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Early Learning Coalition of Broward County, Inc.

Finance Committee Meeting Agenda 6301 NW 5th Way, Suite 3400,

Fort Lauderdale, FL 33309

September 27, 2017 – 4:00 pm

Meeting Call-In Number: 1(786) 535-3211 Access Code: 577-401-397

Members are reminded of conflict of interest provisions. In declaring a conflict, please refrain from voting or discussion and declare the following information: 1) Your name and position on the Board, 2) The nature of the conflict and 3) Who will gain or lose as a result of the conflict. Please also fill out form 8B prior to the meeting.

I.

II.

Call to Order

Roll Call

Renee Podolsky, Chair

Irene Ramos, Executive Assistant

III. Regular Business Agenda

a. Approve August 23, 2017 Finance/Executive Committee meeting minutes

b. FYI Preliminary FY17 Results

c. Approve July 2017 Interim Financial Statements

Tab 1 Pg 2

Tab 2 Pg 7

Tab 3 Pg 14

Renee Podolsky, Chair

Christine Klima, CAO

IV. FYI

a. Cash Disbursements $1,000-$25,000 August 2017

Tab 4 Pg 22

Unfinished Business New Business Matters from the Board Matters from the CEO Public Comment Next Meeting: October 25, 2017 Adjourn

Please Note: Agenda subject to revisions and additions per the discretion of the Chair of the Coalition. Notification will be sent of any such revisions or additions. Members of the Public: Please sign up at the entry desk for public comments to be

made on particular agenda items no later than five minutes after the Coalition meeting has been called to order.

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TAB 1 Early Learning Coalition of Broward County

Finance/ Executive Committee Meeting Minutes August 23, 2017 – 9:00am

6301 NW 5th Way, Suite 3400, Fort Lauderdale, FL 33309

Members in Attendance: Laurie Sallarulo, Executive Chair; Renee Podolsky, Finance Chair; Barrington Russell; Cindy Arenberg

Seltzer; Deborah Hosey; Ellie Schrot; Michael Asseff; Nicholas Kaniaris. Members Absent: Jeffrey Dwyer Staff in Attendance: Renee Jaffe- CEO; Christine Klima, CAO; Howard Bakalar, Interim COO; Amy Ungor; Doreen Moskowitz;

Hubert Cesar; Irene Ramos; Janice Carter; Judy Samuels; Karen Swarzbaugh; Mabel Ramirez; Ros DesRoches; Sandra Paul

Others in Attendance: Jacob Jackson, General Counsel; Twan Russell, Richard Campillo,

Cristy Kozla, Michele Rosiere and Natasha Markman, BRHPC; Sheila Smith- 211 Broward; Julia Musella, Stacy Angier and Wendy Siegel, Child Care Providers

Item Action/Discussion Follow-Up

Welcome & Call to Order

Laurie Sallarulo, Executive Committee Chair, called the joint meeting of the Executive and Finance Committees to order at 9:20 am. A Roll Call was conducted and a quorum was established. Michael Asseff joined the meeting at 9:25 am. Barrington Russell joined the meeting at 11:30.

CEO Report:

Items for inclusion in the CEO Report were reviewed and discussed.

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Approve Consent Agenda: Executive Committee meeting minutes of May 31, 2017 Finance Committee meeting minutes of May 31, 2017

A Motion to Approve the Consent Agenda, which included the Minutes for the May Executive Committee and the May Finance Committee, was made by Cindy Arenberg Seltzer, seconded by Michael Asseff and unanimously approved

Finance Committee Report: ELC Sub-Recipient System

During the summer, ELC leadership conducted a comprehensive review of its own organization’s business operations simultaneously with a regularly scheduled annual fiscal monitoring review of its sub-recipients. As detailed in the attached supporting documentation for the Finance Committee, several compliance issues were identified, including $1.7 million in budgeted administrative expenses that exceeded contract limits and diverted funds otherwise designated for quality or child care services. Several strategies and contract options to address this significant problem were reviewed in detail and it was agreed that ELC’s current sub recipient business model is unsustainable. Public Comment was heard; a BHRPC letter was read into the record, committing its support for a smooth transition of payments, eligibility and enrollment functions back to the ELC. Support and collaboration was also provided by 211’s CEO to analyze CCRR functions for FY 17/18. Committee members discussed the importance of an Ad Hoc Transition Committee to be identified at the September Board meeting to ensure a seamless transition of services.

A Motion was made by Cindy Arenberg Seltzer, Finance Committee, to direct staff to develop a full budget to transition payments, eligibility and enrollment functions to ELC and achieve compliance with OEL administrative requirements for presentation to the Full Board in September, without prior review by the Finance Committee. The motion was seconded by Nicholas Kaniaris and unanimously approved.

