1. 2011 Annual Financial Management Report Manara Academy Oct. 15 th, 2011 2011 Annual Financial Report1

2. Outline -What is School FIRST? -How did we do on 2009-2010? -2011 School FIRST for Charter Schools -Manara Academy’s 2011 School FIRST -How did we do on 2010-2011? -2012 School FIRST for Charter Schools 2011 Annual Financial Report2

3. School FIRST Financial Integrity Rating System of Texas Adopted in Dec. 2007, TEA takes into consideration when assigning accreditation. 2011 School FIRST is based on the 09-10 Fiscal year. 3 possible Ratings: – Standard Achievement – Substandard Achievement – Suspended-Data Quality (affects accreditation for the year 11-12) 2011 Annual Financial ReportManara Academy3

4. Charter FIRST 3 financial accountability indicators Source of data is the 2009-2010 annual financial audit Must receive a “Yes” on all 3 indicators to achieve “Standard Achievement” rating. FIRST rating may impact the special education determination status of a charter district too!! 2011 Annual Financial ReportManara Academy4

5. 2011 Annual Financial ReportManara Academy5

6. Statement of Financial Position 2011 Annual Financial ReportManara Academy6

7. Statement of Activities – As of June 2010 2011 Annual Financial ReportManara Academy7

8. What else is Required? Report Reimbursements to the Superintendent and Board of Trustees members for the 2009-2010 year. Post the current superintendents contract on the school’s website for 12 months. 2011 Annual Financial ReportManara Academy8 SuperintendentBoard President Board V. Presiden t Board Member 1 Board Member 2 Board Member 3 Board Member 4 $45,000.00$0.00$522.52$2,283.75$0.00

9. 2012 Charter FIRST Add the financial solvency provisions 21 indicators (just like school districts) Possible ratings would be: – Above Standard Achievement – Superior Achievement – Standard Achievement – Substandard Achievement – Suspended-Data Quality 2011 Annual Financial ReportManara Academy9

10. Statement of Financial P. – unaudited As of June-2011 2011 Annual Financial ReportManara Academy10

11. Statement of Activities –unaudited As of June, 2011 2011 Annual Financial ReportManara Academy11

12. Are We Prepared for this Year? 10-11 F.Y. Audit scheduled for Oct. 31st. No major adjusting entries expected to materially change internally prepared financial statements. One added indicator for 2012 FIRST rating is for Charter districts to maintain approximately 60 days of operating expenses in their general fund account. 2011 Annual Financial ReportManara Academy12

13. Questions ?! 2011 Annual Financial ReportManara Academy13