April 2015 Financial Statements

LIFE PREP

The Anton Group - TAG

ADVISORY & ACCOUNTING SERVICES FOR CHARTER SCHOOLS

Financial Highlights

Balance Sheet: The Schools balance sheet reflects the school liquid assets and liabilities. The primary
focus of the balance sheet is the cash balance and any material liabilities. Additionally, attention should be
paid to the amount of the YTD state hold back. The highlights from the balance sheet are:

Cash balance as of the end of the month: $293,357.

YTD state aid receivable: $0

Accounts payable balance as of the end of the month: $0

Current line of credit balance: $75,000.

FY15 will continue a focus on maintaining a balanced budget and sufficient cash balance to minimize
lending needs.

Income Statement: The focus of the Schools income statement is to monitor the ongoing revenues and
expenses of the various programs. Monthly review of the actual spent vs. budget as well as taking into
consideration the percentage of the fiscal year completed is imperative. Yet, also understanding how each
individual line item functions will help the overall analysis. The highlights from the income statement are:

Percent of fiscal year completed: 83%

YTD revenue as a percent of budget: 79%

YTD expenses as a percent of budget: 75%

Cash Flow Statement: The cash flow statement is the most important of all statement. This statement will
help us understand the cash needs and opportunities of the school. Additionally, consistent review of this
projection will ensure sufficient capital is always available.

TAG Advisory & Accounting Services for MN Charter Schools

LIFE Prep

Balance Sheet
For the Period Ending April 30, 2015
General
Education

Assets
Current Assets
Cash
Cash - Savings
Prepaid Expenditures
Total Current Assets

Food
Service

Community
Total
Ed
All Funds

329,424
105,600
19,894
454,918

(73,962)
(73,962)

(67,706)
(67,706)

187,757
105,600
19,894
313,251

TOTAL ASSETS

454,918

(73,962)

(67,706)

313,251

Liabilities and Fund Balance

Current Liabilities
Line Of Credit
Deferred Revenue
Total Current Liabilities

75,000
110,500
185,500

75,000
110,500
185,500

Equity & Fund Balance

Fund Balance - 06/30/14
Net Income FY15
Total Equity & Fund Balance

(48,803)
318,221
269,418

(73,962)
(73,962)

(67,706)
(67,706)

(48,803)
176,553
127,751

Total Liabilities, Equity & Fund Balance

454,918

(73,962)

(67,706)

313,251

For Management Purposes Only

LIFE Prep

Summary Income Expense Statement

For the Period Ending April 30, 2015
Year-To-Date FY15 Approved FY15 Working Remaining
Activity
Revised Budget
Budget
Budget
318 ADM
318 ADM
Revenues
State Revenues
General Education
Lease Aid
State Special Education Aid
Total State Revenues
Federal Revenues
Federal Special Education Aid
Title I
Title II
Federal CEIS
Total Federal Revenues
Other Revenue
Fund 1 - Total Revenues
Expenditures
Administration
Salaries
Benefits
Purchased Services
Supplies
Equipment
Dues and Memberships
Loans Costs
Total Administration
Elementary Program
Salaries
Benefits
Purchased Services
Supplies
Equipment
Dues and Memberships
Total Elementary Program
State Special Education
Salaries
Benefits
Purchased Services
Supplies
Total State Special Education

% of
Working
Budget

2,502,098
141,750
671,303
3,315,151

2,983,355
405,000
690,127
4,078,482

3,133,505
405,000
672,127
4,210,632

631,407
263,250
824
895,482

80%
35%
100%
79%

41,788
60,644
9,875
112,307

47,325
112,800
17,858
9,000
186,983

53,471
111,647
17,439
9,000
191,557

11,683
51,003
7,564
9,000
79,250

78%
54%
57%
0%
59%

11,979

5,000

12,834

855

93%

3,439,436

4,270,465

4,415,023

975,587

78%

267,150
153,940
200,503
6,510
1,532
1,647
4,496
635,778

320,294
140,189
275,300
4,000
4,000
743,782

339,890
195,886
258,013
10,000
1,532
2,000
5,400
812,722

72,740
41,946
57,510
3,490
353
904
176,943

79%
79%
78%
65%
100%
82%
83%
78%

725,217
155,310
11,349
115,045
13,544
3,531
1,023,996

982,977
222,283
66,000
153,000
22,000
1,446,260

1,033,977
220,707
14,500
143,600
13,600
4,000
1,430,384

308,759
65,398
3,151
28,555
56
469
406,388

70%
70%
78%
80%
100%
88%
72%

333,596
78,280
9,791
322
421,990

524,081
109,532
56,175
689,788

485,081
136,971
15,500
1,000
638,552

151,484
58,691
5,709
678
216,562

69%
57%
63%
32%
66%

For Management Purposes Only

LIFE Prep

Summary Income Expense Statement

For the Period Ending April 30, 2015
Year-To-Date FY15 Approved FY15 Working Remaining
Activity
Revised Budget
Budget
Budget
318 ADM
318 ADM
Federal Special Education
Purchased Services
Supplies
Total Federal Special Education

