HomeMy WebLinkAbout12-08-08 Trustees Meeting Packet
WESTLAKE ACADEMY
BOARD OF TRUSTEES REGULAR MEETING
A G E N D A
DECEMBER 8, 2008
WESTLAKE TOWN HALL
3 VILLAGE CIRCLE
MUNICIPAL COURT ROOM, SUITE 207
6:00 P.M.
1. CALL TO ORDER.
2. PLEDGE OF ALLEGIANCE.
3. CITIZENS' PRESENTATIONS: This is an opportunity for citizens to address the
Board on any matter whether or not it is posted on the agenda. The Board cannot by law
take action nor have any discussion or deliberations on any presentation made to the
Board at this time concerning an item not listed on the agenda. Any item presented may
be noticed on a future agenda for deliberation or action.
4. CONSENT AGENDA: All items listed below are considered routine by the Board of
Trustees and will be enacted with one motion. There will be no separate discussion of
items unless a Board member or citizen so requests, in which event the item will be
removed from the general order of business and considered in its normal sequence.
a. Review and approve minutes of the School Board of Trustees regular meeting held
on November 10, 2008.
b. Review and approve minutes of the School Board of Trustees Strategic Planning
Workshop held on December 1, 2008.
Westlake Academy Board of Trustees Page 2 of 3
Regular Meeting Agenda
December 8, 2008
c. Consider a Resolution authorizing the CEO to enter into a contract with the Region
XI Service Center for Accounting Services.
d. Consider a Resolution authorizing the CEO of the Academy to enter into a contract
with Parker School Uniforms to provide students at Westlake Academy school
uniforms.
5. CONSIDER A RESOLUTION APPROVING THE FISCAL YEAR 2007/2008
ANNUAL AUDIT REPORT FROM PATTILLO, BROWN AND HILL, LLP.
6. DISCUSS AND CONSIDER APPROVAL OF THE WESTLAKE ACADEMY
VISION/MISSION STATEMENT AND VALUES STATEMENTS.
7. CONSIDER A RESOLUTION SETTING THE 2009 BOARD MEETING
SCHEDULE.
8. FUTURE AGENDA ITEMS: Any Board member may request at a workshop and / or
Board meeting, under “Future Agenda Item Requests”, an agenda item for a future
Board meeting. The Board member making the request will contact the CEO with the
requested item and the CEO will list it on the agenda. At the meeting, the requesting
Board member will explain the item, the need for Board discussion of the item, the
item’s relationship to the Board’s strategic priorities, and the amount of estimated staff
time necessary to prepare for Board discussion. If the requesting Board member
receives a second, the CEO will place the item on the Board agenda calendar allowing
for adequate time for staff preparation on the agenda item.
- None.
9. BOARD CALENDAR.
- None.
10. EXECUTIVE SESSION.
1. The Board will conduct a closed session pursuant Texas Government Code section
551.071(1) and (2) to (i) seek advice of counsel on legal matters involving pending
or contemplated litigation, settlement offers, or other legal matters not related
directly to litigation or settlement, and (ii) Consultation with attorney on matters in
which the duty of the attorney under the Texas Disciplinary Rules of Professional
Conduct of the State Bar of Texas clearly conflicts with Chapter 551 of the Texas
Government Code-Texas Government Code 551.071(2) regarding the following:
A. Westlake Academy Charter document.
B. Westlake Academy admissions policy.
11. ADJOURNMENT.
Westlake Academy Board of Trustees Page 3 of 3
Regular Meeting Agenda
December 8, 2008
ANY ITEM ON THIS POSTED AGENDA COULD BE DISCUSSED IN EXECUTIVE SESSION
AS LONG AS IT IS WITHIN ONE OF THE PERMITTED CATEGORIES UNDER SECTIONS
551.071 THROUGH 551.076 AND SECTION 551.087 OF THE TEXAS GOVERNMENT CODE.
CERTIFICATION
I certify that the above notice was posted at the Town Hall of the Town of Westlake, 3 Village Circle, on Friday,
December 5, 2008, by 5 p.m. under the Open Meetings Act, Chapter 551 of the Texas Government Code.
_____________________________________
Kim Sutter, TRMC, Town Secretary
If you plan to attend this public meeting and have a disability that requires special needs, please advise the Town
Secretary 48 hours in advance at 817-490-5710 and reasonable accommodations will be made to assist you.
Westlake
Academy
Item # 2 – Pledge of
Allegiance
Texas Pledge:
"Honor the Texas
flag; I pledge
allegiance to thee,
Texas, one state under
God, one and
indivisible."
Westlake
Academy
Item # 3 – Citizens’
Presentations
This is an opportunity for
citizens to address the Board on
any matter whether or not it is
posted on the agenda. The
Board cannot by law take
action nor have any discussion
or deliberations on any
presentation made to the Board
at this time concerning an item
not listed on the agenda. The
Board will receive the
information, ask staff to review
the matter, or an item may be
noticed on a future agenda for
deliberation or action.
MINUTES OF THE
WESTLAKE ACADEMY
BOARD OF TRUSTEES REGULAR MEETING
November 10, 2008
PRESENT: President Laura Wheat and Trustees Tim Brittan, Larry Corson, Carol Langdon
(6:10 p.m.), Don Redding, and Rebecca Rollins (6:04 p.m.)
ABSENT: None.
OTHERS PRESENT: Chief Executive Officer Thomas Brymer, Head of School Mark
Rosevear, School Attorney Stan Lowry, Secretary Kim Sutter,
Finance Director Debbie Piper, DPS Director Don Wilson,
Assistant to the Town Manager Ginger Awtry, and Assistant to
the Head of School Darcy McFarlane.
1. CALL TO ORDER.
President Wheat called the meeting to order at 6:01 p.m.
2. PLEDGE OF ALLEGIANCE.
President Wheat led the pledge of allegiance to the United States and Texas flags.
3. CITIZENS' PRESENTATIONS.
Mrs. Alesa Belvedere, 13348 Thornton Drive, Westlake, expressed her concern
regarding the brevity of the student progress reports, including teacher comments
regarding student progress. Mrs. Belvedere suggested that the curriculum standards be
posted on the Academy’s website.
4. CONSENT AGENDA.
President Wheat introduced the item and asked for a motion.
a. Review and approve minutes of the School Board of Trustees regular meeting held
on October 6, 2008.
Westlake Academy Board of Trustees Page 2 of 5
Regular Meeting Minutes
November 10, 2008
MOTION: Trustee Redding made a motion to approve the consent agenda as
presented. Trustee Corson seconded the motion. The motion carried by
a vote of 5-0.
5. DISCUSS AND CONSIDER A RESOLUTION AMENDING THE 2008-09
BUDGET FOR WESTLAKE ACADEMY TO INCREASE THE SALARY
BUDGET TO ALLOW THE SCHOOL TO HIRE AN ADDITIONAL SPANISH
TEACHING ASSISTANT AND A SPECIAL ED AIDE.
HOS Rosevear introduced the item. Mr. Rosevear stated that the school has
experienced an increase in the number of students requiring special education
assistance, and that the current staffing level is inadequate. Mr. Rosevear added that the
need for special education services is much greater this year and staff is working on
improving the processes.
Trustee Rollins raised several questions with regard to student IEP’s (Individualized
Education Plan) and ARD (Admission Review and Dismissal) requirements, as well as
impact on federal reimbursement. Additionally, Mrs. Rollins requested a comparison of
the number of students receiving Special Education services this year versus last year as
well as the number of hours the Special Education teachers spent with each student.
HOS Rosevear responded to the questions raised by Trustee Rollins, and advised that 34
students are currently receiving some form of special education services this year versus
25 last year, with an additional four (4) students pending.
Board discussion continued regarding the funding for a Special Education Aide.
HOS Rosevear addressed the request for funding to hire a Spanish Aide and stated that
the idea is to put a Spanish language speaker in the classroom to improve the various
levels of Spanish. Mr. Rosevear added that this solution is a stopgap measure and
assured the Board that staff is working on a solution for the next academic year.
President Wheat asked if the students were grouped by level and grade.
HOS Rosevear responded that groupings might be a consideration for next year.
Trustee Rollins asked which levels of Spanish are being taught to the students.
HOS Rosevear responded that currently there is no scope of sequence or vertical
alignment for Spanish in the school; however, staff is developing a plan for grades 1 to
4, followed by grades 5 through 10.
There being no further discussion, President Wheat asked for a motion.
MOTION: Trustee Brittan made a motion to approve Resolution No. 08-21,
amending the 2008-2009 budget for Westlake Academy as presented.
Trustee Corson seconded the motion. The motion carried by a vote of 5-
0.
Westlake Academy Board of Trustees Page 3 of 5
Regular Meeting Minutes
November 10, 2008
6. DISCUSS AND CONSIDER APPROVAL OF A CONTRACT FOR GENERAL
LEGAL SERVICES AND A GENERAL SERVICES MEMORANDUM WITH
BRACKETT & ELLIS FOR LEGAL SERVICES RELATED TO WESTLAKE
ACADEMY.
CEO Brymer introduced the item and stated that the Town Manager/CEO, Head of
School, and the Town Attorney have interviewed representatives of the firm and are
recommending that the Board approve a contract with the firm for legal services related
to the Academy operations and governance.
Ms. Lynn Rossi Scott was in attendance and addressed questions from the Board
regarding her experience as an education attorney and the firms role in relation to
Westlake Academy.
Following the discussion, President Wheat asked for a motion.
MOTION: Trustee Redding made a motion to approve the contract as presented
(File No. 08-22). Trustee Rollins seconded the motion. The motion
carried by a vote of 5-0.
7. FUTURE AGENDA ITEMS.
President Wheat introduced the item and asked each member to present their respective
items.
a. Hear update regarding SAT readiness/college plan. (Alderwoman Langdon)
Trustee Langdon presented the item.
Trustee Brittan seconded the motion to bring the item forward for discussion.
b. Hear update on Grading system/progress conferences. (Alderwoman Langdon)
Trustee Langdon presented the item.
Trustee Corson seconded the motion to bring the item forward for discussion.
c. Hear report regarding Academy Music program. (Alderwoman Langdon)
Trustee Langdon presented the item.
Board discussion ensued and it was the consensus of the Board to complete the
Strategic Planning process before considering this item.
d. Consideration of a Board policy on residential trips to include organization, fund
raising, information etc. (Alderwoman Rollins)
Westlake Academy Board of Trustees Page 4 of 5
Regular Meeting Minutes
November 10, 2008
Trustee Rollins presented the item.
Following Board discussion, CEO Brymer stated that an item regarding policy
issues would be discussed at a future meeting.
President Wheat suggested the current policy be reviewed with the Board in
January.
e. Discussion about feasibility of implementing Spanish Immersion in the primary
years program (PYP). (Alderwoman Rollins)
Trustee Rollins presented the item.
It was the consensus of the Board to complete the Strategic Planning process before
considering this item.
f. Explore and outline implementation of shared decision making as stipulated in the
charter for all stakeholders. (Alderwoman Rollins)
Trustee Rollins presented the item.
Board discussion ensued and it was the consensus of the Board to complete the
Strategic Planning process before considering this item.
g. Explore the use of an education consulting firm to assess and develop mechanisms
whereby the board can evaluate performance of the academy in the areas of
academics, personnel, quality of programs, budgeting and fund raising.
(Alderwoman Rollins)
Trustee Langdon presented the item.
Board discussion ensued and it was the consensus of the Board to complete the
Strategic Planning process before considering this item.
CEO Brymer advised that the Strategic Planning agenda will include 1) finalizing
the mission statement; 2) consolidating values; and 3) identifying mission specific
outcomes.
The Board agreed to hold a special meeting to discuss the Strategic Plan on Monday,
December 1, 2008, 3 p.m. to 6 p.m.
8. BOARD CALENDAR.
President Wheat reviewed the calendar.
Westlake Academy Board of Trustees Page 5 of 5
Regular Meeting Minutes
November 10, 2008
- Christmas Tree Lighting
o Tuesday, 12/2/08, 6:30 p.m.
9. ADJOURNMENT.
There being no further business to come before the Board, President Wheat asked for a
motion to adjourn the meeting.
MOTION: Trustee Langdon made a motion to adjourn the meeting. Trustee Rollins
seconded the motion. The motion carried by a vote of 5-0.
President Wheat adjourned the meeting at 7:44 p.m.
APPROVED BY THE BOARD OF TRUSTEES ON DECEMBER 8, 2008.
_________________________________________
Laura Wheat, President
ATTEST:
___________________________________
Kim Sutter, TRMC, Town Secretary
MINUTES OF THE
WESTLAKE ACADEMY
BOARD OF TRUSTEES STRATEGIC PLANNING WORKSHOP
December 1, 2008
PRESENT: President Laura Wheat and Trustees Tim Brittan, Larry Corson, Carol
Langdon, Don Redding and Rebecca Rollins.
ABSENT: None.
OTHERS PRESENT: Chief Executive Officer Thomas Brymer, Head of School Mark
Rosevear, Secretary Kim Sutter, Head of Primary Jamie Schmitz,
Administrative Coordinator Darcy McFarlane, Assistant to the
Town Manager Ginger Awtry, Municipal Court Administrator
Amanda DeGan, and DPS Director Don Wilson.
President Wheat called the workshop to order at 3:11 p.m.
Facilitator Mike Conduff reviewed the agenda and the purpose of the workshop.
Group discussion ensued regarding the draft mission/vision statement and the message the
Board wished to convey.
Following the discussion, Facilitator Mike Conduff asked the participants to identify specific
outcomes for the Academy, measureable or not.
The group agreed on the following Mission/Vision statement:
Westlake Academy is a nurturing community owned International Baccalaureate Charter
School whose mission is to achieve academic excellence and to develop life-long learners who
become well-balanced, responsible global citizens.
Additionally, the Board discussed the need to educate the community on the standards and
practices of the International Baccalaureate profile.
Westlake Academy Board of Trustees Page 2 of 2
Strategic Planning Workshop Minutes
December 8, 2008
The group reviewed and revised the list of values identified at the retreat held in September
2008.
It was the consensus of the group that the Town should address the Academy’s attrition
element.
Facilitator Mike Conduff explained that a summary of the results of the workshop discussion
would be compiled and presented to the Board.
There being no further discussion, President Wheat adjourned the workshop at 6:30 p.m.
