Finances at Acero Schools
The charter authorization and renewal process are robust. Part of this process includes the Chicago Public Schools (CPS) reviewing finances at Acero Schools.
This financial review process happens annually and looks at an assortment of key measures of financial health. Please find the most recent Acero Schools scorecard below.
The Acero Schools Budget
Acero Schools operates on an annual fiscal basis beginning July 1 and ending on June 30. The Acero Schools Board of Directors is charged with governing our network and making sure that Acero Schools is financially responsible in all that we do. Financial decisions are based on priorities aligned with our network's annual strategic plan.
The following two pie charts provide information about where Acero's revenues come from and what the network spends these funds on.
The network's total budget is $111.5 million dollars. While the network fundraises for the Somos Scholarship program, given the size of Acero's budget and service to 15 individual schools, when combined with scholar fees, this represents less than one percent (1%) of all revenues. Nearly 100 percent of Acero's budget comes from public dollars.
*See below for definitions
Want additional information?
Please do not hesitate to contact Acero Schools at [email protected] if you have any additional financial questions or would like a copy of Acero's most recent financial audit.
Direct Student Costs: Direct student costs include things like the cost of materials or services like student curriculum, classroom supplies, additional educational materials, student supplemental enrichment or engagement activities.
Personnel Costs: Personnel costs include the salaries and benefits or total reward and associated payroll taxes associated with all Acero Schools colleagues. This includes Acero's educators, administrators and all support staff.
Occupancy Costs: Occupancy costs include items like rent and utilities.
Office Administration Costs: Office administration costs include expenses like copiers, office supplies, insurance, security, legal and audit services and telecommunications.
"Other" Costs: "Other" costs include expenses like the required Chicago Public Schools (CPS) administrative fee, loan interest expenses and depreciation.