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Arete Preparatory AcademyNotice of Meeting of Board of DirectorsPursuant to A.R.S. § 38-431.02, notice is hereby given to members of the Board of Directors of Arete Preparatory Academy and to thegeneral public that the Board of Directors will hold a meeting open to the public on Tuesday, June 19, 2018 at 11:00 a.m. Themeeting will be held telephonically, all public members are able to join and participate in the entire call by calling 641-715-3580, andentering conference code 852213#. Public members are also welcome to participate by attending the meeting in person at the ColiseumConference Room on the second floor of the Cicero Campus, 7205 N Pima Rd Scottsdale, AZ 85250.Additional documentation relating to public meeting agenda items may be obtained at least 24 hours in advance of the meeting bycontacting Gena McFarland at (502) 644-2580. Persons with a disability may request a reasonable accommodation by contacting GenaMcFarland at (502) 644-2580 at least 48 hours in advance of the meeting to allow time to arrange for the accommodationAGENDA1. Call to Order2. Call to the PublicIn compliance with the Open Meeting Law, the Board of Directors will neither discuss nor take action on issues raised duringthe call to the public that are not specifically identified on the agenda. At the conclusion of an open call to the public, membersof the Board of Directors may, however, respond to criticism made by those who have addressed the Board, ask staff to reviewa matter, or ask that a matter be placed on a future agenda.3. Approval of Consent AgendaAny member of the public or member of the board of directors may request that a consent agenda item be removed from the consentagenda and discussed separately.Approval of the Minutes from the February 5, 2018 Meeting4. Approval of the Proposed Annual Budget for School Year 2018-20195. Announcements/AdjournmentMembers of the Board of Directors will attend the meeting either in person or by telephone conference call. The Board reserves the rightto change the order of items on the agenda, with the exception of public hearings set for a specific time.Dated and posted this day of 2018, at a.m. / p.m.Arete Preparatory AcademySignaturePrint name001
Great Heart Academies- Arete Preparatory AcademyMinutes February 5, 2018ARETE PREPARATORY ACADEMYBoard of DirectorsUnapproved MinutesDate: February 5, 2018Time: 10:45 a.m.Location: Great Hearts Quayle CampusA meeting of the Great Hearts Academies-Arete Preparatory Academy Board of Directors was held atGreat Hearts Quayle Campus, 3102 N. 56th Street, Suite 300, Phoenix AZ 85018, pursuant to A.R.S. 38431.02, notice having been duly given.I. Call to OrderMr. Denton called the meeting to order at 10:53 a.m. The following directors/administrators id DentonPresidentXKaren TibbittsVice PresidentXMarilyn PapkeSecretaryXScott GrondinDirectorXLois YatesDirectorXJohn Paul PoppletonDirectorXBayo AtolagbeDirectorNotes.By phoneXAdministration/GuestsJulia GillinghamHeadmaster, Arete PrepX1002
Great Heart Academies- Arete Preparatory AcademyMinutes February 5, 2018Jennifer BradshawManager, School AccountingXGracie RoseStaff Accountant, GHXMichele WilsonDirector of Academy Giving, AretePrep and Archway AreteXRobert WagnerSuperintendent Arizona SchoolsXII. Call to the PublicMr. Denton made a call to the public at 10:54a.m. No publicwas present.III. Approval of Consent Agendaa.Approval of the Minutes from the November7, 201 meetingb.Approval of the Minutes from the November7, 2018 Executive Session MeetingMs. Yates moved that theBoard approve the consentagenda, seconded by Mr.Poppleton, all in favor, noneopposed, motion carried at10:54 a.m.IV. Headmaster’s ReportMs. Gillingham presented the headmaster report. Forecastinghas been a point of stress. Ms. Rose has been wonderful andout to the school to discuss this with her. Enrollment hasbeen impacted by new school opening. Ms. Gillingham hasbeen enjoying observations with 276 completed. She has alsobeen busy with hiring, planning and strategic meetings.Vandalism has been a problem and costly in the boys’bathroom. There has been much communication andinvestigation regarding this issue. In regard to AZ Merit, thedepartment leads have been sharing results from test and2003
