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From the San Angelo Standard Times
http://www.gosanangelo.com/news/2008/no ... ce-review/
TLC Academy disputes state finance review
By Matt Phinney (Contact)
Originally published 01:06 p.m., November 19, 2008
Updated 01:39 p.m., November 19, 2008
A state review indicates TLC Academy had an unaudited $45,000 operating loss in 2007, a figure disputed by academy leaders who said they will prove Thursday that the school operated in the black.
TLC, a private Christian school, is seeking a state charter to become the first charter school in Tom Green County.
The Committee on School Initiative will vote Thursday on which of the 16 charter applications to recommend to the state board for approval. On Friday, the full education board will vote on the recommendations.
The board could vote on all the charters at once, or individually, said DeEtta Culbertson, spokesperson for the Texas Education Agency.
A TLC official said he is confident the school will prove its finances are in good order.
"That was an absolute mistake in a line item entry," said TLC Pastor Walt Landers said of the state review's figure. "We show we are $30,000 in the black, not red. There is not a financial problem here."
In fact, Landers said, the school has more students than ever, with a waiting list.
If approved, the TLC charter school would open in fall 2009 with a maximum enrollment of 250 students. The charter calls for a maximum enrollment of 1,000 students within five years of opening, but that doesn't mean it has to grow to that level, Landers has said.
According to the state's TLC Academy review, an "unaudited statement of activities" indicated a loss of $44,571 in fiscal year 2007 for the school.
"Discuss this loss and the specific steps which will be taken to prevent a situation of expenses in excess of revenues, or an operating loss," the review states.
Landers said he will present his financial information to the board Thursday. Several groups also are making the trip to Austin to speak in favor of TLC Academy.
Landers said TLC has a "real good chance" of getting a state charter because it has operated a school for 34 years, whereas several of the charter applications are from startup schools.
A credit report in the review also indicated "64 percent of trade experiences indicate slow payment."
"The charter applicant should discuss the slow payments and past due amounts," the review continued.
"In 34 years, we have never gone and not paid a bill," Landers said. "We are still doing business in San Angelo with some of the exact same vendors. Some of them are gone, but we are still here, and we have always paid our bills."
One charter applicant has withdrawn from consideration, which means 16 are going forward next week. The state has capped the number of charter schools at 215, and there are six potential openings, up from four because two charters have been revoked this year, said Bob Craig, member of the Texas State Board of Education, District 15, which includes San Angelo.
The state does not have to fill all six openings, he said. Two applicants that applied a year ago and were rejected have come back with improved charters, he said. Schools that are turned down this year can re-apply again.
The charters are rated by five independent auditors, he said.
The applications are compared against each other and ranked, and those with strong financial backgrounds obviously stand the best chance, Craig said.
Most charters that fail eventually do so because of financial reasons, he added.
The questions raised by the state agency with TLC's charter are legitimate concerns, Craig said.
"There are some good applicants throughout the state," Craig said. "If you are going to select someone to be a charter, you want to select an applicant that has the best chance to succeed. You don't want to pick an applicant that is marginal."
http://www.gosanangelo.com/news/2008/no ... ce-review/
TLC Academy disputes state finance review
By Matt Phinney (Contact)
Originally published 01:06 p.m., November 19, 2008
Updated 01:39 p.m., November 19, 2008
A state review indicates TLC Academy had an unaudited $45,000 operating loss in 2007, a figure disputed by academy leaders who said they will prove Thursday that the school operated in the black.
TLC, a private Christian school, is seeking a state charter to become the first charter school in Tom Green County.
The Committee on School Initiative will vote Thursday on which of the 16 charter applications to recommend to the state board for approval. On Friday, the full education board will vote on the recommendations.
The board could vote on all the charters at once, or individually, said DeEtta Culbertson, spokesperson for the Texas Education Agency.
A TLC official said he is confident the school will prove its finances are in good order.
"That was an absolute mistake in a line item entry," said TLC Pastor Walt Landers said of the state review's figure. "We show we are $30,000 in the black, not red. There is not a financial problem here."
In fact, Landers said, the school has more students than ever, with a waiting list.
If approved, the TLC charter school would open in fall 2009 with a maximum enrollment of 250 students. The charter calls for a maximum enrollment of 1,000 students within five years of opening, but that doesn't mean it has to grow to that level, Landers has said.
According to the state's TLC Academy review, an "unaudited statement of activities" indicated a loss of $44,571 in fiscal year 2007 for the school.
"Discuss this loss and the specific steps which will be taken to prevent a situation of expenses in excess of revenues, or an operating loss," the review states.
Landers said he will present his financial information to the board Thursday. Several groups also are making the trip to Austin to speak in favor of TLC Academy.
Landers said TLC has a "real good chance" of getting a state charter because it has operated a school for 34 years, whereas several of the charter applications are from startup schools.
A credit report in the review also indicated "64 percent of trade experiences indicate slow payment."
"The charter applicant should discuss the slow payments and past due amounts," the review continued.
"In 34 years, we have never gone and not paid a bill," Landers said. "We are still doing business in San Angelo with some of the exact same vendors. Some of them are gone, but we are still here, and we have always paid our bills."
One charter applicant has withdrawn from consideration, which means 16 are going forward next week. The state has capped the number of charter schools at 215, and there are six potential openings, up from four because two charters have been revoked this year, said Bob Craig, member of the Texas State Board of Education, District 15, which includes San Angelo.
The state does not have to fill all six openings, he said. Two applicants that applied a year ago and were rejected have come back with improved charters, he said. Schools that are turned down this year can re-apply again.
The charters are rated by five independent auditors, he said.
The applications are compared against each other and ranked, and those with strong financial backgrounds obviously stand the best chance, Craig said.
Most charters that fail eventually do so because of financial reasons, he added.
The questions raised by the state agency with TLC's charter are legitimate concerns, Craig said.
"There are some good applicants throughout the state," Craig said. "If you are going to select someone to be a charter, you want to select an applicant that has the best chance to succeed. You don't want to pick an applicant that is marginal."