Finance

Financial Review - Confluence Charter Schools, May 2015
Confluence Charter Schools Financial Review_May 2015_FINAL.pdf



Summary Statement - Confluence Academy
January 5, 2014



Confluence Academy LEA recently received an unmodified opinion on an audit of the district's Financial Statements for the fiscal year that ended June 30, 2014. The areas covered under the audits, were accounting of financial statements, compliance with state law and compliance with laws governing federal programs.

An unmodified opinion is the best opinion any organization can receive. RubinBrown, LLP performed the audit.

The report states, in part “in our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the LEA as of June 30, 2014, and the respective changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America.”

Confluence Academy LEA uses three major funds to account for its financial activity — the general fund, teachers’ fund, and capital projects fund.

Among all three funds, the report states that Confluence Academy LEA had total revenue of $39,336,184 for the 2014 fiscal year compared to $41,458,845 in fiscal year 2013. 2014 revenues by fund were $22,671,447 for the general fund, $16,664,491 for the teachers’ fund and $246 for the capital projects fund.

The report shows that general revenues accounted for $32,941,612 in revenue or 84% of all revenues. Program specific revenues in the form of operating grants and contributions accounted for $6,394,571 or 16% of total revenues.

The LEA had $38,416,316 of expenditures in fiscal 2014 compared with $40,746,617 in fiscal 2013.

The auditors report showed in total, net assets have increased by $919,867 for total net assets of $4,423,457 at fiscal year ended 2014.

The report shows balances for the general, teachers’ and capital projects funds totaled $8,750,855, $0, and $1,910,284 for a total governmental funds balance of $10,661,139 at fiscal year ended 2014.

The audit report is available - Confluence Academy LEA 2014 ye Final.pdf







Summary Statement - Grand Center Arts Academy
January 5, 2015

Grand Center Arts Academy LEA recently received an unmodified opinion on an audit of the district's Financial Statements for the fiscal year that ended June 30, 2014. The areas covered under the audits, were accounting of financial statements, compliance with state law and compliance with laws governing federal programs.

An unmodified opinion is the best opinion any organization can receive. RubinBrown, LLP performed the audit.

The report states, in part “in our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the LEA as of June 30, 2013, and the respective changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America.”

Grand Center Arts Academy LEA uses three major funds to account for its financial activity — the general fund, teachers’ fund and capital projects fund.

Among all three funds, the report states that Grand Center Arts Academy LEA had total revenue of $5,147,730 for the 2014 fiscal year compared to $4,213,950 in fiscal year 2013. 2014 revenues by fund were $2,122,271 for the general fund, $3,015,959 for the teachers’ fund and $9,500 for the capital projects fund.

The report shows that general revenues accounted for $4,561,569 in revenue or 89% of all revenues. Program specific revenues in the form of operating grants and contributions accounted for $586,161 or 11% of total revenues.

The LEA had $7,073,776 of expenditures in fiscal 2014 compared with $6,173,406 in fiscal year 2013.

The auditors report showed in total, net assets have decreased by $1,926,046 for total net assets of $(8,224,390) at fiscal year ended 2014.

The report shows balances for all funds totaled $189,792 at fiscal year ended 2014.

The audit report is available - Grand Center Arts Academy LEA 2014 ye Final.pdf