BUSINESS PLAN Florida Virtual School Academy. 14. Facilities If the site is not secured.

Transcription

1 III. BUSINESS PLAN 14. Facilities If the site is not secured. F. Explain the school s facility needs, including desired location, size, and layout of space. The financial plan for the proposed school should align with the facilitiesrelated costs described. What is the alternative plan for facilities if the proposed facility is not available or is determined to be inappropriate for the school s opening? (7)(a)(13) (18) A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan. The major issues involving the operation of a charter school shall be considered in advance and written into the charter. The charter shall be signed by the governing body of the charter school and the sponsor, following a public hearing to ensure community input. The charter shall address, and criteria for approval of the charter shall be based on: The facilities to be used and their location. Facilities The Business Plan should provide an understanding of how the charter operators intend to manage the school s finances. It should present a clear picture of the school s financial viability, including the soundness of revenue projections and expenditure requirements; and how well the school s budget aligns with and supports the effective implementation of the educational program. A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan, manageable, and focus on improving student outcomes. Page 1 of 37

2 The applicant states that as a virtual charter school, Florida Virtual Academy at Brevard County will only require facilities for administrative offices as well as meeting space for related activities such as Board meetings, learning coach and teacher meetings and workshops. (Page 116) o In the next paragraph, he applicant states that the facility will be conveniently located with the State of Florida, occupying an estimated 3,000 square feet. A meeting place outside of Brevard County would be prohibitive for parents to attend learning coach meetings as well as board meetings. Page 2 of 37

3 III. BUSINESS PLAN 14) Facilities If the site is not secured. G. Provide an estimate of the costs of the anticipated facility needs an describe how such estimates have been derived. The financial plan for the proposed school should align with the facilitiesrelated costs described. What is the alternative plan for facilities if the proposed facility is not available or is determined to be inappropriate for the school s opening? (7)(a)(13) (18) A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan. The major issues involving the operation of a charter school shall be considered in advance and written into the charter. The charter shall be signed by the governing body of the charter school and the sponsor, following a public hearing to ensure community input. The charter shall address, and criteria for approval of the charter shall be based on: The facilities to be used and their location. Facilities The Business Plan should provide an understanding of how the charter operators intend to manage the school s finances. It should present a clear picture of the school s financial viability, including the soundness of revenue projections and expenditure requirements; and how well the school s budget aligns with and supports the effective implementation of the educational program. A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan, manageable, and focus on improving student outcomes. Page 3 of 37

4 The applicant provides information regarding the estimated costs of the anticipated facility and how the estimate was derived. (Page 117) Page 4 of 37

5 III. BUSINESS PLAN 14) Facilities If the site is not secured. H. Explain the strategy and schedule that will be employed to secure an adequate facility. The financial plan for the proposed school should align with the facilitiesrelated costs described. What is the alternative plan for facilities if the proposed facility is not available or is determined to be inappropriate for the school s opening? (7)(a)(13) (18) A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan. The major issues involving the operation of a charter school shall be considered in advance and written into the charter. The charter shall be signed by the governing body of the charter school and the sponsor, following a public hearing to ensure community input. The charter shall address, and criteria for approval of the charter shall be based on: The facilities to be used and their location. Facilities The Business Plan should provide an understanding of how the charter operators intend to manage the school s finances. It should present a clear picture of the school s financial viability, including the soundness of revenue projections and expenditure requirements; and how well the school s budget aligns with and supports the effective implementation of the educational program. A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan, manageable, and focus on improving student outcomes. Page 5 of 37

6 The applicant s response includes the following sentence: Our strategy is to actively seek a conveniently located commercial property that fulfills our needs an is within our budget. (Page 117) o The response lacks detail as well as it does not include a schedule for securing an adequate facility, which is a requirement of the Florida Department of Education Model Charter Application. Page 6 of 37

