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D*Arbonne Woods Charter School, Inc. Farmerville, Louisiana

Financial Report For the Years Ended June 30,2011 and 2010

tinderprcvisicns of s'^te (a'.v trus report ts a pu..j.-document Acopy ofthe report has been submitted to the entity and other cppropnste pubiic officials The report is avai'sblo for public inspection at the Baton Rouge office o\ Ih-s Lecislative Auditor arid where appropriate at the oifice ofthe pansh clerk cf coun

, , , MAY 0 9 2012 Release Date

D'ARBONNE WOODS CHARTER SCHOOL, INC. Farmerville, Louisiana

Table of Contents

Page

Independent Auditors' Report 1

Financial Statements

Statements of Financial Position 2

Statements of Activities 4

Statements of Cash Flows 6

Notes to the Financial Statements 7

Supplementary Information

Independent Auditors' Report on Intemal Control Over Financial Reporting and Compliance And Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 12

Schedule of Findings 14

Status of Prior Year Findings 22

Agreed-upon Procedures

Independent Accountants' Report on Applying Agreed-Upon Procedures 26

Schedules Required by State Law 30

Schedule 1 - General Fund Instructional and Support Expenditures

and Certain Local Revenue Sources 32

Schedule 2 - Education Levels of Public School Staff 33

Schedule 3 - Number and Type of Public Schools 34


Table of Contents

Page

Schedule 4 - Expenence of Public Principals and Full-Time Classroom Teachers 35

Schedule 5 -Public School Staff Data 36

Schedule 6 - Class Size Characteristics 37

Schedule 7 - Louisiana Educational Assessment Program (LEAP)

for the 21" Century 38

Schedule 8 - The Graduation Exit Exam (GEE) for the 21'* Century 39

Schedule 9 - The iLEAP Tests 40

I uFFEY, HUFFMAN, RAGSDAX,E & SOIGNIER (A PROFESSIONAL ACCOUNTING CORPORATION)

CERTIFIED PUBLIC ACCOUNTANTS

JohnL Luffey, MBA, CPA (1963-2002) Francis I Huffman, CPA PhinpA Ragsdale, CPA David Ray Soignier. CPA, MBA

John Herman, CPA Lynn Andrtes, CPA Esther Attebeny, CPA Sandra Harrington, CPA Lorl Woodart, MBA, CPA

INDEPENDENT AUDITORS^ REPORT

Board of Directors D'Arbonne Woods Charter School, Inc. Farmerville, Louisiana

We have audited the accompanying statements of financial position ofthe D*Arbonne Woods Charter School, Inc (a not-for-profit organization - the School) as of June 30,2011 and 2010, and the related statements of financial position, statements of activities, and cash flows for the years then ended. These financial statements are the responsibility ofthe School's management. 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, Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position ofthe School as of and for the years ended June 30,2011 and 2010, and the changes in net assets and its cash flows for the years then ended in conformity with accoimting principles generally accepted in the United States of America.

In accordance with Govemment Auditing Standards, we have also issued our report dated April 20, 2012, on our consideration ofthe School's internal control over financial reporting and 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 mtemal control over financial reporting and compliance and the results of that testing, and do not provide an opinion on intemal control over financial reporting or compliance. That report is an integral part of an audit performed m accordance witix Government Auditing Standards and should be read in conjunction with this report in considering the results of our audits.

9 f • •

(A Professional Accounting Corporation)

April 20,2012

1100 North 18th Street Monroe, Louisiana 71201 Tel (318)387-2672 • Fax (318)322-8866 < Website wwwafullservlcecpaflmicom

MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

FINANCIAL STATEMENTS

D'ARBONNE WOODS CHARTER SCHOOL, INC, Farmerville, Louisiana

Statements of Financial Position

Assets Cash Accounts receivable Grants receivable Unamortized bond issuance cost Equipment Accumulated depreciation

Total assets

$

$_

Unrestricted

5,524,535 12,802

274,739 136,378 301,316 (88,496)

6,161,274

June 30,2011

Temporarify Restricted

$ 109,247 -

-

-

-

-

$ 109,247 -

$

$ _

Total

5,633,782 12,802

274,739 136,378 301,316 (88,496)

6,270,521

Liabilities and net assets

Liabilities Accoxmts payable Payroll liabilities Compensated absences Line of credit payable Bond Payable

Total liabilities

Net assets Unrestricted net assets Tenqjorarily restricted net assets

Total net assets

Total liabilities and net assets

$ 52,875 $ 521,646

56,569 -

5,100,000 5,731,090

430,184 -

430,184

$ 6,161,274 $

$

-

-

-

-

-

-

109,247 109,247

109,247 $

52,875 521,646

56,569 -

5,100,000 5,731,090

430,184 109,247 539,431

6,270,521

The accompanying notes are an integral part of these statements

Unrestricted

247,979 4,336

286,819

141,279 (30,276)

June 30,2010

Temporarily Restricted

$ 230,000 $

Total

477,979 4,336

286,819

141,279 (30,276)

$ 650,137 $ 230,000 $ 880,137

14,829 $ - $ 14,829 166,762 - 166,762 13,340 - 13,340 70,000 - 70,000

264,931

385,206

385,206

650,137 $

-

230,000 230,000

230,000 $

264,931

385,206 230,000 615,206

880,137

D'ARBONNE WOODS CHARTER SCHOOL. INC. Farmerville, Louisiana

Statements of Activities

Support and revenue State public school funding Federal sources State soiu-ces Grants Donations Other income Meal income Interest mcome

Total

Net assets released from restrictions

Total support and revenue

Expenses Program expenses

Regular programs School administration Food service Operation and maintenance of plant Special education programs Pupil transportation Pupil support Other instructional programs Instructional staff services Depreciation

Management and general Facihties acquisition Business services General administration Debt services - mterest

Total expenses

Increase (decrease) in net assets

Net assets (deficit) at beginning of year

Net assets at end of year

For the Year Ended

Unrestricted

$ 2,644,420 $ 462,661

1,500 85,565 21,999 18,553

3,234,698

120,753

June 30,2011 Temporarily Restricted

$

:

-

----

(120,753)

Total

2.644,420 462,661

1,500 85,565 21,999 18,553

3,234,698

-

3,355,451 (120.753) 3,234,698

1,819,490 257,812 155,942 327,653 166,191 120,535

18.406 4,056 3,107

58,220

157,676 157,302 38,583 25,500

3,310,473

44.978

385,206

430,184 $

----------

-----

(120,753)

230.000

109,247 $ ,

1,819,490 257,812 155,942 327,653 166,191 120.535 18,406 4,056 3,107

58.220

157.676 157,302 38,583 25,500

3.310.473

(75.775)

615,206

539.431


Unrestricted

1,716,240 $ 355,720

4.684 -

39.210 30,805 17.762

399 2,164.820

20,000

June 30,2010 Temporarily

Restricted

- $ --

250,000 ----

250,000

(20.000)

Total

1,716,240 355,720

4,684 250,000 39,210 30,805 17,762

399 2.414.820

.

