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Piedmont Community Charter board hears finance report showing $313,449 net surplus and about $7.0 million in cash and investments
Summary
Board finance presenter reported a year-to-date net surplus after investments of $313,448.82, total cash and investments of $6,986,813.20 and detailed balances in bond and reserve accounts.
The Piedmont Community Charter School Board of Directors received a finance report at its meeting that showed a net surplus after investment of $313,448.82 and total cash and investments of $6,986,813.20.
The summary presented to the board showed total expenses of $1,518,790.46 and a net surplus before investment of $223,412. Other income from the school's investment account of $90,036.82 brought the net surplus after investment to $313,448.82. The presenter said this brings the year-to-date surplus to $1,039,085.26.
The presenter detailed cash balances: an operating account balance of $3,895,818.91, a student activities account of $88,733.37, an investment account of $3,001,260.92 and petty cash of $1,000, for total cash and investments of $6,986,813.20. After accounting for funds moved to a repair-and-replacement account ($400,000) and fund-balance appropriations ($790,082.78), the presenter said expected cash and investments on hand were $6,797,991.96.
The presenter also reported US Bank bond and reserve balances: an ending bond fund balance of $963,975.32, a debt service reserve fund of $1,794,037.11 and a repair-and-replacement account balance of $351,401.97, for total funds held at US Bank of $3,109,414.40.
Board members were given an opportunity to ask questions; the presenter closed the item after noting there were no questions.
