How To Calculate A Financial Position For A Corporation
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- Leo Hardy
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1 2008 Approved Budget
2 2008 Approved Budget Changes in Unrestricted Net Assets: Revenues and Other Support-Operating Interest on Loans Interest on Investments Program and Operating Grants Consulting Contract Fees LLC (NMTC) Management Fee LLC (NMTC) Sponsor Fee Net Assets Released from Restrictions- Satisfaction of Program Restrictions for: Operating Grants for Operating Expenses Total Unrestricted Revenue and Other Support-Operating Approved 2008 Bu dget 5,166,574 (1) 628,375 (2) 100,000 (3) 1,462,150 (4) 11 2,233 (5) 5,712 (6) 1,366,233 (7) 8,841,277 Expenses and Loan Loss-Operating Salaries and Benefits Professional Fees Occupancy and Office Meetings and Travel Publication and Printing Oth er Operating Program Professional Fees Interest Depreciation and Amortization Total Expenses-Operating Change in Unrestricted Net Assets-Operating 3,570,155 (8) 503,450 (9) 459,563 (10) 187,480 (11) 135,500 (12) 130,870 (13) 318,000 (1 4) 2,986,508 (15) 143,799 (16) 8,435, ,951 Revenues and Other Support-Capital Funds Satisfaction of Program Restrictions for: Capital Grants for Loan Loss Expense Total Unrestricted Revenue and Other Support-Capital Fund, Expenses and Loan Loss-Capital Funds Allowance for Nonperforming Loans Total Expenses and Loan Loss - Capital Funds Change in Unrestricted Net Assets-Capital Funds Change in Unrestricted Net Assets 48,952 (17) 48,952 48,952 (17) 48, ,951 Changes in Temporarily Restricted Net Assets: Program and Operating Grants Interest on Investments Net Assets Released from Restrictions- Satisfaction of Program Restrictions for: Operating Grants for Operating Expenses Capital Grants for Loan Loss Expense Change in Temporarily Restricted Net Assets Change in Net Assets 410,733 (18) 753,427 (19) (1,366,233) (7) (48,952) (17) (251,025) 154,926 See att ached narrative.
3 Projected Statement of Position December 31, 2008 ASSETS Cash and Cash Equivalents Investments, at FMV Accrued Interest Receiva ble Grants Receivable, Other Receivables and Deposits Loans Receivable, Net of LLA of 2,342,3,19 Investor Consortium Reserve, Net Investments Related to CSCP Credit Enhancement Grants Other Real Estate Owned Furniture, Equipment, and Leasehold Improvements, Net Finance Costs, Net TOTAL ASSETS Projected ,000 (1) 11,965,185 (2) 511,467 (3) 510,274 (' ) 96,033,109 (5) 1,203,905 (6) 19,060,669 (7) 639,045 (e) 514,170 (9) 143,433 (10) 130,881,257 LIABILITIES AND NET ASSETS Accounts Payable and Accrued Liabilities Accrued Intere st Loan Participation Payables Loans Payable-Consortium Note Sale Loans Payable-Illinois PRls Loans Payable-Regional PRl s Total Liabilities Net Assets Unrestricted Net Assets Temporarily Restricted Net Assets- Program Specific Temporarily Restricted Net Assets- CSCP Temporarily Restricted Net Assets- Loan Issuance Total Net Assets TOTAL LIABILITIES AND NET ASSETS 607,008 {ttl 80 1,741 (12) 556,353 (13) 58,790,197 (14) 15,278,433 (14) 11,225,000 (1 4) 87,258,730 11,876,856 (15) 1,108,707 (16) 19,060,669 (17) 11,576,295 (18) 43,622, ,881,257 See attached narrative, 2
4 Projected Statement of Cash Flows January 1, 2008 to December 31, 2008 Cash Flows from Operating Activities: Change in Net Assets Adjustment to Reconcile Change in Net Assets to Net Cash Used by Operating Activities: Depreciation and Amortization Loan Loss Changes in Operating Assets and Liabilities: (Increase) Decrease in Grants, Other Receivables and Deposits (Increase) Decrease in Interest Receivable Reduction of Loans Receivable From Write Offs Increase (Decrease) in Accounts Payable and Accrued Liabilities Increase (Decrease) in Accrued Interest Payable Net cash from operating activities: Cash Flows from Investing Activities: 154, ,799 48, ,608 (90,441 ) 364,192 (1,389,174) 77,495 (130,642) Loans Issued Reduction of Loans Receivable From Repayments (Increase) Decrease in Investments and Restricted Investments (Increase) Decrease in Other Property Owned for Sale (Increase) Decrease in Furniture and Equipment and Improvements Net cash from investing activities: (26,040,000) 13,330,866 66,067 (213,380) (146,649) (13,003,096) Cash Flows from Financing Activities: Increase in Finance Costs Repayme nt of Loan Participation Payable Proceeds From Issuance of Loans Payable Repayment of Loans Payable Net cash from financing activities: Net Increase (Decrease) in Cash and Investments Cash and Cash Equivalents and Investments, Beginning of Period Cash and Cash Equivalents and Investments, End of Period (29,35 1 ) (46,180) 18,250,000 (9,407,299) 8,767,170 (4,366,568) 16,631,753 12,265,185 3
5 Statement of Activities 2008 Budget Highlights Revenue (Operating Unrestricted) 1. Interest on Loans The interest budget is based on cu rrent loan amortization schedules and an estimate of interest on additional disbursements for 2008 projected at 26.0 million at 5.75%. 2. Interest on Investments Interest is computed on average cash balances at 4.00%. 3. Program and Operating Grants - Unrestricted/general operating grant revenue (See note 7 and 18). 4. Consulting Contract Fees - This includes contracts in progress, under negotiation and projected contracts including 150,000 for CPS charter school review. 5. IFF Capital (NMTC) Management Fee - This is a management fee of 4% of Loans Receivable held by IFF Capital for IFF loan initiation, underwriting, servicing and monitoring costs. 6. IFF Capital (NMTC) Sponsor Fee - The IFF earned a sponsor fee of 2% from the 3 million investments of the LLC. This sponsor fee is amortized over the 7 year life of IFFC investments. 7. Operating Grants for Operating Expenses - Grants received during the year with donor restrictions are recorded in Temporarily Restricted Net Asset section (See note 18). This line recognizes the projected release from Temporarily Restricted Net Assets during the year. Expenses (Operating. Unrestricted) 8. Salaries and Benefits -The 2008 budget reflects staff at 41 full-time equivalents and includes an amount for interns, and general salary increases. The 2007 current full-time staff equivalent is 35 including two open positions. 9. Professional Fees - The 2008 budget reflects legal fees for loan related matters and general legal expenses, technology support, and marketing and public relations consultants for regional expansion, strategic plan consultants, and annual report production. 10. Occupancy and Office - The 2008 budget includes rent, insurance, supplies, telephone and postage expenses and the purchase of software/equipment upgrades. 11. Meetings and Trave l - The 2008 budget includes travel and meeting expenses related to the Loan Program and the Regional Loan Expansion, along with expenses in Professional Development and Conferences for the Staff. 12. Publications and Printing - The 2008 budget includes expenses for printing publications including printing and advertising for the Regional Loan Expansion and annual report. 13. Other Operating - The 2008 budget includes expenses for payroll, banking, and cash management fees, repairs and maintenance, related expenses on other property owned, dues, books, and subscriptions. 14. Program Professional Fees - Professional fees incurred on behalf of a grant funded program are budgeted in this line. Items include Consultant fees for the Affordable Housing Program, CSCP, Facilities Planning, Real Estate Services, Building Blocks, legal fees for CSCP and Real Estate Services, and architect fees for the Aurora Child Care Center. 4