2.184,820 230,000 2,414,820

911,203 221.891 123,211 125,095 84.974 39.166 9,272

244 140

25,289

133,125 60.490 28,958

1,763,058

421,762

(36.556)

385,206 $

----------

--~

-

230.000

.

230.000 $

911.203 221,891 123,211 125,095 84,974 39,166 9,272

244 140

25,289

133,125 60,490 28.958

1,763.058

651,762

(36.556)

615,206

D'ARBGNNE WOODS CHARTER SCHOOL, INC. Fannerville, Louisiana

Statements of Cash Flows

For the Year Ended June 30,

201! 2010 Cash flows from operating activities

Increase (decrease) in net assets t

Adjustment to reconcile operating loss to net cash provided by operating activities

Depreciation and amortization

Changes in assets and liabilities Accounts receivable Grants receivable Accounts payable Payroll liabilities

Net cash provided (used) by operating activities

Cash flows firom capital and related financing activities

Purchase of equipment Issuance of bonded debt Costs of bond issuance Payments of short-term debt

Net cash proAdded (used) by coital and related financing activities

Net increase in cash

Cash at beginning of year

Cash dt end of year

Supplemental disclosure of cash flow information Interest paid

(75,775) $

65.797

651,762

25,289

(8.466) 12.080 38.046

398,113

429,795

(160.037) 5.100.000 (143,955) (70.000)

4.726,008

5.155,803

477,979

5.633.782 $

26.070 $

23.342

(286.819)

12.116 179,403

605,093

(119.701)

(12.000)

(131.701)

473,392

4,587

477.979

6,355


6

D'ARBONNE WOODS CHARTER SCHOOL, INC.

Farmerville, Louisiana

Notes to the Financial Statements

For the Years Ended June 30,2011 and 2010

1. Summary of Significant Accounting Policies

The D'Arbonne Woods Charter School, Inc. (the School) was granted a Type 2 charter by the Louisiana Board of Elementary or Secondary Education (BESE) to provide educational services in Union Parish to students beginning with the 2009-2010 school year The curriculum is designed to meet the unique needs of rural, at-risk students. The School serves eligible students in kindergarten through seventh grade and plans to expand to more grades in future years. The School is govemed by a seven member board of directors.

A. Financial Reporting

The School follows the guidance of the Not-for-Profit Entities Topic of the Fmancial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 958. The School is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted and permanendy restricted. In addition, the School is required to present a statement of cash flows.

The School also follows the guidance of the Not-for-Profit Entities Topic of the FASB ASC 958, whereby contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence and/or nature of any donor restrictions. Restricted net assets are reclassified to unrestricted net assets upon satisfaction of the donor-imposed time or purpose restrictions. Restricted contributions, for which the restriction is met in the same year, are classified as unrestricted.

B Basis of Accounting

Basis of accounting refers to when revenues and expenses are recognized in the accounts and reported on the financial statements. The financial statements of the School are prepared on the accrual basis of accounting whereby revenues are recogmzed when earned and expenses are recognized when incurred.

C. Revenues

The School's primary source of fundmg is through the Minimum Foundation Program (MFP) fimded through the State Public School Fund. The School receives funding per eligible student in attendance on October 1 , payable in monthly installments. Adjustments are normally made in the following year





State and Federal grants are generally on a cost reimbursement basis whereby revenues are recognized M ien related eligible expenses are incurred.

D. Property, Plant, and Equipment

The School has adopted the practice of capitalizing all expenditures for depreciable assets where the unit cost exceeds $500 and the usefiil life exceeds one year. Fixed assets are recorded at historical cost or estimated historical cost if historical cost is not available. Betterments that natuially add to the value of related assets or materially extend the useful lives of assets are capitalized. Normal building maintenance and minor equipment purchases are included as expenses of the School.

Depreciation of capital assets is calculated using the straight-line method over the estimated useful lives ofthe assets. The following are the estimated useful lives of the capital assets ofthe School:

Asset Useful Life (in vcarsl

Buildings Portable School Building Fumiture and Fx[uipment Computer Equipment Buses Software

E. Sick Leave

30 5

5-7 3

5-10 5

The School grants all employees of the School a total of ten days of paid sick leave per year. Sick leave may be accumulated from year to year, not to exceed 90 days. Upon retirement and/or death prior to retirement, the School will pay to the employee and/or his/her estate for any imused sick leave not to exceed 25 days.

F. Income Taxes

The School is recognized by the Intemal Revenue Service as a Section 501(c)(3) tax-exempt organization. However, income firom certain activities not directly related to the Schoors tax-exempt purpose is subject to taxation as unrelated business income.





G. Statement of Cash Flows

For purposes ofthe Statement of Cash Flows, the School considers all investments purchased with an original maturity of three months or less to be cash equivalents

H. Use of Estimates

The preparation of financial statements in conformity with accounting pnnciples 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.

I. Concentrations

The School received 82% and 79% of its revenues in the years ended June 30, 2011 and 2010 respectively, fixim the State of Louisiana's Minimum Foundation Program, in accordance with its charter school contract with the State.

