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Summary Statement -- Confluence Academy

 

 

 

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, 2018.  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, 2018, 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 $34,216,479 for the 2018 fiscal year compared to $37,826,402 in fiscal year 2017.  2018 revenues by fund were $17,362,146 for the general fund, $16,842,202 for the teachers’ fund and $12,131 for the bond fund.

 

The report shows that general revenues accounted for $28,504,336 in revenue or 83% of all revenues.  Program specific revenues in the form of operating grants and contributions accounted for $5,712,143 or 17% of total revenues.

 

The LEA had $45,458,493 of expenditures in fiscal 2018 compared with $41,101,413 in fiscal 2017. 

 

The auditors report showed in total, net assets have decreased by $5,759,171 for total net assets of $(18,187,617) at fiscal year ended 2018.

 

The report shows balances for the general, teachers’ and bond funds totaled $5,512,215, $0, and $1,878,198 for a total governmental funds balance of $7,390,413 at fiscal year ended 2018.

 

The audit report can be viewed online by visiting www.confluenceacademy.org and clicking on the Finance link.

Summary Statement - Grand Center Arts Academy

 

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, 2018.  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, 2018, 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 $7,504,668 for the 2018 fiscal year compared to $7,564,818 in fiscal year 2017. 2018 revenues by fund were $2,968,636 for the general fund and $4,536,032 for the teachers’ fund.

 

The report shows that general revenues accounted for $6,702,190 in revenue or 89% of all revenues.  Program specific revenues in the form of operating grants and contributions accounted for $802,478 or 11% of total revenues.

 

The LEA had 11,595,548 of expenditures in fiscal 2018 compared with $9,759,378 in fiscal year 2017. 

 

The auditors report showed in total, net assets have increased by $26,277 for total net assets of $(16,229,453) at fiscal year ended 2018.

 

The report shows Governmental fund balances totaled $282,860 at fiscal year ended 2018.

 

The audit report can be viewed online by visiting www.grandcenterartsacademy.org and clicking on the Finance link.