dcss parent meeting november 2010 bob elliott president/ceo dayton christian school system
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DCSS Parent MeetingNovember 2010
Bob ElliottPresident/CEO Dayton Christian School System
DCSS Board
President/CEO
Education Division
Dayton Christian School
Xenia Christian
School
Dayton Christian
HomeschoolPsychologist
Special Education Curriculum
Ministry Trips Transportation
Health Services
Advancement Division
Admissions Office
Communications/ Constituent
Relations Office
Development Office
Business Division
Controller
AR/Student Billing
Purchasing/AP
Payroll
Auxiliary Funds
Human Resources
Facility Services
Maintenance
Grounds
Custodial
IT Department
President Emeritus
DCSS Parent MeetingNovember 2010
Rich AnglinCo-President, LMIDirector of Business Services, DCSS
LMI/DCSS Financial Summary
• Cash (EF) = $2,500,000
• Bank Obligations = $7,300,000• Accounts Payable = $ 700,000• Total Debt-3rd Parties = $8,000,000
• Internal Borrowing = $500,000-700,000
Divestment/Repayment Plant
• Sale of 160 acres of Legacy Center to Athletes in Action▫Tentative closing date is December 31, 2010▫Proceeds = $3,100,000
Retire bank debt▫Release of Endowment Fund = $1,650,000
Retire $800,000 bank debt Provide $850,000 for accounts payable
payments and operating needs
LMI/DCSS Post AIA Sale• Cash (EF) = $ 850,000
• Bank Obligations = $3,400,000▫ Seeking to refinance with HUD for 35 years
• AIA Note = $ 600,000• Accounts Payable = $ 0• Total Debt-3rd Parties = $4,000,000• Internal Borrowing= $500,000-700,000
Sale of Legacy Village Retirement Community
• Target sale date = June 30, 2011• Target sale price is an amount sufficient to
retire remaining bank debt, pay-off internal borrowing and replenish cash reserves
• Seeking prospective buyers who are: ▫Faith-based▫Experienced with senior care▫Financial wherewithal to fully develop LVRC
Legacy Center--Post Sale
•40 acres of Legacy Center campus to remain with DCSS▫20 acres/buildings – Xenia Christian
Schools▫20 acres – power plant
•XCS will remain open •XCS will continue to use AIA athletic
fields
Map of Legacy Campus
LMI/DCSS Cash Flow Projections October 2010 to June 2011
•Cash Receipts
Source
Tuition $4,337,000
Endowment Fund 850,000
Development/Donations 500,000
Other 431,000
TOTAL $6,118,000
LMI/DCSS Cash Flow Projections October 2010 to June 2011
•Cash Disbursements
Use
Compensation and Benefits
$3,732,000
Operating Costs 928,000
Delinquent Accounts 700,000
Utilities 435,000
Interest/Bank Fees 61,000
Total $5,856,000
LMI/DCSS Cash Flow Projections October 2010 to June 2011
Net Cash Increase
Cash Receipts $6,118,000
Cash Disbursements (5,856,000)
Total Net Cash Increase
$262,000
Annual Fund
•2010-11 Annual Fund need = $575,000
Month Need
October $35,000
November 70,000
December 225,000
January 40,000
February 20,000
March 40,000
April 45,000
May 25,000
June 25,000
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