A Motion was made by Cindy Arenberg Seltzer, Executive Committee, to recommend to the full Board approval of a six month transitional contract with BRHPC for the period of October 1, 2017 through March 31, 2018. The motion was seconded by Renee Podolsky and unanimously approved, with Laurie Sallarulo abstaining. A Motion was made by Cindy Arenberg Seltzer, Executive Committee, to renew the 211 contract for the period of October 1 2017 through September 30, 2018 for Child Care Information and Referral, with a revised Scope of Work and reduced budget. The motion was seconded by Michael Asseff and unanimously approved.

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Public Comment Natasha Markman, representing BRHPC, read a letter acknowledging their gratitude to ELC Board for the opportunity given to BRHPC in providing School Readiness and VPK assistance since August 24, 2015 stating: “During that time BRHPC has implemented, created and standardized the way eligibility is assessed throughout the community. For 35 years BRHPC has prided itself on dedication, innovation and collaboration with partners in the community in delivering services above and beyond standards and requirements of funders.” A listing of specific partners and agencies and their commendations of the process of services delivered by BRHPC was mentioned. The letter also stated that “BRHPC has decided not to renew the SR/VPK contract effective September 30, 2017. BRHPC will sign a contract to transition services to the ELC effective January 1, 2018 and will assist the ELC through March 2018. BRHPC stands committed to the children and families in Broward County and will offer resources, technical support and office space during this transition”. BRHPC thanked the ELC Board of Directors and say they “are proud and grateful to have served the children and families of Broward and the opportunity to create an efficient family friendly system for the community”.

Stacy Angier, Abundant Life Christian Academy, spoke as a former Faith-Based Provider Board member stating concerns about how the findings from ELC’s business model could have occurred without OEL catching it. CAO Christine Klima explained that while OEL conducts fiscal monitoring reviews of ELC, it is ELC’s responsibility to monitor sub recipient activity. ELC gave incorrect guidance to its sub recipients. Julia Musella spoke as a former Provider Board member and expressed her concern about how the transition of services would be communicated to the community. CEO Renee Jaffee indicated that a transition team will be formed to assist throughout the transition process, consisting of Board members, sub-recipients and providers and welcomed her participation. ELC addressed a question by Wendi Siegel, clarifying the differences between direct service costs and administrative costs. Committee member Twan Russell expressed appreciation for the integrity that ELC staff has taken; working diligently to identify issues, accept responsibility and develop strategies to correct deficiencies and shortfalls. The ELC team has strongly considered the effect on all parties involved with this transition and their humanistic approach to system and compliance improvements. There is no doubt that ELC will go on to provide better services to the community. Sheila Smith, 211 Broward, provided an update on new technology advancements that will include text and Chat with families as well as screen sharing service to better assist with on-line

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applications. She thanked the Board for taking into account their call center support and pledged flexibility and data analysis to enhance CCRR services.

Michele Rosiere, BRHPC clarified that while BRHPC has declined renewal of the current contract with ELC, they had previously submitted a revised budget the reduced administrative costs by $800,000.

Finance and Utilization Report

The Finance and Utilization Reports were reviewed and discussed.

The Finance Committee meeting adjourned at 11:35am

Reconvene Executive Committee Meeting

Executive Committee meeting reconvened at 12:14pm and was called to order by Laurie Sallarulo Chair. Roll Call was done and a quorum was established.

Strategic Planning As recommended by the Executive Committee, ELC staff conducted a comprehensive review of the 2013-2018 Plan. Much has changed in the early care and education system of care and in the organizational capacity of the ELC. Most of the goals and objectives in that five year plan have been completed, are in need of revision or are now obsolete. After review of a status report, by Goal and by Objective, members of the combined Executive and Finance Committees have recommended that this Plan be closed.

A draft one-year Goals and Objectives plan for 2017-18 was also reviewed by the Executive Committee. It was recommended that the full Board consider hiring an external consultant to engage the Board in the development of a new Strategic Plan. Additionally, it was also recommended that an Ad Hoc Strategic Plan committee be convened at the September 7th Board meeting which would work closely with the external consultant on plan development for consideration by the full Board at a time to be determined.

A Motion was made by Cindy Arenberg Seltzer to recommend to the board the creation of an Ad Hoc Committee to assist with the development of a new Strategic Plan. Motion seconded by Ellie Schrot and unanimously approved.

A Motion was made by Cindy Arenberg Seltzer to recommend to the Board the creation of an Ad Hoc Transition Committee. Motion seconded by Michael Asseff and unanimously approved.

New Business None

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Matters from the Chair

None

Matters from both Committees

None

Next Meeting Date September 27, 2017

Adjourn Motion to adjourn and meeting adjourned at 1:31 pm.

These minutes contain the action items for the joint meeting of the Executive Committee and the Finance Committee of the Early Learning Coalition. They do not include all the Committee’s discussions or comments on each matter or issue raised during the meeting. A tape recording of the meeting is held in the Coalition office. Corrections from the Committee will be taken prior to approval at the next meeting.