APPROVED BY THE BOARD OF TRUSTEES ON DECEMBER 8, 2008.
___________________________________
Laura Wheat, President
ATTEST:
___________________________________
Kim Sutter, TRMC, Secretary
WESTLAKE ACADEMY
MEMO
TO: President and Board of Trustees, Westlake Academy
FROM: Tom Brymer, CEO
DATE: November 24, 2008
SUBJECT: December 8, 2008 Regular Meeting
ITEM:
Consider a resolution authorizing the CEO of Westlake Academy to enter into a contract with the
Education Service Center, Region XI for services related to Westlake Academy.
RECOMMENDATIONS:
Staff recommends approval.
BACKGROUND:
The Service Center for Region XI maintains many different programs to support Charter Schools in their
development and administration so that the schools are able to focus more of their energies on the
business of teaching.
The Business Service Contract allows the service center to perform the business and computer services
needed. Region XI will be responsible for performing the accounting functions for the Academy, in full
compliance with the TEA Financial Accountability System Resource Guide as well as processing
monthly payrolls.
Internal Controls are still maintained by the Academy staff and the Finance Department with all
purchases being approved by the Head of School and Finance Director. Copies of approved invoices are
forwarded to service center personnel who cut the checks and maintain the general ledger. The Service
Center is responsible for the payroll function as well as accounts payable. Todd Wood and Debbie Piper
work closely with Region XI regarding all accounting and payroll aspects of the Academy.
FUNDING:
Total payment for the above mention program will be $24,500 which was incorporated into FY 2008-
2009 Academy budget.
ATTACHMENT(S)
Resolution 08-22
Region XI Service Center Contract
WESTLAKE ACADEMY
RESOLUTION NO. 08-22
AUTHORIZING THE CEO OF WESTLAKE ACADEMY TO ENTER INTO A
CONTRACT WITH THE EDUCATION SERVICE CENTER, REGION XI FOR
SERVICES RELATED TO WESTLAKE ACADEMY.
WHEREAS, the Westlake Academy utilized the business services of Region XI
Education Service Center, which is responsible for performing the accounting and payroll
functions in full compliance with the Texas Education Agency (TEA) Financial Accountability
System Resource Guide, and
WHEREAS, personnel costs for a Business Manager for the Academy would be a
greater impact to the budget than the contracted services of the Region XI Education Service
Center.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
WESTLAKE ACADEMY, TEXAS:
SECTION 1. The above findings are hereby found to be true and correct and are
incorporated herein in its entirety.
SECTION 2. The Board of Trustees of the Westlake Academy hereby approves the
contract with Region XI Education Service Center relating to accounting and payroll functions at
Westlake Academy, attached hereto as Exhibit “A”; and further authorizes the CEO to execute
this agreement.
PASSED AND APPROVED ON THIS 8 DAY OF DECEMBER 2008.
ATTEST: ____________________________________
Laura Wheat, President
_________________________________ ____________________________________
Kim Sutter, Secretary Thomas E. Brymer, CEO
APPROVED AS TO FORM:
_________________________________
L. Stanton Lowry, School Attorney
WESTLAKE ACADEMY
MEMO
TO: Board of Trustees, Westlake Academy
FROM: Mark Rosevear, Head of School
Darcy McFarlane, Administrative Coordinator
DATE: December 1, 2008
SUBJECT: December 8, 2008 meeting
ITEM:
Consider a Resolution authorizing the CEO of the Academy to enter into a contract with
Parker School Uniforms to provide students at Westlake Academy school uniforms.
Contract will begin with the 2009-010 school year.
RECOMMENDATIONS:
The Uniform Committee* which was made up of parents and staff members unanimously
recommends signing a contract with Parker School Uniforms. Committee believes that
they will be the best choice for the uniform provider.
BACKGROUND:
The uniform committee unanimously voted to recommend Parker School Uniforms to the
Board as our new (returning) provider.
After seeing the presentations from both Mills and Parker and looking into the Lands End
program, they felt that Parker was the best choice to provide uniforms for Westlake
Academy for the next three years and hopefully beyond.
Parker and Mills both came to the school and gave presentations and Parker came out as
the favored provider on every aspect. Parker has addressed all the concerns that we had
with them in the past with the main ones being customer service and shopping
convenience. To address these concerns they have added a new store in Grapevine that is
closer to the majority of our students and they have new staff and management. They
have also updated their products to be more in line with today’s styles. The
representatives who came to the school brought a variety of samples for us to view and
have offered to work closely with us to make sure that we have the products we want,
including any custom pieces we may need.
In addition to several saving opportunities for our families Parker Uniforms has a
Partnership Program in which they support the school in any way we need. Instead of
giving the school a set percentage of their sales they will provide financial support in a
variety of ways (Please see the attached Partnership Program information sheet).
Uniform Committee members: Darcy McFarlane, Stacye Thompson, Cristia Duncan,
Emily Setford, Lizann Cundall, Deborah Ledak, Shahla Pillai, Caryl Ann Jacobs
ATTACHMENT(S)
Resolution 08-23
Parker Uniforms Contract
Parker Uniforms Partnership Program document
WESTLAKE ACADEMY
RESOLUTION NO. 08-23
AUTHORIZING THE CEO OF THE ACADEMY TO ENTER INTO THE
CONTRACT ATTACHED HERETO AS EXHIBIT A WITH PARKER SCHOOL
UNIFORMS TO PROVIDE STUDENTS AT WESTLAKE ACADEMY SCHOOL
UNIFORMS.
BE IT RESOLVED BY THE BOARD OF TRUSTEES OF WESTLAKE
ACADEMY:
WHEREAS, the Academy utilizes Parker School Uniforms which is responsible
for providing the school uniforms in full compliance with the Westlake Academy
Uniform Policy.
WHEREAS, Westlake Academy staff strictly enforces that the students follow
the school uniform policy as stated in the Parent/Student Handbook.
WHEREAS, Parker School Uniforms will keep in stock at all times an ample
supply of all required uniform pieces to assure that Westlake Academy students will be
able to meet the uniform requirements.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE WESTLAKE ACADEMY:
SECTION 1: That the Board of Trustees of Westlake Academy does hereby
authorize the CEO to enter into the contract attached hereto as Exhibit A with Parker
School Uniforms.
SECTION 2: That this Resolution shall become effective upon the date of its
passage.
PASSED AND APPROVED ON THIS 8 DAY OF DECEMBER 2008.
___________________________________
ATTEST: Laura Wheat, President
_______________________________ __________________________________
Kim Sutter, Secretary Thomas E. Brymer, Chief Executive Officer
APPROVED AS TO FORM:
_________________________________
L. Stanton Lowry, School Attorney
WESTLAKE ACADEMY
MEMO
TO: Board of Trustees, Westlake Academy
FROM: Debbie Piper, Finance Director
DATE: November 19, 2008
SUBJECT: December 8, 2008 Regular Meeting
ITEM:
Consider a resolution approving the FY 2007/2008 annual audit report from Pattillo,
Brown & Hill, LLP.
RECOMMENDATIONS
Staff recommends approval.
BACKGROUND
Pattillo, Brown & Hill, CPAs have completed the Westlake Academy 2007-2008 annual
financial audit report. As in prior years, we again had no “Findings”, reportable
conditions nor material weaknesses to be reported to TEA. Findings are items required
by TEA to be reported regarding TEA compliance, large variances in budget vs. actual
balances, etc. TEA doesn’t necessarily look upon these as bad (they require an
explanation of all “Findings” and review in subsequent years), but it certainly looks good
for the Academy not to have any for the current year.
Upon review of the financial statements, it should be noted that our ending fund balance
only decreased by $57,286 providing a fund balance of $634,454 for the year ended
August 31, 2008. (See page 26 of the audit report) This represents approximately 72
operating days. The amended budget reflected a $133,503 decrease in fund balance;
therefore, we ended the fiscal year with $76,217 more than anticipated. Two major
factors related to this favorable outcome were:
• The capital lease for Apple computers was approved and the computers ordered in
August but the computers were not received nor put into place prior to August
31st. The $42,000 expenditure was booked as a “Pre-paid” item and will be
expensed in FY 2008-2009.
• The Academy spent approximately $45K less in supplies than anticipated. Staff
was unable to place and receive a large supply order by FY 2007-2008 year-end;
therefore, this order was placed in the current budget year. Staff will evaluate
expenditures at mid-year to determine if the money designated for those supplies
will need to be reallocated from other line items. Additionally, a prior year
savings was obtained when the cost of a large order to supply new classrooms was
expensed in the 2006-2007 budget year. This actually lowered the initial start up
cost of supplies in the 2007-2008 fiscal year.
Please review the Management Discussion and Analysis document included in the audit
report for additional statistical information and Academy achievements during the year
ended August 31, 2008.
ATTACHMENTS
Resolution 08-24
Audit Management Letter
2007-2008 Westlake Academy Audit
Westlake Academy Foundation Annual Financial Report ending 8/31/08
WESTLAKE ACADEMY
RESOLUTION NO. 08-24
APPROVING THE FISCAL YEAR 2007/2008 ANNUAL AUDIT REPORT FROM
PATTILLO, BROWN & HILL, LLP.
BE IT RESOLVED BY THE BOARD OF TRUSTEES WESTLAKE ACADEMY:
WHEREAS, Section 7.3.6 of the Data Collection & Reporting section of the
Financial Accountability System Resource Guide Update 11.0 requires that the annual
financial and compliance report be audited by an independent auditor, and
WHEREAS, Section 7.3.6 of the Data Collection & Reporting section of the
Financial Accountability System Resource Guide Update 11.0 requires the audit report be
submitted to the Division of School Financial Audits of TEA no later than 150 days after
the close of the fiscal year, and
WHEREAS, the audit report must be approved by the Board of Trustees.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE WESTLAKE ACADEMY:
SECTION 1. The above findings are hereby found to be true and correct and are
incorporated herein in its entirety.
SECTION 2. That the Board of Trustees of Westlake Academy hereby approves
the fiscal year 2007/2008 annual audit report from Pattillo, Brown & Hill, LLP.
PASSED AND APPROVED ON THIS 8 DAY OF DECEMBER 2008.
_____________________________
ATTEST: Laura Wheat, President
_____________________________ ______________________________
Kim Sutter, TRMC, Town Secretary Thomas E. Brymer, CEO
APPROVED AS TO FORM:
____________________________
L. Stanton Lowry, School Attorney
Ptr&I
PATTILLO. BROWN & HILL,t..L-e
CERTIFIED PUBLIC ACCOUNTANTS I BUSINESS CONSULTANTS
To the Board of Trustees
Westlake Academy
We have audited the financial statements of the governmental activities, each major fund, and the
aggregate remaining fund information of Westlake Academy for the year ended August 31, 2008, and
have issued our report thereon dated November 10, 2008. Professional standards require that we
provide you with the following information related to our audit.
Our Responsibilities under U. S. Generally Accepted Auditine Standards and
Government Auditing Standards
As stated in our engagement letter dated September 10, 2008, our responsibility, as descnbed by
professional standards, is to express opinions about whether the financial statements prepared by
management with your oversight are fairly presented, in all material respects, in conformity with U. S.
generally accepted accounting principles. Our audit of the financial statements does not relieve you or
management of your responsibilities,
Sisnifi cant Audit Findines
Qualitative Aspects o.f Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The
significant accounting policies used by Westlake Academy are described in Note I to the financial
statements. No new accounting policies were adopted and the application of existing policies was not
changed during 2008. We noted no transactions entered into by the govemmental unit during the year
for which there is a lack of authoritative guidance or consensus. There are no significant transactions
that have been recognized in the financial statements in a different period than when the transaction
occurred.
I I 5 SOUTH CHUITCH STREET r HILLSBORO, rX76615 I (254) 582-2583 r FAX: (2_s4) 582-5731 I www.pbhcpa.com
AFFILIATE OFFICES: BROWNSVILLE, TX (956) 544-'7778 I TEMPLE, TX (254) 791-3460
WACO, rX (2.s1) 7t7-490t r ALBUQUERQUE, NM (505) 266-se0.1
Accounting estimates are an integral part of the financial statements prepared by management
and are based on management's knowledge and experience about past and current events and
assumptions about future events. Certain accounting estimates are particularly sensitive because of their
significance to the financial statements and because of the possibility that future events affecting them
may differ significantly from those expected. The most sensitive estimate affecting the financial
statements was:
Management's estimate is foundation revenue receivable. We evaluated the key factors
and assumptions used to develop the receivable in determining that it is reasonable in
relation to the financial statements taken as a whole.
Dfficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in perforrning and
completing our audit.
Audit Adjustments
For the purposes of this letter, professional standards define an adjustment as a proposed
correction of the financial statements that, in our judgment, may not have been detected except through
our auditing procedures. An audit adjustment may or may not indicate matters that could have a
significant effect on the Academy's financial reporting process (that is, cause future financial statements
to be materially misstated). See attached schedule for a complete listing of all adjusting journal entries.
The Academy has approved all proposed audit adjustments. There were no audit adjustments that were
not recorded by the Academy.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a
financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could
be significant to the financial statements or the auditors' report. We are pleased to report that no such
disagreements arose during the course of our audit.
M an ag e m e nt R ep r e s e ntati o n s
We have requested cerlain representations from management that are included in the
management representation letter dated November 10, 2008.
M anag ement C onsultation s with Other Indep endent Accountants
In some cases, management may decide to consult with other accountants about auditing and
accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation
involves application of an accounting principle to the govemmental unit's financial statements or a
determination of the type of auditors' opinion that may be expressed on those statements, our
professional standards require the consulting accountant to check with us to determine that the
consultant has all the relevant facts. To our knowledge, there were no such consultations with other
accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and
auditing standards, with management each year prior to retention as the govemmental unit's auditors.
However, these discussions occurred in the normal course of our professional relationship and our
responses were not a condition to our retention.
This information
Westlake Academy and
specified parties.
November 10,2008
intended solely
not intended to
for the
be and
1S
lb
use of the Board of Trustees and management of
should not be used bv anvone other than these
Adjusting Entries By Entry Number
FY 2008
Westlake Academy 1U2/2008
Adjustment Adjusting Entries Must
be Approved by District.
