I always chuckle to myself when people ask me if I am enjoying my time off during the summer. Time off? Seriously? Summer time is my busy season!
Every summer is a flurry of activity. We re-carpet, paint, scrub desks, install new furniture and whiteboards and work on special re-modeling projects. The principals finish staffing, order curriculum and supplies, and finalize blocking and schedules. The principals and I work closely to finalize the new year’s policies and procedures. The fiscal year ends in June and we launch the new fiscal year on July 1st, so there are reporting deadlines for the prior year and budgets to be finalized for the upcoming year. On top of all the preparations, the elementary schools run summer camps and the Prep runs tutoring programs, athletic practices, and musical rehearsals. Oh, and new families are continue to enroll. Summer is not a break for administrators!
In the midst of all the activity, I take time to remember my first summer as Pointe’s Superintendent. I assumed the responsibilities of Superintendent on June 27th, 2006…3 days before the end of the fiscal year. Not only was I new to the business side of the company (I had served as the Prep’s Principal and had also overseen the elementary educational programs since the charter was founded in 2001), but the district was financially struggling. I inherited over $300,000 of unpaid bills, vendors who had not been paid in months and no longer wanted to do business with us, and an unworkable proposed budget (budgeted money for unnecessary new athletic uniforms but nothing budgeted for needed curriculum or substitute teaches). I inherited financial obligations for the upcoming year that we could not meet. Oh, did I mention that we had over a million dollars work of bond building projects that hadn’t even been started, yet? That first day, I had no idea what our payroll was or how much money it took to keep any one of our schools functioning. Cash vs. accrual? No clue.
I remember pouring over our finances, trying to find places to cut that wouldn’t impact the classroom and reading “Accounting for Dummies.” I cut the district office staff from 9 employees to 4 employees. I set a policy that we would pay our current financial obligations on time and use any excess to pay off past due bills. However, as soon as we started paying past-due bills, we received calls and bills for previous years (some from as far back as 2003)! Although companies had written off some of our debt, when they heard we were paying our bills, they came knocking!
Amazingly, by January we were current on all our bills! It took two more years to finish the construction projects. The projects cost more to complete than had been budgeted in the 2005 bond project, but by that time we had enough cash on hand to finish them anyway.
When the state budget cuts hit, we were in a solid financial position. Not a single bill or paycheck was late. Despite the continued state cuts, our financial position has been solid enough that the bond investors exercised their right to require us to seek a rating from one of the major rating companies.
So, we went through a financial analysis and last month Pointe Educational Services dba Pointe Schools received an investment grade rating from Standard and Poor’s. Five years ago, I wouldn’t have believed we would be among the most financially stable charter schools in Arizona.
Although I am always striving for improvement, it was nice to have independent confirmation that we have done amazing things over the past five years.