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TAB 2 For Finance Committee Meeting

September 27, 2017

Subject: Preliminary, Unaudited FY2016-17 Results

Recommended Action: None. For information only

Financial Impact: None

Background Information:

Preliminary financial results for the fiscal year ending June 30, 2017 are attached for your information. The format and level of detail in the presentation of the Statement of Activities and Budget to Actual highlights corrections to previously unseen administrative cost classification errors and shows the distribution of the issues across ELC’s multi-agency sub-recipient system.

These statements are not yet audited and certain year end journal entries remain pending due to the accelerated timeline currently facing ELC for taking eligibility and payment services in-house effective October 1, 2017. In light of the challenges of transition schedule and the critical need for ELC to prioritize upcoming provider payment cycles, ELC’s external auditor SB and Company made the recommendation that their analysis and field work be postponed until the week of November 27, 2017.

Current Status:

Key components of ELC’s overall preliminary financial results include:

Revenues:

As of June 30, 2017 revenues earned through program activities by ELC and its subcontractors were on target at 99%. Residual revenues totaling approximately $800K

were carried forward into FY18 in accordance with contract rules.

Slots and Provider Incentive Pass-through:

School Readiness: 100% utilized. Total allocation 3% higher than contract requirement

due in part to lower than expected utilization of non-slot dollars across the multi-agency

sub-recipient system.

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Child Care Executive Partnership: 100% utilized, including $500K in additional funds

made available by the Office of Early Learning at fiscal year-end. Total allocation 8%

higher than contract requirement due to lower than expected utilization of non-slot dollars

across the multi-agency sub-recipient system.

Voluntary Pre-K: 99% utilized. Program funded each year to exactly match actual need.

Children’s Services Council: 90% utilized. $322K deferred to first quarter of fiscal year

2017-18 to allow ELC to maximize utilization of the onetime 500K increase in CCEP

funding instead. CSC funds play a unique and critical balancing role in ELC’s utilization

strategy at the end of each fiscal year.

Department of Children & Families Entrant: 100% utilized. $1.7K in excess of budget in

fiscal year 2016-17 will be recovered through adjustments in the first quarter budget of

fiscal year 2017-18 as allowed by contract.

Performance Funding Program: 106% utilized. $47K in excess of budget in fiscal year

2016-17 due to September bonus payment revenue received and recognized in fiscal

year FY2015-16 but expensed in FY2016-17. PFP provider payment amounts are set by

OEL.

University of Florida Lastinger Center: Overall expenditures only 12% due to a University

of Florida budgeting error where $300K in incentives were over-allocated to Broward that

ELC was not permitted to access. The funder determines actual allowable amounts of

incentives at its sole discretion. The program was discontinued for FY2017-18.

Program versus administrative expenses by organization:

After administrative classification errors noted above were corrected, administrative

expenses exceeded the fiscal year 2016-17 budget by more than $1 million or 39%.

These cost over-runs were addressed through one-time shifts and journal entries

using funding sources with the contract flexibility to allow for coverage.

Approximately $500K in under-utilized program funds were reallocated to slots

during the final quarter of the fiscal year.

Action Requested: None. For Information only


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Submitted to the September 27, 2017 Finance Committee Meeting

Preliminary Unaudited Financial Statements

For The Twelve Months Ended June 30, 2017FISCAL YEAR 2016-2017

PAGE 9

June 30, 2017 June 30, 2016

Cash $ 6,432,920 $ 385,408 Grants Receivable 3,866,933 7,386,821 Accounts Receivable 441,071 301 Prepaid Expense 63,388 36,990 Fixed Assets 10,758 10,758

10,815,069$ 7,820,278$

Accounts Payable $ 464,585 $ 41,378 Salary & Benefits Payable 61,815 50,495 Compensated Absences 90,484 90,484 Due to BRHPC 8,602,114 6,693,914 Due to 211-Broward 142,600 126,891 Due to Family Central 661,150 161,757 Due to NSU 168,199 170,863 Due to SBBC 190,981 174,198 Due to Children's Forum 113,505 10,634 Due to Other Agencies 20,464 16,824 Deferred Revenue 15,000 21,238

10,530,897$ 7,558,676$

284,172 261,602284,172 261,602

Total Liabilities and Net Assets 10,815,069$ 7,820,278$

Early Learning Coalition of Broward County, Inc.FY 2016-2017 Statement of Financial Position

As of June 30, 2017

Assets

Total Net Assets

Total Liabilities

Net Assets Unrestricted

Total Assets

Liabilities:

PAGE 10

June 2017 Actual

FY 2017 Actual

PreliminaryUnaudited

FY 2016 Actual

Revenues OEL School Readiness 3,786,295$ 44,146,063$ 43,726,485$ OEL Child Care Executive Partenership (CCEP) 862,864 3,265,428 2,647,810 OEL Voluntary Pre-K 1,837,124 39,698,322 39,065,527 Children's Services Council 604,988 3,538,894 7,028,509 Department of Children & Families Refugee Grant 360,765 191,144 86,265 OEL Performance Funding Project 18,205 909,525 86,975 University of Florida Lastinger Center 11,216 114,933 44,987 BECE Conference& Miscellaneous Revenue (341) 38,291 80,165

