Lisa reviewed the highlights from the 5/31/21 financial statements.  WIA collected the final funding draw from APS for the fiscal year.  WIA has invoiced APS for CARES I funding.  The CARES I funding was largely used for Chromebooks and accessories for the distance learning by students. 

Retention bonuses were also paid in May as per the State of Georgia.  As previously discussed at the Board, WIA matched the bonus from the State of Georgia.  Cash position remains strong.  Prepaid expenses typically increase towards the end of the fiscal year as the school begins paying items for the next fiscal year. 

Lisa shared an outline of FY close out process and timing.  The committee reviewed the FY21 Unaudited Year-End Financial Statements. 

Additional federal funding will likely trigger additional audits for the FY 22 financials next year.  Federal funding in FY 21 included Title I, Title II, Title IV and CARES I as well as the Payroll Protection Plan Grant funds. 

Total revenues for FY 21 were $13.9 million.  Compensation expenses were on budget at $9.4 million with net income of $2.1 million.  The increased net income is largely due to the timing of the PPP loan becoming a grant as well as federal funding which will be spent during the upcoming fiscal year(s).  Final audited numbers will show a different number once the auditor inserts the pension liabilities.

Receivables from APS, prepaid expenses and liabilities are in line with previous fiscal years. 

WIA continues to move through audit plan dates.  We anticipate sampling requests from the auditor early next week.  School leadership anticipates being done with the audit August 30 and the school reporting deadlines to APS are September 30, 2021.  We will schedule a presentation by the auditor at the September committee meeting.

The committee unanimously voted to approve the following goals for the 2021-2022 year:  (1) timely completion of a clean audit of FY 21 financials and subsequent reporting to all governing bodies, (2) presentation of a mid-year budget revision for review by the Board at the February 2022 meeting, (3) presentation to the Board of a budget for FY 2023 no later than the close of FY 2022, and (4) review of policies and procedures in light of operational shifts due to pandemic influences as well as in advance of the upcoming charter renewal.