Presented at the National Charter Schools Conference on 6.13.18. A panel comprised of a school leader, a school developer, an educational finance professional, and a former authorizer/facilities researcher will help you navigate the confusing pathway of facilities financing. The panelists will help you dream BIG with tools scoring fiscal health, avoid pitfalls of a bad match through a live case study and interactively experience how to manage expectations to empower a facilities dream team. Come prepared to have the panel analyze your project. Presented by: Dr. Darlene Chambers (National Charter Schools Institute) Christianna Fogler (Rocky Mountain Classical Academy) Robert Giordano (American Charter Development and Finance) Nathan Vallette (EPR Properties)

1. Right Match for the BIG Dream:
Empowering the Facilities and Finance Fit

2. Dr. Darlene Chambers
Senior VP for
Programs and Services
Robert Giordano
Senior VP of Business
Development
Nathan Vallette
Associate Director of
Education Investment
Group
Christianna Fogler
Headmaster of Rocky
Mountain Classical
Academy
Meet the Panel

3. WWW.CHARTERINSTITUTE.ORG
/JUNE2018-RIGHTMATCH
THIS SLIDE DECK IS ACCESSIBLE AT
@QUALITY_SCHOOLS #WINFORKIDS
NATIONAL CHARTER SCHOOLS INSTITUTE

4. Discussion Topics (75 Minutes)
• Navigating Facilities/Finance Landscape
• Fiscal Health – BIG Dream Match
• Downloadable Tools – Calculator & Template
• Pitfalls of Wrong Fit – Live Case Study
• Power of Relationships – Audience Input
• Q & A/Contact Information

5. Charter School Facilities Landscape
• Obtaining space in a
relatively short time;
• Non-traditional school
setting challenges;
• Bare bones structures
without amenities;
• Lack of space for projected
enrollment; and,
• Dramatic rise in construction
and labor costs.

6. • Termed charter contracts;
• Perception of instability;
• Need for 100% financing;
• Impact of facilities costs on
overall budget;
• Revenue interruptions; and,
• Need for parity facilities
financing.
Charter School Facilities Landscape

7. Fiscal Health – BIG Dream Match
It is time to understand where you are financially
and where you are going with your school
facility. Let’s think about this as four separate
buckets.
Lease
Lease to
purchase
Purchase via
bond
Purchase from
traditional
lender
NEW SCHOOL OPTIONS
EXISTING SCHOOL OPTIONS

8. Fiscal Health: Downloadable Tool
Lease Payment Calculator

9. Fiscal Health: Downloadable Tool
Budget Template

10. The Pitfall of a Wrong Fit:
Live Case Study (Rocky Mountain Classical Academy)
• Upside down financing;
• Foundational year financing vs expansion;
• Facility capacity/size and enrollment; and,
• Funds for maintenance or upkeep.

11. Rocky Mountain Classical Academy
Established 2005 by Parents
2006
2009
Today
• Church Rental;
• Daily setup;
• Interventions in the bathroom; and,
• Asphalt Playground.
• “Happiest Ramshackle School in
Colorado”;
• Split Campus- modular buildings/church;
and,
• Gym/Lunch room in center modular.
Library Gymnasium Commons Area/Stage

13. Project Financing Journey
• 2013 Charter School Revenue Bonds issued;
• 9/1/2017 – Tax‐exempt credits issued RMCA Building Corporation
under an Indenture of Trust;
• 2017 Loan to the Charter School’s Building Corporation for
refinancing 2013 Charter School Revenue Bonds, constructing
educational facility addition, paying 2017 loan issuance costs, and
establishing a new debt service reserve fund;
• The 2017 Loan 9/1/2042 maturity date, 3.94% bear coupons, and
collateralized by a first deed of trust on the Project real property,
Trustee held 90 days cash on hand, and Charter School lease
payments; and,
• Certain state revenues were pledged for loan repayment.

14. Positive Climate for Charter School
Funding Opportunities Nation Wide
RMCA refinanced from over 8% interest to much lower 3.94% tax exempt rate.

15. Teamwork Makes the Dream Work
Audience Activity

16. What do you think?
• Are you guaranteed financing based on projected
enrollment?
• Once you get approved for a lease, who is important to
keep informed about a change in your fiscal health?
• What is a bond covenant and what are you responsible
for as a bond issuer (borrower)?
Teamwork Makes the Dream Work
Audience Activity

17. Are you guaranteed
financing based on
projected enrollment?
1

18. Once you get approved for
a lease, who is important to
keep informed about a
change in your fiscal
health?
2

19. What is a bond covenant
and what are you
responsible for as a
bond issuer (borrower)?
3

20. Teamwork Makes the Dream Work
• Multi-Directional Compliance;
• Timely Document Management;
• Academic/Operational Performance; and,
• Early Issue Notification.

21. 2

22. Dr. Darlene Chambers
dchambers@charterinstitute.org
www.nationalcharterschools.org
Robert Giordano
robert@amercd.com
www.amercd.com
Nathan Vallette
nathanv@eprkc.com
www.eprkc.com
For Questions, Please Contact:
Christianna Fogler
cfogler@rmcacs.org
www.rmcacs.org