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DCSS Parent Meeting

DCSS Parent Meeting. November 2010 Bob Elliott President/CEO Dayton Christian School System. DCSS Parent Meeting. November 2010 Rich Anglin Co-President, LMI Director of Business Services, DCSS. LMI/DCSS Financial Summary. Cash (EF) = $2,500,000 Bank Obligations = $7,300,000

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DCSS Parent Meeting

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  1. DCSS Parent Meeting November 2010 Bob Elliott President/CEO Dayton Christian School System

  2. DCSS Parent Meeting November 2010 Rich Anglin Co-President, LMI Director of Business Services, DCSS

  3. LMI/DCSS Financial Summary • Cash (EF) = $2,500,000 • Bank Obligations = $7,300,000 • Accounts Payable = $ 700,000 • Total Debt-3rd Parties = $8,000,000 • Internal Borrowing = $500,000-700,000

  4. Divestment/Repayment Plant • Sale of 160 acres of Legacy Center to Athletes in Action • Tentative closing date is December 31, 2010 • Proceeds = $3,100,000 • Retire bank debt • Release of Endowment Fund = $1,650,000 • Retire $800,000 bank debt • Provide $850,000 for accounts payable payments and operating needs

  5. LMI/DCSS Post AIA Sale • Cash (EF) = $ 850,000 • Bank Obligations = $3,400,000 • Seeking to refinance with HUD for 35 years • AIA Note = $ 600,000 • Accounts Payable = $ 0 • Total Debt-3rd Parties = $4,000,000 • Internal Borrowing= $500,000-700,000

  6. Sale of Legacy Village Retirement Community • Target sale date = June 30, 2011 • Target sale price is an amount sufficient to retire remaining bank debt, pay-off internal borrowing and replenish cash reserves • Seeking prospective buyers who are: • Faith-based • Experienced with senior care • Financial wherewithal to fully develop LVRC

  7. Legacy Center--Post Sale • 40 acres of Legacy Center campus to remain with DCSS • 20 acres/buildings – Xenia Christian Schools • 20 acres – power plant • XCS will remain open • XCS will continue to use AIA athletic fields

  8. Map of Legacy Campus

  9. LMI/DCSS Cash Flow ProjectionsOctober 2010 to June 2011 • Cash Receipts

  10. LMI/DCSS Cash Flow ProjectionsOctober 2010 to June 2011 • Cash Disbursements

  11. LMI/DCSS Cash Flow ProjectionsOctober 2010 to June 2011

  12. Annual Fund • 2010-11 Annual Fund need = $575,000

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