1. Executive Director of Federal & State Programs
EXCELLENCE
INNOVATION
RESULTS
SOUTH CAROLINA
Application Overview: Business Plan
Bobby Rykard
Executive Director of Federal & State Programs

2. Application Requirements
Finance
Enrollment projection
5 Year Budget
10 Year Budget
Budget detail assumptions (e.g FTE teachers x $42,000, 5 Chromebooks x $150)
Cash flow projection
Explanation of required annual independent audit (in the narrative)
Documentation of any donations/contributions
Memorandum of Agreement for negotiated services

3. Familiarity with SC charter school funding
Budget Resources
Familiarity with SC charter school funding
$2,425 – Education Finance Act (EFA) – Base Student Cost
$3,600 - Charter Proviso Funding ($1,900 for Virtual Schools)
SCDE Funding Manual
Understand EFA weighting and add-ons (on P. 6-7)
Use reasonable projections for populations (Poverty, Special Ed)
SCDE Accounting Code Handbook
SCDE Per-Pupil Accounting

4. Budget Dos/Don’ts Dos Don’ts
Have financial expertise on the school board/committee as well as legal expertise for contract review
Collaborate with existing schools/experts in charter finance (in South Carolina)
Align budget to educational program-strategies/initiatives
Do not include unsecured funds (federal programs)
Okay to include P/I Grant
Sufficient staffing, technology, and supplies related to model
Speak to donations/contributions
Detailed budget assumptions/detail
Resource budget that is not aligned to educational program
Have a deficit fund balance in the budget
Have calculation errors in the budget
Leave required financial components out of the application
5 year/10 year budget, cash flow, budget assumptions/detail

5. Familiarity with charter school funding
Budget Resources
Familiarity with charter school funding
$2,425 - EFA – Base Student Cost
$3,600 - Charter Proviso Funding ($1,900 for Virtuals)
SCDE Funding Manual
Understand EFA weighting and add-ons (on P. 6-7)
Use reasonable projections for populations (poverty, Special Ed)
SCDE Accounting Code Handbook
SCDE Per-Pupil Accounting Manual

6. Budget Tips
What happens if anticipated funding is less than you thought?
Less enrollment than projected?
Projected funds are not received (P/I grant or expected funds)?
Unexpected costs – building retrofitting, facilities maintenance
Does the school have a contingency plan and adjusted budget to know what activities/areas will be reduced in the budget?
Negotiate, negotiate, negotiate – contracts, leases, etc.

7. Budget Tips
Strong understanding of internal controls to be able to explain in the application narrative
Clear explanation of services provided by service providers or education management companies
If providing retirement (SCRS), understand costs
Are salaries competitive/reasonable?

8. RESULTS EXCELLENCE INNOVATION Charter Application
SOUTH CAROLINA
Charter Application
School Business Plan - Facilities
Bobby Rykard
Executive Director of Federal & State Programs

9. Application Requirements for Facilities
Floor plan of facility, including size/sq. footage
Facilities/lease agreement
Documentation from (OFS) Office of School Facilities
Documentation from SCDOT
A facility does not have to be secured for approval, but is highly recommended (research, location defined, understanding of needs for facility related to educational program)

10. SCDE Office of School Facilities
Facilities Resources
SCDE Office of School Facilities
School Facilities Planning & Construction Guide
(Also includes best practices for site selection and instructional space)

11. Facilities Tips
Are facilities reflective of educational model and defined activities?
Narrative – define expected number of classrooms, square footage requirements, other facilities requirements – media center, gym, labs
Explain assurance of accessibility for all students (e.g. students with disabilities)
If facility not selected, describe the plan for securing a facility, define a timeline for securing and building or occupying the facility, and any plan for adapting facilities to meet needs
***DO NOT WAIT TO COORDINATE WITH SCDE-OFS & SCDOT***

12. RESULTS EXCELLENCE INNOVATION Charter Application
SOUTH CAROLINA
Charter Application
School Business Plan - Insurance
Bobby Rykard
Executive Director of Federal & State Programs

13. Insurance Requirements
Description of Types and Amounts of Insurance Coverage
Workers Compensation
Liability Insurance
Loss of school building/contents due to fire/theft
Indemnity insurance against civil/criminal liability
Auto, property and liability insurance
Statement/quote from a licensed insurance company estimating costs and ability of applicant to secure insurance