• On the Exec Summary:
  • Cash balances are available for both the School and the Foundation as well as a summary of year-to-date revenue and expenses for the School.
  • I’ve also included the Life to Date Loan Balance. Based on the available statement and any activity through the end of the month that may not be reflected– the statement cuts off on the 17th of the month where these financial statements are month end.
• Reviewing the Balance Sheet:
  • The District is now paying on 550, while I’m accruing all FTE derived revenue on 570 per the last finance call. The School will continue to build a receivable balance until the District/State reconciled the October FTE count.
  • I have met with Kellie Jo and Tricia to identify Triumph payroll expenses specifically and I’ve recorded those YTD as receivables. As other expenses occur and we are notified I will continue to record a receivable against these. Triumph requires a threshold of $238K to be expense before any submission for reimbursement.
  • You will continue to see a growing Capital Outlay Receivable due to the LCIR being held until February along with the Capital Outlay funding being paid at last years FTE count.
  • We are in progress of transitioning to First Citizens bank. The September FEFP payment was deposited into these accounts.
• Revenue and Exp Summary by Fund
  • This is a quick way to look at where the money is flowing, each Fund is separated here based on the intent of the funds. Operating funds are showing a healthy surplus.
    • Triumph is special revenue also with restrictions; we will record all expenses associated with this here and the revenue should always match leaving zero surplus/deficit. You could consider this to be operating cost, if there were not a special revenue source to support the program.
    • Capital Outlay, this is restricted revenue as well, again we will record expenses and revenues associated within this section. This account can carry a surplus into the next fiscal year to be used towards future eligible expenses. We’ll move anything we believe it eligible here to utilize the funding before causing a deficit in the operating fund.
    • Debt, this is strictly for loan draws and construction expenses. Currently there is a deficit as the School has paid for a few invoices prior to receiving the associated draw.
    • Internal; this is all athletic, club and student activities revenues and expenses. You will see when reviewing the budget this is a deficit fund – you could debate this is essentially where the transfer from Foundation goes – to boost this fund.
    • Operating is just that, the general operating costs of the school that cannot be reimbursed or funded by special revenues.
• Revenue and Expense Detail; here you can find the details of each line item. What I refer to as the ‘drill down’ feature is here, each posting made my myself or others within our accounting system can be found here. I’ve also added this month the projection of each line item compared to the budget. Adjustments to projections are made based off actual expenses as well as any information shared by Admin on expected increases or decreases in any area.
• Foundation Due to/from; this is where we move activity between the two organizations. Mostly expenses paid by the School that need to be reimbursed by the Foundation. Currently the balance is $375K which is made up of transactions as far back as FY24.
• The Cash flow tab is the last tab; we’ll be looking at this closely all year as I’ve mentioned this is going to be a challenging year. There have been several changes to the projections since last month provided by Tom. We are focused on the first 6 months of the year for now, as in December 45 days cash on hand must be met, while knowing we must also look ahead at June to meet those requirements.
  • FEFP, CO & LCIR is based on current DOE calculations at 570FTE.
  • 1st Transfer from Foundation for FY26 has been received, remainder in December.
  • No additional revenue or loan from the Foundation.
  • Bi-Annual payments of college tuition, textbooks and security officer in Dec & June.
  • Upfront cost of most software over the next 3 months.
  • Debt draw’s equaling the expenses – meaning no more out of pocket expenses.
  • Triumph revenue will always be equal to expense, but the timing of this is where it gets tricky. Reimbursements can be sent after $238K has been expensed; the approval time frame is 45 days PLUS 30 days to reimburse after approval.
  • This projection also assumes the $750K of General Appropriation will come in December.
  • There is much that we should discuss about the cash flow on the scheduled call Tues, Sept 16. With some discussion we can make additional adjustments to determine where we expect to be December 31. In the meantime, you can study the cash flow tab, which I’ve left fully expanded. I’ve also added notes in some of the highlighted cells with our comments or questions.

Drafted Budget 

So Far: $114,500 secured in sponsors and teams ($186,500 goal)

Applied for grants:

CAP Grant (Workforce Development Capitalization Incentive Grant) ($165,000)

Cox Charities ($10,000) STEM and Arts

Finalist for Impact 100 (October 20th Announcement) ($100,000 MS Capital Improvements and STEM at SNS)

Received Grants:

Cox Charities ($5,000) will support our Clubs and Instructional Material Lines

Capital Campaign Updates:

School Drafted Budget (Updated 8/18/25) in comparison to latest SFS Draft

Budget Updates presented by the school management team (click here)

Total Enrollment: 595

Updates to actual personnel and third party agreements have been made.

Multiple Operational Items to clarify:

- Dues and Charges

- Copier Costs vs Paper

- Phones

- Some utilities