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MANARA ACADEMY NOV. 16 TH, 2013 2013 Annual Financial Report 1 2013 Annual Financial Management Report.

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Presentation on theme: "MANARA ACADEMY NOV. 16 TH, 2013 2013 Annual Financial Report 1 2013 Annual Financial Management Report."— Presentation transcript:

1 MANARA ACADEMY NOV. 16 TH, Annual Financial Report Annual Financial Management Report

2 Outline 2013 Annual Financial Report 2 -What is School FIRST? School FIRST School FIRST School FIRST -Conclusion

3 School FIRST/Charter FIRST 2013 Annual Financial Report 3 Financial Integrity Rating System of Texas Adopted in Dec for School Districts Impacts school accreditation. May impact the special education determination status Is a group of accountability indicators to test against FIRST Rating on TEA’s website. FIRST Rating on TEA’s website

4 2011 Charter FIRST 2013 Annual Financial Report 4 3 financial accountability indicators only Source of data is the annual financial audit 3 possible Ratings:  Standard Achievement  Substandard Achievement  Suspended-Data Quality (affects accreditation for the year ) Must receive a “Yes” on all 3 indicators to achieve “Standard Achievement” rating. Our district received a “Standard Achievement”

5 2012 Charter FIRST 2013 Annual Financial Report 5 Add the financial solvency provisions Add PEIMS Standard data provisions 21 indicators (just like school districts)-changed later to 19 indicators Possible ratings would be:  Superior Achievement  Above Standard Achievement  Standard Achievement  Substandard Achievement  Suspended-Data Quality

6 2013 Charter FIRST 2013 Annual Financial Report Manara Academ y6 Superior Achievement Investment Indicator, Indicator # 19:  An investment Plan  Could still be challenging given the size of the charter and Investment Atmosphere/opportunities

7 Rating for Manara Academy 2013 Annual Financial Report Ratings for Charter Schools Select from the dropdown Click the district number to display indicators Passed the first 6 indicators Received highest scores (5 out of 5) for indicators 7 to 18. Could not meet indicator # 19 (Investment Earnings) – TEA is reconsidering this indicator.

8 Compensations and Gifts 2013 Annual Financial Report 7 Reported compensations & reimbursements to the Superintendent & Board of Trustees members for the year. Reported gifts received from external entities (by superintendent or charter holder) – none. SuperintendentBoard President Board V. President Board Member 1 Board Member 2 Board Member 3 Board Member 4 $40,000$0.00 * The amount forms 50% of contract total as the person is split between the Superintendent and the Principal two roles.

9 Financial Solvency Inputs 2013 Annual Financial Report 8 Annual total expenditures from General Operating fund. Capital outlays Default on borrowed funds Whether the Charter declared bankruptcy within the last 2 years Staff to WADA ratio Number of superintendents and business managers in the last 3 years.

10 Conclusion 2013 Annual Financial Report 9 Superior Achievement for Manara Academy for the 3 rd year in a row. Noticeably Improved financial performance for relative to previous year ( ). No corrective actions required. Expect further improvement and similar results for next year. Investing School funds - numerous factors come to play…. Heading the right way and is more prepared for growth and expansion.

11 Questions 2013 Annual Financial Report 10 ?! Manara Academy Business Office (972) Royal Lane, Suite # 175 Irving, TX 75063


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