o   Net loss for September was -$62,308

 

Slated for the November Finance Committee and Board meetings, we will review and approve the audited financial statements for YE 6/30/19, as well as the IRS Form 990.  Our new auditors will have a representative attending in order to review the financial statements and any related findings, and answer any questions you may have regarding the findings.

 

With regard to the observations of the recent Board Assessment, and the differences in individual Board member perspective and comfort tied to financial matters, please feel free to contact me by email if you have any questions about the overall financial condition of the school.  You may also wish to attend our monthly Finance Committee meetings.

 

In an attempt to provide some education on the financial realities of the school, the reasons behind our tight budget, and the importance of fundraising and the identification of alternative revenue generators, I will leave you with two financial facts related to just the month of September:

• The ADMw received in September was 80% of what the State of Oregon provides charter schools.  The other 20%, or $49,164, is withheld by the Beaverton School District prior to submitting the 80% to the school, in order to assist in covering BSD's alleged costs regarding additional services like special education support.

• The grand total of September's payroll was $118,070.  We had to submit an additional payment of $36,048 to the Public Employee Retirement System (PERS), 80%, or almost $29,000, of which is applied to the Statewide funding pool for PERS.  Only 20% of the PERS payment, or about $7,048, went directly to our qualifying employees' specific retirement benefits.

In total, Arco Iris either spent or had the obligation of discharging $78,164 in funds it would have otherwise retained with full state funding and an independent, but still generous, retirement program.

 

That is for just one month.  And that is why the school must watch its spending and must maintain strong fundraising, the Program Enrichment Fee (PEF), and revenue from additional services like aftercare.