Somerset Preparatory Academy At Silver Palms (A Charter .

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Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc .)(A Charter School and Component Unitof the School Board of Miami Dade County, Florida)Miami, FloridaFinancial Statements andIndependent Auditors' ReportJune 30, 2013

TABLE OF CONTENTSGeneral Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Independent Auditors' Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Management's Discussion and Analysis(Required Supplementary Information) . . . . . . . . . . . . . . . . . . . .Basic Financial Statements:Government-wide Financial Statement:Statement ofNet Position . . . . . . . .Statement of Activities . . . .Fund Financial Statements:Balance Sheet - Governmental Funds . . . . . . .Reconciliation of the Governmental Fund BalanceSheet to the Statement ofNet Position . . . . . . . .Statement of Revenues, Expenditures and Changesin Fund Balance - Governmental Funds . . .Reconciliation of the Statement of Revenues,Expenditures and Changes in Fund Balanceof Governmental Funds to the Statement of Activities . .Statement of Net Position- Fiduciary FundNotes to the Basic Financial Statements . . . . . . .Required Supplementary Information:Budgetary comparison schedules . . . . . . . . .Independent Auditor's Report on Internal Control OverFinancial Reporting and on Compliance and OtherMatters Based on an Audit of Financial StatementsPerformed in Accordance with Government AuditingStandards . .Management Letter . . .Management Response . . . . .12-34-8910111213141516-2728-2930-3132-3435

Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc)W/L#401223255 SW 115th AvenueMiami, Florida 331772012-2013BOARD OF DIRECTORSAndreina Figueroa, Chair and PresidentLourdes Isla, Secretary and Vice - ChairDr. Hui Fang Huang "Angie" SuDavid ConcepcionDaniel Diaz, TreasurerAna Diaz, DirectorCarlos Resendez, DirectorLouis Marin, DirectorGeorge Ozuna, DirectorSCHOOL ADMINISTRATIONKerri Ann O' Sullivan, Principal

. iililill. . GRAVIER,CERTIFIED PUBLIC ACCOUNTANTSLLPINDEPENDENT AUDITORS' REPORTTo the Board of Directors ofSomerset Preparatory Academy at Silver PalmsMiami, FloridaWe have audited the accompanying financial statements of the governmental activitiesand each major fund of Somerset Preparatory Academy at Silver Palms (the "School"), acharter school under Somerset Academy, Inc., which is a component unit of the DistrictSchool Board of Miami-Dade County, as of, and for the year ended June 30, 2013, whichcollectively comprises the School's basic financial statements as listed in the table ofcontents.Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financialstatements in accordance with accounting principles generally accepted in the UnitedStates of America; this includes the design, implementation, and maintenance of internalcontrol relevant to the preparation and fair presentation of financial statements that arefree from material misstatement, whether due to fraud or error.Auditor's ResponsibilityOur 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 theUnited States of America and the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the United Statesof America. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity's preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe entity's internal control. Accordingly, we express no such opinion. An audit alsoincludes evaluating the appropriateness of accounting policies used and thereasonableness of significant accounting estimates made by management, as well asevaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinions.396 Alhambra Circle. Su ite 900. Coral Gables. FL 33134 Tel : 305.446.3022 Fax: 305.446.6319www.hlbgravier.comHLB Grav1er, LLP IS a member of InternationalA wmld-wlde orgamzat10n of accountmg firms and busmess advise1s

