Monthly Financial Report Report Ending Date: June 30, 2018 2018 Fiscal Year: July 1, 2017 to June 30, 2018 Percent of Fiscal Year Complete: July 16, 2018 326 Ruthar Drive Newark, DE 19711 (302) 2921463
ASPIRA of Delaware Charter Operations Inc. Board of Directors Lourdes Puig, Ph.D. Chairperson Donald Patton Vice Chairperson Luis Santiago Treasurer Younes Haboussi Secretary Kathleen Chappel Alex Fajardo, Esq. Crystal Mayfield Serah Jo Pesce Fred West Citizen Budget Oversight Committee Luis Santiago Community Representative Chairperson Greg Panchisin Chief Operating Officer Vice Chairperson Lucy Li Parent Representative Secretary Richard Riggs DDOE Representative (NonVoting Member) Margie López Waite Head of School Jessie Forbes Teacher Representative Min Guan Community Representative
Financial Summary Update Cash Basis Twelve Months Ended June 30, 2018 I) Budget vs. Actual Comparison @ June 30, 2018 (Summary Level): A) Revenues FSF : Actual @ % of Budget (Reconciled from DGL018 & DGL060) Full Year Budget 6/30/2018 FY17 Carryover Total (Target >=)* Difference* Variance* State Unit Formula (05213) 5,601,749 5,786,473 265 5,786,738 103% 184,724 State Stipends (05195) State Technology Block Grant (05235) 10,591 10,591 10,591 State Ed Sustainment Fund (05289) 132,507 132,507 132,507 State Minor Capital Improvements (50022) 82,790 82,790 82,790 State Education Opportunity Grant (05297) 100,000 100,000 100,000 Subtotal State 5,927,637 6,112,361 265 6,112,626 103% 184,724 Favorable Local District Funding (98000) 2,963,598 2,963,598 1,659,050 4,622,648 0 Local Other (98000) 93,775 133,598 133,598 142% 39,823 Local Before & After Care (98139) 158,698 154,708 15,115 169,823 97% (3,990) Local Donations (98159) 20,000 36,059 325,136 361,195 180% 16,059 Local Cafeteria (91100) 327,797 392,952 22,938 415,890 120% 65,155 Local Construction Fund (98133) 242,646 906,401 906,401 374% 663,755 Local Summer Camps (98205) 48,000 17,386 17,386 36% (30,614) Local Early Childhood (98060) 92,803 103,151 642 103,793 111% 10,348 Local Local Grants (99126) Local Donations II (Annual Giving 98255) 2,960 2,960 Local Contingency (98079) 204,468 204,468 Local CSRP (98041) 536 536 536 Local CSD Settlement (99150) 111,992 111,992 111,992 Subtotal Local 4,059,310 4,820,380 2,230,310 7,050,690 119% 761,070 Favorable Title I (40554) FY16 Title II (40114) FY16 Title III ELL (40560) FY16 6,086 6,086 IDEA B (40564) FY16 IDEA Preschool (40565) FY16 Title I (40554) FY17 1,465 1,465 27,535 29,000 Title II (40114) FY17 143 143 1,031 1,174 Title III ELL (40560) FY17 IDEA B (40564) FY17 939 939 34,170 35,109 IDEA Preschool (40565) FY17 Title I (40554) 185,475 185,230 185,230 (245) Title II (40114) 35,941 36,039 36,039 98 Title III ELL & Immigrant (40560) 19,887 19,887 19,887 IDEA B (40564) 102,168 102,168 102,168 IDEA Preschool (40565) 380 380 380 Title IV (40532) 10,000 10,000 10,000 Subtotal 356,398 356,251 68,822 425,073 (147) Favorable FSF Revenue 10,343,345 11,288,992 2,299,396 13,588,388 109% 945,647 Favorable Petty Cash Fund (outside FSF) 1,200 2,454 2,454 N/A 1,254 Total Revenue 10,344,545 11,291,445 2,299,396 13,590,842 109% 946,901 Favorable Total FSF Revenue ( and FY17 C/O) 12,642,741 B) Expenses FSF: Actual @ % of Budget Remaining (Reconciled from DGL115 & DGL025) Full Year Budget 6/30/2018 (Target <=) Balance Variance Salaries (510) 4,835,000 4,835,603 (603) Favorable Other Employment Costs (520) 2,476,270 2,445,660 99% 30,610 