WGU - D023: School Financial Leadership QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+

Funding for public school is directly addressed in which document?

State Constitution

Title I

Provides federal aid to schools for disadvantaged and low-income children.

Local Funding

Bond levy funding for construction of a building

State Funding

Foundational funding provided by formulas to support and equitable per pupil expenditure level.

Education Finance Incentive Grant

distributes federal funds based on a state's effort to provide financial support for education in comparison to its wealth

Title II

Preparing, Training, and Recruiting Highly Qualified Teachers and Principals

Title III

Strengthen institutions: such as Improving EL instruction

Title IV

Safe and Drug Free Schools: such as Hybrid blended learning

Capital Outlay

The money put forth to build a building

Reserve Fund

Money set aside (saved) each year.

Bonding

The building of school buildings with bond money. Similar to a mortgage.

What can school bonds be used for?

Capital Outlay Projects: buildings, equipment, and construction projects.

Needs Assessment

First step when creating a budget.

Which President is associated with: Elementary and Secondary Education Act of 1965

Lyndon B. Johnson

Which President is associated with: Goals 2000

Bill Clinton

What are some challenges school districts experience due to their reliance upon property taxes?

tax base does not support funding needs. Tax payers become overburdened by ever increasing tax rates.

Vouchers

Payments made to parents or an institution. They come from both public tax dollars and private revenue sourced.

User Fee

A charge applied to a student for access to a specific program or resource.

Private and Nongovernmental contributions

This category of nontraditional funding includes grants, gifts, donations, and in-kind services.

Gaming Revenue

Funding that comes from lotteries and casinos.

Cost-reimbursement Grant

Most common type of grant. Schools spends the money first and then is reimbursed.

Fixed Dollar Grants

Most often focused on achieving a certain program objective instead of costs incurred.

Equalization Grants

provide funding on a per-pupil basis but take into account the wealth and funds available to a district through local means.

Flat Grant

provides a set rate of funding per pupil regardless of the wealth or resources of the district.

Categorical Grants

typically awarded by the state or federal government but are restricted in their use to specific expenditures.

Competitive Grants

is awarded on an application basis and is typically a supplementation portion of a budget.

Race to the Top

a federal program that offered funding to schools in a competitive manner.

ESEA Grant

Categorical grant that provides funding calculated on a per pupil basis.

IDEA Grant

Categorical grant program that supports the needs of students with disabilities.

Payment in lieu of taxes

block grant utilization where funds are provided in a more general aide manner.

Pre-award Grant Stage

searching for opportunities, paring needs with opportunities, retrieving and reviewing application process, completing applications, and submitting applications.

Award Grant Stage

Notification of award status and implementation of the initiative or program as described in the grant application.

Power-award Grant Stage

evaluating the initiative or program, reporting the results or the initiative as detailed in the grant application, and applying for renewal if available.

Origination

Includes the moral components of the decision-making process, the anatomy of the dilemma, common strategies employed, and the outcomes in terms of how money meant to support schools is generated.

Financial Reporting

refers to the reporting of financial records or information to appropriate stakeholders.

Disposition

Focuses on what school dollars buy and bring deals with issues of student equity regarding what resources are made available to them.

Utilization

include obligation of students as engaged participants in their own education and practices like spending down budgets on goods or services that may fall outside the core mission of the institution.

Proportional Tax

taxing system applies to a specific mill rate to the individuals regardless of income.

Regressive Tax

tax system applies a higher tax rate to lower income levels.

Progressive Tax

taxing system applies a higher taxing rate to higher income levels.

Charter School

An independently run public school expect from rules and regulations of a traditional public school. They must accept students based on a lottery.

Magnet School

a public school that offers specialized curriculum and programs not available in a traditional public school.

Who makes the majority of the funding decisions about schools

The State

PTO/PTA How can they help

Have non-profit status for fundraising for budget gaps.

Community Organizations how can they help

Provide resources to the school through formal partnerships.

Private Contributors how can they help

Provide volunteer hours or in-kind services.

What costs can be offset by charging a fee in a public-school setting

athletics and extracurricular activities

Which type of school (Urban or Rural) lack special services

Rural

Which type of school (Urban or Rural) deal with poverty

Both

Which type of school (Urban or Rural) - Higher percentage of high-cost students to education

Urban

Which type of school (Urban or Rural) have difficulty in attracting the best teachers

Both

Title I is specifically intended to address the effects of _______ on student achievement.

Poverty

On average, what percentage of a school's budget is spent on personnel expenses?

85%

Four stages of a budget

Planning, Receiving Funds, Spending Funds, Evaluating Results

Sight-based budgeting model

involves a joint effort from teachers, community members, and school administrators.

Zero-based budgeting model

you start with zero, must present a budget and be defended.

PPBS

The principal explores the best model and cost effectiveness among different alternatives. It is a centralized approach with district-level goals.

Restricted Revenue

covers only specified expenses identified in the school improvement plan.

Encumbered Funds

committed via a purchase order or check but have yet to clear the balance sheet.

Unrestricted Funds

Can be spend for any expenditure category without consideration of category or source.

Expenditure

any allocation of funding or resources regardless of source of funding or expense type.

Activity Fund

Any fee associated with noncurricular activities.

Expenditures

Funds allocated for payment.

TQP

Focuses on improving performance

Asset

Something of value that is held by the organization.

Direct Costs

one that is attributed to a specific program (like salaries or SPED).

Cash Flow

the total amount of money being transferred into and out of a business.

Internal Audits

Conducted by technically qualified personnel already employed by the district.

Cost Accounting

determine the viability of an academic program

School Budget

Projection of the application of funds to allocations for programs, services, and supplies throughout the fiscal year.

Balance Sheet

provides a projection of expenditures for the school year.

School-owned buildings would be categorized as

Assets

What is a liability in accounting

money owed to others (including employee salaries)

Comprehensive annual financial report

key budgeting piece must be prepared by a district at the end of a fiscal year.

An ongoing and continuous examination of a school's accounting system is an

Internal audit