REVENUE

State Funding  is based on enrollment figures as of 5/1/24.  We then receive 50% of what our projected revenues are for that enrollment level, as of July 1st.  The balance of state funding will come after September 30th, when our final enrollment numbers are reported.  We should receive the balance of our annual funding sometime around the end of October.  Next year, as an established Charter school we will receive 80% of our funding on July 1, compared with the 50% we received this year.

The biggest challenge for most charter schools is enrollment, and BASSE looks to be in good shape, with respect to enrollment.  At this point we have 230 students enrolled for the year.

Once we have determined our final enrollment figures on September 30th, we will be able to project our final state and local school district revenues and expenditures for the year.

Calculation for our Local School District Funding will occur this month and we'll start to see those transfers coming over beginning in the October/November timeframe.  We will get about 35% if that annual number as our first payment.  After final enrollment numbers are determined in September, we will get the balance of our local funding by the end of December.

Federal Grant Revenues are already coming in, and we will continue to receive those payments on a monthly basis.

EXPENDITURES

Because most of the teaching staff came on board in August, their first paychecks were distributed in early September.  Therefore, those expenditures do not show up in our July/August financial statements but will begin to show up in our financial statements beginning next month.

Three rent payments have been paid (Jul-Sep), and because September was pre-paid in August, it appears that are rent expenditures are over budget.  This is merely a timing issue and explains the negative variance.  Transportation expenses will begin to show up in the September financial statements.

We still have about $200,000 in charter school start up expenditures, from the federal start of grants that need to be expended by 9/30/24.  We want to make sure we spend that money, so we don't lose out on receiving it.  Once we have committed those funds, we will have until the end of November to liquidate those grant dollars.

Monthly Financial Reports are prepared for us each month by Michelle Lambert.  This report needs to be posted no later than 15 days after each board meeting.  The Jul-Aug Financial Statements, which have been reported in these minutes need to be posted to our website no later than 15 day after our September Board meeting.

Delaware Educational Statistics Report is generated by the State and we need to provide a link to this on our website.

Delaware Online Checkbook is a report that identifies all vendor payments made through the State's accounting system.  This report is also provided by the State and is generated on a monthly basis.  This report can be made available to the general public by providing a link on our website.

Annual Audit will be done at the conclusion of each fiscal year, and when completed, it will be posted on our website.

Annual Report will done at the conclusion of each fiscal year, and when it is completed, it will be posted on our website.

CBOC Meeting Schedule--the schedule of our meetings for the balance of the school year will be posted on our website, which satisfies the reporting requirements  We meet on the second Thursday of each month at 2:00PM.

CBOC Meeting Agenda--we wil lhave a standardized agenda that will be posted on our website and will meet reporting requirements.

CBOC Meeting Minutes--The minutes of each meeting of the CBOC will be posted on our website, in advance of each monthly board meeting.

To fulfill the State requirements around membership which include recruiting at least one BASSE parent and one BASS teacher, as well an additional Board member, we will be placing an add in the local newspaper.

All CBOC members are required to complete financial training provided by the State of Delaware.  The training module is available online and can be viewed at any time.  IT takes about one hour to complete and is required for all CBCO members.