7 III. BUSINESS PLAN 14) Facilities If the site is not secured. I. Describe the back-up facilities plan. The financial plan for the proposed school should align with the facilitiesrelated costs described. What is the alternative plan for facilities if the proposed facility is not available or is determined to be inappropriate for the school s opening? (7)(a)(13) (18) A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan. The major issues involving the operation of a charter school shall be considered in advance and written into the charter. The charter shall be signed by the governing body of the charter school and the sponsor, following a public hearing to ensure community input. The charter shall address, and criteria for approval of the charter shall be based on: The facilities to be used and their location. Facilities The Business Plan should provide an understanding of how the charter operators intend to manage the school s finances. It should present a clear picture of the school s financial viability, including the soundness of revenue projections and expenditure requirements; and how well the school s budget aligns with and supports the effective implementation of the educational program. A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan, manageable, and focus on improving student outcomes. Page 7 of 37

8 The applicant does not provide a response. Page 8 of 37

9 III. BUSINESS PLAN 14) Facilities If the site is not secured. J. Describe the plan and methods the school will comply with Florida s constitutional class size requirements. The financial plan for the proposed school should align with the facilitiesrelated costs described. What is the alternative plan for facilities if the proposed facility is not available or is determined to be inappropriate for the school s opening? (7)(a)(13) (18) A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan. The major issues involving the operation of a charter school shall be considered in advance and written into the charter. The charter shall be signed by the governing body of the charter school and the sponsor, following a public hearing to ensure community input. The charter shall address, and criteria for approval of the charter shall be based on: The facilities to be used and their location. Facilities The Business Plan should provide an understanding of how the charter operators intend to manage the school s finances. It should present a clear picture of the school s financial viability, including the soundness of revenue projections and expenditure requirements; and how well the school s budget aligns with and supports the effective implementation of the educational program. A realistic plan for securing a facility that is appropriate and adequate for the school s program and targeted population. Evidence that the school has the necessary resources to fund the facilities plan, manageable, and focus on improving student outcomes. Page 9 of 37

10 Not applicable for virtual charter schools. Page 10 of 37

11 III. BUSINESS PLAN 15) Transportation Service A. Describe the school s plan for transportation, including any plans for contracting services. Please refer to Appendix A for a detailed list of issues related to transportation. Your plan should discuss, to the greatest extent possible, the issues relevant to the school s transportation plans (20)(c) A transportation plan that serves all eligible students and specifies in sufficient detail the responsibilities of al parties (the sponsor, the charter school, and other applicable service providers. Transportation of charter school students shall be provided by the charter school consistent with the requirements of subpart I.E of chapter 1006 and s The governing body of the charter school may provide transportation through an agreement or contract with the district school board, a private provider, or parents. The charter school and the sponsor shall cooperate in making arrangements that ensure that transportation is not a barrier to equal access for all students residing within a reasonable distance of the charter school as determined in its charter. The Transportation Service section should describe how the school will address this service for its student body. A transportation plan that serves all eligible students and specifies in sufficient detail the responsibilities of all parties (the sponsor, the charter school, and other applicable service providers. Page 11 of 37

12 Not applicable for virtual charter schools. Page 12 of 37

13 III. BUSINESS PLAN 16) Food Service A. Describe the school s plan for food services, including any plans for contracting services (20)(a) A food service plan that will serve all eligible students. A sponsor shall provide certain administrative and educational services to charter schools. These services shall include contract management services; full-time equivalent and data reporting services; exceptional student education administration services; services related to eligibility and reporting duties required to ensure that school lunch services under the federal lunch program, consistent with the needs of the charter school, are provided by the school district at the request of the charter school; test administration services, including payment of the costs of state-required or district-required student assessments; processing of teacher certificate data services; and information services, including equal access to student information systems that are used by public schools in the district in which the charter school is located. Student performance data for each student in a charter school, including, but not limited to, FCAT scores, standardized test scores, previous public school student report cards, and student performance measures, shall be provided by the sponsor to a charter school in the same manner provided to other public schools in the district. A total administrative fee for the provision of such services shall be calculated based upon up to 5 percent of the available funds defined in paragraph (17)(b) for all students. However, a sponsor may only withhold up to a 5-percent administrative fee for enrollment for up to and including 500 students. For charter schools with a population of 501 or more students, the difference between the total administrative fee calculation and the amount of the administrative fee withheld may only be used for capital outlay purposes specified in s (2). Sponsors shall not charge charter schools any additional fees or surcharges for administrative and educational services in addition to the maximum 5-percent administrative fee withheld pursuant to this paragraph. The Food Service section should describe how the school will address this service for its student body. A food service plan that will serve all eligible students. Page 13 of 37

