Union Academy outlines finances, audit and fund balances during board presentation
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Summary
Union Academy presented audited finances, enrollment and budget allocations to county commissioners, reporting an unqualified FY2024 audit and school/foundation fund balances of roughly $14.5 million and $11.88 million respectively.
Union Academy representatives briefed the Union County Board of Commissioners on the charter school's finances, audit status and fund balances during a June 2 session the county arranged to provide transparency about how local per‑pupil funding is used by charter schools.
Head of School Lisonbee Simpson introduced CFO Dave Fouts, who detailed Union Academy’s three primary revenue sources: state funds (the largest share), federal grants and a local pro rata share tied to county students under North Carolina law. Fouts said local per‑pupil (LEA) revenue accounts for about 24% of Union Academy’s budget; of that local share roughly 95% derives from Union County students. He summarized the budget breakout: approximately 51% of the school’s budget goes to instructional expenditures, about 43% to support services, and the remainder to capital outlay.
On audited finances, Fouts said Union Academy has an annual audit and the most recent audit dated June 30, 2024, was unqualified (a clean audit). He reported a school fund balance of about $14,500,000 and a foundation fund balance of about $11,880,000. The foundation holds most of the school’s building assets (about $27 million in assets on the balance sheet) and associated foundation debt of roughly $16 million; Fouts said only about $600,000 of the foundation fund balance is not asset‑related.
Enrollment and operations: Fouts said Union Academy enrolls about 2,200 K–12 students, with students coming from multiple counties and the majority from Union County. He described major instructional expenditure categories (salaries and benefits account for about 91% of instructional spending) and said the school uses standard public‑school accounting and undergoes required audits.
Commissioners asked clarifying questions about the audit, fund‑balance classification, the number of certificated teachers and the budget‑approval process; Union Academy representatives said they will leave a copy of the most recent audit with the clerk of the board.
Why it matters: Commissioner comments during the meeting noted that nearly $15 million in local funds will be paid to charter schools in FY2026 as part of state and local per‑pupil allocations; the presentation provided county leaders and the public a closer view of how one local charter uses its revenues and maintains audited financial records.
No board action was required; the presentation was informational.