OpinionsIn our opinion, the financial statements referred to above present fairly, in all material respects,the respective financial position of the governmental activities and each major fund of SomersetPreparatory Academy at Silver Palms at June 30, 2013, and the respective changes in financialposition for the year then ended in accordance with accounting principles generally accepted inthe United States of America.Other MattersAs described in Note 1, the accompanying financial statements referred to above present only thefinancial position of Somerset Preparatory Academy at Silver Palms at June 30, 2013, and therespective changes in financial position for the year then ended, and is not intended to be acomplete presentation of Somerset Academy, Inc. These financial statements do not purport toand do not present fairly the financial position of Somerset Academy, Inc. as of June 30, 2013and its changes in financial position for the year then ended in conformity with accountingprinciples generally accepted in the United States of America.Required Supplementary InformationIn accordance with Government Auditing Standards, we have also issued our report dated August30, 2013, on our consideration of the School's internal control over financial reporting and on ourtests of its compliance with certain provisions of laws, regulations, contracts, grant agreementsand other matters. The purpose of that report is to describe the scope of our testing of internalcontrol over financial reporting and compliance and the results of that testing, and not to providean opinion on the internal control over financial reporting or on compliance. That report is anintegral part of an audit performed in accordance with Government Auditing Standards andshould be considered in assessing the results of our audit.Accounting principles generally accepted in the United States of America require that themanagement's discussion and analysis and budgetary comparison information on pages 4through 8 and 27 through 28 be presented to supplement the basic financial statements. Suchinformation, although not a part of the basic financial statements, is required by theGovernmental Accounting Standards Board, who considers it to be an essential part of financialreporting for placing the basic fmancial statements in an appropriate operational, economic, orhistorical context. We have applied certain limited procedures to the required supplementaryinformation in accordance with auditing standards generally accepted in the United States ofAmerica, which consisted of inquiries of management about the methods of preparing theinformation and comparing the information for consistency with management's responses to ourinquiries, the basic financial statements, and other knowledge we obtained during our audit of thebasic financial statements. We do not express an opinion or provide any assurance on theinformation because the limited procedures do not provide us with sufficient evidence to expressan opinion or provide any assurance./JiJ3fl uJ/CERTIFIED PUBLIC ACCOUNTANTSCoral Gables, FloridaAugust 30,2013

Management's Discussion and AnalysisSomerset Preparatory Academy at Silver Palms(A Charter school Under Somerset Academy, Inc.)June 30, 2013The corporate officers of Somerset Preparatory Academy at Silver Palms have prepared thisnarrative overview and analysis of the school ' s financial activities for the period ended June 30,2013Financial Highlights1. The net position of the School at June 30, 2013 was 861,290.2. At year-end, the School had current assets on hand of 599,086.3. The School had an increase in its net position of 436,165 for the year ended June 30,2013.4. The unassigned fund balance at year end was 187,858Overview of the Financial StatementsThis discussion and analysis are intended to serve as an introduction to the School' s basicfinancial statements. The School ' s financial statements for the year ended June 30, 2013 arepresented in accordance with GASB Codification Section 2200. The financial statements havethree components: 1) government-wide financial statements, 2) fund financial statements, and 3)notes to the financial statements. This report also contains other required supplementaryinformation in addition to the basic financial statements themselves.Government-Wide Financial StatementsThe government-wide financial statements are designed to provide readers with a broad overviewof the School ' s finances , in a manner similar to a private-sector business.The Statement of Net Position presents information on all of the School's assets, deferredoutflows of resources, liabilities and deferred inflows of resources. The difference is reported asnet position. Over time increases or decreases in net position may serve as an indicator ofwhether the financial position of the School is improving or deteriorating.The Statement of Activities presents information on how the School ' s net position changedduring the fiscal year. All changes in net position are reported when the underlying event occurswithout regard to the timing of related cash flows. Accordingly, revenues and expenses arereported in this statement for some items that will only result in cash flows in future fiscalperiods.The government-wide financial statements can be found on pages 9 - 10 of this report.Fund Financial StatementsA "fund" is a collection of related accounts grouped to maintain control over resources that havebeen segregated for specific activities, projects, or objectives. The School like other state andlocal governments uses fund accounting to ensure and report compliance with finance-relatedlegal requirements.4

