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Monday, June 18, 2018

UNBALANCED SHEETS? With $1.5 Million Balloon Payment Looming In August, Grand Traverse Academy Climbs Slippery Slope To Solvency

Roughly eight hours after I published a story on June 13 revealing the departure of several teachers from the Grand Traverse Academy, which also questioned the charter school board's seeming delay in releasing its 3rd quarter financials, the documents popped up on the Municipal Securities Rulemaking Board's public information site.


Here are the documents: a Balance Sheet as of March 31, followed by the Profit & Loss Budget vs. Actual report (July 2017-March 2018).

On the Balance Sheet, the Total Equity (or fund balance) is pegged at $366,056.63 as of March 31, 2018; based on the the Grand Traverse Academy board's fourth 2017-2018 revised budget, the final fiscal year ending fund balance is projected to be $491,365. 

My in-depth analysis will appear tomorrow, June 19.
Here are the Profit & Loss statements:

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