€) lOSJif COLLEGIATE ACADEMIES FINANCIAL REPORT June 30, 2016 and 2015 Under provisions of state law. ttiis report is a puoiic document. A copy of the report has t>een submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and. where appropriate, at the offtce of theparish clerk of court. Release Date APR 1 9 2017 A CRI C A R R RIGGS & INGRAM CPAs and Advisors CRIcpa.com ...-St' . A; a Collegiate Academies Table of Contents June 30, 2016 REPORT Independent Auditors' Report FINANCIAL STATEMENTS Statements of Financial Position Statements of Activities Statement of Functional Expenses Statements of Cash Flows Notes to Financial Statements SUPPLEMENTARY INFORMATION REPORTS REQUIRED BY GOVERNMENT AUDITING STANDARDS AUD THE UNIFORM GUIDANCE Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 18 Independent Auditors' Report on Compliance for Each Major Program and on Internal Control over Compliance Required by the Uniform Guidance 20 Schedule of Expenditures of Federal Awards 22 Notes to the Schedule of Expenditures of Federal Awards 23 Schedule of Findings and Questioned Costs 24 Summary Schedule of Prior Year Findings 26 Schedule of Compensation, Benefits and Other Payments Made to Agency Head 27 SCHEDULES REQUIRED BY STATE LAW (PERFORMANCE STATISTICAL DATA) Independent Accountants' Report on Applying Agreed-Upon Procedures 28 a Collegiate Academies Table of Contents June 30,2016 Schedule K-1: General Fund Instructional and Support Expenditures and Certain Local Revenue Sources 31 Schedule K-2: Education Levels of Public School Staff 32 Schedule K-3: Number and Type of Public Schools 33 Schedule K-4: Experience of Public Principals, Assistant Principals, and FullTime Classroom Teachers 34 Schedule K-5: Public School Staff Data: Average Salaries 35 Schedule K-6: Class Size Characteristics 36 A cm C A R R RIGGS 8t INGRAM CPAs and Advisors ^ Ingram, LLC 111 Veterans Blvd. Suite 350 Metairie, Louisiana 70005 (504) 833-2436 (504) 484-0807 (fax) www.CRlcpa.com INDEPENDENT AUDITORS' REPORT Board of Directors Collegiate Academies New Orleans, Louisiana Report on the Financial Statements We have audited the accompanying financial statements of Collegiate Academies (a nonprofit organization), which comprise the Statements of Financial Position as of June 30, 2016 and 2015, and the related Statements of Activities, Functional Expenses, and Cash Flows for the years then ended, and related notes to financial statements. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Collegiate Academies as of June 30, 2016 and 2015, and the changes in its net assets and its cash flows for the years then ended In accordance with accounting principles generally accepted in the United States of America. Other Matters Other Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the schedule of compensation, benefits, and other payments made to agency head are presented for purposes of additional analysis and are not a required part of the financial statements. Such information Is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The schedule of expenditures of federal awards and the schedule of compensation, benefits, and other payments made to agency head have been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Stondords, we have also issued our report dated December 9, 2016, on our consideration of Collegiate Academies' internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Stondords in considering Collegiate Academies' internal control over financial reporting and compliance. December 9, 2016 -2- Collegiate Academies Statements of Financial Position 2016 45 of June 30, 2015 ASSETS CURRENT ASSETS Cash and cash equivalents Investments Grant and other receivables Prepaid expenses and other current assets $ Total current assets 962,737 575,682 648,838 48,542 $ 2,235,799 CAPITAL ASSETS Equipment, net 123,893 1,092,665 1,090,761 52,193 2,359,512 7,693 TOTAL ASSETS $ 2,243,492 $ 2,359,512 $ $ LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable and accrued expenses NET ASSETS Unrestricted Temporarily restricted Total net assets TOTAL LIABILITIES AND NET ASSETS 364,150 336,234 1,778,517 100,825 1,980,377 42,901 1,879,342 2,023,278 $ 2,243,492 $ 2,359,512 The accompanying notes are an integral part of these financial statements, -3- Collegiate Academies Statements of Activities For the Years Ended June 30, CHANGE IN UNRESTRICTED NET ASSETS: Revenue from public support and other support: State public school funds Local per pupil aid Federal sources Donations and contributions Local sources Investment dividends and interest Investment unrealized/realized gain (loss), net Total revenue from public support and other support Net assets released from restrictions Total revenues Expenses: Program services - Instructional Supporting services - Management and general Total expenses Decrease in unrestricted net assets CHANGE IN TEMPORARILY RESTRICTED NET ASSETS: Donations and contributions Net assets released from restrictions Increase in temporarily restricted net assets DECREASE IN NET ASSETS NET ASSETS AT BEGINNING OF YEAR NET ASSETS AT END OF YEAR 2016 2015 $ 6,853,626 $ 5,319,501 7,050,654 5,238,992 3,082,157 3,545,085 530,693 1,302,504 198,528 120,687 15,521 19,187 (33,119) (16,408) 18,083,147 15,144,461 2,211,232 566,987 20,294,379 15,711,448 9,826,552 10,669,687 7,626,031 8,152,377 20,496,239 15,778,408 (201,860) (66,960) 2,269,156 (2,211,232) 581,305 (566,987) 57,924 14,318 (143,936) (52,642) 2,023,278 2,075,920 S 1,879,342 $ 2,023,278 The accompanying notes are an integral part of these financial statements. -4- Collegiate Academies Statement of Functional Expenses 2016 For the Year Ended June 30, Instructional Salaries and benefits Bus service Supplies Professional services Food service Purchased property services Travel Dues and fees Insurance Utilities Printing and binding Telephone and postage Recruiting Textbooks Depreciation Total expenses $ 7,090,850 767,679 578,277 1,107,403 77,596 51,409 3,849 136,333 13,156 $ 9,826,552 Management and General Total S 5,367,704 2,056,338 405,525 981,289 553,415 244,424 316,883 175,590 259,857 $12,458,554 2,056,338 1,173,204 1,559,566 1,107,403 553,415 322,020 368,292 175,590 259,857 173,632 13,308 119,799 1,923 177,481 149,641 119,799 13,156 1,923 $10,669,687 $20,496,239 The accompanying notes are an integral part of these financial statements. -5- Collegiate