2015-07-15T09:18:02-05:00 2014-08-31 203992693 RANDY WALKER & CO 7800 IH 10 WEST SUITE 505 SAN ANTONIO TX 78230 990 2013-09-01 742869255 EDUCATIONAL RESOURCE CENTER INC EDUC 2106385017 10325 BANDERA ROAD SAN ANTONIO TX 78250 OLIN TUNNELL PRESIDENT 2106385017 2015-06-25 1 RANDY L WALKER CPA P00963779 2103669430 2013 2016-02-25 16:41:14Z OLIN TUNNELL 10325 BANDERA ROAD SAN ANTONIO TX 78250 10694937 0 X WOODCHARTER.COM X 1999 TX THE SCHOOL OFFERS A CHALLENGING CORE CURRICULUM WITH AN ACCELERATED ACADEMIC FOCUS SERVING PRIMARILY AT-RISK AND UNDERACHIEVED STUDENTS. 7 7 197 10 0 0 11803652 10640721 0 0 2028 2727 64313 51489 11869993 10694937 0 0 0 0 7891831 7095106 0 0 0 2521058 2659828 10412889 9754934 1457104 940003 19883286 20831382 10947864 10955957 8935422 9875425 THE SCHOOL OFFERS A CHALLENGING CORE CURRICULUM WITH AN ACCELERATED ACADEMIC FOCUS SERVING PRIMARILY AT-RISK AND UNDERACHIEVED STUDENTS. 0 0 8763185 OPERATED A PUBLIC CHARTER SCHOOL FOR KINDERGARTEN THROUGH 12TH GRADE. AT THE END OF THE FISCAL YEAR, THE CHARTER HAD 5 CAMPUSES AND SERVED APPROXIMATELY 1,625 STUDENTS. 8763185 1 1 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 34 0 1 197 1 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X X YMELDA Y'HERRERA 2106385017 10325 BANDERA ROAD SAN ANTONIO TX 78250 DR G KEITH CATHEY BOARD MEMBER 1.00 X 0 0 0 RAYMON KRESHA BOARD MEMBER 1.00 X 0 0 0 JEROME JERRY MULDOWNEY BOARD MEMBER 1.00 X 0 0 0 DEBRA HARKIEWICZ BOARD MEMBER 1.00 X 0 0 0 OLIN TUNNELL BOARD PRESIDENT 2.00 X 0 0 0 JOSEPHINE ARREDONDO-HOLDEN BOARD VICE PRESIDENT 1.00 X 0 0 0 CARMEN BALDERAS BOARD SECRETARY 1.00 X 0 0 0 BRUCE ROCKSTROH SUPERINTENDENT 40.00 X 152248 0 27256 152248 0 27256 1 0 1 0 TURNER CONSTRUCTION COMPANY 1077 CENTRAL PARKWAY SOUTH STE 600 SAN ANTONIO TX 78232 CONSTRUCTION 4567737 FIELDING NAIR INTERNATIONAL LLC 8001 W 86TH STREET CIRCLE MINNEAPOLIS MN 55438 ARCHITECT SERVICES 392475 REHLER VAUGHN & KOONE INC 745 E MULBERRY SUITE 601 SAN ANTONIO TX 78212 ARCHITECT SERVICES 318742 CREATIVE CIVILIZATION 106 AUDITORIUM CIRCLE 2ND FLOOR SAN ANTONIO TX 78205 MARKETING 253202 SAN MARCOS TREATMENT CENTER 120 BERT BROWN RD SAN MARCOS TX 78666 CHILD NUTRITION PROGRAM 214676 5 10509127 131594 52317 10640721 2727 2727 OTHER INCOME 611710 51489 51489 51489 10694937 0 0 54216 180884 177266 3618 5918735 5800361 118374 128932 126353 2579 428929 420350 8579 437626 428874 8752 261872 183310 78562 166761 46693 120068 969595 765980 203615 430567 391814 38753 120889 77369 43520 81526 81526 181503 144678 36825 92326 92326 OPERATING EXPENSE 163813 45868 117945 MAINTENANCE & REPAIR 70579 55757 14822 EDUCATION SERVICE CENTE 63190 55607 7583 OUTSIDE SERVICES 57207 42905 14302 9754934 8763185 991749 0 6071542 5390018 903795 764884 13894394 1494638 4929686 12399756 7978263 2276724 19883286 