Key financial facts from the Fiscal Year 2008 audit include:
• The school’s assets exceeded its liabilities at June 30, 2008, by $829,952.
• Total General Fund revenues were $3,250,825 as compared to $3,028,433 of expenditures.
• Capital assets have been reported at $6,886,710, net of depreciation.
• 70% of the school’s unrestricted resources are spent on instruction.
In fiscal year 2009, General Fund revenues are projected to surpass $4.5 million. This includes more than $250,000 from the Foreign Language Assistance Program grant and the $500,000 Minnesota Facilities Incentive Grant. The MFIG was awarded to the school to remodel several interior (windowless) classrooms into a state-of-the-art media center filled with natural light.
Lakes International recognizes the importance of building a solid fund balance to minimize short-term borrowing, meet unexpected needs, and plan for the future. The table below summarizes Lakes International's efforts in achieving our goal of a 20% fund balance over the last three fiscal years.
| End of Fiscal Year |
Audited Unreserved General Fund Balance (%) |
| 2006 |
14.2 |
| 2007 |
22.7 |
| 2008 |
23.2 |
If you would like copies of our most recent audited financials, tax returns or current board-approved monthly finance reports, please email jlundgren@lakesinternational.org
