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1 | B o a r d o f D i r e c t o r s S e p t e m b e r 2 6 , 2 0 1 7 G e n e r a l M e e t i n g
N e v a d a V i r t u a l A c a d e m y
APPROVED MINUTES REGULAR BOARD MEETING
BOARD OF DIRECTORS
Nevada Virtual Academy Tuesday – September 26, 2017
5:00 pm NVVA Blended Learning Site
4801 S. Sandhill Las Vegas, NV. 89121
Persons wishing to attend via conference call may do so by calling the Nevada Virtual Academy Office 24 hours
in advance at 702-407-1825 for phone number and passcode. Posted on 09/21/2017 on the internet at
nvva.k12.com, on www.notice.nv.gov, and at physical location of 4801 S. Sandhill, Las Vegas, NV 89121.
INSTRUCTIONS FOR PRESENTATIONS TO THE BOARD BY PARENTS AND CITIZENS
The Nevada Virtual Academy (“School”) welcomes your participation at the School’s Board meetings. The
purpose of a public meeting of the Board of Directors (“Board”) is to conduct the affairs of the School in
public. We are pleased that you are in attendance and hope that you will visit these meetings often. Your
participation assures us of continuing community interest in our School. To assist you in the ease of
speaking/participating in our meetings, the following guidelines are provided.
1. Agendas and supporting documents are available to all audience members at the door to the meeting,
by requesting the agenda from Karri Payne, Interim Board Clerk (702-407-1825) or on the School’s
website at: https://nvva.k12.com.
Presentation materials discussed during the meeting may be viewed by using the following link: https://sas.elluminate.com/m.jnlp?password=M.88713B5DA314A96659A75C63C66A68&sid=559
2. “Requests to Speak” forms are available to all audience members who wish to speak on any agenda
items or under the general category of “Oral Communications.” Speakers may also request to be
placed on “Speakers List” by calling the School’s Office (702-407-1825) seventy-two hours in
advance of the meeting.
3. The “Oral Communications” portion is set-aside for members of the audience to raise issues that are
not specifically on the agenda. However, due to public meeting laws, the Board can only listen to
your issue, not take action. These presentations are limited to three (3) minutes. The Board may give
direction to staff to respond to your concern or you may be offered the option of returning with a
citizen-requested item.
4. With regard to items that are on the agenda, you may specify that agenda item on your request form
and you will be given an opportunity to speak for up to three (3) minutes when the Board discusses
that item. Written public comments can be provided to Karri Payne up to two hours prior to the
scheduled meeting via email to [email protected]
5. When addressing the Board, speakers are requested to state their name and address from the podium
and adhere to the time limits set forth.
6. Citizens may request that a topic related to school business be placed on a future agenda by submitting
a written request at least seventy-two (72) hours in advance of any regular meeting. Once such an
item is properly agenized and publicly noticed, the Board can respond, interact, and act upon the item.
7. Items on the agenda may be taken out of order; the public body may combine two or more agenda
items for consideration; and the public body may remove an item from the agenda or delay discussion
relating to an item on the agenda at any time.
2 | B o a r d o f D i r e c t o r s S e p t e m b e r 2 6 , 2 0 1 7 G e n e r a l M e e t i n g
N e v a d a V i r t u a l A c a d e m y
I. PRELIMINARY
Call to Order; Roll Call; Member Title Term Present
In Person OR Telephone
Absent In Out
Dr. Anne Mendenhall President 2017 IP 5:11
Mr. Mauricio Molina Vice President 2018 X
Mrs. Samantha Morris Secretary/Treasurer 2017 IP 5:11
Mr. Mark Makley Member 2018 T (late) 5:51
Mr. Kade Miller, Esq. Member 2018 T 5:11
Ms. Elizabeth McFadden Member 2018 IP 5:11
Pledge of Allegiance
II. PUBLIC COMMENT #1
ORAL COMMUNICATIONS/PUBLIC COMMENTS: No individual comment shall be
for more than three (3) minutes. Board members may respond to comments however no
action can be taken. The Board may give direction to staff following comment.
Public comment by: Ben Gerhardt, Federal Grants and Assessments Director: I wanted to public comment quickly on the Liaison Position that was noted last month
before the board. Just reading through the job position of it, I just wanted to ensure that if
they do intent to fill the position, please note that there are Nevada Virtual employees
who do those job positions. Please feel free to ask who is doing that, such as myself who
goes to every Charter Authority Meeting, every State Board meeting, all legislative
meetings that have to do with education. Not saying that people didn’t feel offended by
this job description, but if it’s in the job description of some people and a new position is
being filled with a similar job description, some questions were asked, “Is the there
something I need to do to step up my job, so that people are not feeling replaced?” I
know that wasn’t the intention, but there were questions of, “This is already in my job
description, why is the board looking for somebody to do something that is already being
done?”
Response from Board President - Anne Mendenhall: Thanks very much. I think that we need to revisit that. It is in our K12 contract. We did
note that it’s not clear in the job description that it’s a 0.1 or 0.2 in addition to what
someone else is doing. All of those things, obviously, cannot be filled in a 0.1 or 0.2. So
we can certainly re-look at that because there was no intention that someone is not doing
their jobs. It was just part of the negotiation with the K12 contract. So that is language
right out of the K12 contract, these are things they might participate in, certainly not all
because that obviously can’t be fulfilled by a part-time position. So, thank you for
bringing it to our attention and will definitely re-look at it. Please reassure anybody that it
not a replacement, people are performing well, and it was not an indication by any means
that people weren’t doing things.
3 | B o a r d o f D i r e c t o r s S e p t e m b e r 2 6 , 2 0 1 7 G e n e r a l M e e t i n g
N e v a d a V i r t u a l A c a d e m y
III. STANDARD ORDER OF BUSINESS A) Reports of Officers and Standing Committees
a. Board President i. Board Training – Back-Ordered Chinese Light Bulbs (7:21) Dr. Brian Carpenter, BoardWiser Podcast • Due to circumstances, there is no Podcast. Board training will resume
next month. This Podcast will be sent out to the Board.
b. Audit Committee Report • There is nothing to report.
c. Policy Committee Report • Mr. Miller reports on Nevada Virtual Academy’s Corrective Action Plan,
required to the letter that NVVA received from the State Public Charter
School Authority monitoring Part B, Individuals with Disabilities
Education Act. NVVA received a letter in July of certain areas of needing
improvement in monitoring and enforcement. Based on the Policy
Committee’s review of the plan, NVVA has satisfactorily met of all
required deliverables and areas of non-compliance listed in the letter. Mr.
Miller posed a question in regard to a segregation of duties of the person
responsible for Essential Action and person for Monitoring the Action.
• Dr. Hamilton, Head of School responds by explaining that the Special
Programs Director, Lisa Dzierbicki is responsible for overall monitoring
of the Special Education team, as a whole. With support of K12, she is
responsible for ensuring teachers and facilitators are properly executing
and implementing the policies and standards as put forth in the Corrective
Action Plan. Lisa Dzierbicki concurs with Dr. Hamilton’s summary of her
duties as monitoring and oversight role in the Corrective Action Plan.
• Mr. Miller agrees that it not necessary to segregate duties of Lisa
Dzierbicki in the execution and implementation of Corrective Action
Plan.
d. Recruitment Committee Report • Still trying to recruit for open position and fulfill role in Policy
Committee with Kade.
e. School Report – Dr. Yolanda Hamilton • Enrollment – 2187, 102 more than this time last year. 258 of which are
special Education students. Our enrollment cap is 2,259 students.
• Staffing– We have hired a new K8 Master Teacher, Sam Johnson.
Interviewing for the K8 Assistant Principal.
• Faculty Advisory Committee - The committee will be tasked with
providing input and recommendations for various issues and opportunities
such as onsite concerns, social events, global staff requests/concerns, etc.
One representative from each grade band; K-2, 3-5, MS, HS, SPED, and
Coaches. The committee will meet in person, monthly. First meeting is
on Thursday, September 28.
• CSAN – We met with Mike MeCey from the Parent Advocacy Group and
had a great networking dinner.
• Summative Assessments – The state website has been “buffering” as
schools have been trying to access their data. We have some scores
available.
• Ben Gerhardt: Presentation on School Performance Framework
4 | B o a r d o f D i r e c t o r s S e p t e m b e r 2 6 , 2 0 1 7 G e n e r a l M e e t i n g
N e v a d a V i r t u a l A c a d e m y
B) Previous Board Meeting Minutes Review and possible approval of the minutes from the August 29, 2017 regular board
meeting.
Motion by Ms. McFadden to approve the minutes of the August 29, 2017 regular board
meeting. Second was provided by Mrs. Morris. Motion passed unanimously.
Member Motion Aye No Abstain Absent Dr. Anne Mendenhall
X
Mr. Mauricio Molina
X
Mrs. Samantha Morris 2nd
Mr. Mark Makley
X
Mr. Kade Miller, Esq.
X
Ms. Elizabeth McFadden M X
Motion Carried ( X ) Not Carried ( ) Vote, ( 4 ) (N ) (AB 2 ) Tabled ( )
Review and possible approval of the minutes from the September 15, 2017 emergency board
meeting.
Motion Mrs. Morris by to approve the minutes of the August 29, 2017 regular board
meeting. Second was provided by Ms. McFadden. Motion passed unanimously.
Member Motion Aye No Abstain Absent
Dr. Anne Mendenhall X
Mr. Mauricio Molina X
Mrs. Samantha Morris M X
Mr. Mark Makley X
Mr. Kade Miller, Esq. X
Ms. Elizabeth McFadden 2nd X
Motion Carried ( X ) Not Carried ( ) Vote, ( 4 ) (N ) (AB 2 ) Tabled ( )
IV. CONSENT AGENDA ITEMS
(Information/Possible Action/Public Comment -If discussion is needed on any item
then it shall be placed in Scheduled for Action V)
All matters listed under the consent agenda are considered by the Board to be routine and will be
approved/enacted by the Board in one motion in the form listed below. Unless specifically requested
by a Board member for further discussion or removed from the agenda, there will be no discussion of
these items prior to the Board V. SCHEDULED FOR POSSIBLE ACTION
(Information/Possible Action/Public Comment on the following voting items)
A . BUSINESS
20170926-01_IV-BDRPT (for possible action) Consideration and possible action to separate the treasurer and secretary board positions (secretary position to be filled by board administrative manager (board clerk)
5 | B o a r d o f D i r e c t o r s S e p t e m b e r 2 6 , 2 0 1 7 G e n e r a l M e e t i n g
N e v a d a V i r t u a l A c a d e m y
Discussion on background regarding Board training from Dr. Carpenter. Dr.
