Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MN Charter Schools > Financial > Flashcards

Financial Flashcards

1
Q

WHY BOARDS AVOID FINANCIAL MANAGEMENT..

A
  1. SCHOOL FINANCES CAN BE CONFUSING
  2. THEY PREFER TO FOCUS ON TEACHING AND LEARNING
  3. THEY THINK IT’S SOMEONE ELSES JOB
  4. THEY ARE AFRAID OF MAKING A MISTAKE
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

ROLES OF FINANCIAL MANAGEMENT

A
  1. ENSURE ADEQUATE RESOURCES
  2. FINANCIAL MANAGEMENT/OVERSIGHT
  3. PUBLIC ACCOUNTABILITY
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

HOW TO ENSURE ADEQUATE RESOURCES

A
  1. ENROLLMENT/RECRUITMENT
  2. KNOWING THE SOURCES OF REVENUE AVAILABLE (FEDERAL/STATE)
  3. FUNDRAISING/GRANT DEVELOPMENT
  4. LOBBYING FOR RESOURCES
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

ENROLLMENT/RECRUITMENT

A
  1. APPROVE POLICY/BUDGET
  2. REQUIRE REPORTS
  3. ACCOUNTABILITY
  4. RECOMMENDATIONS FROM ADMINISTRATION AND MODIFICATION AS NEEDED
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

KNOWING THE SOURCES OF REVENUE AVAILABLE (FEDERAL/STATE)

A
  1. 98% FROM FEDERAL AND STATE

2. STATE 95% AND FEDERAL 5%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

FEDERAL REVENUE PAYS FOR

A
  1. SPECIAL EDUCATION
  2. TITLE
  3. FOOD SERVICES
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

WHAT ARE THE TWO CATEGORIES OF PUBLIC FUNDS

A
  1. ENTITLEMENTS

2. GRANTS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

EXAMPLES OF ENTITLEMENTS

A

GENERAL EDUCATION AID/FUNDING FORMULA ($5,302/STUDENT)

TITLE FUNDING

SPECIAL EDUCATION FUNDING

HOT BREAKFAST/LUNCH FUNDING

LEASE AID FUNDING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

WADM

A

WEIGHTED AVERAGE DAILY MEMBERSHIP ($5302/STUDENT)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

EXAMPLES OF GRANTS

A

QUALITY COMPENSATION/Q-COMP

STARTUP GRANT

PRIVATE GRANTS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

GENERAL EDUCATION REVENUE

A

EARNED THRU PER PUPIL UNIT

$250 PER PUPIL UNIT FOR TRANSPORTATION EXPENSES

PAID THRU STATE AID

CAN BE USED FOR ANY PURPOSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

REFERENDUM REVENUE

A

STUDENT’S RESIDENT DISTRICT REFERENDUM AMOUNT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

SPECIAL EDUCATION REVENUE

A

SAME AMOUNT AS IF SCHOOL DISTRICT

CAN BILL-BACK ANY ELIGIBLE UNREIMBURSED SPECIAL EDUCATION COSTS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

TRANSPORTATION REVENUE

A

$250 PER PUPIL UNIT IF PROVIDES OWN TRANSPORTATION SERVICES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

BUILDING LEASE AID

A

LESSOR OF $1200/PUPIL OR 90% OF CHARTER SCHOOL COSTS

MADE AVAILABLE IN 1998

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

START-UP GRANTS

A

FIRST TWO YEARS OF OPERATIONS ARE ELIGIBLE FOR THE GREATER OF $50,000 PER SCHOOL, OR $500/PUPIL UNIT

PAID BY FEDERAL

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

INTEGRATION REVENUE

A

DESEGREGATION AID. ELIMINATED IN 2004

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

OTHER AID, GRANTS, REVENUE

A

CAN RECEIVE AS IF WERE A SCHOOL DISTRICT, UNLESS THE RECEIPT REQUIRES A TAX LEVY

CAN RECEIVE FOR ANY CAPITAL FACILITIES NEEDS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

FEDERAL AID

A

ELIGIBLE FOR ANY FEDERAL AID RECEIVED BY STATE AS IF SCHOOL DISTRICT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

USE OF STATE MONEY

A

CANNOT BE USED TO PURCHASE LAND OR BUILDINGS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

PROPERTY TAX STATUS OF CHARTER SCHOOLS

A

CLARIFIED IN LEGISLATURE IN 2010. EXEMPT FROM TAX IF;

