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Summary Statement - Confluence Academy
January 2017

Confluence Academy LEA recently received an unmodified opinion on an audit of the district's Financial Statements for the fiscal year that ended June 30, 2016.  The areas covered under the audits, were accounting of financial statements, compliance with state law and compliance with laws governing federal programs.

An unmodified opinion is the best opinion any organization can receive. RubinBrown, LLP performed the audit.

The report states, in part “in our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the LEA as of June 30, 2016, and the respective changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America.”

Confluence Academy LEA uses three major funds to account for its financial activity — the general fund, teachers’ fund, and bond fund.

Among all three funds, the report states that Confluence Academy LEA had total revenue of $43,844,473 for the 2016 fiscal year compared to $40,979,553 in fiscal year 2015.  2016 revenues by fund were $27,127,835 for the general fund, $16,715,578 for the teachers’ fund and $1,060 for the bond fund.

The report shows that general revenues accounted for $37,675,336 in revenue or 86% of all revenues.  Program specific revenues in the form of operating grants and contributions accounted for $6,169,137 or 14% of total revenues.

The LEA had $40,040,674 of expenditures in fiscal 2016 compared with $43,293,728 in fiscal 2015. 

The auditors report showed in total, net assets have increased by $3,803,799 for total net assets of $(9,153,435) at fiscal year ended 2016.

The report shows balances for the general, teachers’ and bond funds totaled $9,688,004, $0, and $1,878,916 for a total governmental funds balance of $11,566,920 at fiscal year ended 2016.

 

Summary Statement - Grand Center Arts Academy
January 2017

Grand Center Arts Academy LEA recently received an unmodified opinion on an audit of the district's Financial Statements for the fiscal year that ended June 30, 2016.  The areas covered under the audits, were accounting of financial statements, compliance with state law and compliance with laws governing federal programs.

An unmodified opinion is the best opinion any organization can receive. RubinBrown, LLP performed the audit.

The report states, in part “in our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the LEA as of June 30, 2016, and the respective changes in financial position for the year then ended, in accordance with accounting principles generally accepted in the United States of America.”

Grand Center Arts Academy LEA uses two major funds to account for its financial activity — the general fund and teachers’ fund.

Among both funds, the report states that Grand Center Arts Academy LEA had total revenue of $7,321,350 for the 2016 fiscal year compared to $6,672,956 in fiscal year 2015. 2016 revenues by fund were $3,000,281 for the general fund and $4,321,069 for the teachers’ fund.

The report shows that general revenues accounted for $6,487,473 in revenue or 89% of all revenues.  Program specific revenues in the form of operating grants and contributions accounted for $833,878 or 11% of total revenues.

The LEA had $9,248,904 of expenditures in fiscal 2016 compared with $8,153,633 in fiscal year 2015. 

The auditors report showed in total, net assets have decreased by $1,927,553 for total net assets of $(14,061,166) at fiscal year ended 2016.

The report shows Governmental fund balances totaled $270,506 at fiscal year ended 2016.