14 Not applicable for virtual charter schools. Page 14 of 37

15 III. BUSINESS PLAN 17) Budget A. Provide an operating budget covering each year of the requested charter term that contains revenue projections, expenses and anticipated fund balances (6)(a)(5) (6)(b)(2) The budget narrative should provide sufficient information to fully understand how budgetary figures were determined. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. In order to ensure fiscal responsibility, an application for a charter school shall include a full accounting of expected assets, a projection of expected sources and amounts of income, including income derived from projected student enrollments and from community support, and an expense projection that includes full accounting of the costs of operation, including start-up costs. The Budget section should provide financial projections for the school over the term of its charter. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Page 15 of 37

16 The applicant has projected student membership beginning in Year 1 at 500 students. (. (Page 10, Exhibit B- Page 368, and Exhibit D- Pages ) o The District s experience with virtual education indicates that the projections for each of the five (5) years are grossly overstated The applicant has not made an allowance for any Ending Fund Balance or Reserves throughout the 5-Year Budget. (Exhibit D- Pages ) o This decision does not allow for any flexibility in the budget and results in a zero Ending Fund Balance at the end of each year. This approach is concerning to the District as there is literally not room for error. The applicant has reported both IDEA revenue and IDEA expenditures for Speech and OT/PT services, which is inappropriate. (Page 119 and Exhibit D Pages ) o This error would negatively impact Ending Fund Balances (would range from - $69,991 to -$371,593, as opposed to zero). There is inconsistency related to facilities costs with regard to Page 117 and Pages of Exhibit D o The narrative on Page 117 states that $7,899 has been used within the budget to estimate facilities costs, but lower numbers are used in Exhibit D. This inconsistency results in expenditures being understated each year and will negatively impact Ending Fund Balances for each year (would range from -$2,274 to -$9,630 as opposed to zero). While each of these concerns and its effect on Ending Fund Balances is listed in isolation above; however the combined outcome of the items listed together would range from - $72,265 to $381,223 as opposed to zero. The applicant failed to provide the District with the following required information: o Revenue Estimate Worksheets were not included for all five (5) years. o While a Sensitivity Budget (Ramp up- 50/75/100) was provided it does not correspond to the Year 1 budget (examples include salaries, benefits and utilities). Page 16 of 37

17 III. BUSINESS PLAN 17) Budget B. Provide a start-up budget (i.e., from the date on which the application is approved to the beginning of the first fiscal year of operation) that contains revenue projections, expenses and anticipated fund balance (6)(a)(5) (6)(b)(2) The budget narrative should provide sufficient information to fully understand how budgetary figures were determined. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. In order to ensure fiscal responsibility, an application for a charter school shall include a full accounting of expected assets, a projection of expected sources and amounts of income, including income derived from projected student enrollments and from community support, and an expense projection that includes full accounting of the costs of operation, including start-up costs. The Budget section should provide financial projections for the school over the term of its charter. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Page 17 of 37

18 The applicant states that it will apply for the ISDOE Charter School Program grant on Page 123. o However, the budget will be seriously overstated if the applicant does not receive grant to support the start-up budget of $60, (Pages ) Page 18 of 37

