Florida Charter School Conference 1 Terrace Community Middle School #6606 Back to Basics Charter School Foundation, Inc. School District of Hillsborough County Jefferson Road Tampa, Florida A NCLB U.S. Department of Education National Blue Ribbon School of Excellence An 'A+' Public Charter School of Choice of the School District of Hillsborough County, Florida '100 Best Bets for Public Charter Schools of Choice in the U.S.' - U.S. Center for Educational Reform Building a Strong Governance Structure

Highlights 2 Basic Charter School Realities Board of Directors / Foundations Financial Governance

Basic Realities of the Charter School Environment 3 Educators want to Educate…. Charters are a school and a business, but which comes first….. Most educators do not want to be business people…. Charters will experience difficulties when they fail to manage the business side…..

The Board of Directors: 4 As soon as the founding committee or group has established a legal entity, the Board of Directors should at that point be created and take over the supervision of the school. It can delegate to others, but there needs to be a ‘Buck stops here’ mentality. The founders would be part of the Board, but a board is critical for survival and new ideas for the future.

The Board, cont’. 5 Role of the Board of Directors  Establish the Basic Direction of the School  Establish Policies for the School  Provide Oversight for School Operations  Fiscal & Operational Activities  Not Educational Oversight Role of the Principal / Founder / CEO  Administration, Day to day operations  Recruitment  Liaison to Board

The Board, cont’. 6 Composition of the Board  Governed under By-Laws of Corporation  members, but may be  Mixture of Talents, backgrounds, interests:  Business leaders  Community Leaders / Activists  Former Educators  Parents (caveat make sure they have the school interests first not their child’s)  Stakeholders  Strive for Longevity

The Board, cont’. 7 Committees  Depends on age of Organization  New Schools  Mature Schools  Depends on Structure of Organization  Strong Management Team  Strong Board  Depends on Financial Structure / Strength

The Board, cont’. 8 Committees, cont.  Finance & Development (Fundraising/Grants)  Treasurer, Business Manager, others  Operations  Depends on Facility  Academic Review and Oversight  To review test performance  Ensure that the School keeps on Mission  Governance & Nominating  Sunshine rules  Finding New Members, etc.  Administrative Review

The Foundation: 9 Foundation  Is the Legal Entity for the School  Hold the 501-C(3)  Improves Fundraising Opportunities  Added layers of Financial / Tax Reporting

Financial Governance 10 Business Plan Budgets Financial Operations Reporting

Business Plan 11 Summarizes the objectives of the school How you plan on achieving these objectives Metrics whereby to measure the progress towards these objectives Are both academic or fiscal in nature

Budgets 12 Most important financial document for the administration  Blueprint for operating the school  Must be achievable and supportable with realistic expectations  Must be profitable to sustain school Prepared in a Zero-Based environment annually  Each program and expense re-justified each year  Take into consideration:  New laws  New projects  DOE changes in the future The ‘Physics’ of the budget be understood by the Principle and key finance staff member 

Financial Operations 13 Must be managed by trusted staff member - Business Manager Must be continual communication between  Principal  Treasurer of the Board  Business Manager Usage of capable software Follow strict GAAP procedures  Generally Accepted Accounting Principles Good relationship with Audit Firm for guidance when needed

Reporting 14 Reporting Layers  Federal  Employment taxes  Foundation returns  State unemployment taxes  District (DOE)  Object function reporting  Monthly financials  Annual Audited statements  Board of Directors  Monthly reports of actual spending to the budget  Financing Covenants