Great Heart Academies- Arete Preparatory AcademyMinutes February 5, 2018MAP testing. She also looks at curriculum and AZ merit withexample questions, practice tests and teacher learning circles.The MAP testing is not very helpful except for bubblestudents. She likes US Test Prep better, but was unable toapprove the expenditure for it this year.V. Approval to change the Mission Statement of the Academy“The mission of Arete Preparatory Academy is to cultivatethe minds and hearts of students through the pursuit of Truth,Goodness, and Beauty.”VI.Mr. Poppleton moved to changethe mission statement of AretePreparatory Academy to: “Themission of Arete PreparatoryAcademy is to cultivate theminds and hearts of studentsthrough the pursuit of Truth,Goodness, and Beauty.”Seconded by Ms. Yates, all infavor, none opposed the motioncarried at 11:10 a.m.Financial ReportMs. Rose introduced Jennifer Bradshaw as the new managerof school accounting. Ms. Rose reviewed the year to datefinancial highlights and forecast. She mentioned that all 3 ofthe covenants are met. She reviewed the actuals, budget andvariances. There is 71 days cash on hand. There were somehigh administrative costs and timing variances. There isfurther work to be done on Athletic budget. The forecast hascaused some confusion, but should be worked out.VII. Development ReportMs. Wilson presented the development report. Arete Prep hasreached 98% of goal in community investment and 70% ofTax Credit. It can be a struggle to motivate at Prep, but havestarted a club and team contest with prizes. November 28th3004
Great Heart Academies- Arete Preparatory AcademyMinutes February 5, 2018giving day was a success, but may do it a different day nextyear. She works at registration with the office manager toeducate new families.IX.Possible Executive SessionNoneX.Leave Executive SessionNoneXI.Possible Motions from Executive SessionNoneXII. Announcements/AdjournmentNext Board Meeting: 4:45 pm on Tuesday, May 1, 2018 atthe Arete Campus, subject to change.Mr. Denton adjourned themeeting at 11:35 a.m.Submitted by, Secretary Marilyn Papke–Gena McFarland, Scribe4005
GREAT HEARTS ACADEMIES—ARETEHEADMASTER SITE BOARD REPORTEOY Enrollment NumbersJan-May 2018ADMADAAverage:530.93505.75Arete had a great year. Our survey results, attached, show the strong faculty community and the Areteparents continue to value the hard work of the teachers and support staff.Next year as a school our Thematic Goal will be cultivating positive student character. In addition to thisschool wide goal, the operations team has chosen to work on ensuring proactive and streamlined communication.006
TLC Report—AthleticsSpring Season ParticipationMiddle School Total:Projected 79, Actual 83High School Total:Projected 64, Actual 66Recent Activityth The spring sports award banquet on May 11 was a success. We celebrated middle school teams firstfollowing by a 30 minute intermission for appetizers and desserts, and then celebrated the high schoolteams. This format will be continued into next year according to the positive feedback we received. End of Year Awards: 28 high school athletes received post-season recognition; 14 archers were awarded Academic Archer awards (3.0 or higher); three graduates will compete in college (Isaac Iniguez,Jake Zajdzinski, and Alex Inghram); 19 middle school iron athletes, and 14 high school iron athletes. Chargers of the Year: Matthew McClelland, Alissa Kassebaum, Adam Whitehead, Lauren Janda, andCaroline Tibbitts.nd The 2 Annual Golf Tournament fell short of projected revenue but still exceeded the previous year.The first tournament yielded 3300, this year’s revenue was 5800. We increased participants from 21to 32, and sponsorships from three to six. Enrollment for the Summer Camps has started: Basketball in June, and Soccer and Volleyball in lateJuly. We started renting our gym and athletic field in February. A youth soccer league on Thursdays for thefield, and an adult basketball league on Sundays along with a youth club basketball team during theweek.Support Needed or Desired (if any) A brief but detailed video explaining how the tax credit program works. There are too many peoplewho are still uneducated about how the tax credit program works.007