19 III. BUSINESS PLAN 17) Budget C. Provide a detailed narrative description of the revenue and expenditure assumptions on which the operating and start-up budget are based (6)(a)(5) (6)(b)(2) The budget narrative should provide sufficient information to fully understand how budgetary figures were determined. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. In order to ensure fiscal responsibility, an application for a charter school shall include a full accounting of expected assets, a projection of expected sources and amounts of income, including income derived from projected student enrollments and from community support, and an expense projection that includes full accounting of the costs of operation, including start-up costs. The Budget section should provide financial projections for the school over the term of its charter. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Page 19 of 37

20 The applicant provides information regarding revenue and expenditures assumptions. (Pages ) Page 20 of 37

21 III. BUSINESS PLAN 17) Budget D. Explain the school s spending priorities (6)(a)(5) (6)(b)(2) The budget narrative should provide sufficient information to fully understand how budgetary figures were determined. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. In order to ensure fiscal responsibility, an application for a charter school shall include a full accounting of expected assets, a projection of expected sources and amounts of income, including income derived from projected student enrollments and from community support, and an expense projection that includes full accounting of the costs of operation, including start-up costs. The Budget section should provide financial projections for the school over the term of its charter. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Page 21 of 37

22 The applicant provides sufficient information regarding spending priorities. (Page 122) Page 22 of 37

23 III. BUSINESS PLAN 17) Budget E. Provide monthly cash flow projections for the school s start-up period (i.e. from the date on which the application is approved to the beginning of the first fiscal year of operation) and each year of the requested charter term (6)(a)(5) (6)(b)(2) The budget narrative should provide sufficient information to fully understand how budgetary figures were determined. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. In order to ensure fiscal responsibility, an application for a charter school shall include a full accounting of expected assets, a projection of expected sources and amounts of income, including income derived from projected student enrollments and from community support, and an expense projection that includes full accounting of the costs of operation, including start-up costs. The Budget section should provide financial projections for the school over the term of its charter. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Page 23 of 37

24 The applicant does not provide this information, a requisite of the Florida Department of Education Model Charter Application. Page 24 of 37

25 III. BUSINESS PLAN 17) Budget F. Describe the school s fundraising plan. Report on the current status of any fundraising efforts, including verification of any fundraising monies reported in the school s start-up or operating budgets (6)(a)(5) (6)(b)(2) The budget narrative should provide sufficient information to fully understand how budgetary figures were determined. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. In order to ensure fiscal responsibility, an application for a charter school shall include a full accounting of expected assets, a projection of expected sources and amounts of income, including income derived from projected student enrollments and from community support, and an expense projection that includes full accounting of the costs of operation, including start-up costs. The Budget section should provide financial projections for the school over the term of its charter. Budgetary projections which are consistent with all parts of the application, including school s mission, educational program, staffing plan and facility. A realistic assessment of projected sources of revenue and expenses that ensure the financial viability of the school, including a realistic FTE projection. Page 25 of 37

26 The applicant states that it will apply for various grants. (Page 123) Page 26 of 37

27 III. BUSINESS PLAN 18) Financial Management and Oversight A. Describe who will manage the school s finances and how the school will ensure financial resources are properly managed (6)(a)(5) (7)(a)(9) (7)(a)(11) A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Evidence of proper insurance coverage. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The Financial Management and Oversight section should describe how the school s finances will be managed and who will be responsible for the protection of student and financial records. A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Evidence of proper insurance coverage. Page 27 of 37

28 The applicant states that the Operation Manager and the Head of School are the two on-site administrators charges with the day-to-day budget and fiscal oversight. (Page 123) The applicant states that the Board will assign the Board of Trustees member who serves as Treasurer regular oversight responsibilities. (Page 123) Although the financial management and oversight is ultimately the responsibility of the board, those functions have been delegated, on a day-to-day basis, to the ESP pursuant to the management agreement. Page 28 of 37