Carpenter suggested the separation of secretary and treasurer roles.
Motion by to approve by Ms. Morris. Second by Ms. McFadden. Motion passed
unanimously.
Member Motion Aye No Abstain Absent Dr. Anne Mendenhall X
Mr. Mauricio Molina X
Mrs. Samantha Morris M X
Mr. Mark Makley X
Mr. Kade Miller, Esq. X
Ms. Elizabeth McFadden 2nd X
Motion Carried ( X ) Not Carried ( ) Vote, ( 4 ) (N ) (AB 2 ) Tabled ( )
20170926-02_IV-BDRPT (for possible action) Consideration to Elect the Officers of the Board for the 2017-2018 School Year. Position to be elected as Board President. This term will be effective October 1, 2017 through September 31, 2018. Nomination by Dr. Mendenhall for Ms. Samantha Morris for Nevada Virtual
Academy Board President for the 2017-2018 School Year.
Motion by to approve Mrs. Morris as Board President by Mr. Makley. Second by
Ms. McFadden. Motion passed unanimously.
Member Motion Aye No Abstain Absent Dr. Anne Mendenhall X
Mr. Mauricio Molina X
Mrs. Samantha Morris X
Mr. Mark Makley M X
Mr. Kade Miller, Esq. X
Ms. Elizabeth McFadden 2nd X
Motion Carried ( X ) Not Carried ( ) Vote, ( 5 ) (N ) (AB 1 ) Tabled ( )
20170926-03_IV-BDRPT (for possible action) Consideration to Elect the Officers of the Board for the 2017-2018 School Year. Position to be elected as Board Vice President. This term will be effective October 1, 2017 through September 31, 2018. Nomination by Ms. Morris for Mr. Kade Miller for Nevada Virtual Academy Board
Vice President for the 2017-2018 School Year.
Motion by to approve Mr. Miller as Board Vice President by Dr. Mendenhall.
Second by Ms. McFadden. Motion passed unanimously.
Member Motion Aye No Abstain Absent Dr. Anne Mendenhall M X
Mr. Mauricio Molina X
6 | B o a r d o f D i r e c t o r s S e p t e m b e r 2 6 , 2 0 1 7 G e n e r a l M e e t i n g
N e v a d a V i r t u a l A c a d e m y
Mrs. Samantha Morris X
Mr. Mark Makley X
Mr. Kade Miller, Esq. X
Ms. Elizabeth McFadden 2nd X
Motion Carried ( X ) Not Carried ( ) Vote, ( 5 ) (N ) (AB 1 ) Tabled ( )
20170926-04_IV-BDRPT (for possible action) Consideration to Elect the Officers of the Board for the 2017-2018 School Year. Position to be elected as Board Treasurer. This term will be effective October 1, 2017 through September 31, 2018. Nomination by Ms. McFadden for Mr. Mark Makley for Nevada Virtual Academy
Board Treasurer for the 2017-2018 School Year.
Motion by to approve Mr. Makley as Board Treasurer by Mrs. Morris. Second by Dr.
Mendenhall. Motion passed unanimously.
Member Motion Aye No Abstain Absent Dr. Anne Mendenhall 2nd X
Mr. Mauricio Molina X
Mrs. Samantha Morris M X
Mr. Mark Makley X
Mr. Kade Miller, Esq. X
Ms. Elizabeth McFadden X
Motion Carried ( X ) Not Carried ( ) Vote, ( 5 ) (N ) (AB 1 ) Tabled ( )
20170926-05_IV-BDRPT (for possible action) Approve Corrective Action Plan (CAP) as per DOE Audit Results Discussion on the Corrective Action Plan and it’s outlined timeline for completion.
Motion by to approve Mrs. Morris. Second by Ms. McFadden. Motion passed
unanimously.
Member Motion Aye No Abstain Absent Dr. Anne Mendenhall X
Mr. Mauricio Molina X
Mrs. Samantha Morris M X
Mr. Mark Makley X
Mr. Kade Miller, Esq. X
Ms. Elizabeth McFadden 2nd X
Motion Carried ( X ) Not Carried ( ) Vote, ( 5 ) (N ) (AB 1 ) Tabled ( )
20170926-06_IV-BDRPT (for possible action) Consideration and Possible Approval for Payment to K12 for Products and Services Provided Motion by to approve Mrs. Morris. Second by Ms. McFadden. Motion passed
unanimously.
7 | B o a r d o f D i r e c t o r s S e p t e m b e r 2 6 , 2 0 1 7 G e n e r a l M e e t i n g
N e v a d a V i r t u a l A c a d e m y
Member Motion Aye No Abstain Absent
Dr. Anne Mendenhall
X
Mr. Mauricio Molina X
Mrs. Samantha Morris M X
Mr. Mark Makley X
Mr. Kade Miller, Esq. X
Ms. Elizabeth McFadden 2nd X
Motion Carried ( X ) Not Carried ( ) Vote, ( 5 ) (N ) (AB 1 ) Tabled ( )
VI. ITEMS SCHEDULED FOR INFORMATION
School Financial Report: Paul Mazzarella, K12 Senior Director, Finance
• Mr. Mazzarella presented the September 2017 Financial Statement Report and terms of ending of Eastern Lease.
School Credit Card Review: Samantha Morris, Secretary/Treasurer
• Mrs. Morris stated that a review of the credit card statement was conducted and that everything was in order and accounted for.
VII. CLOSING PROCEDURES
A. PUBLIC COMMENTS #2
No individual comment shall be for more than three (3) minutes. Board members
may respond to comments; however no action can be taken. The Board may give
direction to staff following comment.
There was no public comment.
B. ADJOURNMENT Motion to adjourn by Dr. Mendenhall. All in favor. Meeting was adjourned at 6:18 PM. The next board meeting is scheduled October 24, 2017. .
August 17, 2017
SPECIAL EDUCATION PROGRAM IMPROVEMENT CORRECTIVE ACTION PLAN
The State Public Charter School Authority(SPCSA) is required to monitor the implementation of Part B of the Individuals with
Disabilities Education Act (IDEA), (34 CFR 300.600(b)). The IDEA establishes requirements for state monitoring, enforcement, and
annual reporting, and requires that the primary focus of monitoring be on:
1. Improving educational results and functional outcomes for all children with disabilities; and
2. Ensuring that public agencies meet the program requirements under this part, with a particular emphasis on those requirements
that are most closely related to improving educational results for children with disabilities.
August 17, 2017
Charter School: _________Nevada Virtual Academy___________________
SPECIAL EDUCATION PROGRAM IMPROVEMENT
CORRECTIVE ACTION PLAN
Date Notified of Needing Assistance: _07/31/17_
(Duplicate as necessary)
Program Improvement Area of Concern
Timeline for Completion of Corrective Actions
Essential Action(s) Title of Person(s) Responsible for Essential Action
Title of Person(s)
Monitoring
Documentation Required to Support Evidence of Progress/Completion
1. Participate in training
scheduled for August
18 (Carson City) or
August 31 (Las
Vegas) from 9 am to
12 pm that reviews
policies, procedures,
and forms that will
assist you in making
necessary
modifications to your
practices, program,
and documentation
processes.
Compliance driven
(action completed within
one year timeline)
Attended 08/31/17
training in Las Vegas
Special Ed. Department
attended this training
including Special Programs
Director, Special Ed.
Facilitator, Special Ed.
Records Coordinator,
Related Services Assistant,
and Special Ed. Teachers.
One Special Ed. Facilitator
could not attend due to a
death in the family. Special
Programs Director provided
training materials to her
upon her return to work.
Lisa Dzierbicki,
Special Programs
Director
Lisa
Dzierbicki,
Special
Programs
Director
Please see the following soft copies
of the materials provided at the
training.
• Corrective Action Plan
Template
• Guidance for Self-Review
• Special Education 2016-2017
Audit Results Presentation
(ppt)
• Record of Access
• Access Log
• NVDOE Prior Written Notice
• Evaluation Scope
• Special Ed. Record & File
Review
SPCSA also has the attendance
roster on file that was signed by
NVVA staff members as evidence
of attending the training.
As new staff members are
hired within the NVVA
Special Ed. Department
they will be informed and
trained with this process
accordingly.
August 17, 2017
Program Improvement Area of Concern
Timeline for Completion of Corrective Actions
Essential Action(s) Title of Person(s) Responsible for Essential Action
Title of Person(s)
Monitoring
Documentation Required to Support Evidence of Progress/Completion
2. By September 13,
2017, the charter
school must submit
to Epicenter the
governing body-
approved Special
Education Policies
and Procedures and
Manual and all the
additional forms for
the Special
Education Program
that are not included
in the Infinite
Campus module for
Special Education.
In addition, schools
must complete the
attestation found in
Epicenter for this
requirement to be
satisfied.
Compliance driven
(action completed within
one year timeline)
By 09/13/17
Special Education Policies
and Procedures and Manual
uploaded to Epicenter on
09/11/17.
Special Education Policies
and Procedures and Manual
approved by governing
board on 08/29/17
Attestation submitted
09/11/17
Lisa Dzierbicki,
Special Programs
Director
Lisa
Dzierbicki,
Special
Programs
Director
Please see the following soft copies
of the documents.
