Several worksheets from the End of Year Annual Financial Report submitted to DESE on December 1, 2022 were provided to the Committee.  The pages were given for review so the Committee might understand this report- many of the pages contain data pulled directly from the annual audited financial reports.  The Statement of Functional Expenses is the heart of the report where expenses are reported in several categories for analysis purposes for DESE to compare schools across the Commonwealth.  

One important piece to Charter schools is computing surplus tuition - if it is determined that you have an excess carryover, the funds would need to be returned to DESE.  The form is designed to compute what a school's allowable carryover amount, if there is an excess and because the amount is cumulative, how much will be carried over to the next fiscal year (M.G.L. Chapter 71, Section 89(hh)).

PVPA's allowable is computed by adding:

Line 13 - 25% of current year actual tuition

Line 14 - 20 % of next year's projected tuition

Line 15 - 20 % of budgeted capital projects for the next year

Total $3,343,982

Calculated surplus is computed by:

1. Adding Line 1 - FY21 Excess Surplus to Line 2 - FY22 Change in net assets
2. Subtracting Lines 3 - 9 - Contributions, Interest, capital expenses reserve funds for capital projects and non-operating activity.
3. Adding Lines 10 - 12 - Depreciation on assets purchased from FY2011 forward.

Total calculated surplus $1,045,367

By subtracting the allowable surplus ($3,343,983) from the calculated surplus ($1,045,367) we arrive at a negative $2,298,615.  This means that we did not exceed our allowable surplus. We will, however, carry $1,045,367 over into FY23.  

The surplus carryover is projected to be down in the $500,000 range for FY23 due to the amount spent this year in capital projects.

This formula is one that is watched carefully throughout the year and as we budget so we do not land in a situation where we are returning funds. 

There is no tuition update as DESE has not released the tuition number based on October 1 enrollment at this time.

On the Oct 1 report the enrollment was 393.  Currently enrollment is 396 and after the supplemental lottery in  January we should reach 400 for the February 15th report to DESE. Feb 15 is the last time during the year that we submit enrollment data to claim partial year tuition for changes in enrollment since the Oct 1 report.

A brief discussion was had over the situation with the roof and HVAC projects.  These projects are the responsibility of the Friends of PVPA and are estimated to cost $1.5 million.  At this time we are working with the Friends to move this forward.