DCSS Parent Meeting November 2010 Bob Elliott President/CEO Dayton Christian School System
DCSS Board President/CEO Education Division Dayton Christian School Xenia Christian School Dayton Christian Homeschool Psychologist Special Education Curriculum Ministry TripsTransportation Health Services Advancement Division Admissions Office Communications/ Constituent Relations Office Development Office Business Division Controller AR/Student Billing Purchasing/AP Payroll Auxiliary Funds Human Resources Facility Services Maintenance Grounds Custodial IT Department President Emeritus
DCSS Parent Meeting November 2010 Rich Anglin Co-President, LMI Director of Business Services, DCSS
LMI/DCSS Financial Summary Cash (EF) = $2,500,000 Bank Obligations = $7,300,000 Accounts Payable = $ 700,000 Total Debt-3 rd Parties = $8,000,000 Internal Borrowing = $500, ,000
Divestment/Repayment Plant Sale of 160 acres of Legacy Center to Athletes in Action ▫ Tentative closing date is December 31, 2010 ▫ Proceeds = $3,100,000 Retire bank debt ▫ Release of Endowment Fund = $1,650,000 Retire $800,000 bank debt Provide $850,000 for accounts payable payments and operating needs
LMI/DCSS Post AIA Sale Cash (EF) = $ 850,000 Bank Obligations = $3,400,000 ▫ Seeking to refinance with HUD for 35 years AIA Note = $ 600,000 Accounts Payable = $ 0 Total Debt-3 rd Parties = $4,000,000 Internal Borrowing=$500, ,000
Sale of Legacy Village Retirement Community Target sale date = June 30, 2011 Target sale price is an amount sufficient to retire remaining bank debt, pay-off internal borrowing and replenish cash reserves Seeking prospective buyers who are: ▫ Faith-based ▫ Experienced with senior care ▫ Financial wherewithal to fully develop LVRC
Legacy Center--Post Sale 40 acres of Legacy Center campus to remain with DCSS ▫ 20 acres/buildings – Xenia Christian Schools ▫ 20 acres – power plant XCS will remain open XCS will continue to use AIA athletic fields
Map of Legacy Campus
LMI/DCSS Cash Flow Projections October 2010 to June 2011 Cash Receipts Source Tuition$4,337,000 Endowment Fund850,000 Development/Donations500,000 Other431,000 TOTAL$6,118,000
LMI/DCSS Cash Flow Projections October 2010 to June 2011 Cash Disbursements Use Compensation and Benefits $3,732,000 Operating Costs928,000 Delinquent Accounts700,000 Utilities435,000 Interest/Bank Fees61,000 Total$5,856,000
LMI/DCSS Cash Flow Projections October 2010 to June 2011 Net Cash Increase Cash Receipts$6,118,000 Cash Disbursements(5,856,000) Total Net Cash Increase $262,000
Annual Fund Annual Fund need = $575,000 MonthNeed October$35,000 November70,000 December225,000 January40,000 February20,000 March40,000 April45,000 May25,000 June25,000