GCAA Financial Information

Summary Statement – Confluence Academy

January 6, 2016

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, 2015.  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, 2015, 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 capital projects fund.

Among all three funds, the report states that Confluence Academy LEA had total revenue of $40,979,553 for the 2015 fiscal year compared to $39,336,183 in fiscal year 2014.  2015 revenues by fund were $23,987,002 for the general fund, $16,992,295 for the teachers’ fund and $253 for the capital projects fund.

The report shows that general revenues accounted for $33,561,306 in revenue or 82% of all revenues.  Program specific revenues in the form of operating grants and contributions accounted for $7,418,247 or 18% of total revenues.

The LEA had $43,293,728 of expenditures in fiscal 2015 compared with $38,416,316 in fiscal 2014.

The auditors report showed in total, net assets have decreased by $17,380,691 for total net assets of $(12,957,234) at fiscal year ended 2015. $15,066,516 of the decrease in net assets related to the LEA implementing GASB statement 68, Accounting and Financial Reporting for Pensions.

The report shows balances for the general, teachers’ and capital projects funds totaled $5,579,626, $0, and $1,928,152 for a total governmental funds balance of $7,507,778 at fiscal year ended 2015.

Summary Statement – Grand Center Arts Academy
January 6, 2016

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, 2015.  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, 2015, 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 three major funds to account for its financial activity — the general fund, teachers’ fund and capital projects fund.

Among all three funds, the report states that Grand Center Arts Academy LEA had total revenue of $6,672,956 for the 2015 fiscal year compared to $5,147,730 in fiscal year 2014. 2015 revenues by fund were $2,966,971 for the general fund, $3,705,985 for the teachers’ fund and $0 for the capital projects fund.

The report shows that general revenues accounted for $5,901,255 in revenue or 88% of all revenues.  Program specific revenues in the form of operating grants and contributions accounted for $771,701 or 12% of total revenues.

The LEA had $8,153,633 of expenditures in fiscal 2015 compared with $7,073,776 in fiscal year 2014.

The auditors report showed in total, net assets have decreased by $3,909,223 for total net assets of $(12,133,613) at fiscal year ended 2015. $2,428,546 of the decrease in net assets related to the LEA implementing GASB statement 68, Accounting and Financial Reporting for Pensions.

The report shows Governmental fund balances totaled $425,530 at fiscal year ended 2015.

2015 GCAA Summary Statement

2015 GCAA LEA Compliance

GCAA LEA Compliance – Final

Confluence 2015 Statement – Final