2. Cash

The School's cash (bank balance) at June 30, 2011, was $5,633,782 of which $514,434 was covered by Federal Deposit Insurance Corporation and approximately $5,015,000 unsecured. The remaining $104,000 represents the amount transferred to the paying agent to be held in trust for the repayment of the School's (Qualified School Constmction Bond and consists of securities issued or guaranteed by the U. S. govemment.

3. Grants and Other Receivables

The grants and other receivables are stated at the amount the School expects to collect fi:om outstanding balances. The financial statements do not include an estimate for allowance for doubtful accounts The School believes that all receivables are collectible.

4. Equipment

Depreciation expense totaled $58,220 and $25,289 for the years ended June 30,2011 and 2010 respectively. All assets acquired with Louisiana Department of Education funds are owned by the School while used for the purpose for which they were purchased. The Louisiana Department of Education, however, has a reversionary

D*ARBONNE WOODS CHARTER SCHOOL, INC. Farmerville, Louisiana



interest in these assets. Should the charter not be renewed, title in any assets purchased with those funds will transfer to the appropriate agency

5. Accrued Liabilities

As of June 30,2011, the School has recorded accrued liabilities of $631,090. Of this amount, $52,875 is for accounts payable and $578,215 is for accmed salaries and benefits.

6. Retirement Plan

Certain employees of the School participate in the Teachers' Retirement System of Louisiana (TRSL). The TRSL is a cost-sharing, multiple-employer defined benefit pension plan adnunistered by a separate board of trustees. Pertinent information relative to the plan follows:

Plan Description: The TRSL provides retirement benefits as well as disability and survivor benefits. Ten years of service credit are required to become vested for retirement benefits, and five years to become vested for disability and survivor benefits. Benefits are established and amended by state statute. The TRSL Issues a publicly available financial report that includes financial statements and required supplementary information for the TRSL. That report may be obtained by writing to the Teachers' Retirement System of Louisiana, P O. Box 94123, Baton Rouge, LA 70804-9123.

Funding Policy: Plan members are required to contribute 8% of their armual covered salary. The School is required to contribute at an actuarially determined rate. The current rate is 15.5% of annual eligible covered payroll. Member contributions and employer contributions for the TRSL are established by state law, and rates are established by the Public Retirement System's Actuarial Committee. The School's contributions to the plan were $230,193 and $109,887 for the years ended June 30, 2011 and 2010 respectively, which is equal to the required contribution.

7. Line of Credit

The School had a line of credit with a local bank in the amount of $ 150,000, of which $70,000 was outstanding at Jime 30, 2010. The line of credit matured and was paid off in 201L

10





8. Bond Payable

The School issued a $5.1 million Qualified School Constmction Bond dated December 21, 2010 bearing interest at 1.0% for the purpose of constmcting a school facility. Interest is payable quarterly with the full principal amount due at maturity on December 15,2029.

9. Uncertain Income Taxes

The School has adopted the provisions of FASB ASC 740 Accounting for Uncertainty in Income Taxes. The implementation of this topic had no impact on the statement of financial position or statement of activities.

The School's 2007, 2008 and 2009 tax retums were filed appropriately. As of April 20,2012 the School had not filed its 2010 tax retum. The School recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The School's tax filings are subject to audit by various taxing authorities. The School's open audit periods are 2007 through 2009. Management has evaluated the School's tax position and concluded that the School has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance.

10. Subsequent Events

Management has evaluated subsequent events through the date that the financial statements were available to be issued, April 20, 2012, and determined that three events occurred that require disclosure.

In August 2011, the School purchased approximately 21.65 acres of land at a cost of $55,310 for the purpose of constmcting its school facility. Subsequent to the purchase it was determined that this tract of land was not suitable for construction of the school. The School has approved advertising the land for sale.

In March 2012, the School executed purchases of land totaling approximately 41.55 acres for a total cost of $471,150.

At its March 9,2012 meeting the Louisiana State Board of Elementary and Secondary Education approved a material amendment to the School's charter allowing an increase in total enrollment from 323 to 560 students and to add grades 9-12 beginning with grade 9 in the fall of 2012 subject to certain conditions set by the State Superintendent of Education.

11

I uFFEY, HUFFMAN, RAGSDAI^E & 5OIGNIER (A PROFHssroNAL ACCOUNTING CORPOIWTJON)

CERTIFIED PUBLIC ACCOUNTANTS

John L Luffey. MBA. CPA (196^-2002) Francis I Huffman, CPA Philip A Ragsdale, CPA David Ray Soignier, CPA, MBA

John Herman. CPA Lynn Andnes, CPA Esther Atteberry. CPA Sandra Harrington, CPA Lori Woodard, MBA. CPA

I>fDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE

WITH GOVERNMENT AUDITING STANDARDS

Board of Directors D'Arbonne Woods Charter School, Inc. Farmerville, Louisiana

We have audited the fmancial statements of D'Arbonne Woods Charter School, Inc. (the School) as of and for the year ended June 30,2011, and have issued our report thereon dated April 20,2012. We conducted our audit 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 ofthe United States.

Intemal Control over Financial Reporting

In planning and performing our audit, we considered the School's intemal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness ofthe School's intemal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness ofthe School's internal control over financial reporting.

Our consideration of intemal control over financial reporting was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in intemal control over financial reporting that might be significant deficiencies or material weaknesses and therefore, there can be no assurance that all deficiencies, significant deficiencies, or material weaknesses have been identified. However, as described in the accompany Schedule of Findmgs, we identified certain deficiencies in intemal control over financial reporting that we consider to be material weaknesses.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of perfonmng their assigned functions, to prevent, or detect and conect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in intemal control such that there is a reasonable possibility that a material misstatement ofthe School's financial statements will not be prevented, or detected and corrected on a timely basis. We consider the deficiencies described in the accompanying Schedule of Findmgs listed as 11-01 through 11-04 and 11-06 through 11-08 to be material weaknesses.

1100 North 18th Street Monroe. Louisiana 71201 Tel (318)387-2672 • Fax (318)322-8866 • Website www afullservicecpaflrm com

MEMBERS OF THE AMERICAN INSTtTUTE OF CERTIFIED PUBUC ACCOUNTANTS Page 12

D'Arbonne Woods Charter School, Inc. Farmerville, Louisiana

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the School's fmancial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulaUons, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts However, providing an opimon 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 instances of noncompliance or other matters that are required to be reported under Government A uditmg Standards and which are described in the accompanying Schedule of Findings as items 11-02 through 11-05,11-08 and 11-09.

