wilson Financial Measures BOD Restricted Reserves (relative to Board Policy) 15% to 25% of prior year total expenses Dashboard Metric Budget Surplus (Carry Forward) Forecast 1-3 years into future (longer than that not valid) Dashboard Metric Woodrow Wilson Financial Measures Expenses Salaries and benefits % of total PPR Dashboard metric Constantly seeking cost savings opportunities On going review of practices prepare for the down turns plan for the up turns Woodrow Wilson Finances and the Board Standard 11 – Guide to Sound Fiscal Management Adherence to Board Policies Strong partnership b/w Finance Committee and Administration Quarterly Review of Financials Periodic Review of Future Budget Development prior to Board Approval Annual Strategic Planning Session – Board sets priorities for the future. Questions