APPROVED BY:Account Number CreditDebit
Adiustinq Entry Number: 1
199 - 00 -1290 -00 - 000 -8 -00 -000
199 - 00 -5744 -01 - 000 -8 -00 -000
Remarks; Adjust for rec not reversed from prior year
1?,411.09
12,441.00
225,338.00
538,605.00
244.00
i58,174.00
1,422,361.00
41,485.50
+t ias.so
532,850.00
225.00
12,441.00
36,484.00
225,338.00
40r506:00
847,844.00
15,000.00
2,500.00
17,500.00
(12,441.00)
(12,441.00)
(663.00)
(12,441.00)
(174,002.00)
(1,235,255.00)
(1A22,361.00)
Adjustinq Entrv Number: 2
990 -00-1011 -00 -000 -B
990 - 00 -1290 -00 - 000 -8
990 - 00 -1292 -00 - 000 -8
990 - 00 -2110 -00 - 000 -8
990 - 00 -2190 -00 - 000 -8
990 - 00 -3600 -00 - 000 -8
990 - 00 -5744 -00 - 000 -8
990 - 00 -6400 -00 - 000 -8
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
Remarks: Add Foundation
Adiustinq Entrv Number: 3
199 - 00 -1410 -00 - 000 -8 -00 -000
199 -71-65'19-00-999 -8 -99 -000
Remarks: To adjust principal pmt to prepaid
G1,485.50)
(41,485.50)
Adiustinq Entrv Number: 4
990 -00-1101 -00 -000 -B
990 - 00 -1290 -00 - 000 -8
990 - 00 -1292 -00 - 000 -8
990 - 00 -1280 -00 - 000 -B
990 - 00 -2110 -00 - 000 -8
990 - 00 -21 90 -00 - 000 -8
990 - 00 -5744 -00 - 000 -8
990 - 00 -6400 -00 - 000 -8
990 - 00 -3600 -00 - 000 -8
990 - 00 -1 101 -00 - 000 -B
990 -00-1011 -00 -000 -8
990 - 00 -2310 -00 - 000 -B
990 - 00 -3600 -00 - 000 -8
(120,539.00)
(244.00)
(2,175.00)
(41,453.00)
(417,589.00)
(225,338.00)
(40,506.00)
(847,844.00)
(8,280.00)
(2,500.00)
(6,720.00)
(17,500.00)
Remarks: Adjust Foundation
Adiusting Entrv Number: 5
990 - 00 -2310 -00 - 000 -8
990 - 00 -1290 -00 - 000 -B
990 - 00 -21 1 0 -00 - 000 -B
990 - 00 -5744 -00 - 000 -8
990 - 00 -6400 -00 - 000 -8
-00 -000
-00 -000
-00 -000
-00 -000
-00 -000
Remarks: Adjust for Foundation Changes
WESTLAKE ACADEMY
coMPoNENT trNIT OF THE TOWN OF WESTLAKE)
ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED AUGUST 31. 2OO8
TABLE OF CONTENTS
Certificate of Board
Independent Auditor's Report
Management's Discussion and Analysis
Basic Financial Statements
Government-wide Statements :
Statement of Net Assets
Statement of Activities
Governmental Fund Financial Statements;
Balance Sheet
Statement of Revenues, Expenditures, and Changes in Fund Balance
Statement of Fiduciary Net Assets
Notes to the Financial Statements
Required Supplementarv Information
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual - General Fund
Notes to Required Supplementary Information
Combininq Statements
Nonmaj or Governmental Funds :
Combining Balance Sheet
combining statement of Revenues, Expenditures, and changes in Fund Balances
Inter.nal Control Report
Report on Internal Control Over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements performed in
Accordance with Government Auditing Standards
(A
Exhibit
A-l
B-l
c-1
c-2
D-l
Paqe
I
z-.)
4-rl
t2
13-14
l5
t6
t7
t8-25
28 -29
30 - 3l
E-1
26
21
F-1
F-2
Westlake Academv
CERTIFICATE OF BOARD
Tarrant
CountyName of School
220-810
Co.-Dist. Number
We, the undersigned, certiff that the attached annual financial reports of the above-named school district were reviewed and
(check one) _ approved disapproved for the year ended August 3 1, 2008, at a meeting of the Board of Trustees of
such school district on the 8tr dav of December 2008.
Signature of Board Secretary Signature of Board President
If the Board of Trustees disapproved of the auditors' report, the reason(s) for disapproving it is (are):
(attach list as necessary)
PATTILLO. BROW
CERTIFIED PUBLIC ACCOUNTANTS
N & HILL,T-.r.p.
I BUSINESs CONSULTANTS
INDEPENDENT AUDITOR'S RBPORT
Board of Trustees
Westlake Academy
Members of the Board:
We have audited the accompanying financial statements of the governmental activities, the discretely presented
component unit, each major fund, and the aggregate remaining fund information of Westlake Academy (the "Academy") as
of and for the year ended August 31, 2008, which collectively comprise the Academy's basic financial statements as listed in
the table of contents. These financial statements are the responsibility of the Westlake Academy's management. Our
responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of Amerrca
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroiler
General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the linancial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the govemmental activities, the discretely presented component unit, each major fund and the aggregate
remaining fund information of the Westlake Academy as of August 3 1, 2008, and the respective changes in financial position
for the year then ended in confonnity with accounting principles generally accepted in the United States of America.
In accordance wilh Goyernment Auditing Standards, we have also issued our report dated Novernber 10, 2008, on
our consideration of the Academy's intemal control over financial reporting and on our tests of its compliance with cefiairl
provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe
the scope of our testing of intemal control over financial reporling and compliance and the results of that testing, and not to
provide an opinion on the intemal control over financial reporting or on compiiance. That repofi is ar.r integral part of an
audit performed in accordance with Government Autliting Standards and should be considered in assessing the results of our
audit.
The Management's Discussion and Alalysis and budgetary comparison information on pages 4 through T\ and 26,
are not a required part of the basic financial statements, but are supplementary information required by accounting principles
generally accepted in the United States of America, We have applied certain limited procedures, which consisted principally
of inquiries of management regarding the methods of measurement and presentation of the required supplementary
information. However, we did not audit the information and express no opinion on it.
z
I 15 SOUTH CHURCH STREET I HILLSBORO.TX 76645 I (254) 582-2583 I FAX: (254) 582-5731 I www pblrcpa.con.r
AFFILIATE OFFICES: BROWNSVILLE, TX (956) 544-7778 r TEMPLE, TX (254) l9't-3460
WACO, TX (2s4) 7124901 r ALBUQUERQUE, NM (sos) 266-s904
Our audit was conducted for the purpose of forming opinions on the basic financial statements that collectively
comprise the Westlake Academy's basic financial statements. The combining fund statements are presented for purposes of
additional analysis and are not a requfued part of the basic financial statements. The combining fund financial statements
have been subjected to the auditing procedures applied in the audit ofthe basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial statements taken as a whole.
lalL.B^* + Iw,I1P'
November 10.2008
WESTLAKE ACADEMY
(A COMPONENT LrNIT OF TOWN OF WESTLAKE)
MANAGEMENT'S DISCUSSION AND ANALYSIS
. On the government-wide financial statements, the assets of the Academy exceeded liabilities by
$634,454 (Net Assets). This is a decrease of $57,286 for the year ended August 31, 2008.
The Academy had $3,305,220 in expenses related to governmental activities of which $270,895 of these
expenses were offset by program-specific charges for services or grants and contributions. This is a total
expense increase of$632,522 over the prior year.
The General Fund reported a fund balance this year of $634,454, a decrease of $57,286 from the prior
year.
OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of three parts-management's discussion and analysis (this section), the basic financial
statements, and reqtired supplementary information. The basic financial statements include two kinds of statements that
present different views of the Academy:
AUGUST 31,2008
This section of Westlake Academy's (the "Academy") annual financial
Academy's financial performance during the fiscal year ended August
Academy's financial statements, which follow this section.
FINANCIAL HIGHLIGHTS
o The first two statements are government-wide financial
stcrtements that provide both long-tetm arrd short-term
information about the Academv's overall financial
status.
The remaining statements are fund finctncictl statements
that focus on individual parts of the government,
reporling the Academy's operations in more detail than
the govemment-wide statemenls.
. The gorernmentol .funds statements tell how
general gotternment services were financed in the
short term as well as what remains for fufure
spending.
report presents our discussion and analysis of the
31, 2008. Please read it in conjunction with the
Figure A-1, Required Components of the
Academy's Annual Financial Report
_i- __ l
a::---]l
lGovernment-wide I runo 11 %*
I
I Financial ll Financial ]l Ailz II Statements I Statements 1 -. I
| | \t* |1 ll ll sa*ne'zzc
II ll lL I
Summarv <".- -----'\ Detail
--r
The financial statements also include notes that explain some of the information in the financial statements and provide more
detailed data. The statements are followed by a section of required supplementary information that further explains and
supports the information in the financial statements. Figure A-1 shows how the required parts of this annual report are
arratged and related to one another.
Figure A-2 summarizes the major features of the Academy's financial statements, including the portion of the Academy
government they cover and the types of information they contain. The remainder of this overview section of management's
discussion and analysis explains the structure and contents of each of the statements.
Government-wide Statements
The govemment-wide statements report information about the Academy as a whole using accounting methods similar to
those used by private-sector companies. The statement of net assets includes all of the govemment's assets and liabilities.
All of the current year's revenues and expenses are accounted for in the statement of activities regardless of when cash is
received or paid.
The two government-wide statements report the Academy's net assets and how they have changed. Net assets-the
difference between the Academy's assets and liabilities-is one way to measure the Academy's financial health or position.
o Over time, increases or decreases in the Academy's net assets are an indicator of whether its financial
health is improving or deteriorating, respectively.
The government-wide financial statements of the Academy include the Governmental qctivities. Most of the Academy's
basic services are included here, such as instruction, extracurricular activities, curriculum and staff development, health
services, and general administration. State funds, donations and grants finance most of these activities.
Figure A-2
Maior features of the Academy's Government-wide and Fund Financial Statements
Type of Statement Government-wide Governmental Funds Proprietary Funds Fiduciary Funds
Scope
Entire government
(except fiduciary funds)
and the Acaderny's
cornponent units
The activities of the
Acaderny that are not
proprietary or tiduciary
Activities the Academy
operates similar to private
businesses i.e. self-
insurance
Instances in which the
Academy is the trustee or
agent for someone else's
resources
Requirecl Financial
Storcntents
Statel'nent of Net Assets,
Statement of Activities
Balancc Sheet, Statement
of Revenues,
Expenditures and Fund
Balances
Statement of Net Assets,
Statement ofRevenues,
Expenses and Changes in
Fund Net Assets,
Statemcnt of Cash Flows
Statement of Fiduciary
Net Assets, Statement of
Changes in Fiduciary Net
Assets
4ccounting bosis ond
tteas u rente nt .focus
Accrual accounting and
econornic lesources fbcus
Modiiled accrual
accounting and current
fi nancial resources focus
Accrual accounting and
economic resources focus
Accrual accounting and
economic resources tbcus
Types oJ' acco t r n tab i I i ty
inJbrmation
All asscts ancl liabilities,
both financial and capital,
shorl-tcrrn and long-tenn
Only assets expected to
be uscd up ancl liabilities
that becornc clue cluring
the year or soon
thereatter. No capital
assets included.
All assets and liabilities,
both tinancial ancl capital,
and shoft-tenn ancl long-
tenn.
All assets and liabilities
both short-terrn and long-
tenr; the Acaderny's
funds do not currently
include capital assets,
althoush thev can.
Ty p e s of I nfl o w' /o t r t fl o t+'
Information
All revenues and
expenses during year,
regardless ofwhen cash
receivcd or paid.
Revenue for which cash is
received during or soon
after the end ofthe year,
expenditures when goods
or services have been
received and payment is
due during the year or
soon thereafter.
All,revenues and
expenses during year,
regardless ofwhen cash is
received or paid.
All revenues and
expenses during year,
regardless ofwhen cash
received or paid.
Component Unit
The government-wide financial statements also present the activity of Westlake Academy Foundation, a discretely presented
component unit. The Foundation was organized exclusively for charitable and educational purposes and provides funds to
help support the Academy. During 2008, the Foundation contributed 8394,571 to the Academy to enhance educational
opportunities.
Fund Financial Statements
The fund financial statements provide more detailed information about the Academy's most significant funds-not the
Academy as a whole. Funds are accounting devices that the Academy uses to keep track of specific sources of funding and
spending for particular purposes.
Some funds are required by State law and by bond covenants.
The Board of Trustees establishes other funds to control and manage money for particular purposes or
to show that it is properly using certain taxes and grants.
Below are the three types of funds. The Academy had only "Governmental Funds" and "Fiduciary Funds" lbr the year ended
August 3 1, 2008.
Governmental funds-Most of the Academy's basic services are included in governmental funds,
which focus on (l) how cash and otherfinancial assets that can readily be converted to cash flow in
and out and (2) the balances left at year-end that are available for spending. Consequently, the
governmental fund statements provide a detailed short-term view that helps you determine whether
there are more or fewer financial resources that can be spent in the near future to finance the
Academy's programs. Because this information does not encompass the additional long-term focus of
the government-wide statements, we provide additional information at the bottom of the governmental
funds statement, or on the subsequent page, that explain the relationship (or differences) between them.
Fiduciaryfuzrds-Some schools are the trustee, orfiduciary, for certain funds. It is also responsible
for other assets that-because of a trust arrangement-can be used only for the trust beneficiaries.
These schools are responsible for ensuring that the assets reported in these funds are used for their
intended purposes. All of these f,rduciary activities are reported in a separate statement of fiduciary net
assets and a statement of changes in fiduciary net assets. These activities are excluded from the
school's government-wide financial statements because they cannot use these assets to finance their
operations.
Proprietary funds-(None at August 31, 2008). Services for which the Academy would charge
customers a fee are generally reported in proprietary funds. Proprietary funds, like the government-
wide statements. provide both lone and short-term financial information,
Internal Service funds to report activities that provide supplies and services for the Academy's
other programs and activities - such as a School's Selflnsurance Fund or Print Shop.
7
FINANCIAL ANALYSIS OF THE ACADEMY AS A WHOLE
Net assets. The Academy’s combined net assets were $634,454 at August 31, 2008. (See Table A-1).
