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District identifies Suncoast School For Innovative Studies for expedited financial review after auditor flags deteriorating condition
Summary
The district reported that Suncoast School For Innovative Studies ended FY2024 with a deficit fund balance and a deteriorating financial condition; the district required an expedited corrective-action plan and will monitor progress under statutory timelines that allow nonrenewal if terms are unmet.
Sarasota County School District financial staff reported Jan. 7 that the auditor for Suncoast School For Innovative Studies (SSIS) identified a deteriorating financial condition for the charter in the fiscal year ending June 30, 2024, triggering an expedited district review and the requirement for a corrective-action plan.
CFO Rachel Pinner told the school board SSIS reported a deficit fund balance of just under $70,000 in its fund financials and a net position deficit of about $224,000 on full-accrual statements. Pinner said the school has declining enrollment and that small enrollment numbers amplify financial stress — the school forecasted 101 students for 2024–25 but had 93 in December. She said SSIS has relied heavily on one-time federal relief and donations and that, while staff expect the school will likely remain status quo with current measures, it is unclear whether these steps will fully eliminate the deficit.
Because the audit report flagged deteriorating fiscal condition, the district has required an expedited corrective-action plan from SSIS and has begun a more formal monitoring process. Pinner said the district met with SSIS staff Dec. 9 to review an initial plan, had many follow-up questions and is continuing to work with the school on revisions. Under Florida statute and district practice, sponsors may elect not to renew a charter if a school fails to correct deficiencies noted in a plan within one year; additionally, a persistently negative financial position for two years provides another basis for closure consideration.
Board members voiced concern about low enrollment levels and the operational viability of a very small school, noting that donations and one-time COVID funds are not sustainable long-term. District staff said they have forwarded required reports to the Florida Department of Education to meet statutory deadlines and will continue monitoring SSIS' financial reporting and enrollment trends as part of the corrective-action review process.