Total Revenues 7,481,115$ 91,902,600$ 92,766,724$

Expenses:Child Care Slots:

School Readiness Slots 2,961,501$ 36,268,701$ 35,476,388$ CCEP Slots 663,796 2,890,817 2,647,810 Children's Services Council Slots 519,226 2,962,056 6,467,111 Voluntary Pre-K Slots 1,630,835 38,190,771 37,471,489 DCF Entrant Slots 14,821 164,181 74,117 Performance Funding Program Incentives 351,176 836,158 63,194 University of Florida Provider Incentives 400 41,750 44,987

Subtotal Child Care Slots 6,141,755$ 81,354,435$ 82,245,096$

Program Expense:Nova Southeastern University 22,434 713,241 789,569 Family Central 38,400 728,610 1,616,816 School Board of Broward County (29,637) 647,928 764,636 Children's Forum 78,823 424,248 343,590 211 Broward (43,669) 464,373 521,863 Broward Regional Health Planning Council 110,406 2,726,170 2,506,179 Early Learning Coalition of Broward 100,388 1,180,035 705,815

Subtotal Program Expense 277,145$ 6,884,604$ 7,248,468$

Administrative Expense:Nova Southeastern University 61,516 165,137 118,435 Family Central 78,132 154,069 290,333 School Board of Broward County 144,815 170,698 31,350 Children's Forum 5,106 20,096 14,774 211 Broward 133,028 161,626 30,080 Broward Regional Health Planning Council 386,268 1,145,846 1,025,482 Early Learning Coalition of Broward 251,810 1,823,518 1,752,777

Subtotal Administrative Expense 1,060,676$ 3,640,991$ 3,263,231$

Total Expense 7,479,576$ 91,880,030$ 92,756,795$

Change in net assets 1,539$ 22,570$ 9,929$

Net assets, beginning of year 261,603 251,673

Net assets, end of the period 284,172$ 261,602$

Early Learning Coalition of Broward County, Inc.FY 2016-2017 Statement of ActivitiesFor The Month Ended June 30, 2017

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FY 2017 Annual Budget

4th Quarter Reforecast

FY 2017 Actual

PreliminaryUnaudited

Balance % of Budget

Revenues:OEL School Readiness 44,582,178$ 44,146,063$ 436,115$ 99% Carried Forward to FY18OEL Child Care Executive Partenership (CCEP) 2,692,950 3,265,428 (572,478) 121% Add'l funding at year endOEL Voluntary Pre-K 40,306,029 39,698,322 607,707 98%Children's Services Council 3,858,656 3,538,894 319,762 92% Balance to be carried fwdDepartment of Children & Families Refugee Grant 189,248 191,144 (1,896) 101%OEL Performance Funding Project 819,813 909,525 (89,712) 111%University of Florida Lastinger Center 392,263 114,933 277,330 29% $316K pass thru pendingBECE Conference& Miscellaneous Revenue 44,986 38,291 6,695 85%

Total Revenue 92,886,123$ 91,902,600$ 983,523$ 99%

ExpensesChild Care Slots

School Readiness Slots 36,312,024$ 36,268,701$ 43,323$ 100% 82% of total, 78% requiredCCEP Slots 2,315,937 2,890,817$ (574,880) 125% 89% of total, 81% requiredChildren's Services Council Slots 3,283,656 2,962,056 321,600 90% 96% of total, set by actual usageVoluntary Pre-K Slots 38,662,955 38,190,771 472,184 99% 84% of total, balance carried forwardDCF Entrant Slots 162,460 164,181 (1,721) 101% 86% of total, amount fixed by DCFPerformance Funding Program Incentives 789,213 836,158 (46,945) 106% 92% of total, amount set by OELUniversity of Florida Provider Incentives 354,063 41,750 312,313 12% 36% of total, amount set by U of F

Total Child Care Slots 81,880,308$ 81,354,435$ 525,873$ 99%

Program ExpenseNova Southeastern University 789,405$ 713,241$ 76,164$ 90%Family Central 810,048 728,610 81,438 90%School Board of Broward County 799,949 647,928 152,021 81%Children's Forum 418,400 424,248 (5,848) 101%211 Broward 540,037 464,373 75,664 86%Broward Regional Health Planning Council 3,613,910 2,726,170 887,740 75%Early Learning Coalition of Broward 1,418,281 1,180,035 238,246 83%

Total Program Expense 8,390,030$ 6,884,604$ 1,505,426$ 82% $500K re-allocated to slots in 4th Qtr