Table A-1
Westlake Academy’s Net Assets
200820072008200720082007
Current assets786,170$ 775,572$ 758,188$ 225,338$ 1,544,358$ 1,000,910$
Other assets - - 410,011 338,851 410,011 338,851
Total assets 786,170 775,572 1,168,199 564,189 1,954,369 1,339,761
Current liabilities151,716 83,832 30,844 663 182,560 84,495
Due to Academy - - - 12,441 - 12,441
Total liabilities 151,716 83,832 30,844 13,104 182,560 96,936
Net assets:
Restricted41,486 17,216 1,069,587 523,612 1,111,073 540,828
Unrestricted 592,968 674,524 67,768 27,473 660,736 701,997
Total net assets 634,454$ 691,740$ 1,137,355$ 551,085$ 1,771,809$ 1,242,825$
Governmental ActivitiesComponent Unit ActivitiesTotals
Figure A-3
Westlake Academy
Sources of Revenue for Fiscal Year 2008
Charges for Services
1%
Gifts, Bequests &
Miscellaneous
14%Interest
1%
Operating Grants &
Contributions
7%
State Funding
77%
Changes in net assets. The Academy's total revenues were$.3,24J,934. A significant portion, 77o/o, of the Academy's
revenue came from state funding. (See Figure A-3). 7% of total revenues were from operating grants and contributions, 147o
from gifts, bequests and miscellaneous, 10lo from interest and 7oh from charges for services.
The total cost of all programs and services was $3,305,220;61To of these costs are for instructional and instructional related
costs'
Table A-3
Westlake Academy's Changes in Net Assets
Goven.rmental Activities Component Unit Activities Totals
200720082007200820082001
Revenues
Progtam revenues:
Charges for services
Operating grants and
contributions
General revenues:
Grants and contributions
non restricted
Investment eamings
Miscellaneous
Total revenues
Expenses
Instruction and instructional
related
Instructional leadershiP/
school administration
Guidance, social work,
health, transportation
Food services
Extracuricular activities
General administration
Plant maintenance and
security
Data processing serr ices
Community services
Progranr./suppoft servlces
Total Iiabilities
Increase in net assets
Beginning net assets
Encling net assets
2,s00,817 2,259,643
22,33s 23,644
4s3,887 402,766
3,247,934 2,936,718
-$
t,t92,301 1,108,013
619 ,221 '7 41 ,930
619,221 '741,930
s86,270 377,083
55 1 ,08s 17 4,002
s t.t37..lss $ 551.085- ':_:_:_:_:::' *-
42,839 $
228.0s6
R,s q?s
164,140
42,839
1,420,363
2,500,8 17
15 51q
453,8 87
2,011,334
154,123
r37,283
3 i,516
49,484
510,966
235,381
103,498
65,635
619,221
3,924,441
528,984
1,242,825
$_llz!,q!2
R< O?<
1)1)'751
2,259,643
23,644
413,766
r,'743,520
225,662
67,500
84,484
53,463
218,610
195,264
68,11'7
r 5,95 8
741,930
3,414,628
641, I 03
601,122
$_1212,82s
1 3,1 84
11,000
1,205,491 1,119,013 4,453,425 4,055,'731
2,011,334
t54"123
t3'7,283
31,516
49,484
5 10,966
235,3 81
103,498
65,63s
1,'743,520
225,662
67,500
84,484
53,463
2t8,670
195,264
68,1'/'7
15qsR
3,305,220
( 57,286)
691,7 40
$___!14,114
2,612,698
264,020
421,720
$ 691 ,740
Table A-4 (below) presents the cost of each of the Academy's largest functions as well as each function' s net cost (total cost
less fees generated by the activities and intergovernmental aid). The net cost reflects what was funded by state revenues as
well as local tax dollars
The cost of governmental activities this year was $3,305,220.
Some of the cost was paid by those who directly benefited from the programs' $42,839.
Bv srants and contributions $228,056'
Table A-4
Westlake Academy's Net Cost of Selected Functions
Total o/o Total %o
Total Cost of Services Change _ Net Cost of Services Change2008 200'7 2007-2008 2008 2007 2007_2008
Instruction s 1,922,927 $ 1,652,345 16.% $ l,'734,173 $ 1,515,830 14.%
School leadership 14t,828 216,472 ( 34.%) 134,333 204,940 ( 34.%\
Guidance, counceling
and evaluation services 112,350 41,998 16g.% l0g,45l 40,425 16g.%Generaladministration 510,966 218,610 134.% 496,714 212.5gg 134.%
Plant maintenance
and operations 235,381 195,264 21.% 235,381 195,264 zl.%
Dataprocessing services 103,498 68,177 52.% 100,1g2 66.g44 50.%
FINANCIAL ANALYSIS
Revenues from governmental fund tlpes totaled 53,247,934 with total governmental fund type expendifures totaling
$3.305.220.
General Fund Budgetary Highlights
Over the course ofthe year, the Academy revised its budget by increasing revenues by $289,13g and increasing expenditures
by $102,526. At year-end, actual expendifures were 514'1 ,698 below the amended budset.
ECONOMIC FACTORS AND NBXT YEAR'S BIIDGBTS
r General Fund revenues are budgeted to increase l2o/o over 2007-2008 actual revenues. This rise is
primarily attributable to the increase in student population.
r Increase in the Academy population by adding an eleventh grade for FY 2008-2009. Each year, the
Academy will expand one grade level until the Academy reaches K-12. With this expansion. the
student population is estimated to increase by 40 to 405.
o The Academy's 2009 refined average daily attendance is expected to be 403.20, up by 52.48 from Fy
2008. This is an increase of approximately l5Yo.
' Amounts available for appropriation in the General Fund budget are $3,495 thousand, an increase of
3.60/o over the final 2008 budget of $3,373 thousand. 75o/" of this increase is attributed to addition of
staff, teacher salary adjustments, and payroll related expenditures.
o General Fund operation spending per student decreased in the 2009 budget from $8,836 to $8,631.
This2%" decrease can be attributed to several factors:
o Additional students for FY 2008-2009
o Academy's core staff was already in place and only a few additional staff members were
necessary. None of these positions are supported by additional student frinds and the additional
employees do not bring an increase in student numbers.. FulltimeAdministrative Coordinator
' Physical Education teacher. Spanish teacher
' Nursing and secondary counseling positions were increased from part-time to full timer Part-time Diploma Program (DP) Coordinatorr Part-time teacher for Theory of Knowledge (TOK) and Creativity, Action & Science
(CAS) for the secondary section
o Seven international stipends were paid in FY 2007-2008 and only three budgeted for FY 2008-
2009.
o In FY 2007 -2008 the recruitment of a new Head of School (HOS) necessitated a transition period
during which the outgoing HOS and incoming HOS were both paid concurrently for
approximately 1.5 months.
o Recruitment of incoming HOS included a moving allowance in the prior hscal year
r If the FY 2008-2009 budget estimates are realized, the Academy's General Fund's budgetary fund
balance is expected to decrease approximately $127 thousand by the close ofFY 2009.
ACHIBVEMENTS DURING FISCAL YEAR 2007-2008:
r The Diploma Program (DP) received IB Authorizalion, making the Academy the only school in Texas
to have all three: Primary Year Program (PYP), Middle Year Program (MYP) and DP programs.
. Westlake Academy held the first MYP graduation in the state of Texas.
r Achieved TEA Exemplaty ratitg.
. Gold Medalist School in 7 out of 8 possible categories: Reading, Writing, Math, Science, Social
studies, Improvement in Reading and Attendance.
r Held third student exchange visit with Greengates School in Mexico.
r Increased the number of sports teams during FY 2001-2008 .
o Organized CLT - Campus Leadership Team made up of parents, students, Board members, staff and
members ol the community.
o The "Black Co#' was again named one of the top school newspapers and won 47 awards at the annual
UIL conference, the most of any school in Texas.
r Organized a Math and Science Team with two students winning state awards.
o Organized a Word Masters team for grade 6 sfudents.
o Increased the number of residential field trips and made one of them a selice project.
o Increased the number and scope of student initiated service projects.
o A faculty member was selected to be a faculty member of People to People and traveled to New
Zealand and Australia with a group of teenagers.
r IBO/PYP Candidate schools are being sent to visit Westlake Academy as a model.
r Westlake Academy is among the 14 highest performing Texas Charter Schools.
o Westlake Academy students continued to score very high with many scoring at the Post High School
Level on the Standard Achievements Tests.
o MYP Students competed at the MUN (Model United Nations) competition.
. Three students chosen as winners and published as part ofa poetry contest.
. Became test site for PSAT with a number of Westlake Academy students scoring well above the state
and national norrns.
. The waiting list continues to grow, 1,265 students to date.
l0
CONTACTING THE ACADEMY'S FINANCIAL MANAGBMENT
This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors with a general
overview of the Academy's finances and to demonstrate the Academy's accountability for the money it receives. If you have
questions about this report or need additional financial information, contact the Academy/Town Finance Director, Debbie
Piper, at 8171490-5712, or by writing #3 Village Circle, Suite 202, Westlake, Texas 76262.
11
EXHIBIT A-1
WESTLAKE ACADEMY
STATEMENT OF NET ASSETS
AUGUST 31,2008
1
Primary
Govemment
Govemmental
Activities
4
Corrponent Unit
Data
Contlol
Codes
WA
Foundation
ASSETS
1110 Cash and Cash Equivalents
ll20 Currentlnvestments
r24o Due from Other Governments
1290 Other Receivables, net
1410 Deferred Expenses
1000 Total Assets
LIABILITIES
2110 Accounts Payable
2160 Accrued Wages Payable
2200 Accrued Expenses
2300 Deferred Revenues
Total Liabilities
NET ASSETS
3890 Restricted for Other Purposes
39oo Unrestricted Net Assets
Total Net Assets
The notes to the financial statements are an integral pan of this statement.
1a
65,952
600,262
72,',720
5,150
41.486
758,188
410,011
186,110 1,1 68, I 99
100,2'7 5
50,309
7,132
?5 506
2000
3000
t51,116 30,844
l,069,5g'7
67,168
674454 q I t17155
41 49.6
592,968
WESTLAKE ACADEMY
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED AUGUST 31. 2OO8
I
Expenses
Program Revenues
Data
Control
Codes
3
Chatges for
Services
4
Opemting
Grants and
Contributions
Primary Government:
GOVERNMENTAL ACTIVITIES :
l1 Instruction
12 Instructional Resources and Media Services
13 Curriculum and Instructional Staff Development
21 Instructional Leadership
23 School Leadership
31 Guidance, Counseling and Evaluation Services
33 Health Services
35 Food Services
36 Extracurricular Activities
41 General Administration
51 Plant Maintenance and Operations
5l Data Processing Services
6l Community Services
[TP] TOTAL PRIMARY GOVERNMENT:
Component Unit:
1c MajorComponentUnit
lTCl TOTAL COMPONENT UNrr:
1,922,927
60,9t4
33,493
t2,295
141,828
112,3s0
24,933
31,516
49,484
5l 0,966
215 1Rt
103,498
7 '0:2 $
zz,slz
1) ))a
t8t,'712
3,636
5,750
793
'7 495
3,899
1,'716
'784
726
14 )\')
l,lto
3,9'77
? 105 ??O 42,839 $228,0s6
$
s
6t9,221
619,221
Data
Control General Revenues:
Codes I axes:
GC Grants and Contributions not RestrictedlE Investment EarningsMl Miscellaneous Local and Intermediate Revenue
TR Total General Revenues
CN Change in Net Assets
NB Net Assets--Beginning
1,192,307
t,192,307
NE Net Assets--Endins
The notes to the financial statements are an integral part of this statement.
13
EXHIBIT B-1
Net (Expense) Revenue and
Changes in Net Assets
6
Primary Govemment
Govemrnental
Activities
9
Cornponent Unit
WA
Foundation
(1,734,173)
(s7,278)
(27,743)
( 1 r ,502)
( r 34,333)
(r08,4sl)
(23,217)
(7,160)
(48,7s8)
(496,714)
(23s,381)
( r 00,1 82)
(4e,433)
(3,034,32s)
-
571 0RA
$
2,500,817
453,887
2,977,039
(57,286)
691,740
634,454
573,0!q
r:, r s+
1 3,1 84
586,210
551,085
I , 13 7,355
IAIT
EXHIBIT C-1
WESTLAKE ACADEMY
BALANCE SHEET
GOVERNMENTAL FLTNDS
AUGUST 31,2008
Data
Control
Codes
l0
Geneml
Fund
Other
Funds
Total
Govemmental
Funds
1110
1120
1240
1290
1410
I 000
ASSETS
Cash and Cash Equivalents
Investments - Current
Due from Other Governments
Other Receivables
Prepaid Expenditures
Total Assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable
Accrued Wages Payable
Accrued Expenditures
Total Liabilities
Fund Balances:
Reserved For:
Prepaid Items
Unreserved and Undesignated:
Reporled in the General Fund
Total Fund Balances
4000 Total Liabilities and Fund Balances
782.864 $1105 q 186,110
63,952 8
600,262
71,414
5 750
41,486
2,000
1,306
65,952
600,262
12,',720
5,7 50
41,486
2tl0
2160
2200
2000
98,275 S
49,118
I,017
2,000 $
1,191
ll5
100,27 5
50,309
1,132
r48,410 $3,306 $151.,7 16
3430 41,486 $
592,968
41,486
592,9683600
3000 634,454 S 634,4s4
182,864 $3,306 $786,110
The notes to the financial statements are an integral part of this statement
15
EXHIBIT C-2
WESTLAKE ACADEMY
STATEMENT OF REVENUES, EXPENDiTURES, AND CHANGES IN FLTND BALANCE
GOVERNMENTAL FIINDS
FOR THE YEAR ENDED AUGUST 31, 2OO8
Data
Control
Codes
l0
Geneml
Fund
Other
Funds
Total
Govenrrlental
Funds
REVENUES:
5700 Total Local and Intermediate Sources
5800 State Program Revenues
5900 Federal Prosram Revenues
5020 Total Revenues
EXPENDITURES:
Current:
001 I Instruction
0012 Instructional Resources and Media Servrces
0013 Curriculum and Instructional Staff Development
0021 InstructionalLeadership
oo23 School Leadershio
0031 Guidance, Counseling and Evaluation Services
oo33 Heaith Services
0035 Food Services
0036 ExtracurricularActivities
004 | General Administration
0051 Facilities Maintenance and Operations
0053 Data Processing Services
006 1 Community Services
6030 Total Expenditures
12oo Net Change in Fund Balances
0100 Fund Balance - September 1 (Beginning)
519,061 $
2,649,90'/
-$
)7 717
<< 1q1
51 9,061
2,6'73,680
55,1 93
3,168,968 78,e66 7 )41 q74
1 ,849,1 11
60,914
)'7 747
1? 2q5
141,828
1 12,350
?4 q11
31,516
49,484
510,966
235,381
103,498
65,635
3,226,254
'77 )14
s,iso
t,922,92',7
60,914
33,493
t2,295
141,828
1 12,350
)4 977
31,516
49,484
5 10,966
235,3 81
103,498
65,63s
'78,966 3,305,220
(s7,286)
69t.740
(s7,286)
691,'740
Fund Balance - August 31 (Ending)634,4s4 $
The notes to the financial statements are an integral pat of this statement.