The SchooPs response to the findings identified in our audit are described in the accompanying Schedule of Findings. We did not audit the School's response and, accordingly, we express no opinion on it.

This report is intended solely for the information and use of management ofthe School, others within the entity, federal awarding agencies and pass-through entities, and other entities granting funds to the School and the Legislative Auditor for the State of Lx>uisiana and is not intended to be and should not be used by anyone other than these specified parties. However, under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.

I


April 20,2012

13

D'ARBONNE WOODS CHARTER SCHOOL, INC. Farmerville, LA

Schedule of Findings For the Year Ended June 30,2011

11-01 General Ledger Accounting

FintUng

Intemal control is a process designed to provide reasonable assurance about the achievement of the entity's objectives with regard to the reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations. Our audit discovered significant deficiencies in the design and implementation of intemal control.

A sound system of intemal control requires review and reconciliation of all accounts to ensure proper recording of all transactions. Regular review of all general ledger accounts and associated transactions by an individual fiuent in the accounting processes and procedures had not been performed during the audit year. There was no evidence that any bank reconciliations had been completed during the audit year. Year-end bank reconciliations had to be backed into from subsequent year records as it was not possible to reconcile the bank accounts from the audit year records. All balance sheet accoimts had to be handled in this manner as the audit year records were insufficient to determine account balances. Subsequent to year-end, extensive entries were made by the School in order to prepare the records for audit. In total, approximately 23% ofthe transactions for the audit year appear to be adjustments.

In the case of one bank account related to fimdraising, no record of the account existed in the general ledger. An entry had to be made to record more than $25,000 in revenues and expenditures and the remaining cash balance. Ownership of another bank account had been transferred to another organization during the audit year but the School still maintained the account and its associated transactions on its books. In addition, the donation of a school bus was not recorded.

A sound system of intemal control further requires a clear audit trail such that all transactions can be traced firom the general ledger back to the source of the transaction. We noted multiple instances of staff being unable to locate supporting documentation. To illustrate, we requested supporting documentation for 131 transactions related to travel. Staff was only able to provide supporting documentation for 39 (30%) of these. No documentation was available for the other 92 transactions. Even in mstances where documentation was provided, the expense often failed to be supported by an expense report, prior approval for travel, or an approval to pay (Refer to Finding 11-07).

Substantially all entries into general ledger were done by joumal entries. The joumal entries we reviewed had littie supporting documentation and rarely included an explanation of purpose or methodology. Substantially all grant revenue and expenses were recorded in General Fund. Entries to move these to the Grant Fund were done by joumal entries with the requests for reimbursements being the only explanation of what monies were related to the Grant Fund. Only

14

D'ARBONNE WOODS CHARTER SCHOOL, INC, Fannerville, LA

Schedule of Findings For tiie Year Ended June 30,2011

limited documentation was available to review the expenses being reimbursed with various grants and, thus, we were unable to confirm the validity of the expenses being reimbursed. Further, journal entries were not clearly documented as to the purpose, date, person making the entry, or approval ofthe entry.

Design and implementation of adequate controls over cash and purchasing were not provided for in the policies and procedures. We noted no approval to pay on invoices, invoices not defaced after payment, multiple items with missing supporting documentation, no signed receipt of goods, no purchase order system, and items not paid in a timely manner. A $5.1 million bond acquired by the School during the audit year and the associated cash in the School's bank account was never recorded in the general ledger. Neither were many of the constmction costs that bond monies were spent on. Substantially all food service revenue and expenses were recorded in General Fund and entries to move these transactions to the Food Service Fund were done by joumal entries af er year-end. In tracing the invoices to the bank statements, there was an invoice from one vendor for approximately $9,600 that had cleared the bank accoimt but had not been recorded in the general ledger.

Weaknesses in personnel files were also noted. The Board of Directors did not approve a salary schedule (Refer to Finding 11-02). Employment Eligibility Verification forms (1-9's) were on file but not completed. Payroll records were also noted to have non-employees included in salary accounts and some salary payments not included in the payroll records.

Because of the state of the records, we reviewed the entire transaction history for the audit year by vendor and noted numerous expenses were coded incorrectiy. Most expense accoimts had mispostings resulting in extensive entries being made to ensure that expenses were categorized appropriately.

Recommendtiiion

We recommend that intemal control design and implementation be conducted by an individual possessing the level of education and skill required to understand a complex fUnd accounting system and tiiat intemal controls be approved by the Board of Directors. We suggest accounting persoimel review and reconcile accoimts and such reconciliations be completed at least monthly. Proper support for all transactions and joumal entries should be approved by appropriate supervisory personnel, fully documented, and filed in an organized maimer m order to provide a complete audit trail. Policies and procedures should be implemented regarding all facets of the accounting process including recognizing revenues, purchasing procedures, and personnel records.

15

D'ARBONNE WOODS CHARTER SCHOOL, INC, Farmerville, LA

Schedule of Findings For tiie Year Ended June 30, 2011

Management's Response

We axe in the process of implementing a new policies and procedure manual that will establish intemal controls over purchasing procedures, personnel records, and revenue postings. These controls will ensure that financial transactions are properly recorded, documented and reviewed. Controls will also be established for proper documentation for personnel records and salaries.

We have hired new and additional staff for the business office to help ensure that all cash receipt and disbursements are properly accounted for and documented. We have also contracted with a CPA with over 20 years experience in fund accounting to help oversee the operations of the Business Office and establish adequate intemal controls. We have also installed new accounting software which allows us to better account for and report financial transactions. The new accounting software allows the documentation to be scanned with the receipt or check voucher which should provide for easy access to transaction documentation. We are in the process of accountmg for all expenditure transactions to ensure that they are all accounted for and filed properly. We are reconciling cash monthly and are cunent with the reconcihations.

11-02 Board Approved Pay

Finding

The Board of Directors failed to approve the teacher's pay scale and employee merit pay scale in comphance with school policies and state law. As a result, we were unable to determine whether the pay that teachers received was appropriate for their education and experience levels. It was also not possible to verify that the merit pay employees received, including teachers, was correct.

