Flagstaff Academy

Skip to main content
Mobile Menu
2019-2020 Daytime Tours Begin Again on Monday, January 14, 2019

Historical Financial Transparency

In order to meet the requirements of Article 44, Title 22 of the Colorado Revised Statutes, the Public School Financial Transparency Act, we have posted the following items on our financial transparency page:

Budget:

Financial Audit:

Quarterly Financial Statements

Wells Fargo Bank Statements

2013/14 Statements

2013/14 Check registers

2011/12 District General Fund Check Registers 2012/13 District General Fund Check Registers  
August 2011 August 2012  
 September 2011 September 2012   
 October 2011 October 2012   
 November 2011  November 2012  
 December 2011  December 2012  
January 2012  January 2013  
February 2012  February 2013  
March 2012  March 2013  
April 2012  April 2013  
May 2012  May 2013  
June 2012  June 2013  
July 2012  
2011/12 District: All Other Accounts Not General 2012/13 District: All Other Accounts Not General  
 August 2011  August 2012  
 September 2011  September 2012  
 October 2011  October 2012  
November 2011  November 2012  
December 2011  December 2012  
January 2012  January 2013  
February 2012  February 2013  
March 2012  March 2013  
April 2012  April 2013  
May 2012  May 2013  
June 2012    
July 2012

Credit Cards

No Credit Card activity

 

Investment Reports

Flagstaff Academy Charter School Financial Reserve Policy 

  1. Financial reserves shall be maintained at no less than 15% and no more than 25 with a goal of maintaining the reserve at 20% of the previous year’s total expenditures, including bond payments and Tabor*
    The intent of this policy is in support of a reserve which provides the school with funds when an unexpected monetary situation arises.  The purpose of the reserve is not to balance the annual budget in short fall years but more intended for one time repairs, one time purchases or other unplanned financial outlays.
  2. Setting of Reserve Minimum
    At the November board meeting (post Audit and October count) each school year, the Board will review documents provided by the board treasurer to verify the current level of financial reserves.  The Board will then determine if the reserve level is adequate or if additional funds need to be allocated to increase the reserve as part of the following school years budget.
  3. Maintenance of Reserve Minimum
    If the financial reserves do not meet the required minimum level then a plan of action shall be developed by the Finance Committee to remedy the situation and approved by the Board of Directors.
  4. Handling Reserve Overages
    If the financial reserves grow to exceed the specified maximum then the Finance Committee along with Administration will develop a plan of action in consideration of the strategic plan for the school to utilize the funds over a reasonable time period to be approved by the Board of Directors.
  5. Breakdown of Reserve Account
    While the financial reserve consists of one account, the funds are divided into two categories of which the balance of each will be tracked by administration.  
    Category 1:  Reserves for Flagstaff Academy 
    Category 2:  Expenses which were planned for but not incurred in previous school years (used by Administration to rollover unused funds expected to be needed the following year).    
    Note: Any interest or other inherent growth of the reserve account would be allocated to Category 1. 

                                               
*15-25% reserve requirement against the previous school years expenses was deemed reasonable based on benchmarking with other charter school reserve policies, which fell within this range.  Additionally, Flagstaff is required to maintain an 8% reserve to meet the requirement of the schools bond as well as a 3% TABOR reserve requirement. In the event the category 2 total balance was to exceed 100% of full value for all items Administration has listed as part of category 2, the excess would be transferred to category 1 at the end of the school year.

Category 1 reserve funds are intended to be distributed by the board in the event an unexpected expense was to arise.  Examples would be an unexpected major repair of the facility or unexpected legal fees. Category 2 reserve funds are intended to be distributed by staff for repair or replacement of any items as designated per the reserve budget.  

Category 2 reserve funds may also be allocated for non-budgeted items as approved by the board.