16
634,454
EXHIBIT D-I
WESTLAKE ACADEMY
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
AUGUST 31.2008
Agency
Fund
ASSETS
Cash and Cash Equivalents $ 46,187
Investments - Current 17,406
TotalAssets S o: iS:: "'"
LIABiLITIES
Accounts Payable $ 4,033
Due to Student Groups 59,560
Total Liabilities S g:.SS:
The notes to the financial statements are an integral part of this statement.
17
WESTLAKE ACADEMY
(A COMPONENT UNrT OF THE TOWN OF WESTLAKE)
NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31,2OO8
I.SUMMARY OF' SIGNIFICANT ACCOTINTING POLICIES
A. Reportine Entity
Westlake Academy (the "Academy"), a blended component unit of the Town of Westlake (the "Town"), is a
Texas nonprofit Corporation under Chapter 12, Subchapter D of the Education Code to provide education. The
Board of Trustees (the "Board") consists of five trustees and is appointed by the Town's governing body.
Currently, all members of the Board are members of the Town's governing body. The Academy prepares its
basic financial statements in conformity with generally accepted accounting principles promulgated by the
Governmental Accounting Standards Board (the "GASB") and other authoritative sources identified in
Statement on Auditing Standards No. 69 of the American Institute of Certified Public Accountants; and it
complies with the requirements of the appropriate version of Texas Education Agency's Financial
Accountability System Resource Guide (the "Resource Guide") and the requirements of contracts and grants of
agencies from which it receives funds.
The Board is appointed by the governing Board of the Town and it has the authority to make decisions, appoint
administrators and managers, and significantly influence operations. It also has the primary accountability for
fiscal matters. Therefore, the Academy is a financial reporting entity as defined by the GASB in its Statement
No. 14, "The Financial Reporting Entity."
The Academy's basic financial statements include a separate governmental entity that is controlled by or
dependent on the Academy. The determination to include separate governmental entities is based on the criteria
of GASB Statement No. 14, "The Financial Reporting Entity" as amended by GASB Statement No. 39,
"Determining Whether Certain Organizations Are Component Units." GASB defines the reporting entity as the
primary govemment and those component units for which the primary government is financially accountable.
To be financially accountable, a voting majority of the component unit's ruling body must be appointed by the
primary government, and either (a) the primary government must be able to impose its will, or (b) the primary
government may potentially benefit financially or be financially responsible for the component unit.
The Westlake Academy Foundation (the "Foundation") is a 501(c)3 nonprofit organization which was
established exclusively for the purposes of supporting the Academy. This includes fundraising for and
contributing raised funds to the Academy. The Foundation has been discretely presented in the accompanying
financial statements and reported in a separate column to emphasize that it is legally separate from the
Academy. See Note II E for additional information reiating to the Foundation. Separate audited financial
statements of the Foundation are available from the Academv/Town Finance Director's office. #3 Villase
Circle. Suite 202, Westlake, Texas 76262.
B. Government-wide and Fund Financial Statements
The Statement of Net Assets and the Statement of Activities are government-wide financial statements. They
report information on all of the Academy's nonfiduciary activities with most of the interfund activities removed.
Governmental activities include programs supported primarily by state and federal grants, the Foundation, and the
Town. The Academy has no business-t1pe activities that rely to a significant extent, on fees and charges for
support.
(continued)
18
I.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Government-wide and Fund Financial Statements (Continued)
Neither fiduciary funds nor component units that are fiduciary in nafure are included.
The Statement of Activities demonstrates how other people or entities that participate in programs the Academy
operates have shared in the payment of the direct costs. Direct expenses are those that are clearly identifiable
with a specific function or segment. The "charges for services" column includes payments made by parties that
purchase, use, or directly benefit from goods or services provided by a given function or segment of the
Academy. The primary example is school lunch charges. The "grants and contributions" column includes
amounts paid by organizations outside the Academy to help meet the operational or capital requirements of a
given function. Examples include grants under the Elementary and Secondary Education Act. If revenue is not
program revenue, it is general revenue used to support all of the Academy's functions.
Interfund activities between govefirnental funds appear as due to/due from on the Governmental Fund Balance
Sheet and as other resources and other uses on the Governmental Fund Statement of Revenues, Expenditures
and Changes in Fund Balance. All interfund transactions between governmental funds are eliminated on the
government-wide statements. Interfund activities between governmental funds and fiduciary funds remain as
due toldue from on the govemment-wide Statement of Activities.
The fund financial statements provide reports on the financial condition and results of operations for three fund
categories - govemmental, proprietary, and hduciary. Since the resources in the fiduciary funds cannot be used
for Academy operations, they are not included in the govemment-wide statements. The Academy considers some
govemmental funds major and reports their financial condition and results of operations in a separate column.
Measurement Focus. Basis of Accounting and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources meesurement focus and
the accrual basis ofaccounting. Revenue is recorded when earred and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as
soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources measurement .focus
and the modiJied accrual basis of accounting. With this measurement focus, only current assets, curent
liabilities and fund balances are included on the balance sheet. Operating statements of these funds present net
increases and decreases in current assets (i.e. revenues and other financing sources and expenditures and other
financing uses).
The modified accrual basis of accounting recognizes revenues in the accounting period in which they become
both measurable and available and it recognizes expenditures in the accounting period in which the fund
liability is incurred, if measurable. The expenditures related to certain compensated absences and claims and
judgments are recognized when the obligations are expected to be liquidated with expendable available
financial resources. The Academy considers all revenues available if they are collectible within 60 days after
year-end.
Miscellaneous revenues are recorded as revenue when received in cash because they are generally not
measurable until actually received. Investment earnings are recorded as earled, since they are both measurable
and available.
Grant funds are considered to be earned to the extent of expendifures made under the provisions of the grant.
Accordingly, when such funds are received, they are recorded as deferred revenues until related and authorized
expenditures have been made. If balances have not been expended by the end of the project period, grantors
sometimes require the Academy to refund all or part of the unused amount.
(continued)
l9
B.
C.
I. SIIMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Measurement Focus. Basis of Accounting and Financial Statement Presentation (Continued)
The proprietary fund tlpes and fiduciary funds are accounted for on a flow of economic resources measurement
focus and utilize the accrual basis of accounting. This basis of accounting recognizes revenues in the
accounting period in which they are earned and become measurable and expenses in the accounting period in
which they are incurred and become measurable. The Academy applies all GASB pronouncements as well as
the Financial Accounting Standards Board pronouncements issued on or before November 30, 1989, unless
these pronouncements conflict or contradict GASB pronouncements. With this measurement focus, all assets
and all liabilities associated with the operation of these funds are included on the fund Statement of Net Assets.
The fund equity is segregated into restricted net assets, and unrestricted net assets.
The Academy reports the following major governmental fund:
The General Fund is the Academy's primary operating fund. It accounts for all financial
resources except those required to be accounted for in another fund.
Additionally, the Academy reports the following fund types:
The Speciul Revenue Funds account for resources restricted to, or designated for, specific
purposes by the Academy or a grantor in a Special Revenue Fund. Most federal and some state
financial assistance is accounted for in a Special Revenue Fund and sometimes unused balances
must be refurned to the grantor at the close ofspecified project period.
Agency Funds account lbr resources held for others in a custodial capacity. Fiduciary funds are
reported in the fiduciary fund financial statements. However, because these assets are not
available to support Academy programs, these funds are not included in the government-wide
statements. The Academy's Agency Fund is a Student Activity Fund.
D. Other Accountins Policies
1. For purposes of the statement of cash flows for proprietary and similar fund types, the
Academy considers highly liquid investments to be cash equivalents if they have a maturity of
three months or less when purchased.
2. It is the Academy's policy to permit some employees to accumulate eamed but unused
vacation and sick pay benefits. There is no liability for unpaid accumulated sick leave since
the Academy does not have a policy to pay any amounts when employees separate from
service with the government. A11 vacation pay is accrued when incured in the government-
wide financial statements. A liability for these amounts is reported in governmental funds
only if they have matured, for exarnple, as a result of employee resignations and retirements.
3. The Academy provides health insurance for its employees through TRS-Active-Care. The
Academy meets its obligations for workers' compensation insurance through Utica National
Insurance Group.
4.In the fund financial statements, govemmental funds report reservations of fund balance for
amoun'ts that are not available for appropriation or are legally restricted by outside parties for
use for a specific purpose. Designations of fund balance represent tentative management
plans that are subject to change.
When the Academy incurs an expense for which it may use either restricted or unrestricted
assets, it uses the restricted assets first unless unrestricted assets will have to be retumed
because they were not used.
(continued)
20
I.SIIMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Other Accountins Policies (Continued)
6. The Academy is exposed to various risk of loss related to torts, theft of, damage to and
7.
destruction of assets; errors and omissions; injuries to employees; and nafural disasters.
During fiscal year 2008, the Academy purchased commercial insurance to cover general
liabilities. There were no settlements exceeding insurance coverage in the current fiscal year.
During the year ended August 3l , 2008, employees of the Academy were covered by a health
insurance plan (the "Plan"). The Academy paid premiums of $300 per month per employee
working over 30 hours per week to the Plan. Employees, at their option, authorize papoll
withholdings to pay premiums for dependents. All premiums were paid to a licensed insurer.
The Plan was authorized by Article 3.51-2, Texas lnsurance Code and was documented by
contracfual agreement.
The Data Control Codes refer lo the account code structure prescribed by TEA in the
Financial Accountability System Resource Guide. Texas Education Agency requires the
Academy to display these codes in the financial statements filed with the Agency in order to
insure accuracy in building a statewide database for policy development and funding plans.
DETAILED NOTES ON ALL FUNDS
A. Deposits and Investments
The funds of the Academy must be deposited and invested under the terms of a contract, contents of which are
set out in the Depository Contract Law. The depository bank places approved pledged securities for
safekeeping and trust with the Academy's agent bank in an amount sufficient to protect Academy funds on a
day-to-day basis during the period of the contract. The pledge of approved securities is waived only to the
extent of the depository bank's dollar amount of Federal Deposit Insurance Corporation C'FDIC") insurance.
At August 31, 2008, the carrying amount of the Academy's deposits (cash, certificates of deposit, and interest-
bearing savings accounts included in temporary investments) was $ 1 12,139 and the bank balance was $1 11 ,7 66.
The Public Funds Investment Act (Government Code Chapter 2256) contains specific provisions in the areas of
investment practices, management reports and establishment of appropriate policies. Among other things, it
requires the Academy to adopt, implement, and publicize an investment policy. That policy must address the
following areas: (1) safety of principal and liquidity, (2) poftfolio diversification, (3) allowable investments, (4)
acceptable risk levels, (5) expected rates of return, (6) maximum allowable stated maturity of portfolio
investments, (7) maximum average dollar-weighted maturity allowed based on the stated maturity date for the
portfolio, (8) investment staff quality and capabilities, and (9) bid solicitation preferences for certihcates of
deposit. Stahrtes authorize the Academy to invest in (1) obligations of the U. S. Treasury, certain U. S.
agencies, and the State of Texas; (2) certificates of deposit, (3) certain municipal securities, (4) money market
savings accounts, (5) repurchase agreements, (6) bankers acceptances, (7) mutual funds, (8) investment pools,
(9) guaranteed investment contracts, and (10) common trust funds. The Act also requires the Academy to have
independent auditors perform test procedures related to investment practices as provided by the Act. The
Academy is in substantial compliance with the requirements of the Act and with local policies.
The carrying value of investments at August 31, 2008, was $617,668 (Texas Local Government Investment
Pool). Local government investment pools operate in a manner consistent with the SEC's Rule 2ai of the
Investment Company Act of 1940. Local government investment pools use amortized cost rather than market
value to report net assets to compute share prices. Accordingly, the fair value of the position of these pools is
the same as the value of the shares in each pool.
(continued)
2l
8.
[.
II. DETAILED NOTES ON ALL FTINDS (Continued)
A. Deposits and Investments (Continued)
TexPool is organized in conformity with the Interlocal Cooperation Act, Chapter 791 of the Texas Government
Code, and the Public Funds Investment Act, Chapter 2256 of the Texas Government Code. The Texas
Comptroller of Public Accounts is the sole officer, director and shareholder of the Texas Treasury Safekeeping
Trust Company, which is authorized to operate TexPool. In addition, the TexPool Advisory Board advises on
TexPool's Investment Policy. This Board is composed equally of participants in TexPool and other persons
who do not have a business relationship with TexPool who are qualified to advise TexPool. Texpool is subject
to annual review by an independent auditor consistent with the Public Funds Investment Act. In addition,
TexPool is subject to review by the State Auditor's office and by the Internal Auditor of the Comptroller's
olhce.
In compliance with the Public Funds Investment Act, the Academy has adopted a deposit and investment
policy. That policy does address the following risks:
1. Custodial Credit Risk - Deposits: This is the risk that in the event of bank failure, the
Academy's deposits may not be returned to it. The Academy was not exposed to custodial
credit risk since its deposits at year-end and during the year ended August 31, 2008, were
covered by depository insurance or by pledged collateral held by the Academy's agent bank
in the Academy's name.
Custodial Credit Risk Investments: This is the risk that, in the event of the failure of the
counterparty, the Academy will not be able to recover the value of its investments or
collateral securities that are in the possession of an outside party. Investments are subject to
custodial credit risk only if they are evidenced by securities that exist in physical or book
entry form. Thus positions in external investment pools are not subject to custodial credit risk
because they are not evidenced by securities that exist in physical or book entry form.