We did note that merit pay distributed exceeded maximum amounts. Of the 32 employees that received merit pay for the year ended Jxme 30, 2011, all 32 were p£ud merit pay in excess of the amounts allowed in the School's Policies and Procedures. A total of $90,050 of merit pay was paid for services performed during the year. Of this amount, $38,400 was allowable and $51,650 exceeded the allowable amount.

Recommendation

We recommend that the Board of Directors approve all pay scales, including merit pay, and that all pay is in compliance with school policies and State law.

Managements Response

The Board of Duectors will approve a pay scale that includes merit pay which is in line with the charter and State Law.

16


Schedule of Findings For tiie Year Ended June 30, 2011

11-03 Pay advances

Finding

During the course of the year, pay advances were made to an employee totaling $2,900. By year-end only $200 of this had been repaid. Subsequent to the audit year, the employee repaid some of the monies but a total of $800 was still outstanding at the time of the release of this report and the employee is no longer employed with the School. As the likelihood of collection of these monies is limited, the School appears to have paid this employee in excess ofthe amount approved by the Board This appears to be a violation of Article VII, Section 14 of the Louisiana Constitution of 1974.

Recommendation

We recommend that pay not be advanced.


These advances were not approved by the Board of Directors and it is not the policy ofthe Board to approve advances. We will establish controls to help ensure advances are not made in the future.

11-04 Unauthorized Expenses

Finding

The School's Policies and Procedures state that the Board must approve all purchases in excess of $500. This policy was not followed during the course ofthe audit year and these items appear to be a violation of Article VII, Section 14 of the Louisiana Constitution of 1974*

Two expenses reviewed are especially noteworthy. One was a payment to a restaurant with no supporting documentation except a copy ofthe receipt. Tlie receipt noted that the charges were for lunch for 48 people but the School only employed 32 individuals at the time. There is no explanation as to the reason for these lunches. In addition, sales tax was paid and a tip in the amount of 19% was added to the purchase.

A second expense noted was subsequent to the audit year. A piece of equipment paid for with School funds was delivered to a vendor's place of business and signed for by said vendor nearly three weeks prior to the Business Director signing a contract with the vendor. The contract with the vendor was allegedly put out for bid. The Board neither reviewed the bid nor approved the acceptance ofthe bid or contract.

17


Schedule of Findings For die Year Ended June 30,2011

Subsequent to the release of the last audit report additional unauthorized expenses by a prior employee were discovered. These included items such as using School funds to pay for airline ticket and hotel room for a family member, refurnishing of personal furniture, equipment for personal use and so forth. These unauthorized expenses totaled nearly $2,690 and were withheld from the employee's final paycheck.

Recommendaiion

We recommend intemal controls be enforced to reduce the likelihood of unauthorized spending of School funds.


Intemal controls have been established over expenditures to help ensure unauthorized spending of school funds does not occur in the future. The Board plans to change its policy that requires all purchases over $500 to be approved by the Board. A new policy will require the Executive Director to approve all purchases $500 or more and the Business Manager will approve purchases below $500.

11-05 Open Meetings Law

Finding

LA R.S. 17:3996 provides that Charter Schools will be subject to Louisiana open meetings laws (LA RS 42:4.1 et seq.). The Open Meetings Law allows executive sessions to be held only in limited situations, the reason for the executive session must be given and no fmal or binding actions can be taken during an executive session. Minutes from board meetings held during and subsequent to the audit year indicated that executive sessions were held with no reason given on multiple occasions.

Recommendation

We recommend review and compliance with LA RS 42:4.1 et seq. including using executive sessions only for allowed items and clearly documenting the purpose of executive sessions when held.


LA RS 42:4.1 et seq. has been reviewed by each member ofthe board of directors and the school attorney. The school attorney is making sure the board is following the Law.

18


Schedule of Findings For the Year Ended June 30, 2011

11-06 Policies and Procedures

Finding

Comprehensive School policies and procedures are necessary for continuity and success of the School. The policies and procedures currentiy in place are repetitive in some areas and incomplete or nonexistent in other areas. Policies and procedures are not noted as to whether Board approved, date of such approval nor date of implementation. In addition, the policies and procedures in place are not being followed. As noted in Finding 11-02 merit pay amounts delineated in the policies and procedures were exceeded. The requirement that the Board must approve all purchases in excess of $500 was not followed (Finding 11-04). Prior approval is required for travel expenses but was not followed (Finding 11-07). The policies set a limit of $500 for reimbursements to teachers for materials and supplies but records indicate many teachers were paid in excess of this amount.

Recommentlation

We recommend a thorough review of all policies and procedures to ensure all items are clearly covered, including organization and indexing of policies and procedures. The Board should approve all policies and procedures prior to implementation. We suggest that a master copy of all approved policies be kept on file and denote dates of approval and implementation. We further recommend that the articles of incorporation and by-laws be reviewed and strictly adhered to.


We have hired a consultant to help review the current policies and procedures and rewrite where needed. The Policies and Procedures Manual will be organized and indexed. The Board of Directors will approve all policies and procedures prior to implementation. A master copy ofthe revised policy will be kept on file in the Executive Director's office as well as a copy filed with the Board minutes. The Board and Director have been given the articles of incorporation and bylaws and will sign a statement saying they have read them.

11-07 Debit Card and Travel Policies

Finding

A sound system of intemal control requires comprehensive policies and procedures with regard to travel and credit/debit cards. Control over the debit card and documentation supporting travel was minimal, unorganized and lacking proper approvals. There is no organized travel log

19



procedure to notate trips and all of the various expenses associated with each trip or a procedure to document proper approval for the travel.

We randomly pulled 20 debit card transactions to review In 15 of these 20 transactions, we were unable to determine whether the expense was reasonable. None of the transactions were approved Staff was unable to provide sufficient supporting documentation for any of these expenses.

As noted in Finding 11-01, we requested supporting documentation for 131 transactions related to travel. Staff was only able to provide supporting documentation for 39 (30%) of these, no documentation was available on the other 92. Even in instances that documentation was provided, the expense failed to be supported by expense report, prior approval or approval to pay.

