Florida Charter School Conference•1

Terrace Community Middle School #6606

Back to Basics Charter School Foundation, Inc.

School District of Hillsborough County

11734 Jefferson Road

Tampa, Florida

33592

A NCLB U.S. Department of Education National Blue Ribbon School of Excellence

 

An 'A+' Public Charter School of Choice of the School District of Hillsborough County, Florida

'100 Best Bets for Public Charter Schools of Choice in the U.S.' - U.S. Center for Educational Reform 

Building a Strong Governance Structure

Highlights•2

Basic Charter School Realities

Board of Directors / Foundations

Financial Governance

Basic Realities of the Charter School Environment•3

Educators want to Educate….

Charters are a school and a business, but which comes first…..

Most educators do not want to be business people….

Charters will experience difficulties when they fail to manage the business side…..

The Board of Directors:•4

As soon as the founding committee or group has established a legal entity, the Board of Directors should at that point be created and take over the supervision of the school.

It can delegate to others, but there needs to be a ‘Buck stops here’ mentality.

The founders would be part of the Board, but a board is critical for survival and new ideas for the future.

The Board, cont’.•5

Role of the Board of Directors Establish the Basic Direction of the School Establish Policies for the School Provide Oversight for School Operations

Fiscal & Operational Activities Not Educational Oversight

Role of the Principal / Founder / CEO Administration, Day to day operations Recruitment Liaison to Board

The Board, cont’.•6

Composition of the Board Governed under By-Laws of Corporation 5 - 7 members, but may be 11 - 15 Mixture of Talents, backgrounds, interests:

Business leaders Community Leaders / Activists Former Educators Parents (caveat make sure they have the school interests first not their child’s)

Stakeholders Strive for Longevity

The Board, cont’.•7

Committees Depends on age of Organization

New Schools Mature Schools

Depends on Structure of Organization Strong Management Team Strong Board

Depends on Financial Structure / Strength

The Board, cont’.•8

Committees, cont. Finance & Development (Fundraising/Grants)

Treasurer, Business Manager, others Operations

Depends on Facility Academic Review and Oversight

To review test performance Ensure that the School keeps on Mission

Governance & Nominating Sunshine rules Finding New Members, etc. Administrative Review

The Foundation:•9

Foundation Is the Legal Entity for the School Hold the 501-C(3) Improves Fundraising Opportunities Added layers of Financial / Tax Reporting

Financial Governance•10

Business Plan

Budgets

Financial Operations

Reporting

Business Plan•11

Summarizes the objectives of the school

How you plan on achieving these objectives

Metrics whereby to measure the progress towards these objectives

Are both academic or fiscal in nature

Budgets•12

Most important financial document for the administration Blueprint for operating the school Must be achievable and supportable with realistic expectations Must be profitable to sustain school

Prepared in a Zero-Based environment annually Each program and expense re-justified each year Take into consideration:

New laws New projects DOE changes in the future

The ‘Physics’ of the budget be understood by the Principle and key finance staff member

Financial Operations•13

Must be managed by trusted staff member - Business Manager

Must be continual communication between Principal Treasurer of the Board Business Manager

Usage of capable software

Follow strict GAAP procedures Generally Accepted Accounting Principles

Good relationship with Audit Firm for guidance when needed

Reporting•14

Reporting Layers Federal

Employment taxes Foundation returns

State unemployment taxes

District (DOE) Object function reporting Monthly financials Annual Audited statements

Board of Directors Monthly reports of actual spending to the budget

Financing Covenants