Front Office ReportTeam Members: Nancy Harris, (Office Manager) Melody Pati, (Registrar), Julie Tufte (new Registrar), LeslieMartinez (Front Office Coordinator) and Beth Melvin (Front Office Coordinator)Area of Focus for the team: Enrollment as of 6-4-18 for 2018-2019th 6 - 108 / waitlist - 27 7th- 109 / waitlist - 15 8th- 104 / waitlist - 28 9th- 97 10th- 74 / waitlist -15 11th- 55 / waitlist - 7 12th- 59 / waitlist - 5/ waitlist - 12Onboard new RegistrarEnd of Year duties008
College Counseling ReportArete Preparatory Academy College Counseling Information – Fourth Quarter 2017-18 (Recent Activity and Progress)College acceptances and where students are matriculatingAdelphi UniversityArcadia UniversityArizona Christian University*Arizona State University* (9)Ave Maria University*Barrett, the Honors College atASU* (11)Belmont University HonorsProgram*Benedictine University at Mesa(AZ)Brigham Young University*California Lutheran U *Central CollegeColorado School of Mines*Creighton UniversityDoane CollegeDominican UniversityDrexel UniversityDrew University*Emmanuel CollegeEmory UniversityFive Towns CollegeFort Lewis CollegeFranciscan University ofSteubenville*GCU*(3)GCU Honors Program*Hendrix CollegeIllinois Wesleyan University*Kalamazoo College*Lake Forest CollegeLawrence UniversityLehigh University*Lewis & Clark CollegeLoyola U Chicago*Loyola University New OrleansMesa Community College*(3)Mesa Community College, HonorsProgram (1)*Northern Arizona University*Northern Arizona UniversityHonors (2)*Northwestern Michigan CollegeOhio WesleyanOklahoma City UniversityOlivet CollegeOregon State UniversityPace UniversityPepperdine UniversityRegis University *Rhodes College *Samford UniversitySanta Clara UniversitySeattle Pacific UniversitySeattle Pacific Honors College*Seattle University * (2)Soka UniversitySouthern Methodist U*St. Edward’s UniversitySt. Francis CollegeSt. John’s College*Texas Christian UniversityThe University of Arizona*University of Arizona, HonorsCollege* (2)University of Minnesota,Twin CitiesUniversity of DallasUniversity of OregonUniversity of PortlandUniversity of Redlands*University of RochesterWashington State UWestmont CollegeWhittier CollegeWhitworth UniversityWillamette University*Denotes Matriculation009
College Counseling report continuedApplication Statistics:95% % of students who applied to a 4 year college/university % of students planning on a 2 year college % of students who have applied out of state % of students attending out of state colleges % of students who have applied to at least oneschool EA/Priority/REA/Single Choice % of students who have applied Early Decision % of students who have applied to an HonorsProgram or Honors College% of students accepted to an Honors College 7%60%31%67%2%64%38%Average number of applications per studentHighest number of applications by a studentNumber of college visits to Arete Prep Percentage of seniors receiving(as of 5/15/18)scholarship587793%Noteworthy StatisticsScholarship Total 7,750,524 (49/55 reporting)Total Value of Merit Scholarships ACCEPTED – 2,028,804Average per student 138,402 (Four Year Total)Average per Year 34,60093% of Arete Seniors receiving scholarship (As of 5.15.18)25% of the Class of 2018 earned Presidential Scholarships at the state universitiesASU 10kU of A 11kNAU Full TuitionFinal Statistics for Class of 2018Graduating Class of 56 Students50 attending 4 Year University4 attending 2 Year University1 enlisted in Army1 Gap Year34% of Arete 2018 Graduates are attending an Honors College, either in state or at their private college.34% of Arete 2018 Graduates attending a highly selective college/universityObstacles and challengesNothing not already previously noted.010
Arete Preparatory AcademySummary Statements of ActivitiesJune 2018 School Board PackageEnrollment (ADM)RevenueFederal and StateStudent FeesComm Investment, Tax Credits & PhilanthropyRental IncomeTotal Revenue Net Operating Income (Loss)Other IncomeOther IncomeTotal Other IncomeOther ExpenseOther ExpenseTotal Other Expense Cash Adjustments:Depreciation & AmortizationLeasehold ImprovementsFurniture, Fixtures and EquipmentTechnology (Hardware/Software)Change in Net CashPer Student RevenuePer Student Operating ExpensePer Student Instructional ExpenseYTD as onalSpecial EducationExtra Curricular: AthleticsExtra Curricular: Non-AthleticsSupport Services: FacilitiesSupport Services: Other Non-InstructionalSupport Services: AdministrationDepreciation & AmortizationTotal Operating ExpenseChange in Net AssetsYTD as ofYTD as ofAvB Variance559AvB% Variance(4)Apr-2017Actuals(1%)3,062,601 216,473362,4281,2603,642,7623,123,061 67950,679---0%0%-(415%) (58,352)(2%)(378,527) (10%)37,765(36,700)(16,236)-(73,503) 38,873(52,000)-(305,024)(1,108)15,300(16,236)-(2%) 304)(6%) (393,698) (11%)(86,630) (307,068)(354%) 6,564 7,2643,4086,725 6,8863,175(161)(378)(233)(2%) (5%)(7%)6,5496,7563,112011
Arete Preparatory AcademyStatement of Financial PositionFor the Period Ended,Apr-2018Current assets:CashDue from governmentOther receivablesDue froDue from related partyPrepaid ExpensesTotal current assets1,008,12411,1918,3701,027,685Property and equipment:Leasehold improvementsFurniture, fixtures and equipmentConstruction in progressLess accumulated depreciationDepositsTotal assetsApr-2017 ,118(94,907)226,79527,70027,70027,7001,289,234 1,374,420 1,493,060Current liabilities:Accounts payableAccrued payroll and relatedDeferred revenueDue to related partyDeposits held for othersTotal current 39518,742169,316309,044Net assets805,4871,007,3161,184,016Total liabilities and net assets 1,289,234 1,374,420 1,493,060012
Arete Preparatory AcademyStatement of Cash FlowsFor the Period Ended,Cash flows from operating activities:Changes in net assetsAdjustment to reconcile change in net assets to net cash(used in) provided by operating activities:Depreciation and amortizationChanges in:Due from governmentOther receivablesDue from related partyPrepaid expensesDepositsAccounts payableAccrued payroll and relatedDeferred revenueDeposits held for othersNet cash (used in) provided by operating activitiesApr-2018 Cash flows from investing activities:Payments for property and equipmentNet cash used in investing activitiesNet decrease in cashCash, beginning of the period(378,529)Apr-2017 Cash, end of the period 77 Day TargetCashBalance 1,037,949Days Cashon 042,71573757569696653676871908283True Operating Cash for the Month 17Apr-20171,008,1241,187,234 1,078,031013
Arete Preparatory AcademyAthletics Budget vs. ActualsRevenueAthletic FeesTax CreditsContributions & GiftsRental IncomeTotal RevenueExpensesSalaries & WagesStipendsEmployee InsuranceFICA TaxRetirement PlanUnemployment TaxWorkers' CompensationProfessional DevelopmentAthletic EquipmentAthletic UniformsAthletic Official FeesAthletic Participation FeesAthletic Transportation FeesAthletic Gym/Field RentalGHMSL Participation FeesGeneral AthleticsTotal ExpensesNet Operating LossYTD as 5,86711,71913,7542,40539,513254,490f YTD as ofApr-2018Budgetfff(7,478) AvBVariance AvBVariance 5,351 014
Arete Preparatory AcademyForecasted Statements of ActivitiesJune 2018 School Board PackageEnrollment (ADM)RevenueFederal and StateStudent FeesComm Investment, Tax Credits & PhilanthropyRental IncomeTotal RevenueForecastBudgetForecast vsBudgetVariance559Support services: Other Non-InstructionalSupport services: AdministrationDepreciation & AmortizationTotal Operating ExpenseNet Operating Income (Loss)Other IncomeOther IncomeTotal Other IncomeOther ExpenseOther ExpenseTotal Other ExpenseCash Adjustments:Depreciation & AmortizationLeasehold ImprovementsFurniture, Fixtures and Equipment 4,222,755 85% 279,2106%424,3009%18,7000%4,944,965 8,851 (4,675)(28,703)98%(141,999) ,39920,14820,14818,2100% 10,761100,9122% 46,626(52,000)0% 95,538(82,702)(82,499)0%138,113(131,810)(131,810) 1,13915,300(16,236)2% )45,487(36,700)(16,236) ,11546,6264,783,091 ,118,86845,4874,920,148 103%160,209160,20919 Budget vs18 ForecastVarianceFY19(4) 4,065,510 85% 4,146,569 85% 254,1395%289,5346%457,240 10%427,7529%1,2600%0%4,778,149 100%4,863,855 100%Extra Curricular: AthleticsExtra Curricular: Non-AthleticsSupport Services: FacilitiesChange in Net CashFY18555ExpenseInstructionalSpecial EducationChange in Net AssetsFY1824,5130% 50,162(20,052)(17,554) 37,0696,303(4,675)16,648(1,318)1% 16,958Per Student Revenue8,6098,701(92)8,958349Per Student Operating ExpensePer Student Instructional ExpensePer Student Facilities ExpensePer Student Administrative 15
