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Reporting Entity
The District School Board of Pasco County (the “District”) has direct responsibility for operation, control, and supervision of District schools and is considered a primary government for financial reporting. The Pasco County School District is considered part of the Florida system of public education. The governing body of the School District is the School Board which is composed of five elected members. The elected Superintendent of Schools is the executive officer of the School Board. Geographic boundaries of the District correspond with those of Pasco County.
Criteria for determining if other entities are potential component units that should be reported within the District's basic financial statements are identified and described in the Governmental Accounting Standards Board's (GASB) Codification of Governmental Accounting and Financial Reporting Standards, Sections 2100 and 2600. The rationale for including charter schools in the District’s financial statements is pursuant to Article VII, Section 9 of the Florida Constitution and Section 1002.33(9)(I), Florida Statutes, which provides that charter schools do not have the constitutional authority to levy taxes, making charter schools fiscally dependent on school districts. Because it may be misleading to exclude charter schools, GASB Sections 2100 and 2600 provide the option to consider charter schools as component units of school districts.
Based on the application of these criteria, the following component units are included within the District's reporting entity:
• Blended Component Unit. The Pasco County School Board Leasing Corporation, Inc. (Leasing Corporation) was formed to facilitate financing for the acquisition of facilities and equipment as further discussed in Note 8. Due to the substantive economic relationship between the District and the Leasing Corporation, the financial activities of the Leasing Corporation are included in the accompanying basic financial statements within the general fund. Separate financial statements for the Leasing Corporation are not published.
• Discretely Presented Component Units. The component units’ columns in the government-wide financial statements include the financial data of the District’s other component units. For financial reporting purposes, twelve charter schools are included in the financial statements of the District as discretely presented component units. These schools operate under a charter approved by their sponsor, the Board. The component units are as follows:
Academy at the Farm – A Kindergarten through 8th grade school focused on creatively integrating equestrian, horticultural and farm animal components into an interactive, inclusive learning environment.
Athenian Academy of Technology and the Arts – A Kindergarten through 8th grade school offering students a program that incorporates Technology and the Arts including the Greek language and culture.
Classical Preparatory – A Kindergarten through 12th grade school providing a classical style education.
Countryside Montessori – A 1st through 8th grade school offering students the opportunity to obtain a lifelong love of learning through an enriched, hands-on Montessori curriculum.
Creation Foundation Inc., Dayspring Academy for Education and the Arts – A Kindergarten through 12th grade school offering students an atmosphere of learning which focuses on the basics of education: reading, writing, math, science, history, and literature by using and emphasizing the fine arts.
Imagine School at Land O’ Lakes – A Kindergarten through 8th grade school offering students a challenging program of study and strong character development within a nurturing and orderly learning environment.
Innovation Preparatory Academy – A Kindergarten through 6th grade school offering an innovative and forward-thinking education model with emphasis on student Wellness, Innovative experience, Science, and Health (WISH).
Learning Lodge Academy – A Kindergarten through 7th grade school offering an environment that encourages children to build social skills and refine their problem solving and critical thinking abilities.
Pepin Academies of Pasco County – A 3rd through 12th grade school providing an alternative education program for special needs students.
Pinecrest Academy Wesley Chapel – A Kindergarten through 6th grade school offering a nurturing educational environment focusing on college and career success and empowering global leadership.
Plato Academy Trinity Charter School – A Kindergarten through 6th grade school offering an enriched, disruption-free environment through optimum instruction, support and encouragement.
Union Park Charter School – A Kindergarten through 8th grade school offering a learning environment that integrates research-based curriculum, a culture of safety and success, and concentration on academic rigor, while focusing on citizenship and experiential learning through student engagement.
The Board is responsible for the prudent use of the public funds received for providing an appropriate educational program for its targeted enrollment. The financial data reported on the accompanying statements was derived from the charter schools’ audited financial statements for the fiscal year ending June 30, 2021.
The Pasco Education Foundation (Foundation) is a separate not-for-profit corporation organized and operated as a direct-support organization under Section 1001.453, Florida Statutes, to receive, hold, invest, and administer property and to make expenditures to or for the benefit of the District. Because of the nature and significance of its relationship with the District, the Foundation is considered a component unit. The financial data reported on the accompanying statements was derived from the Foundation’s audited financial statements for the fiscal year ending June 30, 2021.
Audits of the charter schools and Foundation for the fiscal year ending June 30, 2021, were conducted by independent certified public accountants and are filed at the District’s administrative office at 7227 Land O’ Lakes Boulevard, Land O’ Lakes, Florida 34638.