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The school is particularly proud of its financial success as the fiscal goal was attained while:
• Maintaining a staffing model that included two adults in each K-2 classroom;
• Staffing a teacher designated solely for math instruction and one solely for reading instruction;
• Providing a class in fitness and music/art on a daily basis; and
• Providing a school day more than 25% longer than the district in addition to a longer school year.
Leadership Preparatory Charter School ended 2007-2008 with unrestricted net assets in excess of $1.2M.
Goal 8, Measure I.B.
•– Fiscal Soundness: Required Outcome Measures: Beginning with the school's first
operating year, at the end of each fiscal year, unrestricted net assets will be equal to or exceed two
•
percent of the school's operating budget for the upcoming year.
Result
Leadership Preparatory Charter School is in a strong financial position. Each year, the school has finished the fiscal year
with total unrestricted net assets equal to at least 2% of the following year’s operating budget.
Period from December 11,
2005 (date of inception) to
June 30, 2007
Year ended June 30, 2008 Year ended June 30, 2009
(Projected)
Unrestricted Net Assets $437,574 $1,296,583 $1,408,269
% of Following Year’s
Total Budget
15% 35% 32%
II. INTERNAL CONTROLS (BENCHMARK 3B)
The school has maintained appropriate internal controls and procedures. Transactions have been
accurately recorded and appropriately documented in accordance with management’s direction and
laws, regulations, grants and contracts. Assets have been and are safeguarded. Any deficiencies or
audit findings have been corrected in a timely manner.
Leadership Preparatory Charter School’s internal financial controls and procedures are guided by the Fiscal Policies and
Procedures section of the Uncommon Schools Operations Manual. 1 Uncommon School’s Director of Finance updates
the manual on an annual basis. In addition, the Directors of Operations at Leadership Preparatory receives operations
professional development throughout the school year and summer. Part of this training includes updates and applicable
changes to financial procedures, practice and reporting requirements. Please refer to Additional Exhibit 24 to view this
manual.
Goal 8, Measure II. – Internal Controls and Compliance: Required Outcome Measures: Each year the school
will take corrective action, if needed, in a timely manner to address any internal control or
compliance deficiencies identified by its external auditor, SED, or the Institute.
1 Please refer to Additional Exhibit 24
Leadership Prep Bedford Stuyvesant Charter School
Attachment F-2