Recommendaiion

We recommend that the Board of Directors approve and implement comprehensive policies and procedures with regard to travel and credit/debit cards. We suggest use of a travel log to document and organize all travel expenses and implementation of a document approving travel such tiiat all travel is properly authorized. We also suggest effective controls over debit card use including requirements tiiat purchases be authorized and tiiat receipts be reconciled with bank statements.


We have hired a consultant to help us review the current policies and procedures and rewrite where needed. All employee's will be required to attend an in-service where they are given a copy of the approved travel and credit/debit card policies and procedures so they know what is expected of them. A form will be created and approved so travel can be approved at least one week before travel. We have implemented controls over the debit card use. Purchases are approved prior to purchase and are reconciled with the bank statement on a montiiily basis.

11-08 Transportation Contract

FintUng

Charter School law requires that the School have a contract in place with the local School Board for transportation of students to and fi'om the Charter School. D'Arbonne Woods Charter School had no such contract in place prior to commencement of the transportation of students for the audit year

20



Recommendation

We recommend that the School have a contract in place for transportation of students prior to the commencement ofthe school year


A contract is in place for the transportation of students for the 2011-2012 school year, however, due to circumstances uncontrollable by DWCS, it was not signed until November 2011. In the future, we will have a contract in place each year prior to the transportation of students

11-09 Financial Statements Not Filed Timely

Finding

LA R.S. 24:513 requires that the School prepare and submit its audited financial statements to the Louisiana Legislative Auditor no later ibm six months after the end ofthe most recent fiscal year. The financial statements were not in a condition to be audited within the time frame prescribed by law for several reasons. The individual responsible for the accounting functions during the audit year was unavailable due to no longer being employed by the School. In addition, as noted in Finding 11-01, the records for the audit year were insufficient to reconcile accounts and the School had to have the year thoroughly analyzed by consultants in order to achieve reasonable account balances.

Recommendation

We recommend that the School maintain its books and records whereby the financial statements will be ready for audit so that the audit is completed and submitted to the Legislative Auditor within the prescribed time period.


We have hired additional staff m the Business office as well as contracting with a CPA to help ensure that adequate staff is avaOable to stay current operating the Business Department. We have purchased accounting software that should make it easy to access fmancial data and report it in a timely manner. We are in the process of establishing review procedures to ensure that the fmancial transactions are properly recorded in the accounting records. We are reconciling cash accounts monthly. We feel that the accounting records will be ready for audit and the report submitted to the Legislative Auditor in the prescribed time.

21


Status of Pnor Year Findings For tiie Year Ended June 30,2011

10-01 General Ledger Accounting

Recommendation

We recommend that internal control design and unplementation be conducted by an individual possessing the level of education and skill required to understand a complex fund accounting system and that intemal controls be approved by the Board of Directors. We suggest accounting persoimel review and reconcile accounts and such reconciliations be completed at least monthly. Proper support for all transactions and joumal entries should be approved by appropriate supervisory personnel, fully documented, and filed in an organized manner in order to provide a complete audit trail. Policies and procedures should be implemented regarding all facets of the accounting process including recognizing revenues, purchasing procedures, and personnel records.

Status

Refer to Fmding 11-01

10-02 Board Approved Pay

Recommendation

We recommend that the Board of Directors approve all pay scales, including merit pay, and that all pay is in compliance with School policies and State law.

Status

Refer to Finding 11-02

10-03 Retroactive Pay

Recommendation

We recommend that the Board of Directors approve all pay scales, pay raises, and merit pay, and that all such approvals be noted in the minutes of the Board of Director meetings. We finlher recommend that the Board not approve any retroactive pay increases.

Status

Partially resolved. Refer to Finding 11-02.

22


Status of Prior Year Fmdings For tiie Year Ended June 30,2011

10-04 Personal Use of School Cellular Phone

Recommendation

We recommend the Executive Director reimburse the School the full amount of these expenses. Additionally, the Board of Directors and management should review Article VII, Section 14 of tiie Louisiana Constitution of 1974 to ensure that no future funds are loaned, pledged, or donated to or for any person, association, or corporation, public or private.

Status

The Executive Director reimbursed the School the fiill amount of these expenses and is no longer employed by the School.

10-05 Open Meetings Law

Recommendation

We recommend review and compliance with LA RS 42:4.1 et seq. including using executive sessions only for allowed items and clearly documenting the purpose of executive sessions when held.

Status

Refer to Finding 11-05

10-06 Nepotism

Recommendation

We recommend the Board of Directors and management review LA R.S. 42:1119 and not approve employing immediate family members ofthe Executive Director or any Board Member unless this individual is a certified teacher.

Status

The Board of Directors did not approve employment of any immediate family members of the agency head or Board member unless this individual was a certified teacher durmg tiie year ended June 30,2011

23


Status of Prior Year Findings For tiie Year Ended June 30, 2011

10-07 Policies and Procedures

Recommendation

We recommend a thorough review of all policies and procedures to ensure all items are clearly covered, including organization and indexing of policies and procedures. The Board should approve all policies and procedures prior to implementation. We suggest that a master copy of all ^proved policies be kept on file and denote dates of approval and implementation. We further recommend that the articles of incorporation and by-laws be reviewed and strictly adhered to.

Status

Refer to Finding 11-06.

10-08 Debit Card and Travel Policies

Recommendation

We recommend that the Board of Directors ^prove and unplement comprehensive policies and procedures with regard to travel and credit/debit cards. We suggest use of a travel log to document and organize all travel expenses and implementation of a document approving travel such that all travel is properly authorized. We also suggest effective controls over debit card use including requirements that purchases be authorized and that receipts be reconciled witii bank statements.

Status

Referto Finding 11-07.

10-09 Financial Statements Not Filed Timely

Recommendation

We recommend that the School maintain its books and records whereby the financial statements will be ready for audit so that the audit is completed and submitted to the Le^slative Auditor within the prescribed time period.

Status

Referto Finding 11-09.

