None for July

Enrollment for the 24 - 25 school year is progressing as expected

Fiscal Year 24 was a strong year for Pharos Academy Charter School.

4th Sector Solutions provided a summary of where the school stands.  

Total margin is break even which is strong.  Debt to asset ratio 0.58. 

Enrollment is at approximately 685 students and enrollment for 24 - 25 is underway.

We are still receiving and processing invoices for FY24.

The school shared an update regarding Rental Assistance with the school's authorizer, the New York City Department of Education.  The assistance is based on 12th grade scholars at Pharos.

The school recognized 16.6 in revenue.  With rental assistance and investment account income we will be able to recognize additional monies.

For salary and benefits overall we were in line with the approved budget.

For OTP the budget was 5.7 million; the school has spent approximately 5.6 million thus far.

For the balance sheet, as of June 30 the school has 4.9 million in cash and cash equivalent.  Cash equivalents was 680,000.  There was also 300,000 for rental assistance, received in the first week of July.  Total assets 5.6 plus 12.2 for a total of 20.8.

The school also recorded summer accrual for instructional staff who are ten month employees for FY24.

The total liabilities is 11.9 million.  Equity of 8.8 million dollars.  Very strong balance sheet.

The date on the PDF is correct but the amounts are correct.  The revised document has been uploaded to Board on Track.

There was an increase of over 1%, a change in value of 26,000.