LACS Update: Executive Director
 New Head of School appointed: Yanela Cruz
o Will be taking on responsibilities of middle school direction and planning; this includes
driving day-to-day activities, curriculum, data analysis, driving middles school metrics,
and other relevant operational focus with leadership team support.
o Appointing new Head of School – will allow ED to focus on long-term strategic focus,
with minimal presence in day-to-day school operations.

 21 students applied to Springfield Honors Academy (SHS); all 21 students were/have been
accepted to attend SHS.
 Retaining talent:
o 80% of staff is expected to return FY21.
 LACS High School projection:
o High School projection – FY22
o Focus on hiring High School Principle mid-FY21

Review of Financials:
1. DESE Dashboard
o Areas of concern:
 Unrestricted days cash is expected to be at medium risk for the remainder of
the year (typical for a new charter school)
 The percentage of program paid by tuition – slightly under the recommended
90%. This means school will rely on private support. Additionally, metric is also
reflecting a loss of students at end of year (currently showing a loss of 5
students).

o Other areas discussed for improvement:
 Current measures / metrics based on financials projecting out to end of year.
 Percentage of Program paid by Tuition
 Percentage of Program Paid by Tuition & Federal Grants
 Percentage of Total Revenue Expended on Facilities
 Change in Net Assets Percentage
 Suggestions made – include a measures column for Finance Committee to
review these measures “to date” to allow for more detailed discussion around
these metrics from beginning of year – to date.

2. SNP
o Assets
 LACS Cash & Total Assets in good standing.
 Purchases made during Q1&Q2 reflect major change between SNP
recorded/audited July 2019 & January 2020 SNP reported.

o Liabilities
 Payroll is largest LACS debt recorded.
 No major long term debt.

3. Summary
o Overview
 Administrative costs – reflecting 86% of budget. Projecting to go over budget
this year; however, Instructional Services is projected under budget (off-setting
administrative costs).
 Instructional costs – reflecting 80% of budget. Expenses for remaining five (5)
months look flat; allowing for tuition revenue to close gap in net loss. Projecting
under budget.

o CSP grant – drawn December 2019
o Change in Net Position – reflecting a net loss of $143,373.
o Reflected in this measure is equipment / services purchased during Q1&Q2.
o Expenses for remaining five (5) months look flat; allowing for tuition revenue to close
gap in net loss.

4. Cash Flow Statement
o Projecting ending bank balance of $220,971
o Showing net loss on year of $200 (private funding not included in cash flow until drawn)
o End of Year projecting out to balance.

FY21 Budget Planning
 Preliminary plan will be presented during Finance Committee meeting in March

 Juan Hernandez to provide basics of finance 101 training – April, 2020.

Hector Zavala will provide some suggestions

Next meeting scheduled for March 10, 2020