• Special Education Policies and
Procedures and Manual
• Board Agenda 08/29/17
• Board Meeting Minutes - Draft
• Attestation Form
Note: Board Meeting Minutes are
in draft format until they are
approved at the next Board
Meeting on 09/26/17
August 17, 2017
Program Improvement Area of Concern
Timeline for Completion of Corrective Actions
Essential Action(s) Title of Person(s) Responsible for Essential Action
Title of Person(s)
Monitoring
Documentation Required to Support Evidence of Progress/Completion
3. By September 30,
2017, the charter
school must submit a
Governing Body-
Approved Corrective
Action Plan (CAP) to
the SPCSA via
Epicenter including
any proposed
revisions to your
policies, procedures,
and forms on these
findings. The
Corrective Action
Plan must also
outline the charter
school’s plan for
training all staff
working with special
education students on
compliance
requirements. All
Staff must be trained
by November 24,
2017.
Compliance driven
(action completed within
one year timeline)
Due by 09/30/17
Notified Yolanda Hamilton
(Head of School), Megan
Bernardo (Director of
Operations and
Compliance), and Karri
Payne (Office
Administrator) to add
Corrective Action Plan
(CAP) to Board Governing
Body agenda for 09/26/17
meeting for their approval.
Date: (to be added)
Governing Body (Board)
approved Corrective Action
Plan
Date: (to be added)
Document uploaded to
Epicenter
Lisa Dzierbicki,
Special Programs
Director
Lisa
Dzierbicki,
Special
Programs
Director
Please see the following soft copies
of the documents.
• Board Agenda 09/26/17
• Board Meeting Minutes
Outline for training due by
09/30/17
Staff training due by
11/24/17
08/10 –11/17: Back to
School Professional
Development
• Staff trained on present
levels/baseline data
08/31/17: All staff attended
SPCSA training
Date: 10/09/17
Professional Development
High School Staff Training
on Areas of Non-
Compliance Requirements
Please see the following soft copies
of the documents.
• NVVA Agendas 08-10-17, 08-
11-17
• Refer to Program Improvement
Area of Concern #1 for
training documents
Agenda for 10/09/17, 10/16/17, &
10/25/17 Professional
Development:
• Eligibility/Evaluation
Requirements
August 17, 2017
Program Improvement Area of Concern
Timeline for Completion of Corrective Actions
Essential Action(s) Title of Person(s) Responsible for Essential Action
Title of Person(s)
Monitoring
Documentation Required to Support Evidence of Progress/Completion
Date: 10/16/17
Professional Development
K-8 Staff Training on Areas
of Non-Compliance
Requirements
Date: 10/25/17
Professional Development
Related Service Providers
Training on Areas
of Non-Compliance
Requirements
• PLOPs, Goals, & Services -
Alignment and Required
Components
• Required Components of the
IEP including addressing
student strengths, parent
concerns, student
preferences/interests, and
parent participation
• Exit Assessment given to
ensure staff knowledge of
compliance information
4. The charter school
must correct and
submit to the SPCSA
in Epicenter each
student level
correction and
correction in the area
of noncompliance as
noted in this report
by January 26, 2018.
The charter school
must submit a new
record for those
items noted as
noncompliant but
cannot be recovered
to Epicenter by
January 26, 2018.
The new record must
be compliant and
show that the charter
school has made the
systemic changes
necessary in policy
and procedure. A
Compliance driven
(action completed within
one year timeline)
Due by 01/26/18
Nevada Virtual Academy
Special Education Staff
attended an SPCSA training
on 08/31/17
Nevada Virtual Academy is
holding professional
development meetings with
special education staff as
listed in Program
Improvement Area of
Concern #3.
Student level corrections
and corrections in the areas
of non-compliance will be
completed by 01/26/18 and
uploaded into Epicenter no
later than 01/26/18
Lisa Dzierbicki,
Special Programs
Director
Lisa
Dzierbicki,
Special
Programs
Director
Refer to Program Improvement
Area of Concern #1 for training
documents
Refer to Program Improvement
Area of Concern #3 for
professional development and
agenda
To be submitted student records for
the items notes non-compliance
August 17, 2017
Program Improvement Area of Concern
Timeline for Completion of Corrective Actions
Essential Action(s) Title of Person(s) Responsible for Essential Action
Title of Person(s)
Monitoring
Documentation Required to Support Evidence of Progress/Completion
charter school cannot
submit multiple
students’ files to
correct non-
compliance.
Signatures of Assurance:
Principal: ___________________________________ Date: ______________________ Governing Board Chair: _______________________________ Date: ______________________ Must be uploaded to Epicenter by September 30, 2017
NVVA Board Presentation
August 2017 Financials September 26, 2017
Table of Contents1. Summary forecast/budget information2. Summary restricted funds information3. Summary balance sheet information4. Summary cash flow information5. NVVA metrics6. NVVA specific items/issues7. Detailed financial statements – Exhibit A
2
Summary forecast/budget
3
Prior Forecast
Current Forecast Variance Higher/ (Lower) % Change
Total Enrollment 2,255 2,254 (1) 0%
Total Revenue 16,921,294$ 17,202,493$ 281,198$ 2%Teacher expenses 7,221,140 7,314,177 93,038 1%Student expenses 6,671,801 6,870,616 198,815 3%Student and Family Services Expenses 553,449 553,222 (226) 0%Administration and Governance Expenses 2,587,716 2,548,957 (38,759) -1%Technology Expenses 342,321 338,032 (4,289) -1%Insurance/Facilities/Other Expenses 1,052,500 1,052,500 - 0%Total Expenses 18,428,926 18,677,505 248,579 1%Net Surplus (Deficit) (1,507,631)$ (1,475,012)$ 32,619$ -2%Surplus from Prior Years/Balanced Budgets 2,137,545$ 2,137,545$ -$ 0%Net Positive Assets 629,913$ 662,533$ 32,619$ 5%
Current Year Forecasts
Forecast/budget commentary• Current Forecast (2+10 - August) compared to Prior Forecast (1+11 – July) comments:
– Revenue increased by approximately $281,000 or 2 percent from prior forecast• Increase is primarily due to New Nevada Education Funding Plan SB178 amounting to $252,000 in restricted revenue. New Nevada Funding SB178 aims to support pupils who perform below a designated level of proficiency and are English learners or eligible for a free or reduced-price lunch. NVVA planned expenses includes MAP testing, summer dual credit opportunities, hiring of Literacy strategist and ELL certifications and professional development for teachers. Additionally, increase in DSA revenue is due to Kindergarten counted as one ADE compared to 0.60 weighted ADE offset by elimination of Full Day Kindergarten revenue brought by this change and reduction in SPED Discretionary funds awarded by the state.
– Expenses increased by approximately $249,000 or 1 percent from prior forecast• Increase in Teacher expenses by about $57,000 primarily due to increase in Conference teacher training and development associated with New Nevada SB178 funding and increase in teacher salaries offset from admin salaries and benefits re-classed.• Increase in Student expenses by about $199,000 primarily due to increase in student MAP testing and summer dual credit fees associated with New Nevada SB178 funding offset by decrease in curriculum, materials and computer as a result of slight decrease in enrollment.• Decrease in K12 Management and Technology fees by $10,000 primarily due to slight decrease in enrollment and changes in revenue.• Increase in School Admin expense of about $3,000 due to Increase in oversight fees as a result of the increase in revenue.
