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
Time to file Quarter 4 941 reports
It’s time to file your final 941 Quarterly Payroll Reporting to the Internal Revenue Service and report wages to the Texas Workforce Commission for the previous calendar year. Quarter 4 941 forms are due JANUARY 31, 2020. What is a 941? IRS Form 941 is a quarterly report of wages paid to employees and the … Read More
Teacher Incentive Allotment Update – Letter of Intent Deadline is January 24, 2020
For those of you interested in having your campus and teachers participate in the Teacher Incentive Allotment, the Letter of Intent to participate is due to TEA by January 24, 2020. TEA has released information about timelines based on the data capture year your campus will use to develop your local teacher designation system. Please refer … Read More
Time to file Form 990
Charters are required to file Form 990 every year, and your organization’s form is due on the 15th day of the fifth month after the end of the charter’s taxable year. There are two deadlines for filing this form depending on the fiscal year of the charter school. For those charters beginning July 1, the deadline was November … Read More
Board Reporting
One of the most important roles of any school board is to establish a vision for the community that encompasses charter quality, high academic results, and the ability to know the demographics of their students and understand their strengths and weaknesses. School board members play an essential role in the big picture and are required to … Read More