All of the funds of the School are governmental funds. Government Funds are used to accountfor essentially the same functions reported as governmental activities in the government-widefinancial statements. Government Fund financial statements, however, focus on near-terminflows and outflows of spendable resources, as well as on the balances of spendable resourceswhich are available at the end of the fiscal year. Such information may be used to evaluate agovernment's requirements for near-term financing.The Board of the School adopts an annual appropriated budget for its general fund. A budgetarycomparison statement has been provided for the general fund to demonstrate compliance with theSchool's budget.The basic governmental fund financial statements can be found on pages 11 - 15 of this report.No tes to Financial StatementsThe notes to the financial statements provide additional information that is essential to a fullunderstanding of the data provided in the government-wide and fund financial statements.The notes to the financial statements can be found on pages 16 - 27 of this report.GOVERNMENT-WIDE FINANCIAL ANALYSISAs noted earlier, net position may serve over time as a useful indicator of a charter school'sfinancial position. In the case of the School, the net position was 861,290 at the close of thefiscal year. A summary of the School ' s net position as of June 30,2013 and 2012 follows: Cash and cash equivalentsPrepaid expensesDue from other charter schoo lsCapital Assets, netDue from other agenciesTotal Assets2013386,470101 ,550102,4802,082,3 188,5862,681 ,404 2012322,768100,8301,859,7422,283,340Deferred outflows of s payab le and accrued liabilitiesDue to other schoolsAccrued expensesDeferred revenuesTenant improvement debtTotal Liabilities859,3761,820, 11484, 1311,237,5001,858,215571 ,882289,408861 ,290422,2422,883425,125Deferred inflows of resourcesNet PositionInvested in Capital Assets, net ofrelated debtUnrestrictedTotal Net Position At the end of both years, the School is able to report positive balances in its net position.5

A summary and analysis of the School's revenues and expenses for the year ended June 30,2013and 2012 follows:20132012REVENUESProgram RevenuesCapital Outlay fundingOperating Grants and ContributionsCharges for servicesGeneral RevenuesFTE nonspecific revenues Other RevenuesTotal RevenuesEXPENSESComponent Unit Activities :InstructionInstructional media servicesInstructional StaffTraining ServicesBoardSchool AdministrationFacilities acquisitionFiscal ServicesFood ServicesCentral ServicesOperation of PlantCommunity ServicesMaintenance of PlantTotal ExpensesIncrease in Net PositionNet Position at Beginning of Year Net Position at End of Year263 ,332697,48718,449 219,000254,31623,5343,735,1072,673, 1794,714,37533,170,0322,542,638I 3,49724,3234,278,210436,165425,125861 ,29015,8192,744,907425,125 425,125Student Enrollment increased in 2013 by approximately 153 students. As a result, The School'srevenues and expenses increased by 1 ,544,343 and 1 ,533,303, respectively, in the current year.The School had an increase in its net position of 436,165 for the year.School Location and Lease of FacilityThe School leases a facility located at 23255 SW 115 1h Avenue.Capital Improvement RequirementsThe School maintains a continuous capital improvements program to enhance facilities andupdate fixtures and equipment as required.School EnrollmentThis past year, the School had approximately 615 students enrolled m grades kindergartenthrough eighth.6

FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDAs noted earlier, the School uses fund accounting to ensure and demonstrate compliance withfinance-related legal requirements.Governmental FundsThe focus of the School's governmental funds is to provide information on near-term inflows,outflows, and balances of spendable resources. Such information is useful in assessing theSchool's financing requirements. In particular, the unassigned fund balance may serve as auseful measure of a government's net resources available for spending at the end of the fiscalyear.Most of the School's operations are funded in the General Fund. The majority of the GeneralFund revenues are distributed to the School by the District through the Florida EducationFinance Program (FEFP), which uses formulas to distribute state funds and an amount of localproperty taxes (i.e., required local effort) established each year by the Florida Legislature. At theend of the fiscal year, the School's governmental general fund reported ending fund balance of 289,408. The fund balance unassigned and available for spending at the School's discretion is 187,858. These funds will be available for the School's future ongoing operations.AchievementsIn 2013, Somerset Preparatory Academy at Silver Palms (Somerset Prep) completed its 2nd yearof operations, enrolling 615 students. The school earned a letter grade of "B."This past year, Somerset Prep students were recognized for their participation and achievementsin the Somerset Spelling Bee and the Future City Competition. Students also participated invarious school-based events and productions, including the Holiday Show, Somerset's GotTalent show, Music in School Show, End of Year Show, Career Day, Hispanic Heritage Show,and the Black History Month Show.Somerset Preparatory Academy provides its students with a rigorous curriculum, as well as anextensive extracurricular program of activities. Students are able to participate in team sports,over 25 active clubs, and honor societies including: Student Council, Guitar Club, Art Club,Dance, Cheerleading, Spanish, National Junior Honor Society, Robotics, Recycling Club,Environmental Club, Safety Patrol, Future Educators of America, Newspaper, Future City, MathClub, and Science Club.As a member of the Somerset Academy network of high quality charter schools, Somerset Prepis fully accredited by AdvancED under the Southern Association of Colleges and SchoolsCouncil on Accreditation and School Improvement (SACS-CASI) division. It is one of only afew public elementary schools in Miami-Dade County to be fully accredited by AdvancEd. Aswith all the schools within the network, Somerset Prep places high expectations for studentlearning and offers multiple opportunities for all students to acquire requisite knowledge, skills,and attitudes in a safe and nurturing environment. Key to achieving successful learning for allstudents is the school's implementation of research-based instructional strategies by a highlyqualified instructional staff, and the use of innovative resources in a technology-rich setting.7

