Thurgood Marshall Leadership Academy is projecting a budget surplus for this year despite not meeting its enrollment goal.
The school had a maximum enrollment of 225, but board president Will Clark had said the budget would be workable with 170 students.
As of Monday, Principal Nicole Chisley reported that the school is currently serving 127 students. But even though the school will be under enrollment, a $150,000 loan will help the school financially. Federal and state grants, along with state tuition dollars will make up the school's approximately $1.5 million in revenue.
The major expenses are salaries and benefits for school employees, including a $75,000 per year salary for Chisley. The total budgeted for salaries and benefits is $770,000.
Another large line item is the school's payments to its management company, American Quality Schools, at about $64,000 a year or 8 percent of basic tuition along with an administrative fee at 3 percent of basic tuition or about $24,000.
Other major expenses include the school's lease with Zion Lutheran Church at $28,000 in the first year and building maintenance and renovations at $65,000. The school will also make $21,000 in payments to IFF, a lending and consulting firm, for the $150,000 loan.
The total surplus is projected at $23,000, based on an enrollment of 130 students.
For the budget to be final, the Urban League board must approve the document at its board meeting Tuesday. Clark said he didn't expect any changes.
The Urban League is the founder of the school. It is managed by American Quality Schools with oversight by the Indiana Charter School Board.