We are Charter School Specialists

• CEO and Founder of Scholarly Finance

• CFO of charter schools, led through massive turnaround effort

• Detail oriented, transparent and ultra focused.

Created by an organizer: Non-profit corporation with an independent board that enters into a contract – the “charter” – to operate a school under the oversight of an Authorizer (aka sponsor). Can be:

A school corporation governing body

State institution that offers 4 year baccalaureate degree

Executive of a consolidated city (only Indianapolis qualifies)

Indiana Charter School Board

Non-profit college or university with 4 year baccalaureate or advanced degrees

Charter Schools come in 3 types - Brick and mortar (onsite learning), Virtual and Adult (primarily alternative schools).

In the initial year of charter schools in Indiana, 2002-03, there were 11 charter schools. By 2021-22, that number had grown to 120. As of date, there are 5 new charters scheduled to open during 2023-24.

Approx. 51,000 total students 2022-23 (4.5% of all students in Indiana); Brick and mortar charters had approx. 29,000 students (2.7%). Nationwide approx. 8% of public school students are in charters (AZ = 21%)

Accrual rather than Cash-Basis Accounting (like other businesses/not-for-profits), a traditional school district uses fund accounting, which is a form of cash-basis. 

Must be converted for Form 9 and grant reporting. Generally, no separate funds like traditional public schools

State Board of Accounts Charter School Manual (similar to other schools)

Basic Tuition Support same as traditional public schools

Quality Counts Grant (federal; competitive) for opening a new school or expanding (20% growth) up to $300,000 for planning and $900,000 for implementation/expansion

Operational Funds: Cannot levy taxes

$1400 per ADM in FY 2024; $1500 in FY 2025 through Charter and Innovation

Network School Grant; first implemented in 2015. Can borrow money from Indiana Bond Bank for larger projects / maintenance /equipment

Assume ownership of unused building ($1 law)

Borrow funds from IDOE Common School Fund for construction (or technology)

Borrow funds / advances through Indiana Bond Bank (also for equipment)

Borrow funds from state-approved lenders (banks, etc.)

Special grants / 1 time opportunity funds (like ESSER)

Charter Schools Facilities Incentive Grant (federal; competitive; matching)

1 year (and 1 time) only

$500 per ADM

For rental, purchase, construction, renovation, etc.

We view our primary role as a trusted business advisor, helping you secure your vision of success with customized value-added solutions.

• Audit Preparation, Assistance, and Support

• Business Valuations

• CFO and Controller Services

• Efficiency Reviews

• Human Resources Consulting

• Compliance with Federal Acquisition Regulations (FAR) and DCAA

Verification Services

We complete calculations to insure compliance with the Internal Revenue Code and Income Tax Regulations.  We have experience in partial defeasance of bonds, pooled bond refundings, combined yield calculations, and allocation of escrow proceeds.

Arbitrage Rebate Calculation Services

We use up-to-date computer technology to maintain a current working knowledge of relevant regulatory requirements.

Printing and Posting of Official Statements

Our professional staff approaches each engagement with an attention to detail.  We produce high quality documents in print or electronic format.  We follow a quality review process to ensure the accuracy of each document.

We service and audit employee benefit plans to provide value adds well beyond traditional compliance services. We work with administrators and plan sponsors to help ensure that they are kept up-to-date on changes in the regulatory environment and are able to effectively manage their plan. Through collaboration with various service providers, third-party administrators, custodians, actuaries, plan sponsors, and trustees, our representatives will guide you through the audit process. This process ensures management gains valuable knowledge and input as a result of the audit.

Ensuring the Strength, Structure and Compliance of Your Plan

An independent employee benefit plan audit can mitigate the risk to participants and firm assets, and maintain the financial integrity of your plan. Routine audits also aid in determining whether the necessary funds will be available to pay retirement, health, and other benefits to plan participants. Our team of experienced auditors will assess your plan’s financial statements to plan an efficient audit. In addition verifying plan validity and structure, our employee benefit plan audits allow organizations to fulfill their legal responsibilities and avoid administrator penalties. Federal law generally requires employee benefit plans with 100 or more eligible participants to have an audit as part of their obligation to file an annual return/report (Form 5500 series). In addition to preparing IRS Form 5500, our audit specialists can facilitate summary annual reports and consult on employee benefit plans.

Gaining More than an Auditor

Our professionals regularly interact with officials from the Internal Revenue Service, the Department of Labor, members of the Joint Committee on Taxation, and leading experts from federal, state, and local government to keep our finger on the pulse of changing regulations within employee benefit plans. We continually maintain these engagements in order to fulfill our commitment to providing reliable auditing services to our clients. 

The key to minimizing taxes and avoiding penalties is planning. Not your average everyday kind of planning, but planning with knowledge and foresight in mind. Knowing how the tax laws apply to you or your business is just the beginning; equally important is having a clear picture of your goals and objectives. This can open the door to new opportunities and fresh strategies.

We continually monitor federal and state regulatory environments for developments that will impact our clients. This is the knowledge part. The foresight part comes from having a detailed understanding of where you have been and where you want to go. We have that understanding. Why?  Because we know our clients inside and out. Scheduling a lunch meeting one time a year during tax season isn’t our idea of client communication. We believe in continual preparation with frequent conversations all year long.

In addition to year-round planning, our tax services include:

• Preparation of individual, corporate, partnership and estate tax returns

• Exit planning

• Estate planning

• Transactional planning

• Entity selection

• Compliance with Federal Acquisition Regulations (FAR) and DCAA