Other Credit Risk: There is the risk that an issuer or other counterparty to an investment willnot fulfill its obligations. To minimize credit risk, TexPool invests only in investments
authorized under the Public Funds Investment Act. As of August 31, 2008, Texpool's
investments credit quality rating was AAAm (Standard & poor's).
B. Due from Other Governments
The Academy participates in a variety of federal and state programs from which it receives grants to partially orfully finance certain activities. Amounts due from federal and state governments as of August 31,200g, are
summarized below. All federal grants shown below are passed through the TEA and are reported on the
financial statements as Due from Other Governments.
2.
3.
Fund
State
Entitlements
$ 71,414
Federal
Grants Total
General
Special revenue
Total
$ 71,414
1,306
s____l_L4l!_ $_____u!q $___12t4
(continued)
22
il.DBTAILED NOTES ON ALL FUNDS (Conrinued)
C. Revenue from Local and Intermediate Sources
During the current year, revenues from local and intermediate sources
statements consisted of the followins;
as reported on Exhibit C-2 of the fund
Gifts and bequests
Food sales
Interest
Total
General Fund
8 473,1.54
)1 51t
/ / aa\
$ 519,061
D.
E.
Donated Use of Facilities
The Academy currently operates in facilities that are capital assets of the Town. The Academy is not required
by the Town to pay rent for the use of those facilities.
Component Unit Activitv
Major classes of assets, liabilities, net assets, revenues and expenses for the Foundation are reported
below for the fiscal year ended August 31, 2008.
Condensed Statement of Net Assets
Assets
Cash and cash equivalents
Other assets, net
Total assets
Liabilities
Net assets
Restricted
Unrestricted
Total net assets
$ 758,188
41 0,01 I
1,168,199
30,944
1,069,587
67,168
q l r?7 ?{5
(continued)
z.)
il.DETAILED NOTES ON ALL FtiNDS (Continued)
E. Component Unit Activity (Continued)
Statement of Activities
Gallery night
Apprentice sponsors
Capital campaign
Endowment
Interest
Management and general
Totals
Beginning net assets
Ending net assets
Revenues Exoenses
245,410
4ll,l99
534,t87
1,51 1
13,184
16,517
s 1.205.491 s 619,22r
111,47 1
394,511
36,602
Total
$ 133,939
16,628
497,585
13,194
( 7 6,577)
586,210
55 1,085
$_____1,]_?Z,3IL
The Foundation contributed$394,571to the Academy during the fiscal year ended August 31,2008.
F. Defined Benefit Pension Plan
Plan Description. The Westlake Academy contributes to the Teacher Retirement System of Texas (TRS), a
cost-sharing multiple employer defined benefit pension plan. TRS administers retirement and disability
annuities, and death and survivor benefits to employees and beneficiaries of employees of the public school
systems of Texas. It operates primarily under the provisions of the Texas Constitution, Arlicle XVI, Sec. 67,
and Texas Govemment Code, Title 8, Subtitle C. TRS also administers proportional retirement benefits and
service credit transfer under Texas Government Code, Title 8, Chapters 803 and 805, respectively. The Texas
state legislature has the authority to establish and amend benefit provisions of the pension plan and may, under
certain circumstances, grant special authority to the TRS Board of Trustees. TRS issues a publicly available
financial report that includes financial statements and required supplementary information for the defined
benefit pension plan. That report may be obtained by writing to the TRS Communications Department, 1000
Red River Street, Austin, Texas 78101 , by calling the TRS Communications Department at 1-800-223-8118, or
by downloading the repofi from the TRS Internet website, www.trs.state.tx.us, under the TRS Publications
heading.
Funding Policy. Contribution requirements are not actuarially determined but are established and amended by
the Texas state legislature. The state funding policy is as follows: (1) The state constitution requires the
legislature to establish a member contribution rate of not less than 6.0% of the member's annual compensation
and a state contribution rate of not less than 6.0o/o and not more thanT0o/o of the aggregate annual compensation
of all members of the system; (2) A state statute prohibits benefit improvements or contribution reductions if, as
a result of a particular action, the time required to amortize TRS' unfunded actuarial liabilities would be
increased to a period that exceeds 31 years, or, ifthe amorrization period already exceeds 31 years, the period
would be increased by such action. State law provides for a member contribution rate of 6.40/o for fiscal year
2008,2001 and 2006, and a state contribution rate of 6.58% for fiscal year 2008 and 6.0o/o for fisca1 year 2007
alrd 2006. In certain instances the reporting district is required to make all or a portion of the state's 6.58%
contribution for fiscal year 2008 and 6.00o/o for fiscal years 2007 and2006. State contributions to TRS made on
behalf of the Westlake Academy's employees for the years ended August 31, 2008, 2007 ar'd 2006 were
$ I 49,090, $ 1 08, 1 3 1, and $94,19 4, respectively.
(continued)
24
il. DETAILED NOTES ON ALL FUNDS (Continued)
G. Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect certain repoded
amounts and disclosures. Accordingly, actual results could difler from those estimates.
The amount of state foundation revenue a school district earns for a year can and does vary until the time when
final values for each of the factors in the formula become available. Av'ailability can be as late as midway into
the next fiscal year. It is at least reasonably possible that the foundation revenue estimates as of August 31,
2008, will change.
25
EXHIBIT E-1
WESTLAKE ACADEMY
STATEMENT OF REVENUES, EXPENDITIIRES, AND CHANGES IN FUND BALANCE
BUDGET AND ACTUAL - GENERAL FI.IND
FOR THE YEAR ENDED AUGUST 31, 2OO8
Data
Control
Codes Original
Budgeted Amounts
Actual Amounts Variance With
(GAAP BASIS) Final Budget
Positive or
(Negative)
REVENUES:
5700 Total Local and Intermediate Sources
5800 State Program Revenues
5020 Total Revenues
EXPENDITURES:
Current:
Instruction
Instructional Resources and Media Services
Curriculum and Instructional Staff Development
Instructional Leadership
School Leadership
Guidance, Counseling and Evaluation Services
Health Serwices
Food Services
Extracurricular Activities
General Administration
Facilities Maintenance and Operations
Data Processing Services
Community Services
Debt Service:
0071 Debt Service - Principal on Long Term Debt
6030 Total Expenditures
1200 Net Change in Fund Balances
0100 Fund Balance - September 1 (Beginning)
3000 Fund Balance - August 31 (Ending)
2,951,311 3,240,449 3,168,968
s93,498 $
2,35'7,813
539,652 $
2,700,797
519,061
2,649,907
(20,se1)
(50,8e0)
(7 1 ,48 1)
001 I
0012
0013
002 I
0023
003 1
0033
003s
0036
0041
005 1
0053
0061
1,956,274
70,317
26,000
10,968
132,396
r11,926
25,248
9s,91 8
5 8,305
401,373
233,3 81
82,401
66.919
|,925,t34
'71,470
)q )1\
12,'776
146,0',79
11'7,272
26,426
33,489
50,125
509,152
245,000
98,796
66,958
42,000
1,849,711
60,914
)'7 '741
1' ?q5
141 ,828
112,350
?4 qtl
31,516
49,484
510,966
235,3 81
103,498
65,635
'7\ 4)1
10,556
48r
4,251
4,922
1,493
1,9'73
641
( 1,814)
9,619
(4,102)
r,323
42,000
3,211,426 I 171 q5?3,226,2s4 l4'7.698
(320,1 15)
691,'740
( 1 33,s03)
69t,',l40
(s],286)
691,740
'76,217
3'71 .625 S ss8,237 S 634,454 76,2r7
26
WESTLAKE ACADEMY
(A COMPONENT UNIT OF THE TOWN OF WESTLAKE)
NOTES TO REQUIRED SUPPLBMENTARY INFORMATION
AUGUST 31.2008
Budgetarv Information
The Board adopts an "appropriated budget" on a GAAP basis for the General Fund. The Academy is required to present
the adopted and final amended budgeted revenues and expenditures for this fund. The General Fund budget appears in
Exhibit E-1.
The following procedures are followed in establishing the budgetary data reflected in the basic financial statements:
l. Prior to August 25 of the preceding fiscal year, the Academy prepares a budget for the next succeeding
fiscal year beginning September 1. The operating budget includes proposed expenditures and the
means of financing them.
2. A meeting of the Board is then called for the purpose of adopting the proposed budget.
3. Prior to September I, the budget is legally enacted through resolution by the Board. Once a budget is
approved, it can only be amended at the object function and fund level by approval of a majority of the
members of the Board. Amendments are presented to the Board at its regular meetings. Each
amendment made before the fact, is reflected in the official minutes of the Board, and is not made after
fiscal year-end.
4. Budgeted amounts are amended by the Board. All budget appropriations lapse at year-end
5. For the year ending August 31, 2008, expenditures exceeded appropriations in the following functions:
General Administration and Data Processing Services. These over expenditures were funded by under
expenditures in various other functions.
27
WESTLAKE ACADEMY
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
AUGUST 31,2OO8
Data
Contlol
Codes
224
IDEA - Part B
Formula
397 411
Advanced
Placement Technology
Incentives Allotment
ASSETS
11lo Cash and Cash Equivalents
1240 Due from Other Governments
1000 Total Assets
LIABILITIES AND FLIND BALANCES
Liabilities:
2ll0 Accounts Payable
2160 Accrued Wages Payable
2200 Accrued Exoenditures
2000 Total Liabilities
Total Liabilities and Fund Balances
2,000 $
1,306
1,306 $2,000 $
2,000 $
l,l9l
115
2,000
2,000 $
28
EXHIBIT F-l
428
High School
Allotrnent
rotui
Nonrr-rajor
Govemmental
Funds
s 2,000
1,306
s 3.306
-$
-$
2,000
1,191
115
3,306
3,306
29
Data
Control
Codes
WESTLAKE ACADEMY
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED AUGUST 31. 2OO8
224
IDEA - Part B
Formula
397 4ll
Advanced
Placement Technology
Incentives Allotment
REVENLIES:
5800 State Program Revenues
5900 FederalProgramRevenues
5020 Total Revenues
EXPENDITURES:
Current:
001I Instruction
0013 Curriculum and Instructional Staff Development
6030 Total Expenditures
1200 Net Change in Fund Balance
0100 Fund Balance - September I (Beginning)
3000 Fund Balance - August 3l (Ending)
-$
55, I 93
s'7:0 $10,420
55,193 5,750 10,420
55,193
s,lso
10,420
10,42055, I 93 5,750
30
EXHIB]T F-2
428 Total
Nonmajor
HighSchool Govemmental
Allolrnent Funds
7,603 ) 1 '71\
55, I 93
'7,603 18,966
1,603 73,216
sJsy
78,9667,603
ll
PATTILLO, BROWN & HILL,L.I-.R
CERTIFIED PUBLIC ACCOUNTANTS T BUSINESS CONSULTANTS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON
COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
G O VE RNME IVT A UD I TI IV G S TA NDARD S
Board of Trustees
Westlake Academy
Members of the Board:
We have audited the accompanying financial statements of the governmental activities, the discretely presented
component unit, each major fund, and the aggregate remaining fund information of Westlake Academy (the "Academy") as
of and for the year ended August 31, 2008, which collectively comprise the Academy's basic financial statements and have
issued our report thereon dated November 1 0. 2008. We conducted our audit in accordance with auditing standards generally
accepted in the United States of America and the standards applicable to financial audits contained in Govet'nment Auditing
Standards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Academy's internal control over financial reporting as a
basis for designing our auditing procedures for the pu{pose ofexpressing our opinions on the financial statements, but not for
the purpose of expressing an opinion on the effectiveness of the Academy's internal control over financial reporting.
Accordingly, we do not express an opinion on the effectiveness of the Academy's internal control over financial reporting.
A control deficiency exists when the design or operation of a control does not allow management or employees, in
the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant
deflciency is a control deficiency, or combination of control deficiencies, that adversely affects the Academy's ability to
initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting
principles such that there is more than a remote likelihood that a misstatement of the Academy's financial statements that is
more than inconsequential will not be prevented or detected by the Academy's internal control.
A material rveakness is a significant deficiency. or combination of significant deficiencies, that results in more than
a remote likelihood that a material misstatement of the flnancial statements will not be prevented or detected by the
Academv's internal control.
Our consideration of internal control over financial reporting was for the linited purpose described in the first
paragraph of this section and would not necessarily identify all deficiencies in internal control that might be significant
deficiencies or rnaterial weaknesses. We did not identify any deficiencies in internal control over financial reporting that we
consider to be material r'veaknesses, as defined above.
)z
I l5 SOUTH CHURCH STREET r HILLSBORO, TX 76645 r (254) 582-2583 I FAX: (254) 582-5131 I www.pbhcpa.corn
AFFILIATE OFFICES: BROWNSVILLE, TX (956) 544-'7778 r TEMPLE, Tx (2s4) 191-3460
WACO, TX (2s4) 1124901 r ALBUQUERQUE, NM (sOs) 266-s904
Compliance and Other Matters
As part of obtaining reasonable assurance about whether Westlake Academy's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements, noncompliance with which could have a direct and material effect on the determination of financial dtatement
amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and
accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other
matters that are required to be reported under Government Auditing Standards.
This report is intended solely for the information and use of management, the Board of Trustees, and others within
the entity and is not intended to be used and should not be used by anyone other than these specified parties.
PfrJL,8,*+ lJJl , /1f
November 10,2008
JJ
WESTLAKE ACADEMY FOUNDATION
TABLE OF CONTENTS
AUGUST 31.2008
Independent Auditor's Report.......
Financial Statements:
Statement of Financial Position
Statement of Activities and Changes in Net Assets.......
Statement of Functional Expenses ................
Staternent of Cash Flows
Notes to the Financial Statements
Suppl ementary Information :
Report on Intemal Control Over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards.
Page
Number
l-2
6
7-9
10-11
4
5
PATTILLO, BROW.N & HILL,L-r--e-
CERTIFIED PUBLIC ACCOUNTANTS I BUSINESs CONSULTANTS
INDEPENDENT AUDITOR'S REPORT
Board of Directors of
Westlake Academy Foundation
Westlake, Texas
Members of the Board:
We have audited the accompanying statement of financial position of Westlake Academy
Foundation (the "Foundation") as of August 31, 2008, and the related statement of activities and
changes in net assets, functional expenses, and cash flows for the year then ended. These financial
statements are the responsibility of the Foundation's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the Westlake Academy Foundation, as of August 31, 2008, and the changes in
its net assets and its cash flows for the year then ended in conformity with accounting principles
generally accepted in the United States of America.
