Academy Board Approves Budget - Brevard, NC


May 15, 2017

By a 5-0 vote Wednesday evening, the Brevard Academy: A Challenge Foundation Academy Board of Directors approved the school budget for the upcoming 2017-18 school year.

Total expenses are projected to be $3,382,676. With the total revenue estimated to be $3,410,430, that would leave the school with a net surplus next year of $27,754.

School director Ted Duncan said the budget projections were based on having 375 students in school and adding several teacher assistants to the staff.

The largest expense would be teacher salaried and bonuses at $1,776,807. Benefits for instructional cost are projected to be benefits at $720,262.

Rents and debt service are estimated to be $233,039 and administrative services are estimated to be $104,725.

All of the expenses are projected to be under $100,000.

One the revenue side, Brevard Academy plans to receive $2,126,208 from the state government, $1,227,845 from local government and $44,377 from the federal government.

The board also expects to have a remaining fund balance of $469,169 at the end of this fiscal year on June 30.

Other News

•Duncan reported that the school currently has 300 students enrolled, but projects to have 404 students next year. The latter number is based on notices of intent to return and applications for new students.

•The board unanimously agreed to shift from a seven-point to 10-point grading scale in order to be more aligned with other schools in the county and state.

•The board received information about investing part of its fund balance in corporate bonds. The bond would pay 6.25 percent annually over a three-year period.

To invest, the board would need a minimum of $250,000 in liquid assets and purchase a bond of at least $25,000.

•Charlotte Shackleford of the PTO reported the PTO has a fund balance of $4,928. She also reported that PTO supplied numerous edible treat, lunch and massages during Teacher Appreciation Week.


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