IMPACT: Annual Report 2020-21 | Page 12

Financial Overview

LCIS NET PERFORMANCE

INCOME Admissions Revenue & Entrance Fee Tuition Donations Other Income Total Income
EXPENSES
Administrative Expenses Technology Expenses Operating & Maintenance Instructional Expenses Staff Salaries & Benefits Total Expenses
$ 311,100 $ 8,838,566 $ 849,447 $ 258,136 $ 10,257,249
$ 1,377,120 $ 312,714 $ 1,061,684 $ 483,584 $ 6,201,342 $ 9,436,444

FINANCIAL POSITION

ASSETS Current Assets Cash
$
8,564,843
Accounts Receivable
$
2,135,254
Other Current Assets
$
787,648
Total Current Assets
$
11,487,745
Fixed Assets Buildings
$
15,056,588
Furniture & Other Equipment
$
797,267
Land
$
1,309,825
Land & Building Improvements
$
3,342,079
Swimming Pool
$
136,977
NET ORDINARY INCOME ( BEFORE DEPRECIATION )
$ 820,805
Total Fixed Assets
$
20,642,736
TOTAL ASSETS
$ 32,130,481
LIABILITIES & EQUITY Current Liabilities Accounts Payable
$
257,789
Other Current Liabilities
$
11,459,342
Total Current Liabilities
$
911,717,131
Total Liabilities
$
11,717,131
Equity Retained Earnings
$
5,413,350
Perpetual Bonds
$
15,000,000
Total Equity
$
20,413,350
TOTAL LIABILITIES & EQUITY
$ 32,130,481
* Our financials are audited by Deloitte each year . Please note : These figures are prior to the financial audit which is currently underway and are subject to change . Copies of the final audit or prior year ’ s reports will be available upon request from the Business Office .
Financials represent the 2020-21 school year