Operating a Charter School is engaging for administrators but can also be very rewarding on many levels. It is also serious business. Charter Schools should have internal controls in place to provide reasonable assurance that their goals and objectives are accomplished. Internal control is all the policies and procedures management use to achieve the following: … Read More
Budget Amendments
When do you need a Budget Amendment? During the fiscal year of a charter school, the school’s board may need to amend the school charter approved budget to reflect changes in operations, the educational programs, demographics, or enrollment since the beginning of school. Budget amendments are an essential part of the budgetary process and are … Read More
The Budget Process
One important purpose of budgeting is to provide the best possible educational opportunities for every student in an educational institution. Budgets should also reflect the administration’s ability to manage the financial affairs of the school. A budget is an outline of educational programs and services with costs affixed to specific purposes to effectively direct the … Read More
More information about the CARES Act, PPP Guidelines, and FEMA’s Public Assistance Grant Program
The COVID-19 Pandemic has left schools scrambling to turn their traditional curriculum into distance learning curriculum. Texas schools have been mandated to close their doors, but they are still operating from off-campus locations. Running a Distance Learning program has caused some unforeseen costs (not to mention stress) in supplies and technology that frankly, schools were … Read More
Financial Compliance and Accountability
Because Texans trust charter officials to spend money wisely and efficiently, the state’s financial accountability systems for public charters provides a report that annually examines school funding and compliance issues to confirm that spending has been appropriate. This report is referred to as Charter FIRST. Districts and charters must also have an outside auditor examine their financial records each … Read More
Audit Firm Selection and Qualifications
In today’s Tip, we are discussing Audit Firm Selection and Qualifications. Auditing is a process of reviewing a Charter’s financial records to decide if they are accurate and align with regulations, state laws and accounting standard. Audits are conducted by third-party external auditors that are CPA (Certified Public Accountants) or by an auditing firm. External … Read More
Time to file Quarter 1 941 reports
It is that time of year to file the 941 Quarterly Payroll Reporting to the Internal Revenue Services (IRS) and report wages to the Texas Workforce Commission (TWC.) First quarter 941 forms are due April 30, 2020. What is a 941? IRS Form 941 is a quarterly report of wages paid to employees and the … Read More
Budget Staffing
When looking at your charter budget, it is easy to see where the vast majority of the costs lie. In almost all cases, personnel expenses – salaries and benefits – can comprise up to 80 percent of the total annual budget; with 62- 67 percent allotted for salaries and 15- 22 percent going towards benefits. … Read More
Budget to Actual Analysis
Charter schools are required to establish budgets which outline how the school will spend its funds throughout the year. The budget’s goals, priorities, and planning are decisions driven by the school board and superintendent. The campus and charter-wide campus improvement plan are the drivers of the budget expenditures. Charter schools are required to get the … Read More
Financial Management
Financial management means applying general management principles to financial resources of the Charter. This encompasses planning, organizing, budgeting, directing and controlling the financial activities such as procurement and utilization of funds. Charter School Success assists our clients with Budget, Month End Reporting, and Audit Preparation. Our finance experts are also here to help with Accounting and Bookkeeping, Purchasing, Accounts Payable and more! … Read More