Academies Statement of Functional Expenses 2015 For the Year Ended June 30, Instructional Salaries and benefits Bus service Supplies Professional services Food service Purchased property services Travel Dues and fees Insurance Utilities Printing and binding Telephone and postage Recruiting Textbooks Total expenses Management and General Total $ 5,372,418 711,049 474,248 894,738 84,312 49,282 - $ 3,769,400 1,814,021 314,379 812,082 - 3,394 31,739 4,851 120,179 4,487 37,454 - 123,573 36,226 37,454 4,851 $ 7,626,031 $ 8,152,377 $ 15,778,408 481,741 184,502 259,552 133,238 221,342 The accompanying notes are an Integral part of these financial statements. -6- $ 9,141,818 1,814,021 1,025,428 1,286,330 894,738 481,741 268,814 308,834 133,238 221,342 m Collegiate Academies Statements of Cash Flows For the Years Ended June 30, Cash flows from operating activities: Decrease in net assets Adjustments to reconcile decrease in net assets to net cash provided by (used in) operating activities: Depreciation Net unrealized loss on investments Changes in operating assets and liabilities Decrease (increase) in grant and other receivables Decrease in prepaid expenses and other current assets Increase in accounts payable and accrued expenses Decrease in deferred revenues Net cash provided by (used in) operating activities 2016 $ 2015 (143,936) S (52,642) 1,923 7,283 8,158 441,923 3,651 27,916 338,760 (724,128) 4,392 55,937 (65,000) (773,283) (9,616) 985,439 (500,071) 24,332 500,084 970,095 (956,918) 13,177 Net increase (decrease) in cash and cash equivalents 838,844 (760,106) Cash and cash equivalents at beginning of year 123,893 883,999 Cash flows from Investing activities: Purchase of equipment Sales of investments Purchases of investments Realized loss on investments Net cash provided by investing activities Cash and cash equivalents at end of year $ 962,737 The accompanying notes are an integral part of these financial stotements. -7- $ 123,893 Collegiate Academies Notes to Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Collegiate Academies (the "Organization") was incorporated In May of 2010 as New Orleans Charter Science and Math Academy for the purpose of operating a transformation charter school in New Orleans. Effective July 1, 2010, the assets and liabilities of New Orleans Charter Science and Math Academy were transferred from another non-profit organization (Advocates for Science and Mathematics Education, Inc.). In February of 2011, the Board of New Orleans Charter Science and Math Academy approved a name change to Collegiate Academies. The Organization was created to develop college-bound students for leadership and lifelong learning. The State Board of Elementary and Secondary Education granted the Organization a Type 5 charter to operate Collegiate Academies. In August 2013, the Organization expanded by adding two (2) new high schools with ninth grade only, George Washington Carver Collegiate Academy and George Washington Carver Preparatory Academy. In the 2015-2016 school year, all three (3) high schools contained grades 9-12. As of the 2016-2017 school year, George Washington Carver Collegiate Academy and George Washington Carver Preparatory Academy merged to become George Washington Carver Collegiate Academy. As well, Livingston Collegiate opened in the fall of 2016 with ninth grade only. Livingston Collegiate will add a grade each school year serving 9-12 grades by fall of 2019. Basis of Accounting The financial statements have been prepared using the accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America. Functional Expenses The cost of program and supporting services has been reported on a functional basis. This requires the allocation of certain costs based on total program costs and estimates made by management. The allocation between the functions is compiled based on the Louisiana Accounting and Uniform Governmental Handbook (LAUGH). Income Tax Status The Organization is a tax exempt organization under Internal Revenue Code Section 501(c)(3) and, as such, is not subject to income tax. Management believes that all tax positions would be sustained if audited. There were no penalties or interest on income taxes incurred in fiscal years 2016 or 2015. Management is not aware of any such examinations occurring as of the date of this report. -8- Collegiate Academies Notes to Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Public Support and Revenue The Organization receives Its support primarily from the Louisiana State Department of Education through the Minimum Foundation Program (MFP) and the United States Department of Education. Beginning in fiscal year 2016, the Organization became its' own School Food Authority which enabled them to submit food service costs for reimbursement through the U.S. Department of Agriculture, for multiple food program grants. The revenue recognized and expense incurred related to these grants was $1,118,480 for the year ended June 30, 2016. In addition to this amount, the Organization recognized $16,770 of revenue related to these grants during the year ended June 30, 2016, which was a reimbursement for prior year's expenditures. During fiscal 2015, KIPP Public Charter Schools ("KIPP") was the Organization's School Food Authority. The Organization recognized revenue for reimbursable food services received from KIPP. The Organization was billed the net unreimbursable food service costs by KIPP. As the School Food Authority, KIPP handled all food services at the Organization. The revenue recognized and expense incurred related to these grants was $875,439, for the year ended June 30,2015. Contributions of donated non-cash assets are recorded at their fair values in the period received. Contributions of donated services that create or enhance non-financial assets or that require specialized skills provided by individuals possessing those skills, and would typically need to be purchased if not provided by donation, are recorded at their fair values in the period received. All contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily restricted or permanently restricted support that increases those net asset classes. When a temporary restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statements of Activities as net assets released from restrictions. Donor restricted contributions whose restrictions are met in the same reporting period that they are received are reported as unrestricted support. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents Cash includes amounts in demand deposits and interest-bearing deposits. Cash equivalents Include amounts in time deposits with original maturities of ninety (90) days or less. There were no cash equivalents as of June 30, 2016 or 2015. -9- Collegiate Academies Notes to Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Investments Investments are reported at their fair values in the Statements of Financial Position. Fair values for mutual funds and exchange-traded funds are based on the quoted market price (which is net asset value). Unrealized gains and losses are included in the change in unrestricted net assets. Management continually evaluates investments for impairment. Consideration is given to the financial condition and prospects of the issuer, management's intent to sell an investment, and the intent and ability to retain its investment in the issue for a period of time sufficient to allow for any anticipated recovery in fair value. If a need to recognize impairment is identified, an amount representing the difference between the fair value of the affected investment and its carrying amount is included in the change in net assets. There was no impairment of investments recorded for the years ended June 30, 2016 and 2015. Capital Assets - Equipment Equipment is capitalized at cost (or estimated historical cost) and updated for additions and retirements during the year. The net carrying amount is considered the net realizable value. Donated property and equipment is recorded at fair market values as of the date received. The School maintains a capitalization threshold of $5,000 for equipment. Improvements are capitalized; the costs of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset's life are not. All reported equipment is depreciated using the straight-line method over five years. Compensated Absences All full time teachers and staff are provided up to 10 no-fault days per CA Employee Handbook. Unused nofault and sick leave balances, if any, are forfeited upon employee termination and at the conclusion of the fiscal year. -10- WliSSSl Collegiate Academies Notes to Financial Statements NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Basis of Presentation The Organization follows the provisions of the Financial Accounting Standards Board Accounting Standards Codification topic Presentation of Financial Statements of Not-For-Profit Entities (FASB ASC 958), which establishes external financial reporting for not-for-profit organizations which includes three basic financial statements and classification of resources into three separate categories of net assets, as follows: • Unrestricted - Net assets which are free of donor imposed restrictions; all revenues, expenses, gains and losses that are not changes in permanently or temporarily restricted net assets. • Temporarily restricted - Net assets whose use by the Organization is limited by donor-imposed stipulations that either expire by the passage of time or that can be fulfilled or removed by actions of the Organization pursuant to such stipulations (donor-restricted support whose restrictions are met in the same reporting period are reported as unrestricted revenues). • Permanently restricted - Net assets whose use by the Organization is limited by donor-imposed stipulations that neither expire with the passage of time nor can be fulfilled and removed by actions of the Organization. The Organization had no permanently restricted net assets as of June 30, 2016 and 2015. Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported net assets. The Organization concluded that it was appropriate to reclassify $90,107 of the June 30, 2015 salaries and benefits from instructional to support expenditures in order to conform to the June 30, 2016 presentation, with no effect on previously reported net assets. Subsequent Events Management has evaluated subsequent events through the date the financial statements were available to be issued, December 9, 2016, and determined that no material events occurred that require disclosure. No subsequent events occurring after that date have been evaluated for inclusion in these financial statements. -11- Collegiate Academies Notes to Financial Statements NOTE 2: INVESTMENTS The Organization had the following investment related activity for the years ended June 30, 2016 and 2015: Unrestricted Investments at July 1 Decrease in cash and equivalents Investment income Realized loss Unrealized loss Administration fees Disbursed $ Total investments S 1,092,665 Total investments Permanently Restricted S S 10,764 15,521 (24,332) (8,787) (9,488) (500,661) 575,682 Unrestricted Investments at July 1 Increase in cash and equivalents Investment income Realized gain Unrealized loss Administration fees Disbursed Temporarily Restricted $ 1,114,000 1,092,665 $ - i» m m m m m $ Temporarily Restricted Permanently Restricted $ $ $ 575,682 June 30, 2015 S - $ 1,092,665 10,764 15,521 (24,332) (8,787) (9,488) (500,661) $ $ (14,832) 19,187 122,614 (139,022) (9,282) $ June 30, 2016 1,114,000 (14,832) 19,187 122,614 (139,022) (9,282) - s 1,092,665 At June 30, 2016 and 2015, management believes that no Investment security with a fair value below cost was other-than-temporarily impaired because declines in values were considered due to interest rates and other short-term fluctuations. -12- Collegiate Academies Notes to Financial Statements NOTE 3: GRANT AND OTHER RECEIVABLES As of June 30, 2016 and 2015, grant and other receivables consisted of amounts due from the following: 2016 Grant Receivables Louisiana Department of Education Title 1, Part A Title 1- 1003a Title l-SIG Title 1! Title III IDEA High Cost Services Jump Start Believe and Prepare Priority School - 1003a AP Exams ReNew Schools NOLA Business Alliance NSNO LRS Total Other Receivables HFSC CSGF $ 79,047 47,585 16,944 32,713 33,778 18,160 68,525 21,000 18,420 3,363 26,425 22,745 9,571 8,502 406,778 2015 $ 764,385 132,798 42,562 15,000 9,928 9,424 7,500 6,467 6,224 3,781 3,527 1,346 1,291 1,269 639 304 - RSD TNTP COBRA Educate Now ARC LA Gulf Coast Entergy Louisiana DHH Give NOLA Paypat Molina Embassy Suites MFP (ACT fees) United Way KIPP OPSB Conexis IPFS 55,200 145,680 70,145 12,812 44,376 