6 Expenses (Operating - Unrestricted), continued IFF Statement of Activities 2008 Budget Highlights 15. Interest - Debt, to capitalize the loan program, grows to 84.6 million by the end of Cost of debt is projected to be 3.67% in The IFF will maintain the 1.75% Consortium spread and projects Regional Funding to cost 4.0%. 16. Depreciation and Amortization - Capitalized assets are depreciated on a straight-line basis over a 5 yea r life. Debt costs are amortized over the life of each loan. Revenue and Expenses (Capital Funds) 17. Capital Grants for Loan Loss Expense -The Loan Loss Expense for the year is offset by a transfer from Temporarily Restricted Assets. Revenue (Temporarily Restricted) 18. Program and Operating Grants - This line records the recognition of grants that will be released from restrictions over a period of time, usually spanning fiscal years. Temporarily Restricted Grants for 2008 are budgeted at 410,733, with 325,733 by the Grand Victoria Foundation. 19. Interest on Investments - This line is the projection of the interest earnings on the grant proceeds from the US Department of Education. Per the grant agreement, interest income is to be reinvested. 5
7 Projected Statement of Position December 31, 2008 Assets 1. Cash and Cash Equivalents - The balance maintained in the operating account. 2. Investments at FMV - The balance maintained in liquid Investment accounts. 3. Accrued Interest Receivable - Accrued interest on Loans Receivable as of year-end. 4. Grants, Other Receivables, and Deposits - This reflects receivables for grants, prepaid rent, consulting contracts, management fees and security deposits. Projected Grant Receivables at year-end 2008 are 110,000. Consulting Contract and Other Receivables are projected at 400,000 for Loans Receivable, Net 2008 Projected Loan Disbursements 2008 Projected Principal Repayments Projected Loan Loss Allowance rate 26.0 million 13.3 million % Loan Loss Allowance Balance at Beginning of year Net Loan Write Offs Allowance for Possible Losses Balance at End of yea r Gross Loans Receivable Allowance for Loan Loss Net Loans Receivable ,444,179 (150,812) 48,952 2,342,319 98,375,428 2,342,319 96,033, Investor Consortium Reserve, Net - A 2% reserve of outstanding Investor Consortium debt balance. 7. Investments Related to CSCP Credit Enhance ment Grant - Proceeds from the US Department of Education Charter School Credit Enhancement Grants. Investment proceeds and earnings are to remain in the reserve account for the life of the program. A small operating component allows for an annual operating draw. 8. Other Real Estate Owned - The I FF projects to foreclose on one property in 2008 with a FMV of 213,380 and a net charge off of 150, Furniture and Equipment, Net - Capital expenditures and depreciation for 2008 are budgeted at: Computer Systems Upgrade 90,000 Computer & Servers 34,000 Other equipment 10,000 Depreciation Expense 131, Finance Costs, Net - Legal fees incurred for debt to finance the Loan Program. These costs are amortized over the life of the related debt issue. Projections for 2008 are: Legal fees 42,000 Amortization Expense 12,649 6
8 Projected Statement of Position December 31,2008 Liabilities and Net Assets 11. Accounts Payable and Accrued Liabilities - The 2008 balance represents an estimate for year-end accruals of general expenses, salaries and benefits, legal fees and the audit fee. 12. Accrued Interest Payable - Unpaid interest on outstanding Loans Payable at year-end. 13. Loan Participation Payables - Outstanding Participation Debt at year-end. Projected Principal Repayments 46, Loans Payable - Outstanding Debt at year-end. Consortium Note Sale 10,000,000 Reg ional Expansion PRls 8,000,000 Projected Other Illinois PRls 250,000 Projected New Debt 18,250,000 Consortium Note Sale Repayments Other Illinois PRI 's Repayments Projected Principal Repayments 7,314,929 2,092,370 9,407, Unrestricted Net Assets - Unrestricted Net Assets are projected to increase with the 2008 operating surplus. 16. Temporarily Restricted Net Assets-Program Specific - The balance is expected to decrease based on the decrease of restricted program and operating grants received and the release of restrictions of Operating Grant Revenue. 17. Temporarily Restricted Net Assets-CSCP -Interest Income will increase this balance. 18. Temporarily Restricted Net Assets-Loan Issuance - Loan loss expense will reduce the balance in this category. 7
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