– Total change between forecasts between months resulted in a decrease in deficit of approximately $33,000 or 2%.4
Summary forecast/budget
5
Current Year Budget Current Forecast Variance Higher/ (Lower) % Change Year-to-Date
Actuals Remaining Budget % Budget Remaining
Total Enrollment 2,249 2,254 4 0%
Total Revenue 16,950,829$ 17,202,493$ 251,664$ 1% 2,679,241$ 14,523,252$ 84%Teacher expenses 7,307,333 7,314,177 6,844 0% 1,216,872 6,097,306 83%Student expenses 6,534,103 6,870,616 336,513 5% 1,217,699 5,652,918 82%Student and Family Services Expenses 507,146 553,222 46,076 9% 12,686 540,536 98%Administration and Governance Expenses 2,567,790 2,548,957 (18,834) -1% 341,679 2,207,278 87%Technology Expenses 337,383 338,032 649 0% 57,054 280,978 83%Insurance/Facilities/Other Expenses 1,098,113 1,052,500 (45,613) -4% 160,082 892,418 85%Total Expenses 18,351,869 18,677,505 325,635 2% 3,006,071 15,671,433 84%Net Surplus (Deficit) (1,401,041)$ (1,475,012)$ (73,971)$ 5% (326,830)$ (1,148,182)$ 78%Surplus from Prior Years/Balanced Budgets 2,137,545$ 2,137,545$ -$ 0% 2,137,545$ Net Positive Assets 736,504$ 662,533$ (73,971)$ -10% 1,810,715$
Current Forecast vs. Budget % Budget Remaining
Forecast/budget commentary• Current Forecast (2+10) to Budget comments:
– Enrollment increased by 5 or 0.19% from budget – Total revenue increased by approximately $252,000
• Increase in revenue is primarily due to additional New Nevada SB178 funding.– Teacher expenses increased from budget by approximately $7,000 or 0.09%
• Increase in Teacher expenses primarily due to increase in Conference teacher training and development associated with New Nevada SB178 funding and increase in Insperity benefits approved by the board offset by decrease in Instructional Materials, Non-Instructional Materials, and Travel.– Student expenses increased by approximately $337,000 or 5%
• Increase in Student expenses primarily due to increase in student other expenses associated with New Nevada SB178 funding and Increase in Curriculum Delivery and Instructional Materials based on higher prior year per pupil rate and increase in enrollment offset by lower Computer take rate and reduced Testing expense.– Student and Family Services expenses increased by approximately $46,000 or 9%
• Increase in SPED expenses primarily due to higher enrollment and increased needs of SPED students offset by reduced school events expenses6
Forecast/budget commentary• Current Forecast (2+10) to Budget comments (continued):
– Administrative and Governance Expenses decreased by approximately $19,000 or 1%• Decrease due to reduced legal fees offset by Increased K12 Management fees and oversight primarily due to increase in enrollment and increased revenue
– Facilities expenses decreased by approximately $46,000 or 4%• Decrease primarily due to reduced maintenance repair, computer equipment, general liability insurance and copier lease offset by increase in office supplies and equipment
– Overall net positive assets decreased by approximately $74,000 or 10%• Decrease primarily due to decrease in budgeted revenue of approximately $252,000 and increase in budgeted expenses of approximately $326,000
• % Budget Remaining (August Year to Date) comments:– Rolling forecasts become current budget due to change in enrollment
(83% of year remaining)– Revenue of 84% remaining to be earned over the next 10 months– Expenses of 84% remaining to be spent over the next 10 months
7
Summary of Restricted Funds
8
Restricted Fund Summary SPED Part BAccount Classification Available YTD Spend Remaining % Remaining
Instruction - Teachers 250,288$ 22,753$ 227,534$ 91%Instruction - Students 520$ -$ 520$ 100%Student and Family Services 11,366$ -$ 11,366$ 100%School Administration & Governance -$ -$ -$ -Technology -$ -$ -$ -Insurance / Facilities / Other -$ -$ -$ -Total Federal Restricted Funds 262,174$ 22,753$ 239,420$ 91%
Restricted Fund Summary New Nevada SB178Account Classification Available YTD Spend Remaining % Remaining
Instruction - Teachers 50,400$ -$ 50,400$ 100%Instruction - Students 201,600$ -$ 201,600$ 100%Student and Family Services -$ -$ -$ -School Administration & Governance -$ -$ -$ -Technology -$ -$ -$ -Insurance / Facilities / Other -$ -$ -$ -Total Federal Restricted Funds 252,000$ -$ 252,000$ 100%
Restricted Fund Summary School Improvement GrantAccount Classification Available YTD Spend Remaining % Remaining
Instruction - Teachers 387,825$ 36,936$ 350,889$ 90%Instruction - Students -$ -$ -$ -Student and Family Services -$ -$ -$ -School Administration & Governance 124,500$ -$ 124,500$ 100%Technology -$ -$ -$ -Insurance / Facilities / Other -$ -$ -$ -Total Federal Restricted Funds 512,325$ 36,936$ 475,389$ 93%
Restricted Funds Commentary• Federal Part B SPED Revenue based on prior year revenue allocation• Total awards expected to be:
• Federal Part B SPED: $ 262,174• New Nevada SB178: $ 252,000• School Improvement Grant: $ 512,325
----------------Total Federal Awards $ 1,026,499
==========
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Summary Balance Sheet
10
Without GASB 68June-17 August-17 Variance
Higher/(Lower) % ChangeASSETS:Current assets:
Cash 3,707,751.14 2,720,215.05 (987,536.09) -27%Accounts receivable 333,961.06 1,248,466.75 914,505.69 274%Other Current assets 48,623.51 588,235.02 539,611.51 1110%
Total Current Assets 4,090,335.71$ 4,556,916.82$ 466,581.11$ 10%Total Fixed Assets 471,664.42$ 448,972.86$ (22,691.56)$ -5%Total Other Assets 32,590.00$ 32,590.00$ -$ 0%TOTAL ASSETS 4,594,590.13$ 5,038,479.68$ 443,889.55$ 9%
LIABILITIES AND EQUITY:Current liabilities:
Accounts Payable 660,597.43 1,717,734.80 1,057,137.37 160%Other Current Liabilities 1,796,447.97 1,510,030.35 (286,417.62) -16%
Total Current Liabilities 2,457,045.40$ 3,227,765.15$ (572,835.24)$ -18%Total Other Liabilities -$ -$ -$ Total Equity 2,137,544.73$ 1,810,714.53$ (326,830.20)$ -15%TOTAL LIABILITIES AND EQUITY 4,594,590.13$ 5,038,479.68$ 443,889.55$ 9%
Summary Balance Sheet
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With GASB 68June-17 August-17 Variance
Higher/(Lower) % ChangeASSETS:Current assets:
Cash 3,707,751.14 2,720,215.05 (987,536.09) -27%Accounts receivable 333,961.06 1,248,466.75 914,505.69 274%Other Current assets 48,623.51 588,235.02 539,611.51 1110%
Total Current Assets 4,090,335.71$ 4,556,916.82$ 466,581.11$ 10%Total Fixed Assets 471,664.42$ 448,972.86$ (22,691.56)$ -5%Total Other Assets 1,277,659.44$ 1,277,659.44$ -$ 0%TOTAL ASSETS 5,839,659.57$ 6,283,549.12$ 443,889.55$ 7%
LIABILITIES AND EQUITY:Current liabilities:
Accounts Payable 660,597.43 1,717,734.80 1,057,137.37 160%Other Current Liabilities 1,796,447.97 1,510,030.35 (286,417.62) -16%
Total Current Liabilities 2,457,045.40$ 3,227,765.15$ 770,719.75$ 24%Total Other Liabilities 13,301,991.00$ 13,301,991.00$ -$ 0%Total Equity (9,919,376.83)$ (10,246,207.03)$ (326,830.20)$ 3%TOTAL LIABILITIES AND EQUITY 5,839,659.57$ 6,283,549.12$ 443,889.55$ 7%
Balance Sheet Commentary• Cash decreased by approximately $988,000 from June 30, 2017
– Increase in net expenses paid over net deposits made• Accounts Receivable increased by approximately $915,000 primarily due to expected DSA payment received in September.• Increase in Other Current Assets of approximately $540,000 primarily due to prepaid rent, school equipment and prepaid K12 charges.• Decrease in Fixed Assets of approximately $23,000 primarily due to depreciation of capitalized Office equipment and computers for the Sandhill facility.
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Balance Sheet Commentary• Accounts Payable increased by approximately $1,057,000 from June 30 due to August K12 invoices. Total Accounts Payable balance principally consists of Payable to K12. • Other Current Liabilities decreased by approximately $286,000 primarily due to lower accrued expenses for August• Equity or Net Assets decreased by approximately $326,830 due to end of August deficit.
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Summary Cash Flow
14
ACTUAL ACTUAL BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGET BUDGETJuly-17 August-17 September-17 October-17 November-17 December-17 January-18 February-18 March-18 April-18 May-18 June-18
Beginning Cash Balance 3,707,751$ 4,107,653$ 2,720,215$ 3,088,546$ 2,664,099$ 2,635,391$ 2,600,284$ 2,626,682$ 2,554,553$ 2,565,948$ 2,521,073$ 2,531,851$ Basic Formula Funding 1,300,884$ 166,104$ 2,591,650$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ Grant Reimbursement 200,690$ 78,830$ 316,893$ 77,393$ 77,393$ 77,393$ 77,393$ 77,393$ 77,393$ 77,393$ 77,393$ 194,678$ Other Deposits 12,221$ 9,236$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ Payments - Non K12 (1,113,893)$ (770,697)$ (831,782)$ (807,501)$ (844,688)$ (862,411)$ (807,731)$ (901,043)$ (817,432)$ (886,415)$ (839,325)$ (1,184,343)$ Payments - K12 -$ (870,911)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Proposed Payments - K12 -$ -$ (1,713,798)$ (1,015,268)$ (582,340)$ (571,018)$ (564,192)$ (569,407)$ (569,494)$ (556,782)$ (548,217)$ (523,728)$ Ending Cash Balance 4,107,653$ 2,720,215$ 3,088,546$ 2,664,099$ 2,635,391$ 2,600,284$ 2,626,682$ 2,554,553$ 2,565,948$ 2,521,073$ 2,531,851$ 2,339,387$
Cash Flow Commentary• Proposed payment of $1,713,798.19 to K12 Inc. for August 2017 invoices.
15
Type Date Num Open BalanceK12 Management Inc
Bill 08/15/2017 200045659 OLS 746,588.00Bill 08/15/2017 200045550 M&T 141,013.69Bill 08/15/2017 200045804 MAT 773,021.50Bill 08/15/2017 200045742 COMP 53,175.00
1,713,798.19Total K12 Management Inc 1,713,798.19
NVVA Metrics• Enrollment : 2,254• Total Withdrawals: 1,558• In Year Approvals: 759• In Year Withdrawals: 759• Funding per student: $7,043 ($5,927 District)• Enrollment breakout:
– K-3: 355– 4-8: 943– 9-12: 956
• SPED population: 12%• Students receiving computers: 22%
16
NVVA Metrics (continued)• Average courses per student:
– K: 6– 1-8: 5 – 9-12: 6
• Teachers ratios: – K-8: 36:1– HS: 208:1
17
NVVA Items/Issues• NVVA is working with Ellsworth and Stout, LLC on fiscal year 2017 audit. Field work is scheduled on October 2nd and deadlines are still expected to be met. • Eastern Lease was terminated in September 2017. NVVA will gain $70,526 on the termination of the lease and such gain will be reflected on the next forecast.