127,054 41,593 3,409 12,034 252,082 - 112,091 1,251 182,197 24,393 367 4,551 Alexie Gaddis - 926 Ben Ifshin - 600 Total Total Grant and Other Receivables $ -13- 242,060 648,838 $ 326,376 1,090,761 Collegiate Academies Notes to Financial Statements NOTE 4: CAPITAL ASSETS Equipment is as follows as of June 30, 2016 and 2015: 2015 2016 Equipment Less accumulated depreciation Equipment, net $ 9,616 (1,923) S $ 7,693 S Depreciation expense was $1,923 for the year ended June 30, 2016. There was no depreciation expense for the year ended June 30, 2015. NOTE 5: TEMPORARILY RESTRICTED NET ASSETS For the year ended June 30, 2016, temporarily restricted net assets were comprised of grants with time and use restrictions. Temporarily restricted net assets were available for the following purposes at June 30: 2016 $ CANext Youth Force Explore grant Blended learning Expansion Project Pipeline $ Total 2015 93,325 7,500 - s 30,067 - 11,834 - 1,000 100,825 $ 42,901 NOTE 6; CONCENTRATION OF CREDIT RISK The Organization maintained cash deposits at a financial institution during the years ended June 30, 2016 and 2015, The Federal Deposit Insurance Corporation provides insurance coverage under defined limits. At various times during fiscal 2016 and 2015, the Organization had funds on deposit in excess of the federally insured limit. The financial institution had pledged securities on behalf of the Organization which secured cash balances in excess of the federally insured limit, as of June 30, 2016 and 2015. The Organization has investment accounts that contain cash and securities. Balances are insured up to $500,000 with a limit of $100,000 for cash, by the Securities Investors Protection Corporation (SIPC). The Organization had balances in excess of these amounts totaling $75,682 and $592,665 as of June 30, 2016 and 2015, respectively. The Organization has not experienced any losses in such accounts and believes it is not exposed to such risks. The Organization has no policy requiring collateral or other security to support these deposits. -14- Collegiate Academies Notes to Financial Statements NOTE 6: CONCENTRATION OF CREDIT RISK (CONTINUED) For the year ended June 30, 2016, the Organization received twenty (20%) percent of its total revenue from federal sources, thirty-eight (38%) percent of its total revenue from state public school funds, and thirtynine (39%) percent of its total revenues from local public school funds. For the year ended June 30, 2015, the Organization received twenty (20%) percent of its total revenue from federal sources, thirty-five (35%) percent of its total revenues from state public school funds, and thirty-five (35%) percent of its total revenues from local public school funds. NOTE 7: RETIREMENT PLAN During 2011, the Organization sponsored a 403(b) plan. Covered employees may elect to contribute a portion of their salaries to the plan. The Organization may elect to make discretionary contributions during any plan year. The Organization elected to make discretionary contributions of $165,417 and $116,420 for the years ended June 30, 2016 and 2015, respectively. NOTE 8; CONTINGENCIES The continuation of the Organization is contingent upon legislative appropriation or allocation of funds necessary to fulfill the requirements of the charter contract with the Board of Elementary and Secondary Education. If the legislature fails to appropriate sufficient monies to provide for the continuation of the charter contract, or if such appropriation is reduced by veto of the governor or by any means provided in the appropriations act to prevent the total appropriation for the year from exceeding revenues for that year, or for any other lawful purpose, and the effect of such reduction is to provide insufficient monies for the continuation of the charter contract, the contract shall terminate on the date of the beginning of the first fiscal year for which funds are not appropriated. NOTE 9: FAIR VALUE MEASUREMENTS Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Investments are measured at fair value on a recurring basis. For assets that are measured at fair value in periods after initial recognition, there were no transfers between Level 1and Level 2 and no transfers into and out of Level 3 during the years ended June 30, 2016 and 2015. Transfers are recognized as of the actual date of the event. -15- Collegiate Academies Notes to Financial Statements NOTE 9: FAIR VALUE MEASUREMENTS (CONTINUED) Nonrecurring fair value adjustments. If any, would typically involve donated property and equipment or impairment accounting. There were no nonrecurring fair value adjustments during the years ended June 30, 2016 and 2015. Level 1- Quoted market prices in active markets for identical assets at the measurement date. Level 2 - Observable inputs (market data obtained from independent sources) other than quoted prices for the asset, either directly or indirectly observable, that reflect assumptions market participants would use to price the asset based on market data obtained from sources independent of the Organization. Level 3 - Unobservable inputs that reflect the Organization's own assumptions about the assumptions market participants would use to price an asset based on the best information available in the circumstances. The investments are valued at fair value using a market approach. The valuation methodology used for assets measured at fair value is as follows. Level 1investments include those traded on an active exchange and encompass mutual funds and exchange-traded funds. These funds are valued at fair value at the net asset value of the shares held by the Organization at year end. Net asset value is calculated daily. There were no Level 2 or Level 3 investments as of June 30, 2016 and 2015. There has been no change in this methodology used during the year. The preceding method described may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, although the Organization believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Investment securities - The fair value of investment securities including fixed-income securities and mutual funds and other equities is the market value based on quoted market prices, when available, or market prices provided by recognized broker dealers. If listed prices or quoted prices are not available, fair value is based on externally