  1. LEASE IS FOR AT LEAST ONE YEAR
  2. PROPERTY IS OWNED BY A SCHOOL, POLITICAL SUBDIVISION, CHURCH, OR NONPROFIT
  3. THE PROPERTY IS USED FOR INSTRUCTIONAL AND ADMINISTRATIVE PURPOSES
    AND
  4. THE CHARTER SCHOOL HAS EXCLUSIVE USE OF THE FACILITY OR HAS A SHARED USE AGREEMENT WITH A SCHOOL, CHURCH, OR POLITICAL SUBDIVISION
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

GENERAL EDUCATION REVENUE COMPONENTS

A

BASIC FORMULA ALLOWANCE

EXTENDED TIME REVENUE

BASIC SKILLS REVENUE

GIFTED AND TALENTED

OPERATING SPARSITY

TRANSPORTATION SPARSITY REVENUE

OPERATING CAPITAL REVENUE

EQUITY REVENUE

TRAINING AND EXPERIENCE REVENUE

SMALL SCHOOLS REVENUE

ALTERNATIVE COMPENSATION REVENUE

TRANSITION REVENUE

PENSION REDUCTION

OPTIONS ADJUSTMENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

AMCPU acrynym

A

Adjusted Marginal Cost Pupil Units

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Adjusted Marginal Cost Pupil Units defined

A

The counts of pupils used for most school
funding formulas. The count is adjusted (meaning students actually served by the district),
marginal (the greater of the current year’s count, or 77 percent of current year’s count and 23
percent of the previous year’s count), and weighted by grade level (pupil units).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Aid Entitlement

A

100 percent of the state aid due a school district for a fiscal year, regardless
of when the aid is actually received by the school district.

26
Q

Appropriation

A

Amount of state aid paid to a school district during a fiscal year. The
appropriation consists of a portion of the aid entitlement for the current year and the remaining
cleanup payments owed by the state to the school district for the previous fiscal year.

27
Q

Average Daily Membership (ADM)

A

The sum for all pupils of the number of days in the
district’s school year that each pupil is enrolled, divided by the number of days the schools are
in session. The ADM is a pupil count that reflects actual student attendance over the school
year.

28
Q

Categorical Aid

A

Funds paid by the state to school districts and designated for specific
purposes, such as transportation, special education for disabled children, and vocational
education. Categorical aids are relatively minor compared to general education revenue, the
main school district funding stream.

29
Q

Fiscal Year

A

A 12-month period between settlements of financial accounts. The fiscal year for
the state and school districts runs from July 1 through June 30 and is identified by the calendar
year in which it ends. For example, fiscal year 2014 runs from July 1, 2013, through June 30,
2014. A fiscal year is interchangeable with a school year for school finance purposes. For
example, fiscal year 2014 is equivalent to the 2013-14 school year.

30
Q

Formula Allowance

A

The dollar amount per pupil unit used to calculate each district’s basic
general education revenue–the “front end” of the formula. The formula allowance for fiscal year
2014 is $5,302, and FY15 is $5,806.

31
Q

General Education Aid

A

Funds paid by the state to school districts as part of the general
education revenue program and permitted to be used for any operating expense.

32
Q

General Education Revenue

A

General education revenue is the primary formula for providing
general operating funds to school districts and charter schools and is composed of basic
general education revenue; basic skills revenue, including LEP and compensatory revenue;
elementary and secondary sparsity revenue; transportation sparsity revenue; operating capital;
equity revenue; Q-Comp revenue; and transition revenue.

33
Q

LEVY

A

A tax imposed on property. The amount of property taxes that a school board may levy is
limited by statute. Each autumn, the Minnesota Department of Education computes the exact
amounts of the limits on the permitted levies for each district. Each year, school boards hold
truth-in-taxation hearings, vote on how much of their maximum they want to levy, and “certify”
that amount to the county auditor. Most districts certify the maximum levy possible. A levy
certified in the late fall is collected in the calendar year beginning the following January.

34
Q

Nonresident School District

A

A district other than the student’s district of residence that
provides educational services to the student (same as serving school district for funding
purposes).

35
Q

Pupil Units

A

A weighted count of pupils in ADM used in the calculation of state aid and local tax
levies.

36
Q

Resident District

A

The district where the student’s parent or guardian lives.

37
Q

Serving School District

A

The district providing educational services to a student.

38
Q

Transportation Sparsity Revenue

A

Component of the general education revenue program
used to provide additional revenue to school districts that have a relatively low ratio of pupils to
the square mile area of the school district.

39
Q

Uniform Financial Accounting and Reporting Standards (UFARS)

A

Rules and instructions
adopted by the former State Board of Education under legislative mandate to govern the
methods by which school districts record financial transactions and inform the Department of
Education about their finances.

