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FINANCIAL ACCOUNTABILITY

FINANCIAL ACCOUNTABILITY

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FINANCIAL ACCOUNTABILITY

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  1. FINANCIAL ACCOUNTABILITY Dissemination Grant Statewide Conference February 13 and 15, 2007 International School of Monterey

  2. AGENDA • Monitoring Finances • Achieving Targeted Goals • Recent Successes • Quality Controls • Wrap-Up

  3. INTERNATIONAL SCHOOL OF MONTEREY • FY 2001-2002 • 40 Students • K - 4 • Parents • International School • Public Setting

  4. INTERNATIONAL SCHOOL OF MONTEREY • FY 2006-2007 • Sixth Year • 336 Students • K - 8 • 10,000 Volunteer Hours/Year

  5. ISMBOARD OF TRUSTEES • Paul Gaucher, President, Gaucher & Associates • Chris Hasegawa, Dean of Extended Education and International Programs, CSUMB • Sean Madden, Director, Marketing & Publications/University Advancement, CSUMB • Cary Neiman, Real Estate Developer • Prashant Gupta, Chairman, President & CEO, Syndera Corp. • Roberta Infelise, School Administrator • Grant Miles, Managing Director Retail Co-Brand , HSBC • Joanne Storkan, Business Owner & Screenwriter • John Tilley, Senior V.P., Greater Bay Bancorp • Michael Whilden, Attorney (Charter Schools) • Chrissie Jahn, Executive Director/Head of School, MBA & PhD Candidate (Ex-Officio Board Member)

  6. LET’S GET STARTED!

  7. MONITORING FINANCES HISTORICAL ANALYSIS • Year to Year • Revenue • Expenses

  8. MONITORING FINANCES REVENUES BY SOURCE Graphs Prepared by Grant Miles, ISM Board Member

  9. MONITORING FINANCESREVENUE MIX Graphs Prepared by Grant Miles, ISM Board Member

  10. MONITORING FINANCES EXPENSES BY CATEGORY Graphs Prepared by Grant Miles, ISM Board Member

  11. MONITORING FINANCES EXPENSES PER ADA Graphs Prepared by Grant Miles, ISM Board Member

  12. ACHEIVING GOALS • Benchmarking • Analysis of Outcomes

  13. ACHEIVING GOALSBENCHMARKING ISM Heritage FSCS Revenue State 2,061,049 1,796,405 2,106,057 Revenue Local 332,507 14% 340,000 16% 537,782 20% 2,348,368 2,136,405 2,643,839 Salaries Certificated 1,104,252 47% 626,898 31% 986,464 42% Salaries Classified 396,131 17% 221,289 11% 461,554 20% Benefits 409,468 17% 268,640 13% 292,152 13% Capital 43,000 2% 72,208 4% 14,107 1% Books & Materials 50,000 2% 109,000 5% 161,984 7% Facilities 117,541 5% 530,000 26% 148,177 6% Operating 236,157 10% 199,792 10% 258,886 11% District 0 0% 0% 2,356,548 100% 2,027,827 2,323,324 ADA 319.85 276.45 290

  14. BUDGETING - KEYS TO SUCCESS • Identify Key Needs • Prioritizes Those Needs • Separate Revenues and Expenses into Two Groups: 1. Those with 100% certainty 2. Those with less • Monitor # 2 Items Closely

  15. BUDGETING - KEYS TO SUCCESS • Budget Capital Items Separately • Forecast out 3 to 5 Years • Use All Resources Available • Analyze Past Revenue and Expense Trends • Benchmark Where Ever Possible

  16. SUCCESSES IN FINANCIAL MANAGEMENT • Background • Direct Funded vs. Indirect Funded • Ed. Code 47635 (b)

  17. ED. CODE: 47635 (b) The sponsoring local educational agency shall transfer funding in lieu of property taxes to the charter school in monthly installments, by no later than the 15th of each month.

  18. SUCCESSES IN FINANCIAL MANAGEMENT (cont’d) • Higher Level of Independence • Additional Burden of Responsibility

  19. QUALITY CONTROLS • Separation of Duties

  20. RECAP • Monitoring Finances • Achieving Targeted Goals • Recent Successes • Quality Controls

  21. THANK YOU! Contact Info: Lorraine Williby lwilliby@ismonterey.org (831) 583-2168 International School of Monterey