developed models that use unobservable inputs due to the limited market activity of the investment. -16- ,',#3I. .r. Collegiate Academies Notes to Financial Statements NOTE 9; FAIR VALUE MEASUREMENTS (CONTINUED) The valuation of the Organization's investments that are measured at fair value on a recurring basis at June 30,2016, are as follows: Fair Value Measurements at Reporting Date Using Quoted prices in Significant other Significant active markets for identical observable unobservable assets (Level 1) inputs (Level 3) inputs (Level 2) Fixed income investments $ 575,682 $ $ $ Total 575,682 Total investments at fair value $ 575,682 $ 575,682 $ $ The valuation of the Organization's investments that are measured at fair value on a recurring basis at June 30, 2015, are as follows: Fair Value Measurements at Reporting Date Using Quoted prices in active markets Significant other Significant for identical observable unobservable assets (Level 1) inputs (Level 2) inputs (Level 3) Equity securities $ 564,340 $ $ Fixed income investments 528,325 Total investments at fair value S 1,092,665 $ s $ Total 564,340 528,325 $ 1,092,665 NOTE 10: LEASE AGREEMENT The Organization entered into rent-free lease agreements with the State of Louisiana Department of Education, Recovery School District (the "RSD") for the use of buildings and grounds as school facilities. The Organization is responsible for the payment of utilities, janitorial and sanitation, disposal services, and property taxes. There are no formal written lease agreements and therefore no amounts have been recognized as donated facilities. The agreements between the parties is intended to allow the RSD to move the Organization at any time as long as the RSD provides another facility deemed reasonable; taking into consideration such factors as building capacity, design alignment with grade levels served by the Organization, projected enrollment, program specific needs, and community needs. -17- A CRI C A R R RIGGS & INGRAM ^ Ingram, UC 111 Veterans 6lvd. Suite 350 Metairie, Louisiana 70005 CPAs and Advisors (504) 833-2436 (504) 484-0807 (fax) www.CRIcpa.com INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENTAUDiTiNG STANDARDS Board of Directors Collegiate Academies New Orleans, Louisiana We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of Collegiate Academies (a nonprofit organization) (the "Organization"), which comprise the statement of financial position as of June 30, 2016, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to financial statements, and have issued our report thereon dated December 9,2016 Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Organization's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Organization's internal control. Accordingly, we do not express an opinion on the effectiveness of the Organization's internal control. A deficienq/ in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies. In internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. -18- Compliance and Other Matters As part of obtaining reasonable assurance about whether the Organization's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed an instance of noncompliance or other matter that is required to be reported under Government Auditing Standards and which is described in the accompanying schedule of findings and questioned costs as item 2015-001. The Organization's Response to Finding The Organization's response to the finding identified during our audit is described in the accompanying schedule of findings and questioned costs. The Organization's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Organization's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Organization's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. U.(L December 9, 2016 -19- A CRI C A R R RI6GS & INGRAM ^ Ingram, LLC 111 Veterans Blvd. Suite 350 Metairie, Louisiana 70005 CPAs and Advisors (504) 833-2436 (504) 484-0807 (fax) www.CRIcpa.com INDEPENDENT AUDITORS' REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE Board of Directors Collegiate Academies New Orleans, Louisiana Report on Compliance for Each Major Federal Program We have audited Collegiate Academies's (a nonprofit organization) (the "Organization") compliance with the types of compliance requirements described in the 0MB Compliance Supplement that could have a direct and material effect on each of the Organization's major federal programs for the year ended June 30, 2016. The Organization's major federal programs are identified in the summary of auditors' results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. Auditors' Responsibility Our responsibility is to express an opinion on compliance for each of the Organization's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Organization's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. -20- We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Organization's compliance. Opinion on Each Major Federal Program In our opinion, the Organization complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended June 30, 2016. Report on Internal Control Over Compliance Management of the Organization is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Organization's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Organization's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Let December 9, 2016 -21- Collegiate Academies Schedule of Expenditures of Federal Awards For the Year Ended June 30,2016 Federal CFDA Number Federal Award Program Number Title 1 - Grants to Local Educational Agencies Title 1 - College and Career Readiness Support Title 1 - Priority School Support 1003a Total Title 1 84.010 84.010 84.010 S010A100018 S010A140018 S010A140018 IDEA - Part B • Special Education IDEA-High Risk Pool Total IDEA 84.027 84.027 Title II Improving Teacher Quality State Grants Title III Race to the Top (Believe and Prepare) Career and Technical Education School Improvement Grants, Recovery Act Total other 84.367 84.365 84.395 84.048 84.388 Grantor/Prpgr^m Tjtlq Expenditures Pass-Through Funds S $ g.S. Departnient Pf Passed-through LA Oept of Education H027A100033 Ha27A130033 S367A100017 S354A150018 B413A120002 V048A150018A S377A120020 S374A100034 U396B100118 Total U.S. Department of Agriculture Total Federal Assistance 40,987 40,987 - 134,636 181,327 84.371 S371C1104512 _ 10.553 N/A 10.555 