Administrative ExpenseNova Southeastern University 119,911$ 165,137$ (45,226)$ 138%Family Central 98,455 154,069 (55,614) 156%School Board of Broward County 33,208$ 170,698$ (137,490)$ 514%Children's Forum 20,187 20,096 91$ 100%211 Broward 33,602 161,626 (128,024) 481%Broward Regional Health Planning Council 353,690 1,145,846 (792,156) 324%Early Learning Coalition of Broward 1,956,732 1,823,518 133,214 93%

Total Administrative Expense 2,615,785$ 3,640,991$ (1,025,206)$ 139% Overage from systemic classification errors

Total Expenses 92,886,123$ 91,880,030$ 1,006,093$ 99%

Early Learning Coalition of Broward County, Inc.FY 2016-2017 Annual Budget to Actual (Unaudited)

For The Period Ended June 30, 2017

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(1)

(2)

(3) State law requires that VPK providers receive a prepayment at the beginning of eachmonth. During the fiscal year, these expenditures are reported as revenue and expensewhen they are incurred. At year end, any outstanding balances will be recorded to thecorresponding asset and liability account.


The full accrual basis of accounting is utilized by ELC. Under the accrual basis,revenues are recognized in the accounting period in which they are earned. Expensesare recognized in the accounting period in which the liability is incurred.

Notes to the Financial Statements

The Early Learning Coalition of Broward County ("ELC") budgets, as revenue, 100% ofthe OEL Funding Agreement. Revenue from the Office of Early Learning (OEL)comprises both federal and state funds.

For The Twelve Months Ended June 30, 2017

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TAB 3 For Finance Committee Meeting

September 27, 2017 Subject: July 2017 Interim Financial Statements & Utilization Recommended Action: Approve July 2017 Interim Financial Statements Financial Impact: None

Background Information: Interim Financial Statements for the month ending July 31, 2017 are attached for review. Current Status: Key components of ELC’s overall preliminary financial results include: Revenues:

As of July 31, 2017 ELC has earned approximately 6% of the annual budget or $5.7

million. This rate reflects typically low summer child care usage in the Voluntary Pre-K

program.

Expenses:

School Readiness child care slots are about 1% higher than the target of 8.3%

because of OEL’s decision to allow Coalitions across the state spend FY2016-17

funds through the month of July. ELC Broward carried about $370K of these funds

forward for slots and about $100K for administrative expenses.

Child Care Executive Program and Children’s Services Council Slot Funding have

been adjusted to maximize State funding and to offset each other.

Voluntary Pre-K slot utilization at 2% reflects a normal pattern of decline in services

over the summer months.

Utilization Projection:

Reductions in administrative costs expected in FY2017-18 will permit ELC to enroll an

estimated 330 new children starting in February 2018.

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Attrition for income eligible children has been lowered from 20% of upcoming

redeterminations over the next six months to 15% in this model to account for the

uncertain impact of the new annual redetermination guidelines now coming into effect

and any potential postponements of redeterminations resulting from the transition to

in-house services from October to December.

A two percent increase in provider rates across the Board beginning in January 2018

is also included in the model pending future Board discussion.

Action Requested: Approve July 2017 Interim Financial Statements Financial Impact: None

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Submitted to the September 27, 2017 Finance Committee Meeting

INTERIM FINANCIAL STATEMENTS

For The Month Ended July 31, 2017FISCAL YEAR 2017-2018

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July 31, 2017 July 31, 2016

Cash $ 5,478,902 $ 3,192,618 Grants Receivable 8,318,071 14,286,648 Accounts Receivable 560,706 285 Prepaid Expense 15,198 16,701 Fixed Assets 10,758 10,758

14,383,635$ 17,507,010$

Accounts Payable $ 473,391 $ 40,378 Salary & Benefits Payable 112,721 56,024 Compensated Absences 90,484 90,484 Due to BRHPC 5,278,707 9,448,432 Due to 211-Broward 121,049 111,507 Due to Family Central 181,974 153,803 Due to NSU 150,638 149,366 Due to SBBC 132,519 111,136 Due to Children's Forum 90,780 77,389 Due to Other Agencies 20,564 16,824 Deferred Revenue 7,455,132 6,990,021

14,107,959$ 17,245,363$

275,677 261,647 275,677 261,647

Total Liabilities and Net Assets 14,383,635$ 17,507,010$

Early Learning Coalition of Broward County, Inc.FY 2017-2018 Statement of Financial Position

As Of July 31, 2017

Assets

Total Net Assets

Total Liabilities

Net Assets Unrestricted

Total Assets

Liabilities:

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July 2017 Actual

FY 2018 YTD Actual

FY 2017 YTD Actual

Revenues & supportOEL School Readiness (SR) 3,993,485$ 3,993,485$ 4,124,140$ OEL Child Care Executive Partenership (CCEP) 214,068 214,068 102,330 OEL Voluntary Pre-K (VPK) 1,038,768 1,038,768 1,317,518 Children's Services Council (CSC) 450,850 450,850 13,367 Department of Children & Families Refugee Grant (DCF) 15,879 15,879 11,948 OEL Performance Funding Project (PFP) - - 7,521 BECE Conference& Miscellaneous Revenue 701 701 8,763

