Some Background on AA Financials
American Academy's fiscal year begins July 1st
and ends June 30th. Our school uses a modified accrual method of
fund accounting, and our chart of accounts aligns with that of the
Colorado Department of Education (CDE). A fund is a grouping of
related accounts that is used to maintain control over resources that
have been segregated for specific activities or objectives, as designated
by Colorado state statute. American Academy monitors these funds to ensure
and demonstrate compliance with finance related legal requirements.
Our Board of Directors reviews financial statements each month during
the working session of the Board's regular meetings. These financial
statements are unaudited and are not adopted by the Board but are
available to the public.
American Academy is required to submit a budget
to Douglas County School District (DCSD) and the CDE prior to commencement
of each fiscal year; generally in the month of May. We are allowed to make
revisions to our budget during the fiscal year, but our final version must
be submitted to DCSD and the CDE in December. All budget revisions are
adopted by the Board of Directors and are available to the public.
The school's audit report is generally issued in
September following the close of the fiscal year. With the exception
of our first year of operations, our school elects to have an independent
audit performed, rather than being included in the audit performed for
DCSD; however, our audit report must be provided to DCSD in September
and our school is included as a component unit within DCSD's audit report.
The independent audit reports are adopted by the Board of Directors and are
available to the public.
If you would like to inquire about revenue or
expense items, please contact us at
board@americanacademyk8.org.
American Academy Financials
Current Fiscal Year Unaudited Statements:
July
August
September
October
November
December
January
February
March
April
May
June
Current Fiscal Year Budgets:
Final Approved Budget
Original Approved Budget
Previous Fiscal Year Audited Statements:
Ending 6/30/09
Ending 6/30/08
Ending 6/30/07
Ending 6/30/06