N/A 119,844 s 2,409,835 $ 40,987 s 196,928 $ - 555,144 Total Child Nutrition Cluster Child and Adult Care Food Program 40,987 315,963 Total U.S. Department of Education V.S. Departrn^nt gf ARrigyltgre Passed-Through State Department of Education: Child Nutrition Cluster School Breakfast Program Free and Reduced Price Meals National School Lunch Program Free and Reduced Price Meals - 78,632 24,199 21,000 43,745 240,781 408,357 Total passed-through New Schools for New Orleans Passed-through ReNEW Schools Striving Readers Literacy Grant - 1,974,028 84.374 84.396 - 752,072 10.558 - 262,267 292,332 554,599 Total passed-through LA Dept of Education Passed-through New Schools for New Orleans Teacher Incentive Fund Investing in Innovation (13) Fund, Recovery Act 715,515 292,194 3,363 1,011,072 N/A 365,408 $ 1,118,480 $ $ 3,528,315 $ See accompanying notes to the Schedule of Expenditures of Federal Awards. -22- 40,987 Collegiate Academies Notes to the Schedule of Expenditures of Federal Awards For the Year Ended June 30, 2016 NOTE 1: BASIS OF ACCOUNTING The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Collegiate Academies and is presented on the accrual basis of accounting. The information in this schedule is presented In accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. NOTE 2: RECONCILIATION OF FEDERAL GRANT REVENUE TO EXPENDITURES OF FEDERAL AWARDS Expenditures of federal awards during the year ended June 30,2016 Funds expended in prior years but reimbursement received in the current year $ 3,528,315 16,770 Total federal grants revenue $ 3,545,085 NOTE 3: FEDERAL AWARDS PASSED THROUGH COLLEGIATE ACADEMIES Collegiate Academies acts as a pass-through agent of Title III funds for the following charter school groups: FirstLine, ReNEW, and Crescent City. -23- Collegiate Academies Schedule of Findings and Questioned Costs For the Year Ended June 30, 2016 SECTION I - SUMMARY OF AUDITORS' REPORTS 1. The auditors' report expresses an unmodified opinion on the financial statements of Collegiate Academies (a nonprofit organization). 2. No instances of noncompliance material to the financial statements of Collegiate Academies were disclosed and identified during the audit. 3. There was one (1) instance of noncompliance with laws, rules, and regulations that was disclosed and identified during the audit but was not considered material to the financial statements. 4. No significant deficiencies relating to the audit of the major federal award programs are reported in the Independent Auditors' Report on Comp//once/or Each Major Program and on Internal Control over Comp//once Required by the Uniform Guidance. 5. The Independent Auditors' Report on Compliance for Each Major Program and on Internal Control over Compliance Required by the Uniform Guidance expresses an unmodified opinion on ail major federal programs. 6. There were no findings that are required to be reported in accordance with the Uniform Guidance. 7. A management letter was not issued for the year ended June 30,2016. 8. The programs tested as major programs for the year ended June 30, 2016 were: Program Title CFDA No. School Breakfast Program 10.553 National School Lunch Program 10.555 9. The threshold for distinguishing between Type A and Type B programs was $750,000. 10. Collegiate Academies qualified as a low-risk auditee. -24- Collegiate Academies Schedule of Findings and Questioned Costs For the Year Ended June 30, 2016 SECTION II - FINANCIAL STATEMENT FINDINGS Finding 2015-001 Background Check Compliance Condition: The Organization's current internal control structure or operation does not allow management or staff to identify if background checks have been completed or reviewed for adequacy. Criteria: In accordance with Louisiana regulations R.S. 17:15 "Criminal History Review" and R.S. 15:1587.1 "The Louisiana Child Protection Act", the Organization is required to request and review criminal history reports from the State Bureau of Criminal Identification and Information. Any employees who do not meet the criteria to obtain a position of authority over children may not be employed by the Organization. Effect: Teachers or other employees with authority over children may not be eligible to maintain their position. Cause: The Organization has not implemented controls over the performance and review of background checks for new and existing employees. Recommendation: We recommend that management design and implement controls to ensure appropriate background checks are completed on all necessary personnel. Response and Corrective Action Plan: Management has shifted job responsibilities among central office staff to provide additional dedicated capacity for Human Resources responsibilities such as background checks. Working with the CFO and school-based Directors of Finance and Operations (DFOs), this team has implemented a new streamlined background check procedure to ensure that employee background checks are clear and in compliance with state regulations before an employee is hired. The new procedure allows for more straightforward tracking and monitoring toward goats. Background checks are filed in each employee's personnel file upon completing the review. SEaiON III - FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No findings noted. SECTION IV - MANAGEMENT LETTER A management letter was not issued for the year ended June 30,2016. -25- Collegiate Academies Summary Schedule of Prior Year Findings For the Year Ended June 30,2016 SECTION II - FINANCIAL STATEMENTS FINDINGS Finding 2015-001Backflround Check Compliance Condition: The Organization's current internal control structure or operation does not allow management or staff to identify if background checks have been completed or reviewed for adequacy. Criteria: In accordance with Louisiana regulations R.S. 17:15 "Criminal History Reviev/' and R.S. 15:1587.1 "The Louisiana Child Protection Act", the Organization is required to request and review criminal history reports from the State Bureau of Criminal Identification and Information. Any employees who do not meet the criteria to obtain a position of authority over children may not be employed by the Organization. Effect: Teachers or other employees with authority over children may not be eligible to maintain their position. Cause: The Organization has not implemented controls over the performance