Current Applicants - Utah Charter Access Point

Utah Charter Access Point

Utah State Charter School Board

CURRENT PROPOSAL AND APPLICATION CYCLE

So Far, Applicants Have...

Completed the required pre-proposal First Assignment.
Written a proposal.
Presented to the Utah State Charter School Board in August.

Where We Are Now...

If the proposal was approved by the SCSB:

Soon, Applicants Will...

Participate in a full day Charter School Bootcamp to prepare them to complete the full application in the most successful way possible.
Turn in their full applications, due November 1.
Prepare for a capacity interview with the SCSB at the board meeting scheduled in January.

If the proposal was not approved:

Applicants Can Reapply.

Our next application cycle has proposals due in June.

Review the Proposal and Application Cycle.

RESOURCES:

Frequently Asked Questions

Art piece done by a Utah charter school student.

Ramos, Valarie. 2023. Syracuse Arts Academy, Utah.

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Transfer Rate = Number of transfered students / Total students

Definition: The percentage of students who leave the school during the year to go to another private or public school in the state, to go to home school, or who dropped out. Excluded are non-residents, students whose school of record is another school, students who attended the school for less than 10 days, and students in kindergarten.

Data Source: Enrollment and exit data reported to UTREx.

Retention Rate = Students enrolled at end of previous year and still enrolled on October 1st / Students enrolled at end of previous year

Definition: Percentage of students enrolled at year-end who returned to a school within the LEA by October 1st of the following school year.

Data Source: Enrollment and exit data reported to UTREx.

Enrollment Trends = Current year October 1st count / Prior year October 1st count

Definition: A trajectory of October 1st enrollment and Average Daily Membership (ADM) derived from enrollment data reported to UTREx.

Data Source: Enrollment data reported to UTREx.

Definition: A comparison of a school’s end of year ADM to that school year’s October 1 counts. A significantly lower ADM compared to October 1 enrollment may negatively affect funding and could signal problems for a school to retain enrollment levels.

Data Source: Enrollment data reported to UTREx.

Finance Metric Details

Unrestricted Cash on Hand = (Cash + Cash Equivalent - Total Funds in Restricted Programs) x 365 / (Total Operating Expenses - Annual Depreciation Expense)

Definition: How long, in days, the school could meet their operating expenses without receiving new income.

Data Source:
Cash and Cash Equivalents: statement of net position
Cash Equivalent: statement of net position
Total Operating Expenses: statement of activities
Annual Depreciation: notes to financial statements

Total Funds in Restricted Programs are restricted funds that are entered in to reflect the decrease in cash.

Finance Metric Details

Facility Cost = (Operation and Maintenance of Facilities + Lease Payment + Debt Service) / Total Revenue

Debt Service = Annual Principal + Interest

Definition: Total operation and maintenance of facility.

Data Source:
Statement of Revenue, Expenditures, and Changes in Fund Balance – Governmental Funds.
Notes Section of the Audited Financials.

Finance Metric Details

Debt Service Coverage Ratio = (Net income + Depreciation + Interest Expense) / (Annual Principal + Interest + Lease Payment)

Definition: The ratio indicates a school's ability to cover its debt obligations in a current year.

Data Source:
Statement of Revenue, Expenditures and Changes in Fund Balance - Governmental Funds.
Statement of Activities.
Statement of Net Position.
Notes to Financial Statements.
Notes Section of the Audited Financials.

Finance Metric Details

Debt to Asset Ratio = Total Liabilities / Total Assets

Definition: The amount of liabilities a school owes versus the assets they own.

Data Source: Statement of net position

Finance Metric Details

Current Ratio = Current Assets / Current Liabilities

Definition: Measures the school's ability to pay its obligations over the next 12 months. It shows how quickly short-term assets can be converted into cash to pay short-term liabilities.

Data Source: Statement of net position

Finance Metric Details

Annual Cash Flow = Sum of the annual change in cash

Definition: The LEA's cash generated over a period of time indicating long-term financial stability.

Data Source: Statement of net positions of current and prior years.

Finance Metric Details

Total Margin = Change in Net Position/Revenue

Definition: Measures an LEA's deficit or surplus out of total revenues (Includes change in temporary restricted net assets)

Data Source: Statement of Activities.

Finance Metric Details

Change In Net Position = Revenue - Expenses

Definition: Measures an LEA's deficit or surplus out of total revenues (Does not include temporary restricted net assets)

Data Source: Statement of Activities.

Finance Metric Details

Audit Findings: Clean Audit = YES

Definition: Auditor finds the financial statements to be accurate and complete, without material weakness, significant deficiency, or other matters.

Data Source: Notes to financial statements, report on internal control over financial reporting and on compliance, and letter to management.