Favorable Services to Clients & Agencies 2,978 (2,978) N/A Travel (540) 37,200 23,353 63% 13,847 Favorable Debt Service (530) 506,369 506,369 (0) Favorable Contracted Services (550) 1,814,667 1,815,169 (502) Favorable Supplies & Materials (560) 711,500 616,107 87% 95,394 Favorable Capital OutlayEquipment (570) 521,500 613,962 118% (92,462) Favorable Capital OutlayProperty (580) 543,000 535,978 99% 7,022 Favorable 11,445,507 11,395,180 50,327 Favorable Net FSF Excess or (Deficit) for Year 2,193,209 Note: YTD Revenue Minus YTD Expenditures Contingency Reserve (2%) (177,825) FSF Cash Balance less required Contingency Reserve 2,015,384 Variance Notes*: *Variance footnoted if percentage spent is 25 percentage points higher than the percentage of months into the fiscal year TWELVE MONTHS = EXPENDITURE VARIANCE >=125% 3
Financial Summary Update Cash Basis Twelve Months Ended June 30, 2018 II) YTD Budget vs. Expenditure Trending: Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 Total FSF Revenue ( and FY17 C/O) 1,053,562 2,107,124 3,160,685 4,214,247 5,267,809 6,321,371 7,374,932 8,428,494 9,482,056 10,535,618 11,589,179 12,642,741 Actual YTD FSF Expenditures 1,036,376 1,969,741 3,138,664 4,029,369 4,903,397 5,708,402 6,515,827 7,763,474 8,842,557 9,623,346 10,504,925 11,395,180 Average Median Amount Spent Per Month 1,036,376 933,365 1,168,923 890,705 874,028 805,005 807,425 1,247,647 1,079,083 780,789 881,579 890,255 949,598 890,480 Remaining Balance 11,606,365 10,673,000 9,504,077 8,613,372 7,739,344 6,934,339 6,126,914 4,879,267 3,800,184 3,019,395 2,137,816 1,247,561 14,000,000 12,000,000 Projected Ending Balance* = 1,247,561.29 *Does not include encumbrances or petty cash 10,000,000 8,000,000 6,000,000 4,000,000 Total FSF Revenue ( and FY17 C/O) Actual YTD FSF Expenditures Amount Spent Per Month Remaining Balance 2,000,000 Jul17 Aug17 Sep17 Oct17 Nov17 Dec17 Jan18 Feb18 Mar18 Apr18 May18 Jun18 III) Local Funding Update: Number of Students Budget* Actual Difference Appoquinimink 11 19,784 19,784 Brandywine 7 30,757 30,757 Christina 429 1,920,654 1,920,654 Colonial 177 489,487 489,487 Red Clay 114 500,590 500,590 Smyrna 2 2,326 2,326 *According to the Charter School Billing Report in IMS 740 2,963,598 2,963,598 4
Financial Summary Update Cash Basis Twelve Months Ended June 30, 2018 IV) Cash Position as of June 30, 2018: (Reconciled from DGL025, DGL060, & DPO002) AMT Received YTD Encumbered Remaining Balance % & Encumbered State Unit Formula (05213) 5,786,738 5,739,527 47,211.31 99% State Stipends (05195) State Technology Block Grant (05235) 10,591 10,591 State Ed Sustainment Fund (05289) 132,507 132,507 State Minor Capital Improvements (50022) 82,790 82,790 State Education Opportunity Grant (05297) 100,000 100,000 Local District Funding (98000) 4,756,246 3,856,672 899,574.12 81% Local Before & After Care (98139) 169,823 142,055 27,767.67 84% Local Donations (98159) 361,195 110,043 251,151.92 30% Local Cafeteria (91100) 415,890 390,323 25,566.70 94% Local Construction Fund (98133) 906,401 242,646 663,754.82 Local Summer Camps (98205) 17,386 1,324 16,062.25 0% Local Early Childhood (98060) 103,793 94,225 9,567.71 91% Local Local Grants (99126) Local Local Donations II (98255) 2,960 2,157 803.47 73% Local CSRP (98041) 536 465 71.17 87% Local CSD Settlement (99150) 111,992 111,992 Local Contingency (98079) 204,468 204,468.00 0% Title I (40554) FY16 Title II (40114) FY16 Title III ELL (40560) FY16 6,086 6,086 IDEA B (40564) FY16 IDEA Preschool (40565) FY16 Title I (40554) FY17 29,000 29,000 Title II (40114) FY17 1,174 1,174 Title III ELL (40560) FY17 IDEA B (40564) FY17 35,109 35,107 2.01 IDEA Preschool (40565) FY17 Title I (40554) 185,230 161,434 23,795.84 87% Title II (40114) 36,039 32,963 3,076.25 91% Title III ELL & Immigrant (40560) 19,887 13,439 6,448.42 68% IDEA B (40564) 102,168 88,313 13,854.55 86% IDEA Preschool (40565) 380 380 Title IV (40532) 10,000 9,968 32.34 13,588,388 11,395,180 0 2,193,208.55 84% Petty Cash Fund Balance (outside FSF) 2,454 Total 13,590,842 11,395,180 2,193,209 84% 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 State Funds 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 AMT Received YTD 500,000 Local Funds AMT Received YTD 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 Funds AMT Received YTD 20,000 Title I (40554) Title II (40114) Title III ELL & Immigrant (40560) IDEA B (40564) IDEA Preschool (40565) Title IV (40532) V) FY17 Financial Audit Final Report Submitted to DDOE on October 20, 2017 5
Financial Expenditure Detail Update Cash Basis Twelve Months Ended June 30, 2018 (Reconciled from DGL115, DGL025, & DPO002) Category Code Description Subtotals Budget Encumbrance @ 6/30/2018 Actual @ 6/30/2018 Total Encumbered & Remaining Balance % (Target <=) % Encumbered & Notes 510 Various Salary All Employees 4,835,000 4,835,602.65 4,835,603 (603) Total Salaries/Other (510) 4,835,000 4,835,602.65 4,835,603 (603) 520 52001 Pensions/Employer Share (22.28%) 1,026,568 1,025,617.12 1,025,617 951 520 52002 Health Insurance/Employer Share (9,988) 1,005,305 990,104.79 990,105 15,200 98% 98% 520 52005 Workmen's Compensation (1.45%) 69,965 70,116.12 70,116 (151) 520 52006 Social Security/Employer Share (6.2%) 299,160 287,315.20 287,315 11,845 96% 96% 520 52009 Unemployment Insurance (0.11%) 5,308 5,312.27 5,312 (5) 520 52016 Medicare/Employer Share (1.45%) 69,965 67,194.76 67,195 2,770 96% 96% Total Other Employment Costs (520) 2,476,270 2,445,660.26 2,445,660 30,610 99% 99% 530 55353 Grant Reversions 530 55371 Tuition Reimbursement (state reimburses school for this expense) 2,978.49 2,978 (2,978) Total Svcs To Clients & Agencies (530) 2,978.49 2,978 (2,978) 540 54001 Mileage/Pvt Car in State 2,700 1,945.32 1,945 755 72% 72% 540 54003 Meals In State 6,000 2,733.03 2,733 3,267 46% 46% 540 54101 Mileage/Pvt Car out of State 4,000 2,921.06 2,921 1,079 73% 73% 540 54103 Meals Out of State 4,000 2,520.12 2,520 1,480 63% 63% 540 54104 Lodging/Out of State 12,500 10,090.43 10,090 2,410 81% 81% 540 54105 Other travel Out of State 8,000 3,143.51 3,144 4,856 39% 39% Total Travel (540) 37,200 23,353.47 23,353 13,847 63% 63% 6
(Reconciled from DGL115, DGL025, & DPO002) Category Code Description Subtotals Budget Encumbrance @ 6/30/2018 Actual @ 6/30/2018 Total Encumbered & Remaining Balance % (Target <=) % Encumbered & Notes Debt 55396 Loans Bond Financing 506,369 506,369.24 506,369 (0) Total Debt Service (550) 506,369 506,369.24 506,369 (0) 550 55000 Other Prof ServiceInstructional Staff 182,675 177,936.16 134,376 48,299 97% 74% Data Service Center (DSC) Enrollment, Attendance, PHRST, RAP,Truancy 14,900 Substitute Service 19,000 S&P Annual Surveillance Fee (Bonds) & DEDA Annual Fees 4,900 Office Movers 85,000 Auditing Services 17,375 Providence Service Corporation Alternative School 20,000 Construction Project Manager 20,000 POS Maintenance/Service Contract 