29 III. BUSINESS PLAN 18) Financial Management and Oversight B. Describe the financial controls, including an annual audit and regular board review of financial statements, which will be employed to safeguard finances and projected enrollment trends (6)(a)(5) (7)(a)(9) (7)(a)(11) A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Evidence of proper insurance coverage. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The Financial Management and Oversight section should describe how the school s finances will be managed and who will be responsible for the protection of student and financial records. A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Page 29 of 37

30 Evidence of proper insurance coverage. The applicant states that the Board will receive financial statements as part of its regularly quarterly meetings, including an accounting of monthly disbursements. (Page 124) The applicant states that the annual audit shall be complete within 12 months of the close of the fiscal year. (Page 126) o The annual audits are due within two months of the close of the fiscal school year as the information must be included in district audit reports. The applicant states that it will prepare and implement internal controls and processes to protect the assets of the school and minimize the possibility of fraud or misuse of funds. Page 30 of 37

31 III. BUSINESS PLAN 18) Financial Management and Oversight C. Describe the method by which accounting records will be maintained (6)(a)(5) (7)(a)(9) (7)(a)(11) A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Evidence of proper insurance coverage. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The Financial Management and Oversight section should describe how the school s finances will be managed and who will be responsible for the protection of student and financial records. A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Evidence of proper insurance coverage. Page 31 of 37

32 The applicant states that it will utilize Red Book. (Page 127) Page 32 of 37

33 III. BUSINESS PLAN 18) Financial Management and Oversight D. Describe how the school will store student and financial records (6)(a)(5) (7)(a)(9) (7)(a)(11) A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Evidence of proper insurance coverage. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The Financial Management and Oversight section should describe how the school s finances will be managed and who will be responsible for the protection of student and financial records. A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Evidence of proper insurance coverage. Page 33 of 37

34 The applicant provides sufficient information regarding the storage of student and financial records. (Page 128) Page 34 of 37

35 III. BUSINESS PLAN 18) Financial Management and Oversight E. Describe the insurance coverage the school will obtain, including applicable health, worker s compensation, general liability, property insurance and director s and officer s liability coverage (6)(a)(5) (7)(a)(9) (7)(a)(11) A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Evidence of proper insurance coverage. Contains an annual financial plan for each year requested by the charter for operation of the school for up to 5 years. This plan must contain anticipated fund balances based on revenue projections, a spending plan based on projected revenues and expenses, and a description of controls that will safeguard finances and projected enrollment trends. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The financial and administrative management of the school, including a reasonable demonstration of the professional experience or competence of those individuals or organizations applying to operate the charter school or those hired or retained to perform such professional services and the description of clearly delineated responsibilities and the policies and practices needed to effectively manage the charter school. A description of internal audit procedures and establishment of controls to ensure that financial resources are properly managed must be included. Both public sector and private sector professional experience shall be equally valid in such a consideration. The Financial Management and Oversight section should describe how the school s finances will be managed and who will be responsible for the protection of student and financial records. A fiscal management system that is appropriate, follows generally accepted accounting principles and properly safeguards assets. Page 35 of 37

36 Evidence of proper insurance coverage. The applicant indicates that it will purchase insurance per the charter school contract. (Page 129) Page 36 of 37

37 III. BUSINESS PLAN 19) Action Plan A. Present a timetable for the school s start-up (7)(a)(16) Provides a thoughtful and realistic implementation plan that covers major operational items and provides flexibility for addressing unanticipated events. A timetable for implementing the charter which addresses the implementation of each element thereof and the date by which the charter shall be awarded in order to meet this timetable. The Action Plan should provide a clear roadmap of the steps and strategies that will be employed to prepare to be ready on the first day of operation to serve its students well. Provides a thoughtful and realistic implementation plan that covers major operational items and provides flexibility for addressing unanticipated events. Page 37 of 37