Budget vs Actuals

2015-2016 Budget vs Actuals

Understanding our Finances

Crescent View Academy’s tuition collects an average tuition of $4585.00 approximately $825.00 less than the actual cost per student.  The average tuition for private schools in Colorado is $10690.00; 60% higher than CVA average tuition collected. The funding for public schools (listed below) averages $7,442.29; 42% higher than CVA average tuition collected.  Also, the cost of living in Colorado has increased approximately 9-10% in the last 5 years (https://www.colorado.gov/pacific/sites/default/files/2015%20Cost%20of%20Living%20Study%20-%20Pacey%20Economics.pdf). For the past 6 years, CVA’s Board of Directors and Administration have proven to be fiscally accountable and economically resourceful. [SEE INFORMATION AND SOURCES BELOW]


CVA average tuition per student

$4,585.00 1st child pays 100%, 2nd child has approx. 40% discount and 3rd child approx. 60% discount. In addition we have financial assistance program for qualifying families.
CVA average cost per student $5,410.00 The extra cost is associated to the teachers needed to facilitate instruction for Quran, Arabic and Islamic Studies almost on a daily basis.
CVA average deficit per student $825.00
Colorado private schools average tuition $10,690.00 Source: http://www.privateschoolreview.com/tuition-stats/private-school-cost-by-state
Difference between CVA tuition and average Colorado private schools tuition $6105.00
Aurora public schools Average funding per student (Per pupil Funding) $7,717.77 Source:



Crescent View Academy’s Administration and Board of Directors review the Budget vs. Actuals on a monthly basis.  The Treasure of the Board meets with the Administration periodically to review expenditures and plan next fiscal year budget.  All expenditures, Accounts Payable and Payroll are reviewed and approved by the Treasure of the Board of Directors. Since our tuition income is 40%-60% less than the funding of surrounding schools, CVA collects approximately $300,000 a year in fundraising efforts.  This allows us to minimize our deficit.  NOTE: CVA does not receive any publicly allocated funds from either Federal or State treasuries.  Provided below are examples of annual and monthly budget scenarios.  Attached to this document are real samples of our CVA’s Budget vs. Actual Reports.  The Holy Qur’an has stressed the importance of fairness in business: “And, O my people, give full measure and weight justly, and defraud not men of their things, and act not corruptly in the land making mischief. What remains with Allah is better for you, if you are believers” (xi. 85-86).

CVA Annual Income
Tuition $1,250,000.000 *
Donations $300,000.00 *
Total Income $1,550,000.00 *
Monthly Accounts Payable Include

(This sample does not include all details of expense types)

Insurances (health Insurance, Liability Insurance, Workers Compensation Insurance etc.) $2500.00
Utilities ( Trash Disposal, Water, Electricity, Gas, Phone and Internet, Alarm and Burglary) $3000.00
Supplies (Sanitary Supplies, copy paper, dry erase markers etc.) Furniture and Technology Supplies. $3000.00
Maintenance (Electricians, Snow removal, lawn maintenance, fences, classrooms and building)

 This Includes Remodeling and projects.

Monthly Dues and Services (Copy Machine Lease, Daycare and Accreditation licensing, Mailings and stamps, Quick Books and Accounting Services, IT and software subscriptions (Library, sonic wall, etc) (Janitorial Services, HR services) $6,000.00
Book Supplies (Both regular and Islamic Studies and Quran) (This is paid at the beginning of school year $4,000.00
Bank Charges (Credit Card charges are the majority) $1,500.00
Professional Development and all related expenses $2,500.00


Total Expenses
Payroll Expenses $1,284.000.00 *
Accounts Payable $416,000.00 *
Total Expenses $1,700,000.00 *


Annual Deficit $150,000.00 *


Monthly Expenses
Payroll Expenses (34 Employees) $107,000.00 *
Accounts Payable $34,666.66 *
*Approximate Calculation based on Averages