1,500 550 55010 Medical Services (Occupational & Speech Therapy, Psychologists, etc.) 188,000 194,348.32 194,348 (6,348) 103% 103% 550 55020 Legal Services 7,500 3,837.29 3,837 3,663 51% 51% 550 55073 Computer Services 25,000 17,514.00 17,514 7,486 70% 70% 550 55101 Postage 3,300 1,548.12 1,548 1,752 47% 47% 550 55125 Telecommunication 23,000 32,200.73 32,201 (9,201) 140% 140% Includes Data, Phones and TYCO (security) 550 55200 Water & Sewer 14,200 14,920.16 14,920 (720) 105% 105% 550 55203 Energy 144,000 162,599.62 162,600 (18,600) 113% 113% 550 55400 Equipment Lease (Copiers & Chromebooks) 234,584 230,081.34 230,081 4,503 98% 98% 550 55402 Buildings Office Space 2,800 3,586.85 3,587 (787) 128% 128% Additional 20' Storage Trailers for Summer Library Construction 550 55434 Fleet Rental (Transportation) 719,608 732,587.40 732,587 (12,979) 102% 102% 550 55452 Insurance (Bldg & Contents) 36,500 31,568.00 31,568 4,932 86% 86% 550 55507 Maintenance 80,000 75,982.46 75,982 4,018 95% 95% 550 55510 Equipment Repair 18,000 18,891.33 18,891 (891) 105% 105% 550 55600 Printing & Binding 9,000 5,810.09 5,810 3,190 65% 65% 550 55610 Advertising 5,000 7,813.20 7,813 (2,813) 156% 156% Bus Driver Ads / Summer Camp Ads & Signs 550 55631 Assoc Dues & Conf Fees 9,000 8,046.57 8,047 953 89% 89% 550 55647 Student Body Activity 44,000 47,205.26 47,205 (3,205) 107% 107% 550 55667 Training 41,000 20,928.00 20,928 20,072 51% 51% 550 55692 Trash Removal Sanitary Services 27,500 27,763.91 27,764 (264) 101% 101% Total Contracted Services (550) 1,814,667 1,815,168.81 1,815,169 (502) 7
(Reconciled from DGL115, DGL025, & DPO002) Category Code Description Subtotals Budget Encumbrance @ 6/30/2018 Actual @ 6/30/2018 Total Encumbered & Remaining Balance % (Target <=) % Encumbered & Notes 560 56000 Office Supplies 112,500 87,851.75 87,852 24,648 78% 78% 560 56007 Employee Recognition/Teambuilding 560 56111 Food 168,000 168,808.49 168,808 (808) 560 56128 Medical Supplies/Medicines/Health Aids 19,800 8,798.95 8,799 11,001 44% 44% 560 56141 Custodial Supplies 51,200 57,336.98 57,337 (6,137) 112% 112% 560 56145 Computer Supplies 8,000 11,891.90 11,892 (3,892) 149% 149% Updated PCS (point of sale program) components for Meal Program 560 56150 Instructional Supplies (mag, manuals, audio, etc.) 140,000 122,811.75 122,812 17,188 88% 88% 560 56157 Text Books/Library and Yearbooks 99,000 53,467.98 53,468 45,532 54% 54% 560 56220 Building Materials 48,000 49,219.93 49,220 (1,220) 103% 103% 560 56950 Institutional Equimpment Expensed 44,000 30,469.19 30,469 13,531 69% 69% 560 56960 Athletic Supplies 21,000 25,449.87 25,450 (4,450) 121% 121% Total Supplies/Materials (560) 711,500 616,106.79 616,107 95,394 87% 87% 570 57010 Office & Computer Equip/Software 570 57020 Institutional Equipment 400,000 459,048.32 459,048 (59,048) 115% 115% 570 57040 Audio Visual Equipment 91,500 130,781.44 130,781 (39,281) 143% 143% Interactive Boards and Cabling 570 57210 Custodial/Maint Equipment 30,000 24,132.60 24,133 5,867 80% 80% 570 57310 Refrig/Air Condit/Heat Total Capital OutlayEquipment (570) 521,500 613,962.36 613,962 (92,462) 118% 118% 580 58100 Land Improvements 18,000 17,350.00 17,350 650 96% 96% 580 58300 Maj Bldg Alteration by Contract 525,000 518,627.67 518,628 6,372 99% 99% Total Capital OutlayProperty (580) 543,000 535,978 535,978 7,022 99% 99% Grand Totals All Categories 11,445,507 11,395,179.74 11,395,179.74 50,327.18 See Comments Above 8