Newark Educators Community Charter School Part 2: Financial Plan Section 2. Budget Summary 2. Budget Summary

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1 2. Budget Summary 2008 Charter School Application Page 2-10

2 Total % Benefits 348,500 Salaries 1,195, % Instr. 1,196, % Admin. 360, % Support 209, % Total 1,765, % % fund bal. to Gen Fund 0.57% 2008 Charter School Application Page 2-11

3 BUDGET LINE # NARRATIVE/JUSTIFICATION (Revenue & Expenditures) 11 Per Pupil Amount Local Share Budget based upon guidance provided by Jackie Gramma from New Jersey State Department of Education. Ms. Gramma instructed the founders to budget for $8,403 per student. Allocation of state share/local levy follows an estimated distribution of 70% State and 30% local. 12 Per Pupil Amount State Share based upon guidance provided by Jackie Gramma from New Jersey State Department of Education. Ms. Gramma instructed the founders to budget for $8,403 per student. Allocation of state share/local levy follows an estimated distribution of 70% State and 30% local. 15 Special Education Ms. Gramma instructed the founders to budget a total of $6,842 for each special need student assuming special needs students comprise 14% of the total student population. $6,842 x 28 = $191, Bilingual Aid Included in line Early Childhood Program Aid Included in line Demonstrably Effective Program Aid Included in line Other Included in line Source: NJ Charter Schools Grant Program Based upon projected Charter School Grant Application for $150,000 to be expended for eligible start up costs during the period September June 30, for salaries, benefits, instructional and noninstructional equipment, technology, textbooks, accounting system, Summer Institute and consultants as follows: PLANNING BUDGET Instruction Stipend of Teachers for Summer Institute training 12,000 Trainers for Summer Institute training 5,000 Various consultants and support staff as needed during start-up 2,000 Classroom Furniture & Equipment (8 $9,000 each) 72,000 Computers (2 per class x 8 $1,000 each) 16,000 Office Furniture & Equipment 12,000 Office Computers $1,500) 6,000 Audio Visual equipment 5,000 Printing, Applications, Manuals, Handbooks, etc. 5,000 GAAP Accounting software/training (Purchase of CDK school board software application and consultant for implementation) $15,000 $150, Salaries of Teachers 8 certified classroom teachers with Masters degree plus five year s experience; 1 part time art and 1 part time music teacher, will comprise one 2008 Charter School Application Page 2-12

4 full time equivalent position, 1 physical education teacher, 1 special education teacher, 1 physical education teacher, with 5-7 years of experience. Average salary of $50,000, consistent with Newark Public Schools salary guide. 50,000 = $600,000 The position of Director of Teaching and Learning is a classroom teacher with head teacher $85,000 Total teacher salaries will be $685, Other Salaries for Instruction Assistant Teachers 1 per class = $25,000 (consistent with Newark Public Schools salary guide). Total salaries will be $200, Purchased Technical Services: Cultural enrichment specialists such as working artists, musicians, actors, etc, 100 $200/day 47 General Supplies - $1,500 per class x 8 classes for a total of $12, Educational texts 49 Miscellaneous Expense - $25 per child x 200 children for total of $5, Salaries Administration Principal at $100,000; School Business Administrator at $80,000; for total of $180, Salaries of Secretarial/Clerical Assistants 2 support $30,000 for a total of $60, Total Benefits Costs All staff. Benefits include comprehensive health and life coverages for all employees; social security, Medicare, state unemployment and disability for all staff except teachers who are included in the TPAF fund. The Budget excludes FICA and pension for teachers included in the TPAF fund. Net benefits estimated at 30% of total personnel costs are $348, Purchased Professional/Tech. Serv. (Consultants) Annual Auditor ($15,000) and attorney for legal services ($5,000), totaling $20, Other Purchased Services Travel for conferences, hotel and lodging for three $666 for a total of $ Communications/Telephone Telephone charges of $850 per month ($10,200) and postage of $10 per student per year ($2,000) for a total of $12, Charter School Application Page 2-13

5 58 Supplies and Materials $500 per month for a total of $6, Interest on Current Loans Based upon estimated interest cost of Prudential Foundation Loan at 8% on outstanding balances based upon cash flow needs 63 Miscellaneous Expense $150 per month for a total of $1, Salaries 1 $20,000), 1 School $50,000 for a total of $70, Purch. Professional/Tech. Serv. (Consultants) Child study $1,500 per child at 14% (per DOE estimate) of the 200 student population = 28 children for a total of $42, Rental of Land and $96,000/year 70 Insurance of property, Liability and Fidelity Comprehensive insurance coverage for facility, general liability, and student liability at $140 per student for 200 students for a total of $28, Supplies and $250 per month for maintenance supplies = $3, Transportation Other than to/from School Based upon transportation for field trips at $1000 per class (4 trips per class per year) for a total of $8, Energy Costs (Heat and $2,800 per month for a total of $33, Miscellaneous $20 per student x 200 for a total of $4, Charter School Application Page 2-14