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Nevada Virtual AcademyBudget vs. Forecast Full Year ReportFY 2017-2018
Budget Forecast Budget vs. Forecast
Variance $ Budget vs. Forecast
Variance % Comments K-8 Ending Enrollment 1,322 1,298 (24) -2%HS Ending Enrollment 927 956 29 3%Total Ending Enrollment 2,249 2,254 4 0% Enrollment is 4 more than the anticipated budget enrollment
FUNDING SOURCES:Basic Formula Funding - K-8 and HS 15,184,098$ 15,422,296$ 238,198$ 2% Increase in revenue primarily due to Full Day Kindergarten included in the DSA calculation.Special Education Funding - K-8 and HS 720,276$ 664,417$ (55,859)$ -8% Decrease primarily due to SPED Discretionary amount awarded by State.Other State Unrestricted Funds 183,473$ 13,149$ (170,324)$ -93% Decrease in Full Day Kindergarten due to revenue included in the DSA calculation.State Restricted Funds - Non-SPED -$ -$ -$ 0%State Restricted Funds - SPED -$ -$ -$ 0%Federal - Title Funds -$ -$ -$ 0%Federal - IDEA Funds -$ -$ -$ 0%Other Federal Funds -$ -$ -$ 0%Other Funding/Inc - Included in M&T base -$ -$ -$ 0%Other Funding/Inc - Non M&T Base 786,850$ 1,026,499$ 239,649$ 30% Increase in revenue primarily due to SB178 New Nevada Funding awarded.Interest Income / Other 76,132$ 76,132$ -$ 0%Total Funding 16,950,829$ 17,202,493$ 251,664$ 1%Instruction: TeachersSalary - Regular 3,422,059$ 3,467,221$ 45,161$ 1% Increase in Salaries primarily due to changes in school FTE and mapping.Salary - Special Ed 601,188$ 633,803$ 32,616$ 5% Increase in Salaries primarily due to changes in school FTE and mapping.Salary - ICs / Advisors / Counselors 411,191$ 378,318$ (32,873)$ -8% Decrease in Salaries primarily due to changes in school FTE and mapping.Salary - Title -$ -$ -$ 0%Salary - Other 15,000$ -$ (15,000)$ -100% Amount reallocated to bonus as part of the School Improvement Grant plan.Salary - Part-Time Regular -$ -$ -$ 0%Salary - Part-Time Special -$ -$ -$ 0%Salary - Part-Time ICs / Advisors / Counselors -$ -$ -$ 0%Benefits 1,956,859$ 2,006,745$ 49,886$ 3% Increase in benefits primarily due to increase in Insperity benefits package as approved by the board.Bonus 24,725$ 39,725$ 15,000$ 61% Amount reallocated from Salary-Other as part of the School Improvement Grant plan.Travel 73,618$ 60,200$ (13,418)$ -18% Actual teacher travel is lower than anticipated in the budget.Phone 82,875$ 77,400$ (5,475)$ -7%Instructional Materials 61,275$ 10,000$ (51,275)$ -84% Instructional Materials is lower based on prior year actuals.Curriculum Delivery 270,697$ 273,881$ 3,185$ 1% Curriculum expense is aligned to prior year's rate.K12 Charges-HS Teacher -$ -$ -$ 0%Teacher Laptops 65,021$ 67,000$ 1,979$ 3%Non-Instructional Materials & Supplies 51,000$ 25,800$ (25,200)$ -49% Non-Instructional Materials is lower based on prior year's rate.Conf., Teacher Training & Prof. Dev. 124,950$ 119,800$ (5,150)$ -4% Decrease in Prof. Dev't primarily due to decrease in Title I grant awarded this year offset by SB178 New Nevada Funding related expenses.Printing, Mailing, Postage -$ -$ -$ 0%Tuition reimb. 1,171$ 1,184$ 14$ 1%ISP 130,050$ 120,400$ (9,650)$ -7% Expenses are aligned to prior year's actuals.Non-K12 Other 15,655$ 32,700$ 17,045$ 109% Increase in expense primarily due to SB178 New Nevada Funding related expenses.Total 7,307,333$ 7,314,177$ 6,844$ 0%Instruction: StudentsProctored Exams & Test Administration 151,215$ 101,410$ (49,806)$ -33% Decrease in expense is lower based on prior year actual per pupil rate.Curriculum Delivery 3,886,025$ 4,044,745$ 158,720$ 4% Increase in expense primarily due to higher prior year actual per pupil rate.Instructional Materials 1,831,969$ 1,993,602$ 161,634$ 9% Increase in expense primarily due to higher prior year actual per pupil rate.Computer, Peripherals, & Software 476,700$ 341,065$ (135,635)$ -28% Decrease in expense primarily due to lower prior year actual per pupil take rate.ISP 17,350$ 17,350$ -$ 0%Sales Tax -$ -$ -$ 0%K12 Charges Other 19,987$ 19,987$ -$ 0%Non-K12 Other 150,858$ 352,458$ 201,600$ 134% Increase in expense primarily due to SB178 New Nevada Funding related expenses.Total 6,534,103$ 6,870,616$ 336,513$ 5%Student and Family ServicesSpecial Ed Contracted Svcs & Other Related Exp. 469,805$ 537,722$ 67,917$ 14% SPED expenses are increased primarily due to higher prior year actual run rate.Field Trips 8,008$ 7,000$ (1,008)$ -13%Hybrid Program -$ -$ -$ 0%School Events 29,333$ 8,500$ (20,833)$ -71% Expenses are aligned to prior year's actuals.Annual School Reports -$ -$ -$ 0%School Premiums -$ -$ -$ 0%Non-K12 Other -$ -$ -$ 0%Total 507,146$ 553,222$ 46,076$ 9%
Full Year Comparison - Budget
Nevada Virtual AcademyBudget vs. Forecast Full Year ReportFY 2017-2018
Budget Forecast Budget vs. Forecast
Variance $ Budget vs. Forecast
Variance % Comments
Full Year Comparison - Budget
School Administration & GovernanceEducational Services 1,354,781$ 1,368,890$ 14,109$ 1% Increase is primarily due to increase in enrollment and revenue.Oversight/Sponsor Fee 238,566$ 241,301$ 2,735$ 1%Legal Services 113,164$ 85,000$ (28,164)$ -25% Legal expenses are lower based on prior year actual rate.Payroll Services -$ -$ -$ 0%Auditing - External 24,880$ 24,880$ -$ 0%Board Development & Training 5,000$ 12,000$ 7,000$ 140% Expenses are aligned to prior year's actuals.Administrator Travel 5,000$ 12,000$ 7,000$ 140% Expenses are aligned to prior year's actuals.Administrator Phone -$ -$ -$ 0%Admin Computer, Peripherals, & Software -$ -$ -$ 0%Non-K12 Administrative Staff Salaries 561,819$ 531,743$ (30,076)$ -5% Decrease in Salaries primarily due to changes in school FTE and mapping.Non-K12 Administrative Staff Benefits 100,859$ 96,546$ (4,313)$ -4% Decrease primarily due to changes in school FTE and mapping.Non-K12 Administrative Staff Bonus -$ -$ -$ 0%Consultants 144,500$ 157,375$ 12,875$ 9% Expenses are aligned to prior year's actuals.Temporary employees 7,500$ 7,500$ -$ 0%Non-K12 Other 11,722$ 11,722$ -$ 0%Total 2,567,790$ 2,548,957$ (18,834)$ -1%TechnologyTechnology Services 337,383$ 338,032$ 649$ 0%Non-K12 Other -$ -$ -$ 0%Total 337,383$ 338,032$ 649$ 0%Insurance / Facilities / OtherRent 403,955$ 390,000$ (13,955)$ -3% Expenses are aligned to prior year's actuals.Maintenance/Repair Facility 77,000$ 65,000$ (12,000)$ -16% Decrease is primarily due to lower actual run-rate.Water & Electric 27,388$ 39,000$ 11,612$ 42% Increase in Water & Electric is primarily due to new Sandhill facility based on prior year actuals.Telephone 93,275$ 57,000$ (36,275)$ -39% Decrease is primarily due to e-rate credits received. Internet Connection 22,072$ 58,000$ 35,928$ 163% Increase in Internet is primarily due to new Sandhill facility based on prior year actuals.Conference calls 2,800$ 2,000$ (800)$ -29%Copier / Fax Lease 32,271$ 18,000$ (14,271)$ -44% Expenses are aligned to prior year's actuals.Outside Copying -$ -$ -$ 0%Office Postage and Shipping 33,000$ 36,000$ 3,000$ 9%Office supplies and equipment 115,000$ 134,000$ 19,000$ 17% Expenses are aligned to prior year's actuals.Computer equip. & installation 47,062$ 20,000$ (27,062)$ -58% Expenses are aligned to prior year's actuals.General Liability Insurance 92,676$ 72,000$ (20,676)$ -22% Expenses are aligned to prior year's actuals.Bank fees 1,500$ 1,500$ -$ 0%Depreciation 117,156$ 135,000$ 17,844$ 15% Increase is primarily due to new Sandhill assets depreciated.Non-K12 Other 32,959$ 25,000$ (7,959)$ -24%Total 1,098,113$ 1,052,500$ (45,613)$ -4%Total School Expenditures This Period 18,351,869$ 18,677,505$ 325,635$ 2%Surplus (Deficit) This Period (1,401,041)$ (1,475,012)$ (73,971)$ 5%Surplus from Prior Year 2,137,545$ 2,137,545$ -$ 0%Net Positive Assets 736,504$ 662,533$ (73,971)$ -10%
Nevada Virtual AcademyBudget vs. Forecast Year to Date ReportFY 2017-2018
Budget Forecast Budget vs. Forecast
Variance $ Budget vs. Forecast
Variance % Comments K-8 Ending Enrollment 1,191 1,250 59 5%HS Ending Enrollment 841 838 (3) 0%Total Ending Enrollment 2,032 2,088 56 3% Enrollment is 56 more than the anticipated enrollment.
