Chicago Public Schools - Office of Innovation & Incubation Financial & Compliance Performance Report. Change in Net Assets

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Esther Benson
7 years ago
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1 Chicago Public Schools - Office of Innovation & Incubation Financial & Performance Report School: Catalyst Charter Schools (a) School ID: Address: 6727 S. California Avenue Financial Management & Accountability Version: Phone: (773) Terms of Agreements: Grades Served: K-12 Financial Management and Category Indicator Change in Net Assets Performance 3 Liquidity/Current Ratio Net Asset Ratio Cash on Hand Ratio Loan Delinquency 3 Financial Condition Financial Practices Annual Audit 1 Legal Statements Audit Reporting CPS/State/Federal 2 (a) Includes all three of Catalyst's charter schools.

2 Various H Various

3 Version H Financial Condition and : Change in Net Assets Liquidity/Current Ratio Net Asset Ratio Cash-on-hand Ratio Loan Delinquency Increase in net assets in line with or greater than budgeted surplus Current ratio is equal to 1.3 equal to 30% of total assets Cash/avg. monthly expenses greater or equal to 3.0 No late payments in last twelve months, or no outstanding debt with reasonable revisions allowed through the end of October Increase in net assets less than budgeted surplus or realizing a balanced budget than 1.3 but greater than or equal to 1.1 equal to 20% of total assets but less than 30% expenses greater or equal to 1.0 but less than 3.0 One late payment in last twelve months with mostly reasonable revisions allowed through the end of October Decrease in net assets in line with or less than budgeted deficit than 1.1 but greater than or equal to 1.0 equal to10% of total assets but less than 20% expenses greater or equal to 0.75 but less than 1.0 Two or three late payments in last twelve months without needs to be resubmitted Unbudgeted decrease in net assets or decrease in net assets greater than budgeted deficit than 1.0 less than 10% of total assets expenses less than.75 More than three late payments in last twelve months Unrealistic budget with unreasonable needs to be resubmitted

4 Financial Controls: Annual Audit Unqualified opinion, no material weaknesses or significant deficiencies Unqualified opinion; one significant deficiency noted, but school will address within 12 months Unqualified opinion, with two noted significant deficiencies. Unqualified opinion, with a noted material weakness or three or more significant deficiencies; or a qualified opinion : Legal compliance reflects no findings one finding two findings three or more findings; and/or audit states that corrections have not been made for prior year finding(s)

5 Reporting: Statements is submitted on a timely basis statements are submitted on a timely basis is submitted with one delay but with prior statements are submitted late one time is submitted delay or submitted late without prior statements are submitted late two times is submitted delay for second year in a row, or not submitted at all statements are submitted late three or more times, or not submitted at all Audit CPS/State/Fed Document Submissions on a timely basis Timely submittal of all required with one delay but with prior Late submittal of up to two required delay or submitted late without prior Late submittal of three required delay for second year in a row, or not submitted at all Late submittal of more than three required

505 OPERATING DEFICIT RESERVE (ODR) POLICY

505 OPERATING DEFICIT RESERVE (ODR) POLICY Contents Purpose of Operating Deficit Reserve... 1 Contributions to ODR... 1 ODR Schedules... 1 Eligible Expenses... 2 Requests for ODR Disbursement... 2 Reviewing