and review of background checks for new and existing employees. Recommendation: We recommend that management creates a checklist for all employees that is maintained which includes all pertinent documentation that must be completed upon hiring. This list should contain signatures of the employee who obtained the documentation and a second signature for the management person who reviewed the documentation. This list would encompass background check documentation and ensure that they are reviewed for adherence to state regulations. Response and Corrective Action Plan: Management has implemented a policy in which each school's DFO will collect all completed MR paperwork, including background checks and submit to the Director of Finance. The Director of Finance will use a checklist to document his review of the background checks to ensure that each employee's background check is clear and in compliance with state regulations before an employee is hired. The checklist will be signed off by the Director of Finance to document his review, and the checklist will be filed in each employee's personnel file upon completing the review. SECTION III - FEDERAL AWARD FINDINGS AND QUESTIONED COSTS No findings noted. SECTION IV- MANAGEMENT LETTER Credit Card Authorization and Documentation - Resolved as no findings noted for fiscal year ending June 30, 2016. -26- £ilg Collegiate Academies Schedule of Compensation, Benefits and Other Payments Made to Agency Head For the Year Ended June 30, 2016 Agency Head Name: Ben Marcovitz, Chief Executive Officer AMOUNT 144,813 4,608 3,600 PURPOSE Salary Benefits-health insurance Benefits-retirement Deferred compensation Workers comp Benefits-life Insurance Benefits-long term disability Benefits-Fica & Medicare Car allowance Vehicle provided by government Cell phone Dues Vehicle rental Per diem Reimbursements Travel Registration fees Conference travel Unvouchered expenses Meetings & conventions Other Total 252 437 9,376 500 163,586 See independent auditors' report. -27- Carr, RIggs & Ingram, LLC A Q PIRIGGS & wl%l INGRAM 111 Veterans Blvd. Suite 350 Metairie, Louisiana 70005 CPAs and Advisors (504) 833-2436 (504) 484-0807 (fax) www.CRIcpa.com INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES Board of Directors Collegiate Academies New Orleans, Louisiana We have performed the procedures included In the Louisiana Governmental Audit Guide and enumerated below, which were agreed to by the management of Collegiate Academies (a nonprofit organization) and the Legislative Auditor, State of Louisiana, solely to assist the users in evaluating management's assertions about the performance and statistical data accompanying the annual financial statements of Collegiate Academies and to determine whether the specified schedules are free of obvious errors and omissions as provided by the Board of Elementary and Secondary Education (BESE) Bulletin. Management of Collegiate Academies is responsible for the performance and statistical data. This agreed-upon procedures engagement was performed In accordance with standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the specified users of the report. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose. Our procedures and findings relate to the accompanying schedules of supplemental information and are as follows: General Fund Instructional and Support Expenditures and Certain Local Revenue Sources (Schedule K-1) 1. We selected a random sample of 25 transactions and reviewed supporting documentation to determine If the sampled expenditures/revenues are classified correctly and are reported in the proper amounts for each of the following amounts reported on the schedule; • • • • • • • Total General Fund Instructional Expenditures, Total General Fund Equipment Expenditures, Total Local Taxation Revenue, Total Local Earnings on Investment in Real Property, Total State Revenue in Lieu of Taxes, Nonpublic Textbook Revenue, and Nonpublic Transportation Revenue -28- Education Levels of Public School Staff (Schedule K-21 2. We reconciled the total number of full-time classroom teachers per the schedule "Experience of Public Principals, Assistant Principals, and Full-time Classroom Teachers" (Schedule K-4) to the combined total number of full-time classroom teachers per this schedule and to school board supporting payroll records as of October 1, 2015. 3. We reconciled the combined total of principals and assistant principals per the schedule "Experience of Public Principals, Assistant Principals, and Full-time Classroom Teachers" (Schedule K-4) to the combined total of principals and assistant principals per this schedule. 4. We obtained a list of principals, assistant principals, and full-time teachers by classification as of October 1, 2015 and as reported on the schedule. We traced a random sample of 12 teachers to the individual's personnel file and determined that the individual's education level was properly classified on the schedule. Number and Type of Public Schools (Schedule K-31 5. We obtained a list of schools by type as reported on the schedule. We compared the list to the schools and grade levels as reported on the Title 1Grants to Local Educational Agencies (CFDA 84.010) application and/or the National School Lunch Program (CFDA 10.555) application. Experience of Public Principals. Assistant Principals, and Full-time Classroom Teachers (Schedule K-4) 6. We obtained a list of full-time teachers, principals, and assistant principals by classification as of October 1, 2015 and traced the same sample used in procedure 4 to the individual's personnel file and determined that the individual's experience was properly classified on the schedule. Public Staff Data: Average Salaries (Schedule K-5) 7. We obtained a list of all classroom teachers including their base salary, extra compensation, and ROTC or rehired retiree status as well as full-time equivalent as reported on the schedule and traced a random sample of 12 teachers to the individual's personnel file and determined if the individual's salary, extra compensation, and full-time equivalents were properly included on the schedule. 