Patrick Henry Finance 101 Meeting Thursday

Note from Patrick Henry’s director of finance

Dear Friends,

When I took over the position as Patrick Henry’s director of finance, I was excited to help out with this new venture and amazed at the complexity of charter school finances. Patrick Henry School of Science and Arts is only the fifth charter school in the state and the first in the city of Richmond. Therefore, there is no precedent to dictate how much funding we should receive from Richmond Public Schools, and the Virginia charter law does not provide a formula for determining the per-pupil funding calculation from the usual state and local sources.

Although charter schools are part of the public school system, they are not funded the same way other public schools are funded. We will receive only a percentage of the per-pupil funding that other public schools receive and, unfortunately, we receive no start-up funding from RPS.

For Patrick Henry to be successful in the long term, we must raise $1.5 million over three years, including a goal of $175,000 by September 2009. These funds are critical to meeting a number of start-up obligations, including ADA renovations to the facility, purchasing educational materials, and hiring a principal.

Here is a short list of some of our start-up costs:

* ADA building renovations: $300,000-$600,000
* Principal’s salary and benefits (in advance of opening):$65,000
* Building improvements (window repairs, HVAC upgrades, etc.): $150,000
* Cafeteria equipment (oven, refrigerator, cooking supplies, etc.): $15,000
* Curriculum materials (teacher’s guides, students’ books, etc.): $65,000
* Classroom equipment (AV, bulletin boards, etc.): $20,000
* Technology: $20,000

To help you understand where you donation money goes, I am hosting a Patrick Henry Finance 101 overview on Thursday, August 6, at 8 p.m. at the Patrick Henry building, 3411 Semmes Avenue. I will be giving a brief overview of our finances and will be happy to answer your questions. Looking forward to seeing you there.

Susan Martin
Director of Finance, Board of Directors
Patrick Henry School of Science and Arts

P.S. Check out updates from other PHSSA committees