GCAA Financial Information

Summary Statement 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, 2017.  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, 2017, 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 $7,564,818 for the 2017 fiscal year compared to $7,321,351 in fiscal year 2016. 2017 revenues by fund were $3,297,992 for the general fund and $4,266,826 for the teachers’ fund. The report shows that general revenues accounted for $6,725,275 in revenue or 89% of all revenues.  Program specific revenues in the form of operating grants and contributions accounted for $839,539 or 11% of total revenues. The LEA had $9,759,378 of expenditures in fiscal 2017 compared with $9,248,904 in fiscal year 2016. The auditors report showed in total, net assets have decreased by $2,194,564 for total net assets of $(16,255,730) at fiscal year ended 2017. The report shows Governmental fund balances totaled $267,993 at fiscal year ended 2017. The audit report can be viewed online by visiting www.grandcenterartsacademy.org and clicking on the Finance link. 2017 GCAA LEA ASBR 2017 GCAA LEA Financial Report - Final  2017 GCAA LEA Compliance Report - Final