20831382 1264942 1385414 0 8837 9682922 9561706 10947864 10955957 X 2649710 2544572 6285712 7330853 8935422 9875425 19883286 20831382 940003 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 877925 877925 7925126 157543 7767583 1955953 1337095 618858 3135390 3135390 12399756 DUE FROM STATE 617944 DUE FROM FEDERAL AGENCIES 259850 OTHER RECEIVABLES 186986 BOND ISSUANCE COSTS, NET 395919 RESTRICTED CASH 816025 2276724 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE ORGANIZATION MAKES ITS RACIALLY NONDISCRIMINATORY POLICY KNOWN TO ALL STUDENTS THROUGH ITS REGISTRATION PROCEDURES AND THROUGH ITS WEBSITE. SCHEDULE E, PART I, LINE 6 THE ORGANIZATION IS ELIGIBLE AND RECEIVES TITLE I, PART A & D, TITLE II, PART A, AND IDEA B FUNDING. THE ORGANIZATION IS ELIGIBLE AND RECEIVES FUNDS AND FOOD INVENTORY COMMODITIES FROM THE TEXAS DEPARTMENT OF AGRICULTURE AND USDA FOR THE PARTICIPATION IN THE NATIONAL SCHOOL AND BREAKFAST PROGRAM. X 1 1 X X X 0 0 0 0 0 0 0 0 0 BRUCE ROCKSTROH SUPERINTENDENT 152248 0 0 0 0 0 10000 0 17256 0 179504 0 0 0 A DANBURY HIGHER EDUCATION AUTHORITY INC 760663443 236035BH3 2013-07-02 9945000 SEE PART VI 0 1 0 A 9799443 752736 53343 411939 8993425 198900 2015 0 0 0 1 A 0 0 0 0 0 0 0 A 0 0 0 0 1 0 0 0 1 A 0 SCHEDULE K, PART I AND PART II THE TOTAL PROCEEDS LISTED ON PART II, LINE 3 DIFFER FROM THE AMOUNT REPORTED ON PART I, COLUMN (E): PAR AMOUNT OF BONDS OF $9,945,000, PLUS ACCRUED INTEREST OF $53,342.60 LESS $198,900.00 IN PARTIAL PAYMENT OF UNDERWRITER'S DISCOUNT. SCHEDULE K, PART I, LINE A, COLUMN (F) DESCRIPTION OF PURPOSE: PROPERTY ACQUISITION AND CONSTRUCTION AT THE INSPIRE ACADEMIES CAMPUS. X 2527 52317 0 0 0 FORM 990, PART IV, LINE 24A ERC, INC. AND ITS AFFILIATE'S OBLIGATIONS UNDER BONDS PAYABLE CONSIST OF EDUCATION REVENUE BONDS (SERIES 2013A) ISSUED THROUGH DANBURY HIGHER EDUCATION AUTHORITY, INC. AND DATED JUNE 1, 2013. ALL BONDS WERE CLOSED AND FUNDED ON JULY 2, 2013, WITH PROCEEDS BEING HELD BY THE U.S. BANK NATIONAL ASSOCIATION. THE BONDS' PROCEEDS WILL BE USED FOR PROPERTY ACQUISITION AND CONSTRUCTION AT THE INSPIRE ACADEMIES CAMPUS AND WERE UNDERWRITTEN BY OPPENHEIMER & CO., INC. THE INTEREST RATES ON THE BONDS RANGE FROM 5.25% TO 6.50%, AND THE TERMS OF THE BONDS RANGE FROM TEN TO THIRTY YEARS. AS OF AUGUST 31, 2014, THE OUTSTANDING BALANCE ON BONDS PAYABLE WAS $9,815,000, CONSISTING OF BONDS PAYABLE - CURRENT PORTION OF $140,000 AND BONDS PAYABLE - LONG-TERM OF $9,421,706 (NET OF A DISCOUNT OF $263,543 AND RELATED ACCUMULATED AMORTIZATION OF $10,249). AS OF AUGUST 31, 2013, THE OUTSTANDING BALANCE ON BONDS PAYABLE WAS $9,945,000, CONSISTING OF BONDS PAYABLE - CURRENT PORTION OF $130,000 AND BONDS PAYABLE - LONG-TERM OF $9,552,922 (NET OF A DISCOUNT OF $262,078). THE ORIGINAL AMOUNT OF THE DISCOUNT AT DATE OF ISSUANCE WAS $263,543, OF WHICH APPROXIMATELY $64,642 WAS PAID AT DATE OF ISSUANCE. AMORTIZATION EXPENSE RELATED TO THIS DISCOUNT FOR THE YEARS ENDED AUGUST 31, 2014 AND 2013 WAS $8,785 AND $1,464, RESPECTIVELY. ISSUANCE COSTS PAID FOR THESE BONDS AT DATE OF ISSUANCE TOTALED $411,939. AMORTIZATION EXPENSE RELATED TO THESE COSTS FOR THE YEARS ENDED AUGUST 31, 2014 AND 2013 WAS $13,731 AND $2,289, RESPECTIVELY. SECTION 5.9 OF THE SERIES 2013A BOND COVENANTS ESTABLISHES A DEBT SERVICE COVERAGE RATIO, WHICH STIPULATES THAT AVAILABLE REVENUES (I.E., THE AMOUNT OF EXCESS (DEFICIT) OF ADJUSTED REVENUES OVER EXPENSES) FOR EACH FISCAL YEAR MUST BE EQUAL TO AT LEAST 1.10 TIMES THE ANNUAL DEBT SERVICE REQUIREMENTS OF ERC, INC. AS OF THE END OF THE FIRST FISCAL YEAR AFTER THE DATE OF ISSUANCE OF THE BONDS AND ANNUALLY THEREAFTER UNTIL THE BONDS HAVE BEEN PAID IN FULL. EXPENSES INCLUDE ALL OPERATING AND NON-OPERATING EXPENSES OR LOSSES INCURRED DURING THE FISCAL YEAR OTHER THAN (A) INTEREST EXPENSE, (B) DEPRECIATION AND AMORTIZATION, (C) EXTRAORDINARY LOSSES AND (D) CAPITAL EXPENDITURES. AS OF AUGUST 31, 2014 AND 2013, ERC, INC. WAS IN COMPLIANCE WITH THIS COVENANT AND ALL OTHER APPLICABLE COVENANTS CONTAINED IN THE LOAN AGREEMENT. INTEREST EXPENSE ON BONDS PAYABLE WAS $81,526 AND $125,613 FOR THE YEARS ENDED AUGUST 31, 2014 AND 2013, RESPECTIVELY. CAPITALIZED INTEREST WAS $537,368 AND $-0- FOR THE YEARS ENDED AUGUST 31, 2014 AND 2013, RESPECTIVELY. FORM 990, PART VI, SECTION B, LINE 11 THE BOARD OF DIRECTORS ANNUALLY REVIEWS THE 990 TAX RETURN AT A BOARD MEETING. IN ADDITION, THE BOARD CERTIFIES THE AUDITED FINANCIAL STATEMENTS THAT ARE USED IN THE PREPARATION OF THE 990 TAX RETURN. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION FOLLOWS THE NECESSARY TEXAS EDUCATION AGENCY REQUIREMENTS OF INDEPENDENCE. ALL TRANSACTIONS ARE MONITORED FOR POSSIBLE CONFLICTS OF INTEREST. THE ORGANIZATION ENFORCES POLICIES THAT ARE IN COMPLIANCE WITH THE REQUIREMENTS OF THE TEXAS EDUCATION AGENCY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS OF THE ORGANIZATION REVIEWS AND SURVEYS COMPARABLE DATA IN DETERMINING COMPENSATION. THE BOARD OF DIRECTORS APPROVE THE COMPENSATION OF THE ORGANIZATION'S EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C THE ORGANIZATION'S PROCESS FOR ASSUMING RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT, REVIEW, OR COMPILATION OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT AUDITOR HAVE NOT CHANGED FROM THE PRIOR YEAR. EDUCATIONAL RESOURCE CENTER FOUNDATION 10325 BANDERA ROAD SAN ANTONIO TX 78250 451144651 SUPPORTING EDUCATIONAL RESOURCE CENTER, INC. TX 501(C)(3) LINE 11B, II EDUCATIONAL RESOURCE CENTER INC 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 EDUCATIONAL RESOURCE CENTER FOUNDATION K 110000 AMOUNT FROM AUDITED FINANCIALS