FUNDING SOURCES:Basic Formula Funding - K-8 and HS 2,530,683$ 2,527,819$ (2,864)$ 0% Variance is primarily due to timing.Special Education Funding - K-8 and HS 120,046$ 120,046$ (0)$ 0%Other State Unrestricted Funds 30,579$ 13,149$ (17,430)$ -57% Decrease in Full Day Kindergarten due to revenue included in the DSA calculation.State Restricted Funds - Non-SPED -$ -$ -$ 0%State Restricted Funds - SPED -$ -$ -$ 0%Federal - Title Funds -$ -$ -$ 0%Federal - IDEA Funds -$ -$ -$ 0%Other Federal Funds -$ -$ -$ 0%Other Funding/Inc - Included in M&T base -$ -$ -$ 0%Other Funding/Inc - Non M&T Base 131,142$ -$ (131,142)$ -100% Timing of receipt of SPED Part B and SIGrant revenue is in the later months as reimbursements come in.Interest Income / Other 12,689$ 18,227$ 5,538$ 44% Variance is primarily due to timing.Total Funding 2,825,138$ 2,679,241$ (145,897)$ -5%Instruction: TeachersSalary - Regular 570,343$ 658,554$ 88,211$ 15% Increase in Salaries primarily due to changes in school FTE and mapping.Salary - Special Ed 100,198$ 132,814$ 32,616$ 33% Increase in Salaries primarily due to changes in school FTE and mapping.Salary - ICs / Advisors / Counselors 68,532$ 35,659$ (32,873)$ -48% Decrease in Salaries primarily due to changes in school FTE and mapping.Salary - Title -$ -$ -$ 0%Salary - Other 2,500$ -$ (2,500)$ -100% Amount reallocated to bonus as part of the School Improvement Grant plan.Salary - Part-Time Regular -$ -$ -$ 0%Salary - Part-Time Special -$ -$ -$ 0%Salary - Part-Time ICs / Advisors / Counselors -$ -$ -$ 0%Benefits 336,827$ 344,042$ 7,216$ 2% Increase in benefits primarily due to increase in Insperity benefits package as approved by the board.Bonus 4,121$ -$ (4,121)$ -100% Amount reallocated from Salary-Other as part of the School Improvement Grant plan.Travel 12,266$ 1,756$ (10,510)$ -86% Actual teacher travel is lower than anticipated in the budget.Phone 13,813$ 15,134$ 1,322$ 10% Expenses are aligned to prior year's actuals.Instructional Materials 10,213$ 1,145$ (9,068)$ -89% Instructional Materials is lower based on prior year actuals.Curriculum Delivery 24,609$ -$ (24,609)$ -100% Variance is primarily due to timing.K12 Charges-HS Teacher -$ -$ -$ 0%Teacher Laptops 10,837$ (90)$ (10,927)$ -101% Variance is primarily due to timing.Non-Instructional Materials & Supplies 8,500$ 128$ (8,372)$ -98% Non-Instructional Materials is lower based on prior year's rate.Conf., Teacher Training & Prof. Dev. 12,605$ 1,271$ (11,334)$ -90% Variance is primarily due to timing.Printing, Mailing, Postage -$ -$ -$ 0%Tuition reimb. 207$ -$ (207)$ -100%ISP 21,675$ 26,458$ 4,783$ 22% Variance is primarily due to timing.Non-K12 Other 2,608$ -$ (2,608)$ -100% Variance is primarily due to timing.Total 1,199,852$ 1,216,872$ 17,020$ 1%Instruction: StudentsProctored Exams & Test Administration 10,209$ 2,776$ (7,432)$ -73% Timing of Testing expenses are in the later months.Curriculum Delivery 55,357$ 247,424$ 192,066$ 347% Change due to timing of expenses - start of the school year.Instructional Materials 663,546$ 916,677$ 253,131$ 38% Change due to timing of expenses - start of the school year.Computer, Peripherals, & Software 92,763$ 50,039$ (42,725)$ -46%ISP 2,892$ -$ (2,892)$ -100%Sales Tax -$ -$ -$ 0%K12 Charges Other 3,331$ -$ (3,331)$ -100% Variance is primarily due to timing.Non-K12 Other 25,143$ 783$ (24,360)$ -97% Variance is primarily due to timing.Total 853,241$ 1,217,699$ 364,458$ 43%Student and Family ServicesSpecial Ed Contracted Svcs & Other Related Exp. 62,912$ 15,295$ (47,617)$ -76% Timing of SPED expenses are in the later months.Field Trips -$ (2,730)$ (2,730)$ 0%Hybrid Program -$ -$ -$ 0%School Events 642$ 121$ (521)$ -81%Annual School Reports -$ -$ -$ 0%School Premiums -$ -$ -$ 0%Non-K12 Other -$ -$ -$ 0%Total 63,554$ 12,686$ (50,867)$ -80%
Year-To-Date Comparison - Budget
Nevada Virtual AcademyBudget vs. Forecast Year to Date ReportFY 2017-2018
Budget Forecast Budget vs. Forecast
Variance $ Budget vs. Forecast
Variance % Comments
Year-To-Date Comparison - Budget
School Administration & GovernanceEducational Services 225,797$ 229,102$ 3,305$ 1%Oversight/Sponsor Fee 39,761$ 39,718$ (43)$ 0%Legal Services 18,861$ 7,954$ (10,906)$ -58% The decrease is primarily the timing of expenses.Payroll Services -$ -$ -$ 0%Auditing - External -$ -$ -$ 0%Board Development & Training 950$ -$ (950)$ -100%Administrator Travel 833$ 1,396$ 562$ 67%Administrator Phone -$ -$ -$ 0%Admin Computer, Peripherals, & Software -$ -$ -$ 0%Non-K12 Administrative Staff Salaries 93,636$ 43,647$ (49,989)$ -53% The decrease is primarily the timing of expenses.Non-K12 Administrative Staff Benefits 16,810$ 8,922$ (7,888)$ -47% The decrease is primarily the timing of expenses.Non-K12 Administrative Staff Bonus -$ -$ -$ 0%Consultants 24,083$ 10,260$ (13,823)$ -57% The decrease is primarily the timing of expenses.Temporary employees 1,250$ 680$ (570)$ -46%Non-K12 Other 1,954$ -$ (1,954)$ -100%Total 423,935$ 341,679$ (82,255)$ -19%TechnologyTechnology Services 56,231$ 57,054$ 823$ 1%Non-K12 Other -$ -$ -$ 0%Total 56,231$ 57,054$ 823$ 1%Insurance / Facilities / OtherRent 67,299$ 67,375$ 76$ 0%Maintenance/Repair Facility 12,833$ 15,281$ 2,447$ 19% The variance is primarily due to timing of expenses.Water & Electric 4,565$ 7,808$ 3,243$ 71% The variance is primarily due to timing of expenses.Telephone 15,546$ 14,696$ (849)$ -5% The decrease is primarily the timing of expenses.Internet Connection 3,679$ 10,867$ 7,189$ 195% The variance is primarily due to timing of expenses.Conference calls 467$ 98$ (368)$ -79%Copier / Fax Lease 5,378$ 4,153$ (1,225)$ -23%Outside Copying -$ -$ -$ 0%Office Postage and Shipping 5,500$ 1,882$ (3,618)$ -66%Office supplies and equipment 19,167$ 2,479$ (16,687)$ -87% The decrease is primarily the timing of expenses.Computer equip. & installation 7,844$ -$ (7,844)$ -100% The decrease is primarily the timing of expenses.General Liability Insurance 15,446$ 9,435$ (6,011)$ -39% The decrease is primarily the timing of expenses.Bank fees 250$ -$ (250)$ -100%Depreciation 19,526$ 22,692$ 3,166$ 16% Increase is primarily due to new Sandhill assets depreciated.Non-K12 Other 5,493$ 3,315$ (2,178)$ -40% The variance is primarily due to timing of expenses.Total 182,992$ 160,082$ (22,910)$ -13%Total School Expenditures This Period 2,779,803$ 3,006,071$ 226,268$ 8%Surplus (Deficit) This Period 45,335$ (326,830)$ (372,165)$ -821%Surplus from Prior Year 2,137,545$ 2,137,545$ -$ 0%Net Positive Assets 2,182,879$ 1,810,715$ (372,165)$ -17%
Nevada Virtual AcademyPrior Forecast vs. Current Forecast Full Year ReportFY 2017-2018
Prior Forecast
Current Forecast
Budget vs. Forecast Variance $
Budget vs. Forecast Variance % Comments
K-8 Ending Enrollment 1,317 1,298 (19) -1%HS Ending Enrollment 937 956 18 2%Total Ending Enrollment 2,255 2,254 (1) 0% Enrollment is 1 less than the anticipated budget enrollment
FUNDING SOURCES:Basic Formula Funding - K-8 and HS 15,166,915$ 15,422,296$ 255,381$ 2% Increase in revenue primarily due to Full Day Kindergarten included in the DSA calculation.Special Education Funding - K-8 and HS 720,276$ 664,417$ (55,859)$ -8% Decrease primarily due to SPED Discretionary amount awarded by State.Other State Unrestricted Funds 183,473$ 13,149$ (170,324)$ -93% Decrease in Full Day Kindergarten due to revenue included in the DSA calculation.State Restricted Funds - Non-SPED -$ -$ -$ 0%State Restricted Funds - SPED -$ -$ -$ 0%Federal - Title Funds -$ -$ -$ 0%Federal - IDEA Funds -$ -$ -$ 0%Other Federal Funds -$ -$ -$ 0%Other Funding/Inc - Included in M&T base -$ -$ -$ 0%Other Funding/Inc - Non M&T Base 774,499$ 1,026,499$ 252,000$ 33% Increase in revenue primarily due to SB178 New Nevada Funding awarded.Interest Income / Other 76,132$ 76,132$ -$ 0%Total Funding 16,921,294$ 17,202,493$ 281,198$ 2%Instruction: TeachersSalary - Regular 3,434,309$ 3,467,221$ 32,912$ 1% Increase in Salaries primarily due to changes in school FTE and mapping.Salary - Special Ed 618,345$ 633,803$ 15,459$ 2% Increase in Salaries primarily due to changes in school FTE and mapping.Salary - ICs / Advisors / Counselors 397,242$ 378,318$ (18,924)$ -5% Decrease in Salaries primarily due to changes in school FTE and mapping.Salary - Title -$ -$ -$ 0%Salary - Other -$ -$ -$ 0% Amount reallocated to bonus as part of the School Improvement Grant plan.Salary - Part-Time Regular -$ -$ -$ 0%Salary - Part-Time Special -$ -$ -$ 0%Salary - Part-Time ICs / Advisors / Counselors -$ -$ -$ 0%Benefits 1,993,553$ 2,006,745$ 13,192$ 1% Increase in benefits primarily due to increase in Insperity benefits package as approved by the board.Bonus 39,725$ 39,725$ -$ 0%Travel 60,200$ 60,200$ -$ 0%Phone 77,400$ 77,400$ -$ 0%Instructional Materials 10,000$ 10,000$ -$ 0%Curriculum Delivery 273,881$ 273,881$ -$ 0%K12 Charges-HS Teacher -$ -$ -$ 0%Teacher Laptops 67,000$ 67,000$ -$ 0%Non-Instructional Materials & Supplies 25,800$ 25,800$ -$ 0%Conf., Teacher Training & Prof. Dev. 94,600$ 119,800$ 25,200$ 27% Increase in expense primarily due to SB178 New Nevada Funding related expenses.Printing, Mailing, Postage -$ -$ -$ 0%Tuition reimb. 