1. OCCS Regional Board Training
School Finance 101
OCCS Regional Board Training

2. Agenda
Today’s Goal
To help community school board members understand aspects of charter school funding and other financial matters in order to raise their level of comfort when faced with financial decisions.
Today’s Agenda:
State Funding
Federal Funding
Other Funding
Budgets and Financial Review
Five-Year Forecasts
Annual Financial Audits
OCCS Expectations

3. State Funding Community School Payment Letters
Community School Payment Reports
#1 CS Detail Payment Report
#2 CS Summary Report
#3 & #4 CS District Reports
#5 CS Statement of Settlement

4. Layers of State Funding
Opportunity Grant - $5,800 per FTE for FY2015
Tier 1 Targeted Assistance
Special Education
K-3 Literacy
Economically Disadvantaged Funding
Limited English Proficiency Funding
Career Technical Funding
Transportation
Facilities Funding

5. Federal Funding Supplement NOT Supplant
Comprehensive Continuous Improvement Plan (CCIP) Process
Drawing down funds
Single Audits (A-133)

6. Other Types of Funding Facilities Funding Casino
Approximately $100 per FTE
Casino
About $50 per student
June 2014 Payment (paid August 2014) was about $ per student.
2 payments per year
January and August
Grants and Fundraising

7. Budgets and Financial Review
Understand your financial situation
Good decisions can only be made if all relevant information is present and understood
Finance committees
Budgets
Get involved with budgeting process
Get key players involved: school leaders, etc.
Monthly or quarterly?
Actual versus Budget
Explanation of variances
Monthly financial information
Cash Flow Projection, Stmt of Activity, Budget Comparison, Balance Sheet

8. Five-Year Forecasts Purpose
To engage board and school community in long range planning and discussions of financial issues facing school.
To provide a method for ODE and AOS to identify school’s with potential financial problems.
Due October and May
Use ODE prescribed form
ORC
OAC
If there is a deficit project in one of the first three years forecasted there should be a plan in place to eliminate deficits.
Assumptions
Reasonable

9. Annual Financial Audits
ORC 117 [specifically ORC , , ]
GAAP financials due to AOS 150 days after end of fiscal year
Single Audits (A-133)
FY 2015-More than $500,000 in Federal Expenditures
FY 2016-More than $750,000 in Federal Expenditures
School Audits are Public and Easy to Find
Click on AUDITS > SEARCH AUDITS
Read your school’s audit
Management Letters
Audit Committees are recommended
Entrance and Exit Interviews – useful when there are issues
Fraud Interviews
During the Planning Phase the Auditor will contact a board member (usually the board president) to conduct the fraud interview. Please respond to the auditor ASAP.

10. OCCS Expectations Monthly Monitoring (ORC 3314.023)
Collecting monthly financials from treasurers
OCCS review
Communications with treasurers and boards
Annual Contract Monitoring
Adding financial goals to new P&A plans (Attachment 5)
Intervention
Enrollment trends
Five-year forecasts
Fiscal contract goals
Audit results
School living within financial resources

11. OCCS Expectations (cont.)
Reauthorization
Five-year forecasts
Fiscal contract goals
Audit results
School living within financial resources

12. Questions?
Adrianne Shreve
(419)