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2011 Annual Financial Management Report

Manara AcademyOct. 15th, 2011

2011 Annual Financial Report

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Outline

- What is School FIRST?- How did we do on 2009-2010?- 2011 School FIRST for Charter Schools- Manara Academy’s 2011 School FIRST- How did we do on 2010-2011?- 2012 School FIRST for Charter Schools

2011 Annual Financial Report

School FIRST

• Financial Integrity Rating System of Texas• Adopted in Dec. 2007, TEA takes into consideration

when assigning accreditation.• 2011 School FIRST is based on the 09-10 Fiscal year. • 3 possible Ratings:– Standard Achievement– Substandard Achievement– Suspended-Data Quality (affects accreditation for the

year 11-12)

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Charter FIRST

• 3 financial accountability indicators• Source of data is the 2009-2010 annual

financial audit• Must receive a “Yes” on all 3 indicators to

achieve “Standard Achievement” rating.• FIRST rating may impact the special education

determination status of a charter district too!!

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Statement of Financial Position

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Statement of Activities – As of June 2010

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What else is Required?

• Report Reimbursements to the Superintendent and Board of Trustees members for the 2009-2010 year.

• Post the current superintendents contract on the school’s website for 12 months.

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Superintendent Board President

Board V. President

Board Member 1

Board Member 2

Board Member 3

Board Member4

$45,000.00 $0.00 $522.52 $2,283.75 $0.00 $0.00 $0.00

2012 Charter FIRST

• Add the financial solvency provisions• 21 indicators (just like school districts)• Possible ratings would be:– Above Standard Achievement– Superior Achievement– Standard Achievement– Substandard Achievement– Suspended-Data Quality

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Statement of Financial P. – unauditedAs of June-2011

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Statement of Activities –unaudited As of June, 2011

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Are We Prepared for this Year?

• 10-11 F.Y. Audit scheduled for Oct. 31st.• No major adjusting entries expected to

materially change internally prepared financial statements.

• One added indicator for 2012 FIRST rating is for Charter districts to maintain approximately 60 days of operating expenses in their general fund account.

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Questions

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