2011 Annual Financial Management Report Manara Academy Oct. 15 th, Annual Financial Report1

Outline -What is School FIRST? -How did we do on ? School FIRST for Charter Schools -Manara Academy’s 2011 School FIRST -How did we do on ? School FIRST for Charter Schools 2011 Annual Financial Report2

School FIRST Financial Integrity Rating System of Texas Adopted in Dec. 2007, TEA takes into consideration when assigning accreditation School FIRST is based on the Fiscal year. 3 possible Ratings: – Standard Achievement – Substandard Achievement – Suspended-Data Quality (affects accreditation for the year 11-12) 2011 Annual Financial ReportManara Academy3

Charter FIRST 3 financial accountability indicators Source of data is the 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!! 2011 Annual Financial ReportManara Academy4

2011 Annual Financial ReportManara Academy5

Statement of Financial Position 2011 Annual Financial ReportManara Academy6

Statement of Activities – As of June Annual Financial ReportManara Academy7

What else is Required? Report Reimbursements to the Superintendent and Board of Trustees members for the year. Post the current superintendents contract on the school’s website for 12 months Annual Financial ReportManara Academy8 SuperintendentBoard President Board V. Presiden t Board Member 1 Board Member 2 Board Member 3 Board Member 4 $45,000.00$0.00$522.52$2,283.75$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 2011 Annual Financial ReportManara Academy9

Statement of Financial P. – unaudited As of June Annual Financial ReportManara Academy10

Statement of Activities –unaudited As of June, Annual Financial ReportManara Academy11

Are We Prepared for this Year? 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 Annual Financial ReportManara Academy12

Questions ?! 2011 Annual Financial ReportManara Academy13