Capital AssetsThe School's investment in capital assets as of June 30, 2013 amounts to 2,082,318 (net ofaccumulated depreciation). This investment in capital assets includes furniture, fixtures andcomputer equipment. As of June 30, 2013, the School had long term debt relating to capitalassets of 1,510,436.Governmental Fund Budget Analysis and HighlightsPrior to the start of the School 's fiscal year, the Board of the Charter School adopted an annualbudget. A budgetary comparison statement has been provided for the governmental funds todemonstrate compliance with the School's budget.OriginalBudgetREVENUESProgram RevenuesCapital Outlay fundingFedera l Lunch ProgramFederal SourcesCharges for servicesGeneral RevenuesFTE nonspecific revenuesOther RevenuesTotal RevenuesCURRENT EXPENSESComponent Unit Activities:InstructionInstructional Staff Training ServicesBoardSchool AdministrationFacilities acquisitionFiscal ServicesFood ServicesCentral ServicesOperation of PlantCommunity ServicesMaintenance of PlantTotal Current Expenditures 154,500200,000265,00010,000FinalBudget 263,500212,000485,00018,5 00Actual 263,332212,159485 ,32818,4493,621,4803,729,6093,735, 575,0002,455,0002,500I5 ,000600,0002,428,8541,5 12I ,000120,000595,64392,175229,7I5I 17,446590,611125,0004,023,643 70,0004,188,143 24,3234,074,065Requests for InformationThis financial report is intended to provide a general overview of the finances of the CharterSchool. Requests for additional information may be addressed to Ms. Ana Martinez atAcademica Dade, LLC, 6340 Sunset Drive, Miami, Florida, 33143.8

Somerset Preparatory Academy at Silver Palms(A cha1ter school under Somerset Academy, Inc.)Statement ofNet PositionJune 30,2013AssetsCurrent assets:Cash and cash equivalentsDue from other schoolsDue from other agenciesPrepaid expenses and deposits 386,470102,4808,586101 ,55 0599,0862,311,503(229, 185)2,082,318Capital assets, depreciableLess: accumulated depreciation2,681,404Total AssetsDeferred Outflows of ResourcesLiabilitiesCurrent liabilities:Salaries and wages payableAccrued ExpensesTenant improvement-currentTotal Current Liabilities287,01322,665412,500722,178651 ,060446,8761,820,114Due to other schoolsTenant improvement long-term debtTotal LiabilitiesDeferred Inflows of ResourcesNet Position:Invested in capital assets, net of related debtUnrestrictedTotal Net Position The accompanying notes are an integralpart of this financial statement.9571,882289,408861,290

Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc.)Statement of ActivitiesFor the year endedJune 30,2013Program RevenuesNet (Expense)Charges eGrants andGrants andand ChangesContributions Contributions in Net PositionGovernmental activities:Instruction 2,542,638 485 ,328 (2,057 ,31 0)Instructional media services(1 ,512)1,51211,981(11 ,981)School administration577,448(577,448)Fac ilities acquisition(82,946)Central services82,94692,175229,715117,446Operation of plant598,026Instructional staff trainingBoardFiscal servicesFood 34,694)(24,323)24,323Maintenance of plantCommunity Services4,278,210Total governmental activities18,449697,487(3 ,298,942)263,3323,735,107FTE nonspecific revenuesInterest and other revenueChange in net position436, 165Net position, beginning425,125Net position, endingThe accompanying notes are an integralpart of this financial statement.10 861 ,290

Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc.)Balance Sheet - Governmental FundsJune 30, 2013SpecialGeneral FundTotalGovernmentalFundsRevenue FundAssetsCash and cash equivalentsDue from other agenciesDue from other schoolsPrepaid expenses and depositsDue to I from fundsTotal Assets 386,470 586287,01322,6658,586318,2648,586102,4 80101 ,5508,5 86599,086Deferred Outflows of ResourcesLiabilitiesSalaries and wages payableAccrued expensesDue to other fundsTotal Liabilities287,01322,665309,678Deferred Inflows of ResourcesFund balanceUnassignedNonspendableTotal Liabilities, Deferred Inflows ofResources and Fund Balance187,858101,550289,408187,858101,550289,408 The accompanying notes are an integralpart of this financial statement.11599,086 8,5 86 607,672

Somerset Preparatory Academy at Silver Palms(A charter schoo I under Somerset Academy, Inc.)Reconciliation of the Governmental Fund Balance Sheet to the Statement of Net PositionFor the year ended June 30, 2013 Total Fund Balance - Governmental Funds289,408Amounts reported for governmental activities m the statement of net position aredifferent because:Capital assets of 2,311,503 net of accumulated depreciationof 229,185 used in governmental activities are not financialresources and therefore are not reported in the fund.2,082,318Receipt of long-term payableis a current financial expenditure to government funds, butsuch increases long-term assets in the statement of net position.(1 ,5 10,43 6) Total Net Position- Governmental ActivitiesThe accompanying notes are an integralpart of this financial statement.12861 ,290

Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc.)Statement of Revenues, Expenditures, and Changes in Fund Balance- Governmental FundsFor the year ended June 30,2013General FundSpecial RevenueFundRevenues :State capital outlay fundingState passed through localFederal lunch programFederal sourcesCharges for services 212,159485,32818 449263,3323,735,107212,159485 ,32 818 4493,735,107979,2684,714,3752,324,4691,51211 ,981577,448104,3 852,428,8541,51211,981577,448 263,3323,735, 107Total al staff training servicesBoardSchool administrationFacilities acquisitionFiscal servicesFood servicesCentral servicesOperation of plantMaintenance of plantCapital Outlay:Other capital outlayTotal Expenditures92, 175229,715117,446590,61124,32392,175229,715Excess (deficit) of revenues over expendituresOther financing sourcesLong-term receivable from other schoolTenant improvement long-term debtRepayment of tenant improvement debtT ransfers in and (out)117,446327,27924,323263,33245 7783,522,411380 943978 375426 72 14,500,786212,696893213,589451,060451,060(378, 124)(378, 124)893Net change in fund balanceFund Balance at beginning of yearFund Balance at end of year TotalGovernmentalFunds The accompanying notes are an integralpart of this financia l statement.13(893)286,525286,5252 8832 8832892408 2892408

Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc.)Reconciliation of the Statement of Revenues, Expenditures an Changes in Fund Balanceof Governmental Funds to the Statement of ActivitiesFor the year ended June 30, 2013 Net Change in Fund Balance - Governmental Funds286,525Amounts reported for governmental activities in the statement of activities aredifferent because:Governmental funds report capital outlays as expenditures.However, in the statement of activities, the cost of thoseassets is allocated over their estimated useful lives asdepreciation expense. This is the amount by which capitaloutlays of 426,721 differed from depreciation expense of 204,145.222,576Disbursement from issuance of long-term receivablesis a current financial expenditure to government funds , butsuch increases long-term assets in the statement of net position.(72,936) Change in Net Position of Governmental ActivitiesThe accompanying notes are an integralpart of this financial statement.14436,165

Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc.)Statement of Net Position- Fiduciary FundsJune 30, 20132013Agency Funds CashTotal Assets29,27729,277Deferred Outflows of ResourcesLiabilities29,27729,277Due to students and clubsTotal LiabilitiesDeferred Inflows of Resources Net PositionThe accompanying notes are an integralpart of this financial statement.15

Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc.)Notes to Financial StatementsJune 30,2013Note 1- Summary of Significant Accounting PoliciesReporting EntitySomerset Preparatory Academy at Silver Palms (the "School"), is a component unit of the SchoolBoard of Miami-Dade County, Florida (the "District"). The Schools' charter is held by SomersetAcademy, Inc. , a not-for-profit corporation organized pursuant to Chapter 617, Florida Statutes,the Florida Not-For-Profit Corporation Act. The governing body of the School is the board ofdirectors of Somerset Academy, Inc. , which is composed of nine members and also governsother charter schools.The general operating authority of the School is contained in Section 1002.33, Florida Statutes.The School operates under a charter granted by the sponsoring district, the School Board ofMiami-Dade County, Florida. The current charter expires on June 30, 2015 and is renewable for5 years upon approval. At the end of the term ofthe charter, the District may choose not to renewthe charter under the grounds specified in the charter in which case the District is required tonotify the School in writing at least 90 days prior to the charters expiration. During the term ofthe charter, the District may terminate the charter if good cause is shown.The School is located in Miami, Florida for students from grades kindergarten through eighthand is funded by the District. These financial statements are for the year ended June 30, 2013 ,when approximately 615 students were enrolled for the school year.Basis of presentationThe School' s accounting policies conform to accounting principles generally accepted in theUnited States as applicable to state and local governments. The Governmental AccountingStandards Board (" GASB") is the accepted standard setting body for establishing governmentalaccounting and financial reporting principles.New Accounting PronouncementsFor the year ended June 30, 2013 , the School implemented GASB Statement No. 63 , "FinancialReporting ofDeferred Outflows of Resources, Deferred Inflows ofResources, and Net Position."GASB 63 identifies net position, rather than net assets, as the residual of all other elementspresented in a statement of financial position. Deferred outflows of resources representconsumption of resources that is applicable to future reporting periods that will be reported in aseparate section after assets. Deferred inflows of resources represent acquisition of resources thatis applicable to future reporting periods that will be reported in a separate section after liabilities.This change was incorporated in the Schools financial statements; however there was no effecton beginning net position/fund balance.Additionally, the School implemented GASB Statement No. 65, "Items previously reported asAssets and Liabilities". GASB 65 establishes accounting and financial reporting standards thatreclassify as deferred outflows of resources or deferred inflows of resources, certain items thatwere previously report as assets and liabilities. This change was incorporated in the Schoolsfinancial statements; however there was no effect on beginning net position/fund balance.16

Somerset Preparatory Academy at Silver Palms(A charter school under Somerset Academy, Inc.)Notes to Financial StatementsJune 30, 2013Note 1- Summary of Significant Accounting Policies (continued)Government-wide and Fund Financial StatementsThe government-wide financial statements include the statement of net pos1t1on and thestatement of activities. These statements report information about the School as a whole. Anyinternal interfund activity has been eliminated from these financial statements. Both statementsreport only governmental activities as the School does not engage in any business type activities.These statements also do not include fiduciary funds.The statement of activities reports the expenses of a given function offset by program revenuesdirectly connected with the functional program. A function is an assembly of similar activitiesand may include portions . of a fund or summarize more than one fund to capture the expensesand program revenues associated with a distinct functional activity. Program revenue

Somerset Preparatory Academy at Silver Palms (A Charter school Under Somerset Academy, Inc.) June 30, 2013 The corporate officers of Somerset Preparatory Academy at Silver Palms have prepared this narrative overview and analysis of the school's financial activities for the period ended June 30, 2013 Financi

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