40
Q

General Fund

A

Money used to pay general operating costs, such as teacher salaries, administrative costs, and to purchase textbooks and equipment

41
Q

Food Service Fund

A

Money for nutrition programs—primarily school lunch and breakfast

42
Q

Community Service Funds

A

Money for community education programs

43
Q

Trust & Agency Fund

A

Money held in trust for others

44
Q

Operating Fund Names

A

General Fund

Food Service Fund

Community Service Fund

45
Q

Nonoperating Fund Names

A

Building Construction Fund

Debt Reduction Fund

Trust and Agency Fund

46
Q

Statutory Operating Debt

A

Operating debt is defined as the net negative unappropriated fund
balance on June 30 of any year in all of the school district’s operating funds. Districts for which
the operating debt is greater than 2.5 percent of the expenditures in operating funds in the most
recent fiscal year are considered to be in statutory operating debt.

47
Q

Expenditure Limitations

A

Beginning in fiscal year 1978, a school district in statutory operating
debt must limit its expenditures in each fiscal year such that its statutory operating debt is not
greater than it was on June 30, 1977, increased by 2.5 percent of the district’s operating
expenditures for the fiscal year at hand. School districts not in statutory operating debt must limit
expenditures so that they do not incur a statutory operating debt. If a district exceeds these
expenditure limitations, it must submit a special operating plan to reduce its deficit expenditures
to the Commissioner of Education for approval. If the plan is disapproved, the district receives
no state aid until a plan is approved.

48
Q

Temporary Waiver of Fund Transfer Limits

A

For fiscal years 2012 and 2013 only, a school
district may transfer money from any account or fund (except the community service and food
service fund) to any other account or fund as long as that transfer does not affect the school
district’s state aid or local levy.

49
Q

BASIC EDUCATION REVENUE

A

Product of the formula allowance multiplied by the adjusted marginal cost pupil units for the school year.

50
Q

BASIC SKILLS REVENUE

A

Includes compensatory revenue and limited english proficiency revenue

51
Q

SPARSITY REVENUE

A

Revenue based on the number of secondary or elementary students in a school within a particular geographic region where numbers are lower than what would be expexted to run an acceptable program.

52
Q

QUALITY COMPENSATION (Q-COMP)

A

Requires participating school districts and teachers to develop an educational improvement plan and an alternative teacher pay system.

53
Q

FUNDRAISING POLICY CONSIDERATIONS

A

CHILDREN INVOLVEMENT

SCHOOL’S PHILOSOPHY

WHO CAN FUNDRAISE

HOW DOES THE SCHOOL RELATE TO OUTSIDE ORGANIZATIONS RAISING FUNDS

BOARD DECIDES HOW MONEY IS SPENT

WHO IS USING SCHOOL’S TAX EXEMPT STATUS

GRANT AMOUNTS THAT REQUIRE APPROVAL FOR APPLICATION

HOW OFTEN TO GET STATUS UPDATES

54
Q

LOBBYING FOR RESOURCES

A

EDUCATION FUNDING IS SIGNIFICANT PORTION OF STATE’S BUDGET

MACS LOBBYING VOICE

STAY CURRENT ON CHARTER SCHOOL LEGISLATURE

CHARTER SCHOOL DAY AT THE CAPITOL

BE PREPARED TO CONTACT LEGISLATORS

55
Q

BOARD ACCOUNTABLE TO

A

PUBLIC

MDE (MN DPT OF EDUCATION)

PARENTS/STAFF/STUDENTS

AUTHORIZER

56
Q

MONTHLY REPORTS TO MONITOR

A

INCOME STATEMENT

BALANCE SHEET

CASHFLOW STATEMENT

57
Q

EXAMPLES OF INTERNAL CONTROL POLICIES

A

CHECKING SIGNING POLICY

HANDLING OF CASH

FUND BALANCE

JOB DESCRIPTIONS THAT ALLOW FOR ACCESS TO FINANCIAL INFORMATION

58
Q

FINANCIAL MANAGEMENT TO BE ALERT TO

A

CASH FLOW STATEMENT

FUND BALANCE

RED FLAGS

59
Q

BOARD FOCUS ON FINANCIAL RESPONSIBILITIES

A

JOB DESCRIPTIONS ON WHO CAN PROVIDE FINANCIAL OVERSIGHT

FINANCE COMMITTEE

BOARD EDUCATION PLAN

DEVELOPMENT COMMITTEE

60
Q

BOARD’S ROLE ON ANNUAL BUDGET

A

UNDERSTANDS AND APPROVES BUDGET THAT REFLECTS THE SCHOOL’S GOALS AND BOARD POLICIES

61
Q

BOARD’S ROLE ON FINANCIAL PROJECTIONS

A

APPROVES LONG TERM GOALS

MN Charter Schools (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions