E.L. Haynes 2014-2015 Annual Report

WE ARE HAYNES

E.L. HAYNES Annual ReporT

2014 - 2015

A MESSAGE FROM THE CEO Dear Friends of E.L. Haynes, I am thrilled to share with you our 2014-2015 annual report! I joined E.L. Haynes in November 2015 as CEO, following in the footsteps of our beloved founder, Jennie Niles, who became DC’s Deputy Mayor for Education in January 2015. It is a pleasure and an honor to lead this incredible organization, which I have admired since its inception in 2004.

As you’ll see in this report, last year was a remarkable one for E.L. Haynes. Most notably, we graduated our very first class of seniors in June 2015. Following 11 years of steady growth, we finally reached this missionfulfilling moment. The Class of 2015 had a 100% college acceptance rate and brought in $3.5 million in college merit scholarships. And yet, we know they still need us. So E.L. Haynes is working diligently to ensure that we have the staff and financial support our alumni need to not just make it to college, but through college. We are grateful to the many donors to our new College Support Fund whose gifts are making this work possible – thank you.

In April 2015, the E.L. Haynes Board of Trustees unanimously approved VISION 2020, our comprehensive, five-year strategic plan. This plan reaffirms our commitment to our mission of college success for every student and sets out a thoughtful course to ensure that our program is rigorous and joyful, our staff members are supported to thrive, and our families are meaningfully engaged.

I want to give two very special thank yous this year. First, I want to thank Shivam Mallick Shah, who so ably led E.L. Haynes as our Interim Executive Director between Jennie’s departure and my arrival. Shivam stepped in and provided tremendous guidance and leadership during this time of significant transition and we are all grateful to her. Second, I want to appreciate the E.L. Haynes Board of Trustees, who gave their work, wealth, and wisdom in many significant ways this year. They volunteered their time and energy to support our community through our first major leadership change.

Finally, thank you for all the ways YOU support E.L. Haynes! E.L. Haynes is special because of its people – our students and families, our staff and volunteers, our donors and partners. I am deeply grateful to be part of this special community. Enjoy our annual report and I look forward to connecting with you personally in the coming weeks and months.

Sincerely,

Hilary Darilek Chief Executive Officer 2014-2015 | Page 1

WE ARE HAYNES OUR MISSION Every E.L. Haynes student of every race, socioeconomic status, and home language will reach high levels of academic achievement and be prepared to succeed at the college of his or her choice.

Every E.L. Haynes student will be adept at mathematical reasoning, will use scientific methods effectively to frame and solve problems, and will develop the lifelong skills needed to be a successful individual, an active community member, and a responsible citizen.

OUR VISION E.L. Haynes will be a model of educational excellence and make a lasting impact on urban education in Washington, DC, and across the nation.

OUR HISTORY Founded in 2004, E.L. Haynes has grown steadily and strategically from 139 students above a CVS drugstore to more than 1,100 students in three beautiful facilities across two campuses. Over the years, E.L. Haynes has become nationally recognized and is the recipient of numerous awards, accolades, and visits from state and foreign dignitaries. In 2015, we reached a milestone when we celebrated our first high school graduation.

OUR IMPACT In 2014-2015, E.L. Haynes served 1,160 students in Pre-K through 12th grade. Our broader impact efforts supported 10,325 students, 413 teachers and school leaders, and 43 schools.

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THANK YOU JENNIE NILES On December 15, 2015, DC Mayor Muriel Bowser announced her selection of E.L. Haynes Founder and Head of School Jennie Niles as DC’s new Deputy Mayor for Education. She cited Jennie’s deep roots in education and her record for bringing together DCPS and public charter schools in efforts to ensure excellence for students citywide. She praised Jennie’s “impressive and innovative background” that has prepared her for her role “increasing collaboration between all of our public schools.”

Since writing the charter for E.L. Haynes in 2002, Jennie has remained steadfast in the school’s mission of college readiness for every student of every race, socioeconomic status, and home language. Under her leadership, the school has grown from 138 to 1,160 students and expanded from its humble beginnings over a CVS drugstore to two gleaming campuses serving students in grades PK-12 from across the city. Under her leadership, E.L. Haynes become nationally-recognized, award-winning, and impactful; through strategic partnerships with DCPS and public charter schools, E.L. Haynes programs have reached tens of thousands of students and hundreds of teachers across the city.

Already in her role as Deputy Mayor, Jennie is building on this legacy. Among her early initiatives, she convened a cross-sector collaboration task force to bring together DC Public Schools and DC Charter Schools to develop recommendations for building collaboration and improving the synergy between the two sectors.

Thank you, Jennie, for making E.L. Haynes strong and always working tirelessly on behalf of all DC children.

2014-2015 | Page 5

VISION 2020 In April 2015, the E.L. Haynes Board of Trustees voted unanimously to implement a new five-year strategic plan for the school. This plan, VISION 2020, affirms our commitment to our mission and sets a course to strengthen the academic program and school operations in support of that mission.

The strategic planning process was initiated in the spring of 2014 with the following goals: ►►

Clarify and confirm Haynes’ mission and goals for 2020;

►►

Understand the current state of performance and the barriers to achieving those goals;

►►

Identify and prioritize the key strategies that will be necessary to achieving those goals;

►►

Develop high level plans for implementing these strategies; and

►►

Protocols for monitoring progress along the way.

The year-long process involved stakeholder engagement and extensive data analysis:

2014-2015 | Page 6

Stakeholders Engaged

Data Analyzed

Ad Hoc Strategic Planning Committee

Capacity Review

Board of Trustees

School Review

E.L. Haynes Families

Internal Data

E.L. Haynes Faculty and Staff

External Data

Strategic Planning Team

Benchmark Data

GOAL 1

All E.L. Haynes students will become successful individuals, active community members, and responsible citizens.

GOAL 2

All E.L. Haynes students will graduate prepared to succeed in college.

GOAL 3

All E.L. Haynes students will be adept at mathematical reasoning and use scientific methods effectively to frame and solve problems.

STRATEGY 1:

Design engaging and rigorous student-centered instruction.

STRATEGY 2:

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Implement rigorous, research-based, vertically-aligned curriculum for all content areas.

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STRATEGY 3:

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Monitor student performance to ensure high levels of mastery. h Sc ns as A igh v e n u e, N W - H

Differentiate instruction to meet the needs of all learners.

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STRATEGY 5:

Expand students’ horizons, interests, and passions through athletics, clubs, activities, and travel.

STRATEGY 6:

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Empower students through leadership and service-learning opportunities in and outside of the classroom.

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STRATEGY 7:

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Utilize extended day and year-round programs to improve achievement and provide enrichment for students.

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Foster students’ ability to make choices aligned to lifelong success.

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2014-2015 | Page 7

ACCOMPLISHME E.L. Haynes had much to celebrate in the 2014-2015 school year; here are a few of our many accomplishments:

SCHOOL

STUDENT

►► E.L. Haynes graduates its first class in June 2015.

►► Class of 2015 has a 100% college acceptance rate.

roader impact programs. ►► Across the year, E.L. Haynes convenes 81 teachers

from district and charter schools across DC to prepare for the new PARCC assessment.

impact programs. ►► Class of 2015 brings in more than $3.5 million in

college merit scholarships.rograms. ►► Kai Lin Shi ’15 is selected for the prestigious Gates

►► E.L. Haynes is featured in A Smarter Charter:

Finding What Works for Charter Schools and Public Education (2014), a new book by Richard D. Kahlenberg and Halley Potter. The book draws on decades of research into successful models for intentional diversity.rograms. ►► E.L. Haynes trains 13 new teachers through the

Capital Teaching Residency (CTR) Program, in partnership with KIPP DC.

2014-2015 | Page 8

Millennium Scholarship. ►► E.L. Haynes students participate in competitive

summer programs, service learning trips, and internships in the US and abroad in Paraguay, Jamaica, China, Japan, and Guatemala.

ENTS TEACHERS

ATHLETICS

►► E.L. Haynes High School history teacher Barrie

►► The High School Boys Varsity Soccer Team wins the

Moorman is named the 2015 Patricia Behring Teacher of the Year at the National History Day Ceremony. roader impact programs. ►► E.L. Haynes teachers Nio Olutsin, Beth Barnes, Kathryn O’Keefe, Elani Lawrence, Kris Bengtson, and Rohey Mbenga win acceptance into the Master Teacher Cadre, a partnership of OSSE and American University to support English Language Learners and students with disabilities. ►► E.L. Haynes teachers Connie Parham and Beth

Barnes win competitive fellowships through Teach for America and Flamboyan Foundation to create a new family engagement initiative. ►► E.L. Haynes teachers ___ and ____ participate in

the CityBridge Foundation’s Teacher Innovation Fellowship.

league championship of the Public Charter School Athletics Association (PCSAA). ►► The High School Cross Country Team sweeps the

PCSAA championships with Jelani White ‘16 in 1st place, Reynard Joyner ‘16 in 2nd place, and Brendan Epton ‘16 in 3rd place. ►► The High School Girls Varsity Soccer Team advances

to the quarterfinal playoffs of the PCSAA. ►► The Middle School Girls Basketball Team advances

to the quarterfinals of the PCSAA. ►► The Middle School Boys Basketball Team advances

to the quarterfinals in the PCSAA playoffs.

2014-2015 | Page 9

GRADUATION On Saturday, June 20, 2015, E.L. Haynes Public Charter School celebrated a significant milestone as 53 graduating seniors received their high school diplomas. The event took place at Catholic University’s Hartke Theatre. Speakers included Beatriz (BB) Otero, President of Otero Strategy Group, Former Deputy Mayor for Health and Human Services, and Founder of CentroNía; Jennifer C. Niles, DC Deputy Mayor for Education, Founder of E.L. Haynes, and former E.L. Haynes Head of School; Darren Woodruff, Chair of DC Public Charter School Board; student leaders from the Class of 2015; and E.L. Haynes school leadership.

“We love you. We will always be here for you. We will always believe in you. We will always take pride in you. And we will always remember you.”

Jennifer C. Niles E.L. Haynes Founder DC Deputy Mayor for Education

“A special thanks to the pioneers and leaders of E.L. Haynes for providing us with the space to create such a supportive community and allowing us to have our families grow and prosper. In times of sorrow, confusion, and excitement, Haynes has been a safe haven for many of us. You’ve always made an impact on my life and made me the person I am today.”

Patricia Salvador ‘15 Co-Valedictorian 2014-2015 | Page 10

2014-2015 | Page 11

DONORS July 1, 2014 – June 30, 2015 E.L. Haynes Public Charter School gratefully acknowledges the support of our dedicated donors, whose generous contributions ensure high achievement for every E.L. Haynes student. $100,000 - $249,999

Stefan Kershow

Community Foundation for the National Capital Region

Andrew Lee and Matthew Cunningham

The J. Willard and Alice S. Marriott Foundation

Melanie and Larry Nussdorf Michael Zamore and Abigail Smith

$50,000 - $99,999 The Morris and Gwendolyn Cafritz Foundation

$2,500 - $4,999

DC Children and Youth Investment Trust Corporation

DC Greens

DC Office of the State Superintendent of Education

Terry and Lindsay Eakin

Perkins Malo Hunter Foundation

Joseph and Heath Gibson The Gibson Group LLC

$25,000 - $49,999

Stephen and Emily Henn

Anonymous

Ramon Jacobson and Alwynne Wilbur

Qatar Foundation International

Roy S. Jones, Jr.

Shippy Foundation

Andrew and Julie Klingenstein

Rick and Jeannie Witmer

Jon T. Larranaga Monique and Gregory McDonough

$10,000 - $24,999

MCN Build

Janice Adams

Jennifer C. Niles

Diane and Norman Bernstein Foundation

Studio 27 Architecture

Haise and Kevin Borgmann Building Hope

$1,000 - $2,499

CityBridge Foundation

Annie’s Ace Hardware

Haldeman Family Foundation

Anonymous

M&T Bank

Elizabeth and Phillip Ash

The Richard E. and Nancy P. Marriott Foundation

David and Anna Bonelli

S & L Marx Foundation

Brian Chalmers

Neustar

Theresa Cibrano

Public Economics, Inc.

John F. and Wendell S. Cozzi

William and Mary Rawson

Susan Crowley Jacquelyn Davis and Jordan Dey

$5,000 - $9,999

Frances A. Dubrowski and David T. Buente

Joshua and Lisa Bernstein

Liz Duffy and John Gutman

Guy Cecil and Ed McNulty

Sarah Ely Kelly and David Kelly

The Geraldine R. Dodge Foundation

Graham Holdings Company

Kristin Ehrgood and Vadim Nikitine

Julie Anne Green and William S. Murray, III

Nancy Folger and Sidney Werkman

Stephen Green and Susanne Walker

Forrester Construction

Caroline Hill

Michael Hall and Anne Crowley

JLAN Solutions

JMA Solutions

Nicholas and Mary Kilavos

Marianne Keler and Michael Kershow

Lisa Landmeier and Hugo Roell

2014-2015 | Page 12

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DONOR SPOTLIGHT

$1,000 - $2,499 Terry and Margaret Lenzner Christopher and Robin Linen Margaret Lopez-Balboa Maura Marino Thomas McCormick Danielle McCoy Alan Meltzer The Meltzer Group Allison and Glenn Merten Stephen and Sarah Padre Richard Pohlman and Ingrid Andersson Ilene and Steve Rosenthal San Francisco Foundation Nelson Smith and Paul Garrard

The J. Willard and Alice S. Marriott Foundation was established in 1965 with the purpose of giving back to the

William A. and Ingrid S. Stafford Gretchen Van Fossan and Theodore Smith Steven and Carrie VanRoekel

community. In 1985, shortly after the passing of J. Willard

Diane Wilbur

Marriott, Sr., the Foundation began actively making grants,

Emma Wilkey

led by Alice Sheets Marriott. The Foundation is dedicated to supporting exceptional nonprofit organizations that provide civic and human services, foster educational

Tammy and Todd Wincup

$500 - $999 Action for Healthy Kids

achievement, expand opportunities for youth and adults,

John and Alexandra Alderman

develop the next generation of hospitality leaders and

Ampersand Education

lead innovation in health and medicine.

Anonymous Anybill Beth Bangert and Andrew Drechsler

Since its inception, The Marriott Foundation has been

John and Lucy Barrett

focused on its goal that all of D.C.’s children—regardless

Andrew Berg

of the school they attend—are equipped with the building blocks for lifelong learning and healthy social-emotional development. They support high-performing schools and

Nancy and Alan Bubes Susan and Dixon Butler Tucker and Susie Carlson John and Courtney Chase

evidence-based programs that have the capacity to make

Jason A. and Sara Cherkis

dramatic educational gains for all students in Washington,

Purnell and Joan Choppin

DC.

Langdon and Lyn Cook The Culinary Trust Charles and Sabine Dalluge

E.L. Haynes is grateful to The J. Willard and Alice S.

Mindi d’Angelo and Jeff Blackwell

Marriott Foundation for its generous support of our

Anne and Alec Dawson

programs:

the Capital Teaching Residency, our DC

Common Core and PARCC Readiness initiative, and our

John and Anne Dickerson EdOps Debra and David Eichenbaum

efforts to ensure E.L. Haynes students’ successful bridge

Adam and Amy Fazackerley

to high school. Since 2004, the Foundation has awarded

Kevin and Deanna Fox

E.L. Haynes more than $1,125,000 in funding. We are

Jackie Gran

thankful for our partnership with The Marriott Foundation and all it provides to E.L. Haynes and students city-wide!

Richard Grinspun and Caryn Gottlieb Jamie and Phyllis Hedlund James L. and Catherine M. Henderson Traci L. Higgins William B. and Judith K. Holding

2014-2015 | Page 14

2014-2015 | Page 13

Paul and Dianne Houghton

Winston and Bette Bao Lord

Alison Friedman

Jarman Company

Fred and Margaret Marino

Derek Fulkerson

Carolyn Kari

Jim Martin

General Mills Box Tops for Education

John and Kelly Lugar

Alexander S. and Katherine W. Matthews

Eve Gerber

Joshua and Carolyn Mandell

Daniel and Dorothy McCuaig

Michael Ghebreab and Rahel Gebretnsae

McGladrey & Pullen LLP

James and Ellen Patterson

Giant A+ Bonus Bucks

Stephen and Rebecca P.C. Milliken

David and Carol Reynolds

Roger and Marty Gilbert

David and Allison Niles

Seble Shibru and Teowdros Letyebelu

Pim and Pandy Goodbody

Nicholas and Margaretta Niles

Maxine Singer

Joan Goodbody

Malcolm and Pamela Peabody

Oscar and Jacqueline Smith

Tom and Ruth Green

Clarissa C. Potter and James R. Wilson

Andrew Somerville

Josh and Avni Gupta-Kagan

Victor Reinoso and Gabriele Nicolet

Target

Colleen and Benjamin Hawkinson

Jerry and Dedee Rigg

Brian and Lise Tracey

John and Sandra Heyd

Raj and Shivam Mallick Shah

Jeffrey Travers and Michael Heffner

Paul and Judith Hines

James and Sonia Shelton

Beatrix von Watzdorf

Jennifer Holleran

Shinberg.Levinas

Brittany Wagner-Friel

Joseph and Harriet Holmes

Saul and Margaret Shorr

Lisa and Kevin Waller

Donna and Morris Horwitz

Douglas Smith

Fredric C. Westendorf

Arif Khan and Roksana Parvin

Clyde Solomon and Shirley Thompson

Paula Woods-Singleton

Greg and Sue Knudson

Stephen and Caroline Springer

Frances Zamore

Dan F. Koehler Michael and Amy Koehler

Aaron Stallworth and Danielle Conley Michael Steinig and Lara Flint

$100 - $249

Kari Kramer

Margot Stiles

Robert and Jane Asher

Matt and Beth Lawrence

Devin and Lauren Talbott

Jean Badalamenti and Franz Jantzen

David Low, Jr. and Elizabeth Linen Low

Walter Tunnessen and Aviva Zyskind

Bill and Sharon Baird

Takita Mason

Claude and Kira Vol

Nancy Balboa

Nancy Meakem

A. Christopher Wailoo and Alisa Lasater

Marion Ballard

Ginger Moss and Jamie Crausman

Sara Wallerstein

Paul D. Barrett and Jeanette I. Thornton

Grant and Amanda Nichols

Ruth Wielgosz and Benjamin Edelman

Peter and Sally Bohlin

Sarah Pelmas and Matt Eddy

Dudley Williams

George and Eleanor Bollag

Pleasant Pops LLC

Kathe and Edwin Williamson

Jean-Claude Brizard and K. Brooke Stafford-

Lorie Preheim

Brizard

Mary B. Rhodes

$250 - $499

Annette Brown

William and Gale Roberts

Amy Allina

Ramona and Kenie Buruca

Laurence Roth and Kimberly Wertz

Anonymous

Denise Butler

Fred and Jane Schlegel

Thomas and Nancy Brandt

Charisse Carney-Nunes and Harvey Nunes

Jessica Schroeder and Ronald Edwards

George Chopivsky and Clara Brillembourg

Christine Carroll and David Robertson

Daniel Schuman and Fidi Andriambalohery

Ann M. Drummie

Ted and Elizabeth Cart

Michael Siki

The Bill and Melinda Gates Foundation

Monica Chance

Karima Simmons

Employee Matching Gift Program

Joyce A. Chandler

Darren Smith

Nancy Glassman

Andrew Christian

Marjorie Smith

Thomas B. and Sandra Toll Goodbody

Sheila Clack

Anne Strauss

Aaron and Amy Graham

Carol Thompson Cole

Rebecca Street

Albert and Betsy Jordan Hand

Jonathan Copp and Erin McDonough

Ariel Suero

Romer and Deming Holleran

Andre Cowling

United Way of the National Capital Area

David and Colleen Hughes

Kate Cromwell

Anna Valero

Karl Jentoft and Anne Herr

Frederica M. Cushman

Franklin and Victoria Wassmer

Nancy Jerdan

Kathleen deLaski

Dietrich Wiegmann and Sharon Witting

Sarah Kennel

E. Patchen and Lissa Dellinger

Michael Wilkinson

Paul and Jane Khoury

Jeffrey L. and Blair L. Demers

Lynn Yaudes

Peggy Knudson

Exerline Drumm

William Zink

Morgan Landy and Katharine Landfield

Joshua and Heather Edelman

2014-2015 | Page 15

Board of Trustees

< $100

Clarissa Simon

Rose Akpata and Pierre Kpognon

Linda Simon

Reba Alegria

Maria Simon

Americaâ&#x20AC;&#x2122;s Charities

Sharlene Simon

Anonymous

Lashonta Smith

Michael and Marie Bertozzi

Phyllis Marie Stevanus

Maia Blankenship

Marie Stott

Michael Bolek

Iman Street and Christopher Smith

Jacquelyn Davis

Jennifer Bowser

Rose Swain

ED-Volution Education Group

Becky Cafiero

Jane Thurber

Alison Cavanagh

Brian and Kimberly Torres

Edris Charles

Edward Ungvarsky and Olivia Smith

Basil Chawkat

Brenda Velasquez

Maria Conner

Levi and Shanita Verner

Ismael Cruz and Lisa Fichter

Wellspring Advisors

Souleymane Diop

Helen Westmoreland

Roy S. Jones, Jr.

Marilyn Egerton

Nicole Winston

Leidos

Kenneth Eng and Leslie Baldwin

Eric and Suzan Yungner

Devon Fleming

Yesica Zuniga

2014 - 2015

Guy Cecil Co-Vice Chair Priorities USA

Michael Hall, Co-Vice Chair and Parent Trustee Studio CrowleyHall

Stefan Kershow, Treasurer The Bernstein Companies

Sina Garrison and Darrivs Lanier Jack and Jennifer Gerst Dolores Gomez Maria and Jaime Guzman

Maura Marino

Nore Hare

NewSchools Venture Fund

Shandalyn Harrison Maritu Hwase

Danielle McCoy Fannie May

Renee and Raymond Jackson Linda Johnson Mulugeta Kenfe and Tsehay Redda Mary Pat King

Monique McDonough

Daniel and Emma Lavoie

Symmetrics Group

Lifetouch Nicole Lindsay

William Rawson Latham & Watkins LLP (Retired)

Mary Lord and Woody Landay Ruben Macias JosĂŠ and Nuria Martinez Diane and Phillip Matlock

Victor Reinoso

Donald and Barbara McCrabb

Decision Science

Byron and Brooke McKie Fany Mejia and Jose Hernandez

Abigail Smith, Chair and Parent Trustee Blue Sky Education

Microsoft Matching Gifts Program Ana Molina and Erick Carvajal Orchid Suites, Inc. Joe and Jacquelyn Pang

Theodore Smith, Parent Trustee

Ramona de la Paz

Discovery Channel Global Education

Kamilah Edna Phillips-Valdez

Partnership

Linda Powell-McMillan Julia Ray

Tammy Wincup Everfi

Ann E. Saunders J.B. Schramm and Lauren Goodyear Johannes and Leilah J. Seibeb Brittni Settles John Shybut

2014-2015 | Page 16

+ Deceased

fourth annual

toast to transformation

In May 2015, E.L. Haynes held its fourth successful Toast to Transformation fundraising event. More than 300 guests celebrated the accomplishments of our graduating seniors, got a glimpse of our studentsâ&#x20AC;&#x2122; artistic talents, and heard the profound testimony of covaledictorian Katy Reyes, Class of 2015. E.L. Haynes honored Kaya Henderson, Chancellor of DC Public Schools, and DC Deputy Mayor for Education, Jennifer Niles. The event raised more than $150,000 in support of E.L. Haynesâ&#x20AC;&#x2122; work, including $25,000 toward the newly-established E.L. Haynes College Support Fund.