Total revenues & support 5,713,751$ 5,713,751$ 5,585,588$

Expenses:Child Care Slots:

School Readiness Slots 3,371,448$ 3,371,448$ 3,576,497$ CCEP Slots 203,462 203,462 102,330 Children's Services Council Slots 445,498 445,498 - Voluntary Pre-K Slots 938,218 938,218 1,230,252 DCF Entrant Slots 12,679 12,679 10,665 Performance Funding Project - ELC 0 0 7,521

Subtotal Child Care Slots 4,971,305$ 4,971,305$ 4,919,745$

Program Expense:Nova Southeastern University 52,385$ 52,385$ 57,923$ Family Central 65,442 65,442 67,592 School Board of Broward County 6,768 6,768 16,173 Children's Forum 6,140 6,140 63,880 211 Broward 22,598 22,598 27,978 Broward Regional Health Planning Council 111,581 111,581 113,071 Early Learning Coalition of Broward 184,627 184,627 95,868

Subtotal Program Expense 449,541$ 449,541$ 442,485$

Administrative Expense:Nova Southeastern University 14,303$ 14,303$ 8,688$ Family Central - - 7,435 School Board of Broward County 10,573 10,573 618 Children's Forum 711 711 2,875 211 Broward 9,091 9,091 1,603 Broward Regional Health Planning Council 50,013 50,013 44,170 Early Learning Coalition of Broward 216,709 216,709 157,924

Subtotal Administrative Expense 301,400$ 301,400$ 223,313$ Total Expenses 5,722,246$ 5,722,246$ 5,585,543$

Change in net assets (8,496)$ (8,496)$ 45$

Net assets, beginning of year 284,172 261,602

Net assets, end of the period 275,677$ 261,647$

Early Learning Coalition of Broward County, Inc.FY 2017-2018 Statement of ActivitiesFor The Month Ended July 31, 2017

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FY 2018 Annual Budget

YTD Actual Balance % of Budget Notes

Revenues:OEL School Readiness (SR) 44,307,584$ 3,993,485$ 40,314,099$ 9% Includes FY17 carryforwardOEL Child Care Executive Partenership (CCEP) 2,466,765 214,068 2,252,697 9%OEL Voluntary Pre-K (VPK) 39,875,498 1,038,768 38,836,731 3% Low summer usageChildren's Services Council (CSC) 5,883,850 450,850 5,433,000 8%Department of Children & Families Refugee Grant (DCF) 174,569 15,879 158,690 9%OEL Performance Funding Project (PFP) 1,592,831 - 1,592,831 0% Paid only periodicallyBECE Conference& Miscellaneous Revenue 30,000 701 29,299 2%

Total Revenue 94,331,097$ 5,713,751$ 88,617,346$ 6%

Expenditures:Child Care Slots

School Readiness Slots 36,196,317$ 3,371,448$ 32,824,869$ 9% Includes FY17 carryforwardCCEP Slots 2,121,418$ 203,462$ 1,917,956$ 10% Offset with CSCChildren's Services Council Slots 5,358,850 445,498 4,913,352 8% Offset with CSCVoluntary Pre-K Slots 38,195,046 938,218 37,256,828 2% Low summer usageDCF Entrant Slots 154,879 12,679 142,200 8%Performance Funding Project - ELC 1,511,431 - 1,511,431 0%

Total Child Care Slots 83,537,941$ 4,971,305$ 78,566,636$ 6%

Program ExpenseNova Southeastern University 722,068$ 52,385$ 669,683$ 7%Family Central 671,870 65,442 606,428 10% Billing error w/ new systemSchool Board of Broward County 562,773 6,768 556,005 1% Low summer activityChildren's Forum 412,964 6,140 406,824 1% Low summer activity211 Broward 557,030 22,598 534,432 4%Broward Regional Health Planning Council 683,445 111,581 571,864 16% Contract ends Sep 30 2017Early Learning Coalition of Broward 3,584,799 184,627 3,400,172 5%

Total Program Expense 7,194,949.00$ 449,541.43$ 6,745,407.57$ 6%

Administrative ExpenseNova Southeastern University 184,748$ 14,303$ 170,445$ 8%Family Central 296,456 296,456 0% Billing error w/ new systemSchool Board of Broward County 262,634$ 10,573$ 252,061$ 4% Low summer activityChildren's Forum 36,545 711 35,834$ 2% Low summer activity211 Broward 170,000 9,091 160,909 5%Broward Regional Health Planning Council 339,825 50,013 289,812 15% Contract ends Sep 30 2017Early Learning Coalition of Broward 2,308,000 216,709 2,091,291 9% Includes FY17 carryforward

Total Administrative Expense 3,598,208$ 301,400$ 3,296,808$ 8%Total Expenses 94,331,098$ 5,722,246$ 88,608,852$ 6%

Early Learning Coalition of Broward County, Inc.FY 2017-2018 Annual Budget to Actual

For The Period Ended July 31, 2017

PAGE 19

(1)

(2)

(3) State law requires that VPK providers receive a prepayment at the beginning of eachmonth. During the fiscal year, these expenditures are reported as revenue and expensewhen they are incurred. At year end, any outstanding balances will be recorded to thecorresponding asset and liability account.