I
I l5 SOUTH CHURCH STREET r HILLSBORO.TX'76645 | (254) 582-2583 I FAX: (254) 582-5731 I www.pbhcpa.com
AFFILIATE oFFICES: BROWNSVILLE, TX (956) 544-'7178 I TEMPLE, TX (254) t91-3460
WACO, TX (254) 112490t r ALBUQUERQUE, NM (s0s) 266-5904
In accordance with Government Auditing Standards, we have also issued our report dated
November 10,2008, on our consideration of the Foundation's internal control over financial reporting
and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant
agreements and other matters. The purpose of that report is to describe the scope of our testing of
intemal control over financial reporting and compliance and the results of that testing, and not to provide
an opinion on the internal control over financial reporting or on compliance. That report is an integral
part of an audit performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.
P^il, 8r,,,* + 'HJ'l', I"/ P
November 10.2008
ASSETS
Cash and cash equivalents
Unconditional promises to give less
allowance for uncollectible unconditional
promises of $36,584 and present value
discount of $10,932
Other receivables
Total assets
LIABILITIES AND NET ASSETS
Liabilities:
Accrued expenses and other payables
Deferred revenue
Total liabilities
Net assets
Total liabilities and net assets
s_ i!,612 $ 1,069,587 $ 1,168,199
WESTLAKE ACADEMY FOUNDATION
STATEMENT OF FINANCIAL POSITION
AUGUST 31.2008
Unrestricted
OR ?R7
t') <
q, 5 ?lR
25,506
30,844
67,768
$__l!,612
Temporarily
Restricted
6s9,801
409,786
1,069,587
$__l,oqzrz
Total
75R 1 RR
409,786
225
5,338
25,506
30,844
r,137,355
$ 1,168,199
See accompanying notes to financial statements.
WESTLAKE ACADEMY FOUNDATION
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED AUGUST 31, 2OO8
REVENUES, GAINS AND OTHER SUPPORT
Contributions:
GalleryNight
Apprentice sponsors
Capital campaign
Endowment
Interest and dividend income
Total revenues, gains and other support
FLINCTIONAL EXPENSES
Program services
Support services
Total allocations and functional exoenses
INCREASE IN NET ASSETS
NET ASSBTS, BEGINNING
NET ASSETS, ENDING
Unrestricted
s 245,4r0
4lt,rgg
i,no,
659,516
394,571
224,650
619,221
40,295
)-7 4'71
$ 67,768
Temporarily
Restricted
$-
534,197
1,51 I
10,277
545,975
545,975
523,612
$_lqq9,slz
Total
s 245,410
4r1,199
534,187
1,51 1
13,184
r,205,49r
394,571
224,650
679,227
586,270
551,085
$ 1,137,355
See accompanying notes to financial statements.
WESTLAKE ACADEMY FOUNDATION
STATEMENT OF FUNCTIONAL EXPENSES
FOR THE YEAR ENDED AUGUST 31. 2OO8
Blacksrnith
Apprentice
Program
$-
Total
Prnorrrn
Services
$-
Blacksmith
Apprentice
Program
Fund Raising
$-
Fund Raising
Capital
Campaign
$-
36,000
98
66
l6
422
Fund Raising
Gallery
Night
$-
t23
230
5'7
I 1,45 l
71,450
24,186
Management
and
General
Total
Supporting
Services
Total
Functional
Expenses
Fund
Raising
General
Salaries and wages
Ernployee benefits
Professional expense
Advertising
Special events
Oftce supplies
Dues and subscriptions
Postage and shipping
Printing and copying
Training and meetings
Credit card services
Venue expenses
Auction/raffle expense
Consignment expense
Blacksmith apprentice expense
Miscellaneous expense
$ 56,000 $ s6,000
4,613 4,613
38,665 38,66s
3,279 3,279
262 262
1;714 1,714
200 200
866 866
1,018 l,018
53 53
6,877 6,877
1 r ,45 1 11 ,45l,
71,450 71,4s0
24,186 24,186
- 394,5"71
4,016 4,016
s___2!,6t9- s___512_Z2l
1,1t7
3,614
56,000
4,613
3,094
262
i,uu,
8'7
597
200
677
772
53
2,784
394,57 |394,571
A'\ 974
$_191J_Zt $__t%t_z! $_____lJll 36.602 $ r11,471 $___!tf!2 $_____J_811_Total f-unctional expenses
See accompanying notes to financial statements.
WESTLAKE ACADEMY FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED AUGUST 31. 2OO8
Unrestricted
CAH FLOWS FROM OPERATING ACTIVITIES
Increase in net assets
Adjustments to reconcile increase in.net assets to
net cash provided by operating activities:
Discount of unconditional promises to give
Changes in operating assets and liabilities:
Increase in unconditional promises to give
Decrease in other receivables
Increase in accounts payable and accrued expenses
Decrease in due to academy
Increase in deferred revenue
Net cash provided by operating activities
NET INCREASE IN CASH
CASH, BEGINNING
CASII, ENDING
$ 586,270
( 12,340)
( 58,841)
2T
4,675( r2,44r)
25,506
532,850
532,850
225,338
s 758,188
See accompanying notes to financial statements.
I.
WESTLAKE ACADEMY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
AUGUST 31,2008
NATURE OF BUSINESS
Westlake Academy Foundation (the "Foundation") was organized exclusively for charitable and
educational purposes, including for such purposes, the making of distributions to organizations
under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. The purpose of the
Foundation is to act on behalf of the Town of Westlake (the "Town") as its duly constituted
authority and instrumentality and, in connection therewith, to exercise all powers and authority
granted under the Texas Nonprofit Corporation Act and other applicable law. Among other
things, the Foundation is to raise funds and take other actions in order to enhance the educational
opportunities to be offered by the open-enrollment charter school, Westlake Academy (the
"Academy"), operated by the Town.
The Foundation has three major programs 1) Blacksmith Apprentice Program, 2) Capital
Campaign, and 3) Gallery Night. The Blacksmith Apprentice Program raises funds from parents
and other interested individuals for the operations of the Academy. The purpose of the Capital
Campaign is to raise funds for a building that will benefit both the Academy and the Town.
Revenue received as a part of Gallery Night is used for the operations of the Foundation or other
areas as determined by the Foundation's Board of Directors.
The Foundation is included as a discretely presented component unit of the Academy. The
determination to include separate governmental entities is based on the criteria of GASB
Statement No. 14, "The Financial Reporting Entity" as amended by GASB Statement No. 39,
"Determining Whether Certain Organizations Are Component Units." GASB defines the
reporling entity as the primary government and those component units for which the primary
government is financially accountable. To be f,rnancially accountable, a voting majority of the
component unit's ruling body must be appointed by the primary governrnent, and either (a) the
primary govemment must be able to impose its will, or (b) the prirnary government may
potentially benefit financially or be financially responsible for the component unit.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A summary of the Foundation's significant accounting policies consistently applied in the
preparation of the accompanying financial statements follows.
Basis of Accounting
The financial statements of the Foundation have been prepared on the accrual basis of accounting
in accordance with accounting standards generally accepted in the United States of America and,
accordingly, reflect all significant receivables, payables, and other liabilities.
(continued)
7
II.
II.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates. The Foundation's most significant
estimate is the allowance for uncollectible pledges.
Temnorarilv Restricted Net Assets
The Foundation conducts an annual campaign, Blacksmith Apprentice Program, for the
operation of the Academy. A substantial portion of the campaign's contributions are received in
the year that the contributions are transferred to the Academy and are treated as unrestricted in
the year of the campaign. Contributions received in the period prior to being transferred to the
Academy are classified as temporarily restricted net assets until the period they will be
transferred to the Academy.
The Foundation is conducting a capital campaign for the construction of a building that will
benefit both the Academy and the Town. All contributions relating to the capital campaign will
be classified as temporarily restricted net assets until the time they will be used to fund the
building, at which time they will be transferred to unrestricted net assets.
Donated Services
A substantial number of volunteers have donated significant amounts of their time and services
to the activities of the Foundation without compensation. These services include, but are not
limited to, bookkeeping services, fundraising, and other related services. The value of donated
services is not recognized as a contribution since no objective basis is available to measure the
value of such services and generally they do not require specialized skills.
Functional Allocation of Expenses
The costs of providing the various programs and other activities have been summanzed on a
functional basis in the statement of activities. Distribution of expenses are based on actual usage
or management's estimates of usage applicable to the various programs and supporling services
benefited. Campaign expenses are recognized when incurred.
FEDERAL INCOME TAXES
The foundation is exempt from federal income taxes under Section 501(c)(3) of the Internal
Revenue Code. Therefore, no provision for income taxes is made in the accompanying financial
statements.
(continued)
8
ilI.
ry.DEPOSITS AND INVESTMENTS
The funds of the Foundation must be deposited and invested under the terms of a contract,
contents of which are set out in the Depository Contract Law. The Depository bank places
approved pledged securities for safekeeping and trust with the Foundation's agent bank in an
amount sufficient to protect Foundation funds on a day-to-day basis during the period of the
contract. The pledge of approved securities is waived only to the extent of the depository bank's
dollar amount of Federal Deposit Insurance corporation ("FDIC") insurance.
PROMISES TO GIVE
The Foundation is conducting a capital campaign for funds for the construction of a building that
will benefit both the Academy and the Town. Promises to give are restricted to payment of the
costs of the construction of the building. The promises to give as of August 31, 2008, are
unconditional and due $254,393 in 2009 and $202,909 over the foilowing three years. promises
to give to be received after 2009 are discounted at 4.58%. The unamortized, discount on
promises to give is $10,932 as of August 31,2008. Allowance for uncollectable promises at
August 31, 2008 is $36,584.
DEFERRED REVENUE
Income from contributions is deferred and recognized over the periods to which the contributions
relate. At August 31, 2008, deferred revenue is $25,506.
V.
VI.
9
EFSII
PATTILLO, BROWN & HILL,L.L.e
CERTIFIED PUBLIC ACCOUNTANTS I BUSINESS CONSULTANTS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON
COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAT
STATEMENTS PERFORMED IN ACCORDANCE WITH
GO VERNME NT A AD ITING S TANDARDS
Board of Directors
Westlake Academy Foundation
Members of the Board:
We have audited the accompanying financial position and the related statement of activities and
changes in net assets, functional expenses, and cash flows of Westlake Academy Foundation (the
"Foundation") as of and for the year ended August 31, 2008, and have issued our report thereon dated
November 10, 2008. We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Foundation's internal control over
financial reporting as a basis for designing our auditing procedures for the purpose of expressing our
opinions on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the Foundation's intemal control over financial reporting. Accordingly, w€ do not
express an opinion on the effectiveness of the Foundation's intemal control over financial reporting.
A control deficiency exists when the design or operation of a control does not allow management
or employees, in the nonnal course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of
control deficiencies, that adversely affects the Foundation's ability to initiate, authorize, record, process,
or report financial data reliably in accordance with generally accepted accounting principles such that
there is more than a remote likelihood that a misstatement of the Foundation's financial statements that
is more than inconsequential will not be prevented or detected by the Foundation's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that
results in more than a remote likelihood that a material misstatement of the financial statements will not
be prevented or detected by the Foundation's internal control.
10
I l5 SOUTH CHURCH STREET r HILLSBORO ,TX 16645 . (254) 582-2583 I FAX: (254) 582-5731 I www.pbhcpa.com
AFFILIATE OFFICES: BROWNSVILLE, TX (9s6) s44-7778 r TEMPLE, Tx (254)'79t-3460
WACO, TX(254)112-4901 r ALBUQUERQUE, NM (50s) 266-5904
our consideration of internal control over financial reporting was for the limited purposedescribed in the first paragraph of this section and would not necessirily ldentify all deficiencies ininternal control that might be significant deficiencies or material weaknesses. We did not identify anydeficiencies in internal control over financial reporting that we consider to be material weaknesses, asdefined above.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Foundation's financial statementsare free of material misstatement, we performed tests of its compliance with certain provisions of laws,regulations, contracts, and grant agreements, noncompliance with which could have a direct and materialeffect on the determination of financial statemeni amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit, and accofoingly, we do not expresssuch an opinion. The results of our tests disclosed no instances of noncompliance or other matters thatare required to be reported under Government Auditing standards.
We noted no matters involving noncompliance that are required to be reported underGovernment Auditing Standards.
This report is intended solely for the information and use of management, the Foundation,sBoard of Directors, and others within the entity and is not intended to be used ind should not be used byanyone other than these specified parties.
P^fiJI ,8,,,,,*4 Jltll ,I I.P
November 10,2008
u
Town of Westlake
Memo
To: Honorable Mayor and Members of the Board of Trustees
From: Tom Brymer
Subject: Regular Meeting of December 8, 2008
Date: December 2, 2008
ITEM
Discuss and consider approval of the Westlake Academy Vision/Mission Statement and
Values Statements.
BACKGROUND
The Board has held two strategic planning sessions over the last few months to work on a
vision/mission statement as well as values for Westlake Academy to guide strategic
planning for the school.
FUNDING
N/A
RECOMMENDATION
Board approval of the Westlake Academy vision/mission statement as well as the value
statements compiled during the Board’s recent strategic planning sessions. Once the
Academy’s vision/mission statement and value statements are adopted, the staff will
compile a draft strategic plan for the Academy for Board consideration that will
incorporate the mission specific outcomes developed during the strategic planning
sessions.
ATTACHMENTS:
1. Westlake Academy Board of Trustees Vision/Mission Statement and Value
Statements
2. Draft of Mission Specific Outcomes and Measures
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1
BOARD OF TRUSTEES
WESTLAKE ACADEMY
DRAFT
MISSION SPECIFIC OUTCOMES
Strategic Planning Session, Dec. 1, 2008
Academic Balance
• Our students generally maintain a balance between academic and extracurricular activities.
• Our students routinely engage in meaningful, impactful community service.
Programs
• Full complement of extracurricular activities
• Diverse program options
• Expanded music program offerings
• Creating a larger social opportunity for High School Years
• Gender mix of students
Outcome Measures
• TAPPS State finals for sports
• Choice of music and art in DP years
• Our graduates are fluent in a foreign language at the time
of graduation.