1,184$ 1,184$ -$ 0%ISP 120,400$ 120,400$ -$ 0%Non-K12 Other 7,500$ 32,700$ 25,200$ 336% Increase in expense primarily due to SB178 New Nevada Funding related expenses.Total 7,221,140$ 7,314,177$ 93,038$ 1%Instruction: StudentsProctored Exams & Test Administration 101,453$ 101,410$ (44)$ 0%Curriculum Delivery 4,046,483$ 4,044,745$ (1,738)$ 0%Instructional Materials 1,994,459$ 1,993,602$ (857)$ 0%Computer, Peripherals, & Software 341,212$ 341,065$ (147)$ 0%ISP 17,350$ 17,350$ -$ 0%Sales Tax -$ -$ -$ 0%K12 Charges Other 19,987$ 19,987$ -$ 0%Non-K12 Other 150,858$ 352,458$ 201,600$ 134% Increase in expense primarily due to SB178 New Nevada Funding related expenses.Total 6,671,801$ 6,870,616$ 198,815$ 3%Student and Family ServicesSpecial Ed Contracted Svcs & Other Related Exp. 537,949$ 537,722$ (226)$ 0%Field Trips 7,000$ 7,000$ -$ 0%Hybrid Program -$ -$ -$ 0%School Events 8,500$ 8,500$ -$ 0%Annual School Reports -$ -$ -$ 0%School Premiums -$ -$ -$ 0%Non-K12 Other -$ -$ -$ 0%Total 553,449$ 553,222$ (226)$ 0%
Full Year Comparison - Forecast
Nevada Virtual AcademyPrior Forecast vs. Current Forecast Full Year ReportFY 2017-2018
Prior Forecast
Current Forecast
Budget vs. Forecast Variance $
Budget vs. Forecast Variance % Comments
Full Year Comparison - Forecast
School Administration & GovernanceEducational Services 1,374,610$ 1,368,890$ (5,720)$ 0% Decrease is primarily due to decrease in enrollment.Oversight/Sponsor Fee 238,308$ 241,301$ 2,993$ 1% Increase is primarily due to increase in revenue.Legal Services 85,000$ 85,000$ -$ 0%Payroll Services -$ -$ -$ 0%Auditing - External 24,880$ 24,880$ -$ 0%Board Development & Training 12,000$ 12,000$ -$ 0%Administrator Travel 12,000$ 12,000$ -$ 0%Administrator Phone -$ -$ -$ 0%Admin Computer, Peripherals, & Software -$ -$ -$ 0%Non-K12 Administrative Staff Salaries 561,158$ 531,743$ (29,414)$ -5% Decrease in Salaries primarily due to changes in school FTE and mapping.Non-K12 Administrative Staff Benefits 103,163$ 96,546$ (6,618)$ -6% Decrease primarily due to changes in school FTE and mapping.Non-K12 Administrative Staff Bonus -$ -$ -$ 0%Consultants 157,375$ 157,375$ -$ 0%Temporary employees 7,500$ 7,500$ -$ 0%Non-K12 Other 11,722$ 11,722$ -$ 0%Total 2,587,716$ 2,548,957$ (38,759)$ -1%TechnologyTechnology Services 342,321$ 338,032$ (4,289)$ -1% Decrease is primarily due to decrease in enrollment.Non-K12 Other -$ -$ -$ 0%Total 342,321$ 338,032$ (4,289)$ -1%Insurance / Facilities / OtherRent 390,000$ 390,000$ -$ 0%Maintenance/Repair Facility 65,000$ 65,000$ -$ 0%Water & Electric 39,000$ 39,000$ -$ 0%Telephone 57,000$ 57,000$ -$ 0%Internet Connection 58,000$ 58,000$ -$ 0%Conference calls 2,000$ 2,000$ -$ 0%Copier / Fax Lease 18,000$ 18,000$ -$ 0%Outside Copying -$ -$ -$ 0%Office Postage and Shipping 36,000$ 36,000$ -$ 0%Office supplies and equipment 134,000$ 134,000$ -$ 0%Computer equip. & installation 20,000$ 20,000$ -$ 0%General Liability Insurance 72,000$ 72,000$ -$ 0%Bank fees 1,500$ 1,500$ -$ 0%Depreciation 135,000$ 135,000$ -$ 0%Non-K12 Other 25,000$ 25,000$ -$ 0%Total 1,052,500$ 1,052,500$ -$ 0%Total School Expenditures This Period 18,428,926$ 18,677,505$ 248,579$ 1%Surplus (Deficit) This Period (1,507,631)$ (1,475,012)$ 32,619$ -2%Surplus from Prior Year 2,137,545$ 2,137,545$ -$ 0%Net Positive Assets 629,913$ 662,533$ 32,619$ 5%
Nevada Virtual AcademyRestricted Funds Summary Report - Through August 31, 2017FY 2017-2018
Account Classification Available ** YTD Spend Remaining % Remaining CommentsInstruction - Teachers 250,288$ 22,753$ 227,534$ 91% SPED Part B expense according to SPED Part B budget. Instruction - Students 520$ -$ 520$ 100%Student and Family Services 11,366$ -$ 11,366$ 100% SPED Part B expense according to SPED Part B budget. School Administration & Governance -$ -$ -$ -Technology -$ -$ -$ -Insurance / Facilities / Other -$ -$ -$ -
Total State Restricted Funds 262,174$ 22,753$ 239,420$ 91%
Account Classification Available * YTD Spend Remaining % Remaining CommentsInstruction - Teachers 50,400$ -$ 50,400$ 100% Revenue and expense according to grant awarded.Instruction - Students 201,600$ -$ 201,600$ 100% Revenue and expense according to grant awarded.Student and Family Services -$ -$ -$ -School Administration & Governance -$ -$ -$ -Technology -$ -$ -$ -Insurance / Facilities / Other -$ -$ -$ -
Total Federal Restricted Funds 252,000$ -$ 252,000$ 100%
Account Classification Available ** YTD Spend Remaining % Remaining CommentsInstruction - Teachers 387,825$ 36,936$ 350,889$ 90% Teacher salaries and benefits are not 100% spent due to SIG Administrator position not backfilled.Instruction - Students -$ -$ -$ -Student and Family Services -$ -$ -$ -School Administration & Governance 124,500$ -$ 124,500$ 100% McRel invoices based on School Improvement Grant Plan.Technology -$ -$ -$ -Insurance / Facilities / Other -$ -$ -$ -
Total State Restricted Funds 512,325$ 36,936$ 475,389$ 93%
Federal Restricted Fund Summary - Part B
Federal Restricted Fund Summary - School Improvement Grant
Restricted Fund Summary - New Nevada SB178
Nevada Virtual AcademyBalance Sheet without GASB 68FY 2017-2018
June 30, 2017 August 31, 2017 Variance CommentsASSETS
Current AssetsChecking/Savings
10200 · Wells Fargo Checking - 7482 25,007.58 25,007.96 0.38 No changes on Reserve account.10300 · Wells Fargo Operating - 9223 3,680,082.84 2,692,546.19 -987,536.65 Balance is net of all deposits and expense checks issued for the past month.10400 · Wells Fargo Checking - ISP 9041 1,689.72 1,689.90 0.18 No changes on ISP account10500 · Wells Fargo Checking - 4073 971.00 971.00 0.00 No changes on account
Total Checking/Savings 3,707,751.14 2,720,215.05 -987,536.09
Accounts Receivable11001 · Program Receivables 333,961.06 1,248,466.75 914,505.69 A/R Balance reflects the expected DSA payment as well as the restricted funds receipts.
Total Accounts Receivable 333,961.06 1,248,466.75 914,505.69
Other Current Assets13540 · Other Receivables 7,736.81 9,761.04 2,024.23 Receivables for Marketing expense reimbursements.13710 · Prepaid K12 Charges 0.00 501,609.54 501,609.54 Prepaid K12 Charges13720 · Prepaid Expenses - Other 40,886.70 76,864.44 35,977.74 Amortize prepaid rent and school equipment.
Total Other Current Assets 48,623.51 588,235.02 539,611.51
Total Current Assets 4,090,335.71 4,556,916.82 466,581.11
Fixed Assets16000 · Leasehold Improvements 481,770.34 481,770.34 0.00 Improvements for new Sandhill facility.16010 · A/D - Leasehold Improvements -141,099.55 -158,129.71 -17,030.16 Accumulated Depreciation16040 · Computer Hardware 152,993.95 152,993.95 0.00 Additional Computer Hardware due to new Sandhill Facility.16050 · Accum Depr - Computer Hardware -93,179.11 -95,724.13 -2,545.02 Accumulated Depreciation16100 · Office Equipment 113,659.12 113,659.12 0.00 Additional Office Equipment due to new Sandhill Facility.16110 · Accum Depr - Office Equipment -42,480.33 -45,596.71 -3,116.38 Accumulated Depreciation
Total Fixed Assets 471,664.42 448,972.86 -22,691.56
Other Assets19500 · Deposits 32,590.00 32,590.00 0.00 Security Deposit for Community Lutheran Church and Pebble Place I
Total Other Assets 32,590.00 32,590.00 0.00
TOTAL ASSETS 4,594,590.13 5,038,479.68 443,889.55
LIABILITIES & EQUITYLiabilities
Current LiabilitiesAccounts Payable
200000 · Accounts Payable 660,597.43 1,717,734.80 1,057,137.37 Primarily due to K12 Invoices which will be scheduled for payment.Total Accounts Payable 660,597.43 1,717,734.80 1,057,137.37
Other Current Liabilities21000 · Payroll Liabilities 0.00 0.00 0.0021100 · Accrued Expenses 1,708,345.75 1,223,795.65 -484,550.10 Payroll accruals for July payroll. Accrued expense not paid yet.21101 · Accrued K12 Mngmt & Tech Fees 0.00 150,637.67 150,637.67 Accrued K12 Mngmt & Tech Fees21102 · Accrued Oversight Fees 0.00 49,294.54 49,294.54 Accrued Oversight Fees21105 · Deferred Rent 60,551.38 59,350.94 -1,200.44 Deferred rent for new Sandhill facility.23000 · Retirement Payable 16,766.95 16,167.66 -599.29 Lower accrued Retirement for half of July.27500 · Deferred Revenue 10,783.89 10,783.89 0.00 Everett Financial - Lease Security Deposit.