The full accrual basis of accounting is utilized by ELC. Under the accrual basis,revenues are recognized in the accounting period in which they are earned. Expensesare recognized in the accounting period in which the liability is incurred.

Notes to the Financial Statements

The Early Learning Coalition of Broward County ("ELC") budgets, as revenue, 100% ofthe OEL Funding Agreement. Revenue from the Office of Early Learning (OEL)

For The Month Ended July 31, 2017

PAGE 20

New Enrollments from Waitlist: Funding Changes: Assumptions:Enroll 330 Children Feb‐Apr 2018 + Est. $371 K SR Carryover from FY17 to FY18 Attrition calculated at 15% of Scheduled BG8 re‐determinations Sep 17 ‐ Feb 18Enroll 100 Children Nov 2018 + Est. $291 K CSC Carryover from FY17 to FY19 Carry over $0K CSC Funds to FY19

+ Est. $700K to Slots FY18 from Ops. Daily Average Cost forecast reflects current actual trends.2% Provider Rate Increase effective 1/1/18Projected total days paid at 98%Unused admin and non‐direct dollars will be reallocated to slots in Q4 FY17

Fiscal Year 2016‐17

Projected Served

% Actualvs Proj

Projected Slot Exp.

% Actualvs Proj

A Jul-16 21 92% 9,199 $19.60 3,785,887$ -$ 3,785,887$ (107,059)$ $3,678,827 9,287 99% $3,487,528 92%A Aug-16 23 89% 9,353 +154 18.01 3,874,400 - 3,874,400 (99,721) 3,774,679 9,321 100% 3,646,438 94%A Sep-16 22 97% 9,129 -224 17.67 3,536,763 12,904 3,549,667 (114,067) 3,435,601 9,682 94% 3,743,577 105%A Oct-16 21 96% 9,055 -74 17.92 3,076,480 331,110 3,407,590 (246,281) 3,161,308 9,137 99% 3,432,740 101%A Nov-16 22 96% 8,980 -75 17.94 3,192,364 351,777 3,544,141 (235,194) 3,308,947 9,062 99% 3,559,917 100%A Dec-16 22 93% 9,049 +69 17.61 3,165,818 340,916 3,506,734 (232,462) 3,274,273 8,988 101% 3,601,889 103%A Jan-17 22 95% 9,021 -28 18.27 3,286,419 338,777 3,625,196 (242,247) 3,382,949 9,259 97% 3,611,078 100%A Feb-17 20 97% 9,150 +129 18.62 3,100,573 306,175 3,406,749 (313,002) 3,093,747 9,150 100% 3,370,284 99%A Mar-17 23 97% 9,437 +287 18.74 3,733,164 333,310 4,066,474 (376,505) 3,689,969 9,341 101% 3,965,265 98%A Apr-17 20 94% 9,744 +307 19.05 3,435,632 276,598 3,712,230 (372,904) 3,339,327 9,677 101% 3,604,615 97%A May-17 23 92% 10,297 +553 18.42 4,180,015 181,971 4,361,987 (493,853) 3,868,134 9,794 105% 4,235,321 97%A Jun-17 22 96% 10,340 +43 21.58 4,389,612 518,655 4,908,267 (721,204) 4,187,063 10,466 99% 5,035,636 103%

Projected Act 42,194,823$ Budget 42,857,080

CSC Surplus(Deficit) 662,256$


Projected Served

% Actualvs Proj

Projected Slot Exp.

% Actualvs Proj

A Jul-17 21 96% 10,060 (280) $20.35 3,854,038$ 445,498$ 4,299,536$ (280,800)$ $4,018,737 9,421 107% $4,010,420 93%a Aug-17 23 96% 10,246 +186 17.90 3,770,599 448,391 4,218,990 (268,517) 3,950,473 10,066 102% 4,321,602 102%P Sep-17 21 96% 10,098 -148 18.94 3,281,018 736,060 4,017,079 (252,785) 3,764,293 P Oct-17 22 96% 9,971 -127 17.72 3,410,234 476,341 3,886,575 (246,596) 3,639,979 P Nov-17 22 96% 9,863 -108 17.65 3,353,163 476,341 3,829,504 (240,723) 3,588,780 P Dec-17 21 96% 9,740 -123 17.62 3,129,950 473,376 3,603,326 (233,936) 3,369,391 P Jan-18 23 96% 9,635 -105 17.57 3,575,809 316,840 3,892,649 (252,287) 3,640,363 P Feb-18 20 96% 9,692 +57 17.63 3,100,206 316,840 3,417,046 (230,194) 3,186,851 P Mar-18 22 96% 9,865 +173 17.46 3,471,523 316,840 3,788,363 (246,305) 3,542,057 P Apr-18 21 96% 9,865 + 18.03 3,419,115 316,840 3,735,954 (242,264) 3,493,691 P May-18 23 96% 9,865 + 17.87 3,737,046 316,840 4,053,885 (259,075) 3,794,810 P Jun-18 21 96% 9,865 18.64 3,544,148 316,840 3,860,988 (255,503) 3,605,485