8. We recalculated the average salaries and full-time equivalents reported in the schedule. Class Size Characteristics (Schedule K-6) 9. We obtained a list of classes by school, school type, and class size as reported on the schedule and reconciled school type classifications to Schedule K-3 data, as obtained in procedure 5. We then traced a random sample of 10 classes to the October 1, 2015 roll books for those classes and determined that the class was properly classified on the schedule. Schedules K-7 through K-9 are not applicable as Collegiate Academies does not have grades first through eighth. -29- We noted the following exceptions as a result of applying the above procedures: Experience of Public Principals. Assistant Principals, and Full-time Classroom Teachers (Schedule K-4) Finding; We noted two (2) instances where teachers had the incorrect number of years of teaching experience on the October 2015 PEP report by Collegiate Academies. Corrective Action Plan: Management has clarified and communicated procedures for indicating years of experience among teaching staff for PEP, including expectations around documentation for teachers that are new to the organization. School data leaders receive hands-on coaching in order to correctly calculate and report experience. Supporting documentation is retained in each employee's personnel file for review. We were not engaged to and did not perform an examination, the objective of which would be the expression of an opinion on management's assertions. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of management of Collegiate Academies, the Louisiana Department of Education, the Louisiana Legislature, and the Legislative Auditor, State of Louisiana, and is not intended to be and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. Under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document. (JLj/iditO, U.C. December 9, 2016 -30- .JL - ak Collegiate Academies General Fund Instructional and Support Expenditures and Certain Local Revenue Sources For the Year Ended June 30, 2016 Schedule K-1 General Fund Instructional and Equipment Expenditures General fund Instructional expenditures: Teacher and student interaction activities: Classroom teacher salaries Other Instructional staff activities Instructional Staff Employee benefits Purchased professional and technical services Instructional materials and supplies Less instructional equipment Total teacher and student interaction activities $ 4,525,400 415,629 873,366 243,552 588,756 6,646,703 Other Instructional activities 139,307 Pupil support activities Less equipment for pupil support activities Net pupil support activities 1,853,859 Instructional Staff Services Less equipment for instructional staff services Net instructional staff services 1,011,817 School Administration Less: Equipment for School Administration Net School Administration 1,632,204 1,853,859 1,011,817 1,632,204 Total general fund instructional expenditures Total general fund equipment expenditures $ $ 11,283,890 _ Certain Local Revenue Sources Note: Collegiate Academies receives local revenues from the Orleans Parish School Board which Is passed through the Recovery School District. The School does not receive a detailed schedule of the source of these revenues. This section Is not applicable to charter schools under the Recovery School District. -31- Collegiate Academies Education Levels of Public School Staff For the Year Ended June 30, 2016 Schedule K-2 As of October 1,201S Principals and Assistant Principals Full-time Classroom Teachers Certified Uncertified Certified Uncertified Category Number Percent Number Percent Number Percent Number Percent Less than a Bachelor's Degree 0% 0% 0% 0% Bachelor's Degree 23 96% 59 84% 1 100% 2 100% Master's Degree 1 4% 11 16% 0% 0% 0% Master's Degree +30 0% 0% 0% Specialist in Education 0% 0% 0% 0% Ph. D. orEd.D. 0% 0% 0% 0% 100% 1 100% 2 100% Total 24 100% 70 -32- ssisalki-'i;r,\,:?^.'i:>v'.,.,i • i. :,;/.' .i>;i®iHBj:;ufiyifi Collegiate Academies Number and Type of Public Schools For the Year Ended June 30, 2016 Schedule K-3 As of October 1,2015 Number Elementary Middle/Jr. High Secondary Combination Total 3 3 -33- Collegiate Academies Experience of Public Principals, Assistant Principals and Full-Time Classroom Teachers For the Year Ended June 30, 2016 Schedule K-4 As of October 1, 2015 Assistant Principals Classroom Teachers Principals Total 0-1 Yr. - 2-3 Vrs. - 25 - 38 - 25 38 -34- 4-10 Vrs. 30 2 32 11-14 Vrs. 1 1 20-24 Vrs. 1 1 15-19 Vrs. - 25+ Vrs. - Total 94 3 97 Collegiate Academies Public School Staff Data: Average Salaries For the Year Ended June 30, 2016 Schedule K-5 For the Year Ended June 30,2016 Classroom Teachers Excluding ROTC, Rehired Retirees, and Flagged Salary Reductions All Classroom Teachers Average Classroom Teachers' Salary Including Extra Compensation $52,533 $52,533 Average Classroom Teacher's Salary Excluding Extra Compensation $51,140 $51,140 96.5 96.5 Number of Teacher Full-time Equivalents (FTEs) used in Computation of Average Salaries Note: Figures reported include all sources of funding (i.e., federal, state, and local) but exclude stipends and employee benefits. Generally, retired teachers rehired to teach receive less compensation than nonretired teachers; some teachers may have been flagged as receiving reduced salaries (e.g., extended medical leave); and ROTC teachers usually receive more compensation because of a federal supplement. For these reasons, these teachers are excluded from the computation in the last column. This schedule excludes day-to-day substitutes, temporary employees, and any teachers on sabbatical leave during any part of the school year. -35- •' 1'* Collegiate Academies Ciass Size Characteristics For the Year Ended June 30, 2016 Scheduie K-6 As of October 1, 2015 Combined School Type Elementary Elementary Activity Classes Middle/Jr. High Middle/Jr. High Activity Classes High High Activity Classes Combination Combination Activity Classes Class Size Range 34+ 21-26 27-33 1-20 Percent Number Percent Number Percent Number Percent Number 14 55% 325 21% 124 22% 130 2% 11 100% - Note: The Board of Elementary and Secondary Education has set specific limits on the maximum size of classes at various grade levels. The maximum enrollment in grades K-3 is 26 students and maximum enrollment in grades 4-12 is 33 students. These limits do not apply to activity classes such as physical education, chorus, band, and other classes without maximum enrollment standards. Therefore, these classes are included only as separate line items. -36-