Total Other Current Liabilities 1,796,447.97 1,510,030.35 -286,417.62
Total Current Liabilities 2,457,045.40 3,227,765.15 770,719.75
Total Liabilities 2,457,045.40 3,227,765.15 770,719.75
Equity3900 · Retained Earnings 5,341,108.54 2,137,544.73 -3,203,563.81Net Income -3,203,563.81 -326,830.20 2,876,733.61
Total Equity 2,137,544.73 1,810,714.53 -326,830.20 Deficit of $ 326,830.20 at the end of August 31, 2017.
TOTAL LIABILITIES & EQUITY 4,594,590.13 5,038,479.68 443,889.55
Nevada Virtual AcademyBalance Sheet with GASB 68FY 2017-2018
June 30, 2017 August 31, 2017 Variance CommentsASSETS
Current AssetsChecking/Savings
10200 · Wells Fargo Checking - 7482 25,007.58 25,007.96 0.38 No changes on Reserve account.10300 · Wells Fargo Operating - 9223 3,680,082.84 2,692,546.19 -987,536.65 Balance is net of all deposits and expense checks issued for the past month.10400 · Wells Fargo Checking - ISP 9041 1,689.72 1,689.90 0.18 No changes on ISP account10500 · Wells Fargo Checking - 4073 971.00 971.00 0.00 No changes on account
Total Checking/Savings 3,707,751.14 2,720,215.05 -987,536.09
Accounts Receivable11001 · Program Receivables 333,961.06 1,248,466.75 914,505.69 A/R Balance reflects the expected DSA payment as well as the restricted funds receipts.
Total Accounts Receivable 333,961.06 1,248,466.75 914,505.69
Other Current Assets13540 · Other Receivables 7,736.81 9,761.04 2,024.23 Receivables for Marketing expense reimbursements.13710 · Prepaid K12 Charges 0.00 501,609.54 501,609.54 Prepaid K12 Charges13720 · Prepaid Expenses - Other 40,886.70 76,864.44 35,977.74 Amortize prepaid rent and school equipment.
Total Other Current Assets 48,623.51 588,235.02 539,611.51
Total Current Assets 4,090,335.71 4,556,916.82 466,581.11
Fixed Assets16000 · Leasehold Improvements 481,770.34 481,770.34 0.00 Improvements for new Sandhill facility.16010 · A/D - Leasehold Improvements -141,099.55 -158,129.71 -17,030.16 Accumulated Depreciation16040 · Computer Hardware 152,993.95 152,993.95 0.00 Additional Computer Hardware due to new Sandhill Facility.16050 · Accum Depr - Computer Hardware -93,179.11 -95,724.13 -2,545.02 Accumulated Depreciation16100 · Office Equipment 113,659.12 113,659.12 0.00 Additional Office Equipment due to new Sandhill Facility.16110 · Accum Depr - Office Equipment -42,480.33 -45,596.71 -3,116.38 Accumulated Depreciation
Total Fixed Assets 471,664.42 448,972.86 -22,691.56
Other Assets19500 · Deposits 32,590.00 32,590.00 0.00 Security Deposit for Community Lutheran Church and Pebble Place I19600 · Defrd Outflow Resources -Cont 1,245,069.44 1,245,069.44 0.00 Other Assets recorded to comply with GASB 68 - Accounting and Financial Reporting for Pensions.
Total Other Assets 1,277,659.44 1,277,659.44 0.00
TOTAL ASSETS 5,839,659.57 6,283,549.12 443,889.55
LIABILITIES & EQUITYLiabilities
Current LiabilitiesAccounts Payable
200000 · Accounts Payable 660,597.43 1,717,734.80 1,057,137.37 Primarily due to K12 Invoices which will be scheduled for payment.Total Accounts Payable 660,597.43 1,717,734.80 1,057,137.37
Other Current Liabilities21000 · Payroll Liabilities 0.00 0.00 0.0021100 · Accrued Expenses 1,708,345.75 1,223,795.65 -484,550.10 Payroll accruals for July payroll. Accrued expense not paid yet.21101 · Accrued K12 Mngmt & Tech Fees 0.00 150,637.67 150,637.67 Accrued K12 Mngmt & Tech Fees21102 · Accrued Oversight Fees 0.00 49,294.54 49,294.54 Accrued Oversight Fees21105 · Deferred Rent 60,551.38 59,350.94 -1,200.44 Deferred rent for new Sandhill facility.23000 · Retirement Payable 16,766.95 16,167.66 -599.29 Lower accrued Retirement for half of July.27500 · Deferred Revenue 10,783.89 10,783.89 0.00 Everett Financial - Lease Security Deposit.
Total Other Current Liabilities 1,796,447.97 1,510,030.35 -286,417.62
Total Current Liabilities 2,457,045.40 3,227,765.15 770,719.75
Long Term Liabilities24000 · Defrd Inflow Resources-Pension 1,803,376.00 1,803,376.00 0.00 Liabilities recorded to comply with GASB 68 - Accounting and Financial Reporting for Pensions.25000 · Net Pension Liability 11,498,615.00 11,498,615.00 0.00 Liabilities recorded to comply with GASB 68 - Accounting and Financial Reporting for Pensions.
Total Long Term Liabilities 13,301,991.00 13,301,991.00 0.00
Total Liabilities 15,759,036.40 16,529,756.15 770,719.75
Equity3900 · Retained Earnings -6,715,813.02 -9,919,376.83 -3,203,563.81Net Income -3,203,563.81 -326,830.20 2,876,733.61
Total Equity -9,919,376.83 -10,246,207.03 -326,830.20 Deficit of $ 326,830.20 at the end of August 31, 2017.
TOTAL LIABILITIES & EQUITY 5,839,659.57 6,283,549.12 443,889.55
Nevada Virtual AcademySimple Cash Flow by MonthFY 2017-2018
FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018 FY 2017-2018Actual Actual Budget Budget Budget Budget Budget Budget Budget Budget Budget BudgetJuly August September October November December January February March April May June
Beginning cash balance 3,707,751$ 4,107,653$ 2,720,215$ 3,088,546$ 2,664,099$ 2,635,391$ 2,600,284$ 2,626,682$ 2,554,553$ 2,565,948$ 2,521,073$ 2,531,851$ DSA Funding 1,300,884$ 166,104$ 2,591,650$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ 1,315,559$ Grant Reimbursement 200,690$ 78,830$ 316,893$ 77,393$ 77,393$ 77,393$ 77,393$ 77,393$ 77,393$ 77,393$ 77,393$ 194,678$ Other Deposit 12,221$ 9,236$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ 5,369$ Payments - Non K12 (1,113,893)$ (770,697)$ (831,782)$ (807,501)$ (844,688)$ (862,411)$ (807,731)$ (901,043)$ (817,432)$ (886,415)$ (839,325)$ (1,184,343)$ Payments - K12 -$ (870,911)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Proposed Payments - K12 -$ -$ (1,713,798)$ (1,015,268)$ (582,340)$ (571,018)$ (564,192)$ (569,407)$ (569,494)$ (556,782)$ (548,217)$ (523,728)$ Ending cash balance 4,107,653$ 2,720,215$ 3,088,546$ 2,664,099$ 2,635,391$ 2,600,284$ 2,626,682$ 2,554,553$ 2,565,948$ 2,521,073$ 2,531,851$ 2,339,387$
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TO: Nevada Virtual Academy Governing Board
BOARD REPORT: 20170926-01_IV-BDRPT
September 26, 2017 SUBJECT: Consideration and Possible Approval for Payment to K12 for Products and Services Provided PROPOSAL: It is proposed the Governing Board of the Nevada Virtual Academy approve payment of $1,713,798.19 to K12 for products and services provided. BACKGROUND: In accordance with the July 1, 2013 Educational Products and Services Agreement (“the Agreement”) between the Governing Body of the Nevada Virtual Academy (“NVVA”) and K12 Virtual Schools LLC (“K12”) as second amended on May 4, 2017, and as first amended on May 2, 2016, K12 provides Educational Products and Management and Technology Services to NVVA. In accordance with the Agreement, K12 provides monthly detailed invoices for the Educational Products and Management and Technology Services delivered for the prior calendar month to NVVA. The pricing for such Educational Products and Management and Technology Services is included in Section 6.2, Section 6.3, Section 6.4, Exhibit A and Appendix 1 of the Agreement and amendments as applicable. In accordance with Section 8.3 of the Agreement, all invoices payable to K12 are due within 30 days from the invoice date. Accordingly, the following invoices are due and payable: Invoice Number Date Product or service delivered Amount 200045659 08/15/2017 On-line curriculum $ 746,588.00 200045550 08/15/2017 Management and tech fees $ 141,013.69 200045804 08/15/2017 Instructional materials $ 773,021.50 200045742 08/15/2017 Student computers $ 53,175.00 ------------------ Total due $ 1,713,798.19 =========== As of the date of the preparation of this Board report, NVVA has a cash balance of $ 3,756,277.63. Such normal and customary payments to K12 have been contemplated and considered in the annual projected summary cash flow that is presented to the Governing Board every month as part of the Financial Statement presentation. BUDGET IMPLICATIONS: None RECOMMENDATION: It is recommended the Governing Board:
1. Approve the resolution as presented.
RESPECTFULLY SUBMITTED: Paul Mazzarella
Senior Finance Director