Projected Total 43,594,909$ Budget 43,595,324 Surplus(Deficit) 415$


Projected Served

% Actualvs Proj

Projected Slot Exp.

% Actualvs Proj

P Jul-18 22 96% 9,496 -369 $21.07 4,023,442 378,064 4,401,507 (312,189) 4,089,318 P Aug-18 23 96% 9,544 +48 18.55 3,695,176 375,699 4,070,875 (278,491) 3,792,384 P Sep-18 20 96% 9,544 + 18.58 3,170,114 375,699 3,545,813 (255,045) 3,290,769 P Oct-18 23 96% 9,544 + 17.62 3,491,002 376,488 3,867,489 (245,275) 3,622,215 P Nov-18 22 96% 9,679 +135 17.50 3,350,784 376,488 3,727,272 (236,265) 3,491,007 P Dec-18 21 96% 9,679 + 17.42 3,164,148 376,488 3,540,636 (231,804) 3,308,832 P Jan-19 23 96% 9,679 + 17.78 3,581,457 376,488 3,957,944 (249,178) 3,708,766 P Feb-19 20 96% 9,679 + 17.86 3,081,265 376,488 3,457,753 (225,611) 3,232,142 P Mar-19 21 96% 9,679 + 17.75 3,232,081 376,488 3,608,568 (230,535) 3,378,033 P Apr-19 22 96% 9,679 + 18.29 3,517,132 376,488 3,893,619 (242,514) 3,651,105 P May-19 23 96% 9,679 + 18.16 3,666,045 376,488 4,042,533 (251,368) 3,791,165 P Jun-19 20 96% 9,679 18.95 3,291,940 376,488 3,668,428 (238,833) 3,429,595

Projected Total 42,785,330$ Budget 42,785,336 Surplus(Deficit) 6$

Actor

Proj

Children

Slot DollarsActor

ProjMonth

Days of

Care

Percent Days Used

Children Served

Slot DollarsChildren's

Services Council MatchMonth

Days of

Care

Children Served

ChildrenServed+/‐

Ave Cost Per Day

ChildrenServed+/‐

Ave Cost Per Day

School ReadinessChildren's

Services CouncilTotalSlots

SCHOOL READINESS 3 YEAR UTILIZATION FY 2017 ‐2018(With 2% provider rate increase eff 1/1/2018‐ across the board projection & Additional $700K to slots)

TotalSlots

School Readiness

Actor

ProjMonth

Days of

Care

Percent Days Used

Children Served

ChildrenServed+/‐

Ave Cost Per Day

School ReadinessChildren's

Services CouncilTotalSlots

Percent Days Used

Net Billable

Children

Match Net

Billable

Net Billable

Children

Slot Dollars

Match

PAGE 21

TAB 4 For Finance Committee Meeting September 27, 2017

Subject: List of Cash Disbursements $1,000-$25,000 August 2017 Recommended Action: None. For Review Only


Background Information In accordance with ELC Cash Disbursement Policy Approved April 14, 2017, cash disbursements issued by ELC in amounts greater than $1,000 and less than $25,000 are submitted to the ELC Board for review monthly.

Vendor Name

Check Amount

Purpose

Paul H. Brookes Publishing Co, Inc. 13,385.62 ASQ-3 Development Screening Kits

The Krizner Group 10,000.00 HR Policy, Audit & Consulting

Western NRG, Inc. 3,540.26 Sonic Wall Security

Shred Monkeys 1,100.00 Shred 400 Boxes

Business & Leadership Institute for Early Learning

10,000.00 Educational Training to Providers

Business & Leadership Institute for Early Learning

8,000.00 Educational Training to Providers

Business Card 9,266.10 Miscellaneous Operating Expenses

Bluejean Software, Inc. 1,437.50 Program Software July 2017

United Healthcare 2,553.65 Employee Benefits

United Healthcare 2,971.19 Employee Benefits

Unum Life Ins. Co. of America 1,239.05 Employee Benefits

Jacob C. Jackson, P.A. 6,916.00 Legal Services Rendered July 2017

Lakeside IV, LLC 11,345.91 Rent for August 2017

SB & Company, LLC 14,450.00 Audit Services

Recommended Action: None. For Review Only


PAGE 22

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