Arete Preparatory AcademyBond Covenant CalculationJune 2018 School Board PackageFY 19BudgetFund Balance/Net Asset Covenant (Unrestricted Fund Balance not lessthan 5% of Operating Expense Base Rent):(A) General Fund Unrestricted Balance FY 18Forecast1,226,739 FY 17Actuals1,202,226 1,184,016Total ExpenseLess:DepreciationBase Rent(B) Fiscal Year Operating 340)3,970,770(C) Base Rent Payment ,558,110244,935243,733227,906Sum of (B) and (C)(D) 5% of the sum of above lines (B) and (C)In Compliance?YesYesYesEffective Date06/30/1606/30/1606/30/16Liquidity Covenant (Days Cash on Hand equal to at least 45 days):(A) Unrestricted Cash & Investments (B) Fiscal Year Operating Expenses1,207,642 1,170,573 1,159,8124,273,4304,272,5193,970,770(C) Line (A) divided by line (B)0.280.270.29(D) Days Cash on Hand [line (C) multiplied by 365]103100107In Compliance?YesYesYesEffective Date06/30/1606/30/1606/30/16Coverage Ratio (Coverage Ratio of not less than 1.10):(A) Gross Revenues(B) Fiscal Year Operating Expenses 4,973,364 4,938,358 4,717,2934,273,4304,272,5193,970,770(C) Net Income Available for Debt Service [line (A) minus by line (B)]699,934665,839746,523(D) Base Rent625,260602,147587,3401.121.111.27(E)Coverage Ratio [line (C) divided by line (D)]In Compliance?YesYesYesEffective Date06/30/1606/30/1606/30/16016
CI 17-18 as of 5.31.18CI 16-17 as of 5.31.17Goal: 264,307 282,717Pledged: 276,553 271,867% of Goal Pledged:105%96%Amount Received: 247,030 230,393Number of Donors:226223Per Student Amount: 495 523Family Participation:50%55%017
CI 17-18 as of 5.31.18CI 16-17 as of 5.31.17 300,000 300,000 250,000 250,000 200,000 200,000 150,000 150,000 100,000 100,000 50,000 50,000 0 0GoalPledgedGoalPledged018
2017-18 Community Investment Campaign Report as of 5.31.18AcademyCI 17-18 GoalVeritas Prep454,204Archway Veritas450,444Chandler Prep401,367Archway Chandler357,167Arete Prep264,307Archway Arete215,000Scottsdale Prep661,635Archway Scottsdale406,622Glendale Prep274,757Archway Glendale290,000Anthem Prep407,000Trivium Prep308,802Archway Trivium West217,584North Phoenix Prep197,160Archway North Phoenix409,200Cicero Prep334,630Archway Cicero392,941Archway Trivium East185,279Lincoln Prep147,013Archway Lincoln393,024TOTAL: 6,768,136CI 17-18 % ofCI 17-18 PledgesGoaland One-time (Pledges/OneGifts-time 156,103106%315,71580% 6,919,596102%CI 990 6,096,662CI 17-18 NonCorporate DonorParticipation %(i.e. 7%64%47%44%37%48%54%59%44%40%45%55%CI 17-18 PerStudent Amount(Based onPledges/Onetime Gifts andBudgeted # 26450498680765385427470019 601
TC 2017 FINALTC 2016 FINALGoal: 100,045 102,375Received: 96,638 93,423% of Goal Received:97%91%Number of Donors:304295Per Student Amount: 173 177020
2017 Tax Credit Drive Report FINALAcademyTax Credit 2017GoalTax Credit 2017ReceivedFINALVeritas Prep144,502144,618Archway VeritasChandler PrepArchway ChandlerArete PrepArchway AreteScottsdale PrepArchway ScottsdaleGlendale PrepArchway GlendaleAnthem PrepTrivium PrepArchway Trivium WestNorth Phoenix PrepArchway North PhoenixCicero PrepArchway CiceroArchway Trivium EastLincoln PrepArchway LincolnMaryvale PrepTeleos 37081,69580,86548,10051,623102,74839,60043,931 3879,27882,73549,01347,48594,81137,81233,587 2,162,345Tax Credit 2017% GoalTax Credit 2017 # of Tax Credit 2017ReceivedDonors FINALPer Student 71261701281801579812714176148 172021
Great Heart Academies- Arete Preparatory Academy Minutes February 5, 2018 . ARETE PREPARATORY ACADEMY . Board of Directors . Unapproved Minutes . Date: February 5, 2018