24

AGREED-UPON PROCEDURES

25

I uFFEY, HUFFMAN, RAGSDALE & SOIGNIER

JohnL Luffey. MBA. CPA (1983-2002) Francis I Huffman. CPA Philip A Ragsdale. CPA David Ray Soignier, CPA, MBA

(A PROFESSIONAL ACCOUNTING CORPORATION)

CERTIFIED PUBUC ACCOUNTANTS

John Herman, CPA Lynn Andnes, CPA Esther Atteberry. CPA Sandra Harrington. CPA Lori Woodard, MBA. CPA

INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES

FOR THE YEAR ENDED JUNE 30,2011


We have performed the procedures mcluded m the Louisiana Governmental Audit Guide and enumerated below, which were agreed to by the management of D'Arborme Woods Charter School, Inc. (the School) and the Legislative Auditor, State of Lomsiana (collectively, the Specified Users), solely to assist users in evaluating management's assertions about the performance and statistical data accompanying the annual financial statements of D'Arborme Woods Charter School 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). This agreed-upon procedures engagement was performed in accordance with standards established by the American Institute of Certified Pubhc Accountants and applicable standards of Government Auditing Standards. The sufficiency of these procedures is solely the responsibility of the Specified Users of the report, Consequentiy, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been reqiiested or for any other purpose.

Our procedures and findings relate to the accompanying schedules required by state law and are as follows:

General Fund Instructional and Support Expenditures and Certain Local Revenue Sources (Schedule 1)

1. We examined in excess of 25 transactions and reviewed supporting documentation to determine if the tested expenditures/revenues are classified correctiy and are reported in the proper amounts for each ofthe following amounts reported on the schedule:

• Total General Fund Instructional Expenditures, • Total General Fund Equipment Expenditures, • Total Local Taxation Revenue, • Total Local Eamings on Investment in Real Property, • Total State Revenue in Lieu of Taxes, • Nonpubhc Textbook Revenue, and • Nonpublic Transportation Revenue.

1100 North 18th Street Monroe. Louisiana 71201 Tel (318)387-2672 • Fax (318)322-8866 • Website www afullservicecpaflrm com

MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS PagC 2 6

D'Arbonne Woods Charter School, Inc. Farmerville. Louisiana

Exception: Most of the general ledger accounts contained mispostings resulting in numerous entries being required to ensiire that expenses were categorized appropriately

Management's Response: We are m the process of implementing a new policies and procedure manual that will establish intemal controls over purchasing procedures, persormel records, and revenue postings. These controls will ensure that financial transactions are properly recorded, documented and reviewed. We have hired new and additional staff for the business office to help ensure that all cash receipt and disbursements are properly accounted for and documented. We have also contracted with a CPA with over 20 years experience m fund accounting to help oversee the operations of the Business Office and establish adequate intemal controls. We have also mstalled new accounting software which allows us to better account for and report financial transactions. We are in the process of accounting for all expenditure transactions to ensure that they are all accoimted for and filed properly.

Education Levels of Public School Staff (Schedule 2)

2. We reconciled the total number of fidl-time classroom teachers per tiie schedule "Experience of Public Principals and Full-time Classroom Teachers" (Schedule 4) to the combined total number of fidl-time classroom teachers per this schedule and to School supporting payroll records as of October 1st.

3. We reconciled the combined total of principals and assistant principals per the schedule "Experience of Public Principals and Full-time Classroom Teachers" (Schedule 4) to the combined total of principals and assistant principals per this schedule.

4. We obtained a list of fiill-time teachers, principals, and assistant principals by classification as of October 1st and as reported on the schedule. We tmced all 12 teachers to the individual's personnel file and determined if the individual's education level was properly classified on the schedule.

Number and Type of Public Schools (Schedule 3)

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 Titie 1 Grants to Local Educational Agencies (CFDA 84.010) application and/or tiie National School Lunch Program (CFDA 10.555) ^plication

Experience of Public Principals and Full-time Classroom Teachers (Schedule 4)

6. We obtained a list of full-time teachers, principals, and assistant principals by classification as of October 1st and as reported on the schedule and traced the same sample used in procedure 4 to the individual's persoimel file and determined if the individual's experience was properly classified on the schedule.

27


Public School Staff Data (Schedule 5}

7. We obtained a list of all classroom teachers mcludmg their base salary, extra compensation, and ROTC or rehired retiree status as well as full-time equivalent as reported on the schedule and traced all 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 tiie schedule.

Exception: No Board approved salary schedule was available and thus we were unable to determine if the individual's salary, extra compensation, and full-time equivalents were properly included on the schedule.

Management's Response: The Board of Directors will approve a pay scale that mcludes merit pay which is in line with the charter and State Law.

8. We recalculated the average salaries and fiill-time equivalents reported in the schedule.

Class Size Characteristics (Schedule 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 3 data, as obtained in procedure 5. We then traced a random sample of 10 classes to the October 1st roll books for those classes and determined if the class was properly classified on the schedule.

Louisiana Educational Assessment Prosram (LEAF) for the 21 st Century (Schedule 7)

10. We obtained test scores as provided by the testing authority and reconciled scores as reported by the testing authority to scores reported in the schedule by the School. As this exam is given to students in the 4* and 8* grades and the School only offered grades kindergarten through 6* grade during the audit year, only 4* grade results were reviewed.

The Graduation Exit Exam for the 2Ist Century (Schedule 8)

11. We obtained test scores as provided by the testing authonty and reconciled scores as reported by the testing authority to scores reported m the schedule by the School. As this exam is given to students in the 10**" and 11* grades and the School only offered grades kindergarten through 6*** grade during the audit year, no results were reviewed.

The ILeap Tests (Schedule 9)

12. We obtained test scores as provided by the testing authority and reconciled scores as reported by the testing authority to scores reported in the schedule by the School. As this exam is given to students in the 3"*, 5*, 6*, 7* and 9* grades and tiie School only offered grades kindergarten through 6*** grade during the audit year, only 3"*, 5* and 6*** grade results were reviewed.

Ten of the twelve procedures enumerated above did not disclose any exceptions. However, see procedures number 1 and number 7.