Electives
• Expanded state funding for charter school facilities
• Enhanced foreign language offerings
• Choices in DP electives
• We offer a much wider variety of experiences than you would expect from a school of our
size.
• Renown summer program
• School activities done well vs. breadth of activities
Facilities
• Facility plan for Academy
• Significant endowments for faculty staffing expansion
2
• Increased facilities for community and school use
• Continued growth of facilities and funding for facilities
• Achieve fiscal responsibility
Outcome Measures
• Cover operating costs
Teachers
• Teacher fulfillment and advancement
• Teacher qualifications
• Our teachers meet specified high level of quality
• Large pool of qualified candidates for employment
• High retention of qualified employees
• Adjunct teachers for diploma program (?)
Outcome Measures
• Some high percentage of teachers at each program
level IB certified and trained, which can mentor
those that are not.
• 100% of teachers with advanced degrees or specific
certifications for area of expertise
School of Choice
• School of choice for Westlake residents
• Stimulating ongoing community interest in Academy
• Strong community support
• Academy viewed widely as a “school of choice”
• School of choice for Westlake children
• Good communication with community
• Strong Academy volunteer program that includes Westlake seniors and business community
leaders
• Additional local business community support/interaction with Academy
• Integration with Westlake businesses (Deloitte, Fidelity, etc.)
• Obtain corporate business internships and/or mentoring program
Outcome Measures
• At least 50% Westlake residents in every program –
PYP, MYP, DP
• Upward trending enrollment of Westlake residents
3
Growth
• Quantify maximum school capacity
• Continued high demand of enrollment space
• Increase size of school
Outcome Measures
• Successful IB school
• Class size 32 – 40 per grade except
Kindergarten
IB
• High number of IB diplomas earned
• Retain small school atmosphere
• Successful IB diploma graduates (in terms of past high school opportunities and
performance)
• Obtain other state recognitions where feasible to promote IB curriculum
• Work to accelerate math and science
• Develop critical thinkers
Outcome Measures
• Diploma success rate
• Three‐fourths of graduates receive IB
diplomas
• 100% college acceptance
• 80% of IB diploma graduates
• Ongoing successful IB program evaluation
(all 3 curricula)
• High % of IB DP graduates
• Minimum of 50 – 60% of seniors graduate
with IB diploma
• Percentage of students who go on to college
Academic/Graduate Rate
• Maintain exemplary rating from TEA each year
• Academy relationship with certain colleges
• Individually measured success
• We consistently achieve exemplary rating
• Must compare (favorable) with traditional educational standards including state mandated
requirements
4
• Realize full potential of each students capabilities
• Children working to potential
• Students motivated to learn
Outcome Measures
• Improved academic performance
measurement
• High graduation rate
• Improved academic performance
• Upward trending performance on Stanfords,
SAT’s
Retention
• Teacher/student fulfillment
Outcome Measures
• Our student attrition rate is kept at a low
specified percentage
• Our faculty turnover is kept at a low
specified percentage
• High % of students who return year to year
• Teacher turnover
• Student turnover percentage ( regardless of
residency)
Attitudes/Traditions
• Honor code that is understood by anyone who is attending the school
• Develop the aura of “no bullying” philosophy
• Well rounded fulfilled and “happy” students
• Positive parent ownership – “It is not always perfect”
• Develop valued school traditions
• Children and parents generally acknowledge that our environment is a caring one
Outcome Measure
• Student/parent survey
Westlake Academy
Memo
To: President and Board of Trustees
From: Tom Brymer, Town Manager
Kim Sutter, Town Secretary
Subject: Regular Meeting of December 8, 2008
Date: November 13, 2008
ITEM
Consider a Resolution setting the 2009 Council Meeting schedule.
VISION POINT AND KEY RESULT AREAS
This item supports the following Vision Point and Key Result Areas:
; Hospitality Finds its Home in Westlake
o Citizen engagement and communication
BACKGROUND
From time to time, the Board’s regular meeting schedule requires modification due to
holidays and other events that may create a conflict for Board Members and staff to
attend meetings.
Following the move of the Town Hall offices to the Solana complex coupled with the
increased activities at the Academy campus, the decision was made to hold all Council
and Trustee meetings at the Town Hall offices. From time to time, scheduling of the
meeting space can be challenging and alternate solutions must be found. The attached
Resolution also ‘officially’ changes the location of meetings from the J.T. Ottinger
location address to the Village Circle address or other location designated by the Town in
the meeting notice.
Several factors have been taken into consideration as staff prepared the 2009 proposed
meeting calendar, including national holidays, school holidays, and early voting.
I have outlined deviations from the regular meetings date of the 2nd Monday of each
month below:
- May 2009 Given the limitations and guidelines outlined below, it is recommended
the Board hold a meeting on May 18, 2009.
1) Consideration must be given to the election as early voting begins
Monday, April 27 and runs through Tuesday, May 5. Early voting is
held in the meeting room and relocating voting to another room would
require pre-clearance by the U.S. Department of Justice. Not an
insurmountable obstacle, but there is no other location that would meet
the location requirements for early voting and a better solution would
be to identify another meeting location for the Council meeting.
2) Canvassing of the election results is also a consideration. Canvass can
occur as early as the 3rd day following Election Day, but only if
Federal Postcard Applications (FPCA) (armed forces, overseas
citizens, and dependents residing with them to both register to vote)
have been received and the ballot board has completed the count of
provisional ballots. In reality, it is just more efficient to schedule the
canvassing following the 8th day after Election Day. Also, in a
General Law city, candidates are not eligible to take office until the 5th
day after Election Day (excluding Sundays).
- Aug. 2009 Consideration may be given to the proposed first day of school will be
Aug 24 or Aug 25. (conflicts with August 24 meeting)
- Sept. 2009 Sept. 14, 2008, meeting date conflicts annual IMCA Conference (9/13
through 9/16)
- October 2009 In accordance with Resolution 07-18, and in relation to the October 12,
Columbus Day holiday, it is suggested that the first regular meeting in
October be held October 5 (the first Monday of the month).
Additionally and in accordance with Resolution 07-18, only one meeting will be held in
November due to the Thanksgiving holiday.
FUNDING
None
RECOMMENDATION
Consider approval of the proposed meeting schedule
ATTACHMENTS:
Council policy Resolution No. 07-18
Resolution 08-25
Exhibit to Resolution - 2009 Meeting Calendar
TOWN OF WESTLAKE
RESOLUTION NO. 07-18
A RESOLUTION OF THE BOARD OF ALDERMEN OF THE TOWN OF
WESTLAKE, TEXAS, ESTABLISHING THE DATE, TIME, AND PLACE OF
THE REGULAR MEETINGS OF THE BOARD OF ALDERMEN; AND
DECLARING AN EFFECTIVE DATE.
WHEREAS, The Texas Local Government Code allows the governing
body of a general law municipality to establish regular meetings of the governing body
by the passage of a resolution; and
WHEREAS, The Board of Aldermen finds that it is in the best interest of
the Board and the Town’s residents that the Board shall meet regularly at a convenient
date, time, and place.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF
THE TOWN OF WESTLAKE, TEXAS:
SECTION 1: The Board of Aldermen of the Town of Westlake, Texas,
shall conduct regularly scheduled meetings on the second and fourth Mondays of each
month except when the regular meeting date falls on a Monday that is (a) a national
holiday, or (b) a scheduled holiday within the school year, or (c) falls within the same
week as Thanksgiving, or (d) falls within the same or preceding calendar week as
Christmas. The meetings shall convene at 7 p.m., and shall be held in the Boardroom at
the campus of the Westlake Academy, 2650 J.T. Ottinger Road, Westlake, Texas 76262
or a meeting room close by, or another location designated by the Town in the meeting
notice.
SECTION 2: That this resolution shall become effective from and after
its date of passage.
PASSED AND APPROVED ON THIS 26th DAY OF MARCH 2007.
ATTEST: ______________________________
Scott Bradley, Mayor
____________________________ ______________________________
Kim Sutter, TRMC, Town Secretary Trent O. Petty, Town Manager
APPROVED AS TO FORM:
____________________________
L. Stanton Lowry, Town Attorney
WESTLAKE ACADEMY
RESOLUTION NO. 08-25
SETTING THE 2009 MEETING DATES, TIME, AND PLACE OF THE
REGULAR MEETINGS OF THE BOARD OF TRUSTEES; AND DECLARING
AN EFFECTIVE DATE.
WHEREAS, The Texas Local Government Code allows the governing
body of a general law municipality to establish regular meetings of the governing body
by the passage of a resolution; and
WHEREAS, The Board of Trustees finds that it is in the best interest of
the Board and the Town’s residents that the Board of Trustees shall meet regularly at a
convenient date, time, and place;
WHEREAS, The 2009 meeting dates have been established in
accordance with Resolution No. 07-18;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE WESTLAKE ACADEMY:
SECTION 1. The Board of Trustees of Westlake Academy, Westlake,
Texas, shall conduct regularly scheduled meetings on the second Mondays of each month
except when the regular meeting date falls on a Monday that is (a) a national holiday, or
(b) a scheduled holiday within the school year, or (c) falls within the same week as
Thanksgiving, or (d) falls within the same or preceding calendar week as Christmas, or
(e) conflicts with other Town related functions or activities. The meetings shall convene
at 7 p.m., and shall be held at the Town Hall offices located at 3 Village Circle, Westlake,
Texas 76262 or a meeting room close by, or another location designated by the Town in
the meeting notice.
SECTION 2: The Board of Trustees hereby sets the 2009 meeting
schedules as identified in the attached exhibit (Exhibit “A”).
SECTION 3: That this resolution shall become effective from and after
its date of passage.
PASSED AND APPROVED ON THIS 8 DAY OF DECEMBER 2008.
ATTEST: ______________________________
Laura Wheat, President
____________________________ ______________________________
Kim Sutter, Secretary Thomas E. Brymer, CEO
APPROVED AS TO FORM:
____________________________
L. Stanton Lowry, School Attorney
January 2009 1 February 2009 2 March 2009 3
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April 2009 4 May 2009 5 June 2009 6
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Meeting Schedule
Town of Westlake
Town Council and Board of Trustees
26 27 28293024 25 2627282930282930
31
July 2009 7 August 2009 8 September 2009 9
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October 2009 10 November 2009 11 December 2009 12
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Council Meeting
School and Town Holiday
Election DayFirst/Last day of School
School Board & Council Meeting
School Holiday
Comments regarding 2009 Calendar
Week of March 16 is Spring Break for Academy
June 3 is last day of school
May 4 meeting conflicts with early voting. Early voting runs from 7 a.m. to 7 p.m.
May 25 is Memorial Day - Same situation with canvassing the election as 2008
(needs to occur between Tues the 13 & Wed., the 21st.)
April 27 cannot begin meeting before 5 p.m. due to conflict with early voting.
Sept 7 - Labor Day
Sept. 14 - Conflicts with ICMA Annual Conference (Sept. 13-16, 2009, Quebec)
August 24 is the first day of school
October 12th is Columbus Day and a School Holiday
Nov. 26, 2009 Thanksgiving Day
December 21 - Week preceeding Christmas Day
8. FUTURE AGENDA ITEMS: Any Board member may request at a workshop
and / or Board meeting, under “Future Agenda Item Requests”, an agenda item
for a future Board meeting. The Board member making the request will contact
the Town Manager with the requested item and the Town Manager will list it on
the agenda. At the meeting, the requesting Board member will explain the item,
the need for Board discussion of the item, the item’s relationship to the Board’s
strategic priorities, and the amount of estimated staff time necessary to prepare for
Board discussion. If the requesting Board member receives a second, the Town
Manager will place the item on the Board agenda calendar allowing for adequate
time for staff preparation on the agenda item.
- None.
Westlake
Academy
Item # 8 –
Future Agenda
Items
Trustees Planning Calendar
Items not scheduled for a specific meeting are listed here (require discussion):
Date Contact Description Format
5/12/08 T. Brymer School Exit Interviews Workshop
11/10/08 T. Brymer SAT Readiness / College Plan Report Workshop
11/10/08 T. Brymer Report on Grading system and progress conferences Workshop
Jan. 12, 2009, Meeting (submittal deadline Dec. 31)–6:00 p.m.
Date Contact Description Format
10/21/08 M. Rosevear Approve 2009‐2010 School Calendar ‐ Trustees Meeting
11/11/08 M. Rosevear Report on Residential Trip Policy including fundraising Wkshp or Mtg
Feb. 9, 2009, Meeting (submittal deadline Jan. 29)–6:00 p.m.
Date Contact Description Format
Mar. 9, 2009, Meeting (submittal deadline Feb. 26)–6:00 p.m.
Date Contact Description Format
Apr. 13, 2009, Meeting (submittal deadline Mar. 26)–6:00 p.m.
Date Contact Description Format
January 2009 1 February 2009 2 March 2009 3
S M T W Th F Sa S M T W Th F Sa S M T W Th F
S
a
1 2 3 1 2 3 4 5 6 7 1 2 3 4 5 6 7
4 5 6 7 8 9 10 8 9 10 11 12 13 14 8 9 10 11 12 13 14
11 12 13 14 15 16 17 15 16 17 18 19 20 21 15 16 17 18 19 20 21
18 19 20 21 22 23 24 22 23 24 25 26 27 28 22 23 24 25 26 27 28
25 26 27 28 29 30 31 29 30 31
Trustee and Aldermen Meeting Aldermen Meeting
Holiday
9. BOARD CALENDAR.
- None
Westlake
Academy
Item # 9 –
Board Calendar
10. EXECUTIVE SESSION.
1. The Board will conduct a closed session pursuant Texas Government Code section
551.071(1) and (2) to (i) seek advice of counsel on legal matters involving pending or
contemplated litigation, settlement offers, or other legal matters not related directly to
litigation or settlement, and (ii) Consultation with attorney on matters in which the
duty of the attorney under the Texas Disciplinary Rules of Professional Conduct of
the State Bar of Texas clearly conflicts with Chapter 551 of the Texas Government
Code-Texas Government Code 551.071(2) regarding the following:
A. Westlake Academy Charter document.
B. Westlake Academy admissions policy.
Westlake
Academy
Item # 10 – Executive
Session
Westlake
Academy
Item # 11 –
Adjournment
Back up material has not
been provided for this item.