2014-2015 | Page 17

FINANCIALS Independendent auditor’s Report

To the Board of Trustees Euphemia L. Haynes Public Charter School, Inc. Washington, D.C. Report on Financial Statements

We have audited the accompanying consolidated financial statements of Euphemia L. Haynes Public Charter School, Inc. and Subsidiaries (collectively, the Organization) which comprise the consolidated balance sheets as of June 30, 2015 and 2014, the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the consolidated financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated finacial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves preforming procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Euphemia L. Haynes Public Charter School, Inc. and Subsidiaries as of June 30, 2015 and 2014, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Washington, D.C. December 15, 2015

2014-2015 | Page 18

Euphemia L. Haynes Public Charter School, Inc. and Subsidiaries

CONSolidated balance sheetS June 30, 2015 and 2014

Assets Current Assets Cash and cash equivalents $ Accounts receivable

Promises to give

Grants receivable

Prepaid expenses

Total current assets

Restricted Cash Loan Issuance Costs, Net

Property and Equipment, Net Deposits

Loan Receivable

2015

2014

6,511,495 $ 190,460

29,875 1,057,993 164,599

3,795,040 253,312 44,875 1,120,491 199,852

7,954,422

5,413,570

13,350 2,277,601 35,000,356 1,640 7,495,072

$ 52,742,441

Liabilities and Net Assets Current Liabilities Accounts payable and accrued expenses $ 1,376,831 Grant payable

- Current portion of long-term debt

230,000 Deferred revenue -

2,975,413 3,026,452 35,368,042 1,640 7,380,291 $

54,165,408

$

849,363 458,014 6,134,040 32,008

Total current liabilities

1,606,831

7,473,425

Accrued Rent Interest Rate Swap Agreement Long-Term Debt, Net of Current Portion

1,786,964 203,847 43,651,209

1,529,812 52,943,674

Commitments And Contingencies

47,248,851

61,946,911

Net Assets (Deficit) Unrestricted

Euphemia L. Haynes Public Charter School, Inc.

Noncontrolling interests in ELH QALICB LLC

5,149,623 -

561,504 (8,884,243)

5,149,623

(8,322,739)

343,967

541,236

Temporarily restricted

$

5,493,590

(7,781,503)

52,742,441

54,165,408

2014-2015 | Page 19

Euphemia L. Haynes Public Charter School, Inc. and Subsidiaries

CONSolidated STATEMENT OF ACTIVITIES Year Ended June 30, 2015

(With Comparative Totals for 2014)

2015

Temporarily

Unrestricted Restricted

2014

Total

Total

Revenue and support: Pupil allocation

$

21,891,424

$

-

$21,891,424

$19,395,850

Other grants

413,268

554,350

967,618

1,289,598

Federal grants

2,107,077

2,596,734

-

2,596,734

Contributions

480,290

-

480,290

339,482

Program revenue

277,231

277,231

242,978

Interest income

601,030

601,030

613,068

4,561

9,596

Rental revenue

-

4,561

Net assets released from restrictions

751,619

Total revenue and support 27,016,157

-

- (751,619) (197,269)

- 26,818,888

-

23,997,649

Expenses: Program services

26,452,925

General and administrative Fundraising Total expenses

-

26,452,925

25,215,999

849,191

-

849,191

639,991

703,077

-

703,077

550,020

28,005,193

-

28,005,193

26,406,010

(1,186,305)

(2,408,361)

Change in net assets (989,036)

before other gains (losses)

(197,269)

Other Gains (Losses): (203,847)

Loss on interest rate swap agreement

14,727,870

Gain on NMTC transaction unwind

Change in net assets

$

(13,534,987)

(203,847)

- (197,269)

14,727,870 13,337,718

(2,408,361)

Net assets (deficit): (8,322,739)

Beginning Distributions to non controlling interest

Ending

2014-2015 | Page 20

$

(62,625) (5,149,623)

541,236 - 343,967

(7,781,503)

(5,289,642)

(62,625)

(83,500)

(5,493,590)

(7,781,503)

E.L. HAYNES PUBLIC CHARTER SCHOOL info@elhaynes.org www.elhaynes.org (202) 667-4446

2014 - 2015

Design: concept2creations Photos: Adam Fazackerley, Alan Karchmer, Shinberg.Levinas Architects, Michael Wilkinson