% of
Working
Budget

53,277
11
53,288

47,325
47,325

53,451
20
53,471

175
9
184

100%
55%
100%

Federal CEIS
Purchased Services
Total Federal CEIS

9,000
9,000

9,000
9,000

9,000
9,000

0%
0%

Title I
Salaries
Benefits
Purchased Services
Supplies
Total Title I

45,115
9,171
4,805
4,304
63,395

69,000
22,454
15,193
5,000
111,647

69,000
22,454
15,193
5,000
111,647

23,885
13,283
10,388
696
48,252

65%
41%
32%
86%
57%

Title II
Purchased Services
Supplies
Total Title II

9,875
9,875

15,000
2,858
17,858

15,000
2,439
17,439

5,125
2,439
7,564

66%
0%
57%

64
64

5,000
5,000

100
100

36
36

64%
64%

Student Support Services

Salaries
Benefits
Purchased Services
Supplies
Total Student Support Services

43,295
8,895
291,312
6,539
350,041

54,600
310,555
7,500
372,655

54,600
11,476
324,833
8,400
399,309

11,305
2,581
33,521
1,861
49,268

79%
78%
90%
78%
88%

Building & Maintenance

Salaries
Benefits
Purchased Services
Building Lease
Supplies
Equipment
Total Building & Maintenance

39,271
5,998
146,602
356,250
12,917
1,751
562,789

45,000
7,043
140,000
450,000
5,500
647,543

45,000
7,043
183,012
450,000
16,000
2,000
703,055

5,729
1,045
36,410
93,750
3,083
249
140,265

87%
85%
80%
79%
81%
88%
80%

3,121,216

4,090,857

4,175,678

1,054,462

75%

318,221

179,608

239,345

Instructional Support
Purchased Services
Total Instructional Support

Fund 1 - Total Expenditures

Fund 1 - Net Income

For Management Purposes Only

(78,876)

LIFE Prep

Summary Income Expense Statement

For the Period Ending April 30, 2015
Year-To-Date FY15 Approved FY15 Working Remaining
Activity
Revised Budget
Budget
Budget
318 ADM
318 ADM
Fund 2 Revenue
State Revenue
Federal Revenue
Local Revenue
Total State Revenues

% of
Working
Budget

11,653
135,053
3
146,710

17,500
180,000
197,500

16,100
183,029
3
199,132

4,447
47,976
52,422

72%
74%
100%
74%

146,710

197,500

199,132

52,422

74%

9,057
1,658
209,956
220,671

13,050
2,042
257,025
272,117

13,050
2,718
249,586
265,355

3,993
1,060
39,630
44,683

69%
61%
84%
83%

Fund 2 - Total Expenditures

220,671

272,117

265,355

44,683

83%

Fund 2 - Net Income (Loss)

(73,962)

(74,617)

(66,223)

7,739

Fund 4 Revenue
Local Revenue
Total State Revenues

7,650
7,650

10,000
10,000

2,350
2,350

76%
76%

7,650

10,000

2,350

76%

60,346
14,653
356
75,355

84,015
17,148
500
101,663

84,015
19,679
500
104,194

23,669
5,027
144
28,839

72%
74%
71%
72%

Fund 4 - Total Expenditures

75,355

101,663

104,194

28,839

72%

Fund 4 - Net Income (Loss)

(67,706)

(101,663)

(94,194)

(26,489)

Fund 2 - Total Revenues

Fund 2 - Expenditures
Salaries
Benefits
Supplies
Total Fund 2 - Expenditures

Fund 4 - Total Revenues

Fund 4 - Expenditures
Salaries
Benefits
Supplies
Total Fund 4 - Expenditures

TOTAL REVENUES

3,593,796

4,467,965

4,624,155

1,030,359

78%

TOTAL EXPENDITURES

3,417,242

4,464,638

4,545,227

1,127,984

75%

176,553

3,327

78,928

ALL FUNDS - NET INCOME (LOSS)

For Management Purposes Only

(97,625)

LIFE Prep Cash Flow Projections Fiscal Year 2015

Estimated Receipts By Category

FY15 BUDGET
YTD TOTALS
REMAINING
May 1-15
May 16-31
Jun 1-15
Jun 16-30

School Disbursements

FY15
FY15
FOOD
COMMUNITY
STATE
FEDERAL SERVICE
SERVICE
Total
REVENUE OTHER REVENUES REVENUE REVENUE
Revenues
4,210,632
12,834
191,557
199,132
10,000 4,624,155
3,315,151
11,979
112,307
146,710
7,650 3,593,796
895,482
855
79,250
52,422
2,350 1,030,359
166,397
10,000
1,000
177,397
166,397
22,255
188,652
855
10,000
1,000
11,855
332,381
22,255
354,636

Payroll FY15 Other Lease

Total
Expenses Expenses Expenses Expenses
2,741,547
1,353,680 450,000 4,545,227
1,950,953
1,110,040 356,250 3,417,242
790,594
243,640
93,750 1,127,984
105,444
45,000
37,500
187,944
175,444
35,000
18,750
229,194
105,444
37,500
142,944
105,444
90,000
195,444

Total Estimate

3,980,324

12,834

132,307

191,220

9,650

4,326,336

2,442,729

1,280,040

450,000

4,172,769

FY15 BUDGET
FY15 ACCRUALS

4,210,632
230,308

12,834
-

191,557
59,250

199,132
7,912

10,000
350

4,624,155
297,819

2,741,547
298,818

1,353,680
73,640

450,000
-

4,545,227
372,458

For Management Purposes Only

Beginning Line of
Cash
Credit Balance
Bank
$ 218,357
207,809
167,267
36,178
195,370

Line of Esitmated
Credit Cash
NPAF
Balance
$ 75,000 $ 293,357

(75,000)
-

282,809
242,267
111,178
195,370