28


i We were not engaged to, and did not, perform an examination, the objective of which would be the expression of an opimon 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 use of management of the Specified Users, the Louisiana Department of Education and the Louisiana Legislature 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 distnbuted by the Legislative Auditor as a public document.


April 20,2012

29


Schedules Required by State Law (R.S. 24:514 - Performance and Statistical Data) As of and for the Year Ended June 30,2011

Schedule 1 - General Fund Instructional and Support Expenditures and Certain Local Revenue Sources This schedule includes general fund instructional and equipment expenditures It also contains local taxation revenue, eamings on investments, revenue in lieu of taxes, and nonpublic textbook and transportation revenue. This data is used either in the Minimum Foundation Program (MFP) formula or is presented annually in the MFP 70% Expenditure Requirement Report

Schedule 2 - Education Levels of Public School Staff This schedule includes the certificated and uncertificated number and percentage of full-time classroom teachers and the number and percentage of principals and assistant principal's with less than a Bachelor's; Master's; Master's +30; Specialist in Education; and Ph. D or Ed. D. degrees This data is currently reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule 3 - Number and Type of Public Schools This schedule includes the number of elementary, middle/junior high, secondary and combination schools in operation during the fiscal year. This data is currentiy reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule 4 - Experience of Public Principals, Assistant Principals, and Full-time Classroom Teachers This schedule includes the number of years of experience in teaching for assistant principals, pnncipals, and full-time classroom teachers. This data is currently reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule 5 - Public School Staff Data: Average Salaries This schedule includes average classroom teachers salary using full-time equivalents, including and excluding ROTC and rehired retiree teachers This data is currentiy reported to the Legislature in the Annual Financial and Statistical Report (AFSR).

Schedule 6 - Class Size Characteristics This schedule includes the percent and number of classes with student eruollment in the following ranges. 1-20, 21-26, 27-33, and 34+ students. This data is currentiy reported to the Legislature in the Annual School Report (ASR).

Schedule 7 - Louisiana Educational Assessment Program (LEAP) This schedule represents student performance testing data and includes summary scores by district for grades 4 and 8 in each category tested. Scores are reported as Advanced, Proficient, Basic, Approaching Basic, and Unsatisfactory. This schedule includes three years of data.

30


Schedules Required by State Law (R.S. 24:514 - Performance and Statistical Data) As of and for the Year Ended June 30,2011

Schedule 8 - Graduation Exit Examination (GEE) This schedule represents student performance testing data and includes summary scores by district for grades 10 and 11 in each category tested. Scores are reported as Advanced, Proficient, Basic, Approaching Basic, and Unsatisfactory. This schedule includes three years of data

Schedule 9 -4LEAP Tests This schedule represents student performance testing data and includes a summary score for grades 3, 5, 6, 7 and 9 for each district. The summary score reported is the National Percentile Rank showing relative position or rank as compared to a large, representative sample of students in the same grade from the entire nation. This schedule includes three years of data.

31

Schedule 1 D'Arbonne Woods Charter School

Famerville, Louisiana

General Fund Instructional and Support Expenditures and Certain Local Revenue Sources

Fiscal Year Ended June 30,2011

General Fund Instructional and Equipment Expenditures General Fund Instructional Expenditures Teacher and Student Interaction Activities

Classroom Teacher Salaries $ 910,611 Other instructional Staff Activities 63,093 Instructional Staff Employee Benefits 364,787 Purchased Professional and Technical Services 73,833 Instructional Materials and Supplies 209,657 Instructional Equipment 39,511

Total Teacher and Student Interaction Activities $ 1.661,492 Other Instructional Activities PupU Support Services 18,406 Less. Equipment for Pupil Support Services -

Net Pupil Support Services Instructional StafT Services Less. Equipment for Instructional Staff Services

Net Instructional Staff Services School Administration

Less Equipment for School Administration Net School Administration

Total General Fund Instructional Expenditures

Total General Fund Equipment Expenditures

Certain Local Revenue Sources Local Taxation Revenue Constitutional Ad Valorem Taxes Renewable Ad Valorem Tax Debt Service Ad Valorem Tax Up to 1% of Collections by the Sheriff on Taxes Other than School Taxes

Sales and Vse Taxes Total Local Taxation Revenue

3,107

255,422 (4,345)

$

J--

18,406

3,107

251,077

1,934,082

136,720

Local Earnings on Investment in Real Property Earnings from 16th Section Property $ Earnings from Other Real Property

Total Local Eamings on Investment in Real Property $

State Revenue in Lieu of Taxes Revenue Sharing - Constitutional Tax Revenue Sharing - Other Taxes Revenue Sharing - Excess Portion Other Revenue in Lieu of Taxes

Total State Revenue in Lieu of Taxes

Nonpubl ic Textbook Revenue _$_ Nonpublic Transportation Revenue $

32

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D'ARBONNE WOODS CHARTER SCHOOL, INC. Number and Type of Public Schools

Fiscal Year Ended June 30, 2011

Type

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Combination

Total

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D'ARBONNE WOODS CHARTER SCHOOL, INC. Pubhc School Staff Data

AsofJune30.2011

Classroom Teachers Excluding ROTC,

Average Classroom Teachers* Salary Including Extra Compensation

Average Classroom Teachers' Salary Excluding Extra Compensation

Number of Teacher Full Time Equivalents (FTEs) used in Computation of Average Salaries

All Classroom Teachers

$50,816

$49,747

20

Rehired Retirees, and Flashed Salary Reductions

$42,166

$41,152

17

Note. Figures reported include all sources of funding (i e., federal, state and local) but exclude employee benefits. Generally, retired teachers rehired to teach receive less compensation than non-retired teachers and ROTC teachers receive more compensation because of federal supplement Therefore, these teachers are excluded from the computation in the last column. This schedule excludes day-to-day substitutes and temporary employees

36

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D'ARBONNE WOODS CHARTER SCHOOL, INC. The Graduation Exit Exam (GEE) for the 21st Century

For the Fiscal Year Ended June 30.2011

D'Arbonne Woods Charter School did not offer classes to grades that take the GEE This exam is given to students in the 10th and 11th grades and the D'Arbonne Woods Charter School only offered grades kindergarten through 7th grade during the audit year.

39

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