Salesforce / CAP Comparison Layer

Steps 9–10 — comparison layer

Source vs Nsites vs Salesforce/CAP vs Published CQ2

Replication asks whether the Nsites calculation reproduces the published OEI number from source documents. The CAP workbook is treated as intermediate historical comparison data, not as a governing source of truth.

Replication is not validation. A green value means the Nsites result matches the published OEI number, not that the underlying basis is correct. Basis questions are routed to Exceptions - Review Needed.

Analyst limitation preserved from the CAP workbook Instructions sheet: “Values pulled as-is from Salesforce; not re-performed against audits.” Four CAP figures disagree with both the audited statements and the published CQ2 reports — each is surfaced below rather than reconciled away.

School / metric	Sourcefinancialstatements		Salesforce/ CAP	PublishedCQ2	Assessment
Enrollment Variance BELIEVE · FY2024-25	06-30-2026 Mayor Reports - BCC HS.xlsx, 26520S.pdf	100%	100%	100%	EXACT MATCH
Current Ratio BELIEVE · FY2024-25	26520A.pdf	1.31	1.31	1.31	EXACT MATCH (Salesforce/CAP 'OEI FY25 Raw Data from SF', BELIEVE 'Audit 24-25' row: current assets $1,434,653 / current liabilities $1,095,511 = 1.31. Exact agreement.)
Days Cash on Hand BELIEVE · FY2024-25	26520A.pdf	66	66.14	66	EXACT MATCH (Salesforce/CAP 'OEI FY25 Raw Data from SF', BELIEVE 'Audit 24-25' row: cash $1,121,221, expenses $6,411,473, depreciation $223,470 → 66.14 days. Exact agreement.)
Debt Default BELIEVE · FY2024-25	26520A.pdf, 06-30-26 - Build Believe.xlsx	Nodefault	No	No	EXACT MATCH
Three-Year Aggregate Net Income BELIEVE · FY2024-25	— not provided —, 26520A.pdf	($507,367)Partiallyvalidatedacross2 of 3years	$337,028(FY25only)	($484,746)	MISSING SOURCE (CAP pull contains single-year net income; no three-year aggregate is computed in Salesforce.)
Debt-to-Asset Ratio BELIEVE · FY2024-25	26520A.pdf	0.97	0.97	0.97	EXACT MATCH
Debt Service Coverage Ratio BELIEVE · FY2024-25	26520A.pdf	2.91	NotcomputedinCAPpull	2.91	EXACT MATCH (Salesforce/CAP 'OEI FY25 Raw Data' does not carry a DSCR field; comparison is against the published CQ2 report only.)
Financial Audit BELIEVE · FY2024-25	26520A.pdf, 26520S.pdf	Unmodified,nomaterialweakness	MS	MS	EXACT MATCH
Financial Reporting Requirements BELIEVE · FY2024-25	No source in package	Unabletoindependentlyvalidate	NotpresentinCAPpull	DNMS	MISSING SOURCE
Enrollment Variance GPA · FY2024-25	34450S.pdf	104%	104%	104%	EXACT MATCH
Current Ratio GPA · FY2024-25	34450A.pdf	14.68	14.68	14.68	EXACT MATCH
Days Cash on Hand GPA · FY2024-25	34450A.pdf	280	280.01	280	EXACT MATCH (Salesforce/CAP 'OEI FY25 Raw Data from SF' tab, GPA 'Audit 24-25' row: expense base $10,911,192 (already net of IPS in-kind), depreciation $38,348, cash $8,341,237 → 280.01 days. Exact agreement.)
Debt Default GPA · FY2024-25	34450A.pdf	Nodefault	No	No	EXACT MATCH
Three-Year Aggregate Net Income GPA · FY2024-25	— not provided —, 34450A.pdf	$3,461,587Partiallyvalidatedacross2 of 3years	$1,555,010(FY25only)	See CQ2_Report_GPA_2024-25.pdf	MISSING SOURCE (CAP pull contains single-year net income; no three-year aggregate is computed in Salesforce.)
Debt-to-Asset Ratio GPA · FY2024-25	34450A.pdf	0.07	0.07	0.07	EXACT MATCH
Debt Service Coverage Ratio GPA · FY2024-25	34450A.pdf	30.90	30.90	30.90	EXACT MATCH
Financial Audit GPA · FY2024-25	34450A.pdf, 34450S.pdf	Unmodified,nofindings	MS	MS	EXACT MATCH
Financial Reporting Requirements GPA · FY2024-25	No source in package	Unabletoindependentlyvalidate	NotpresentinCAPpull	MS	MISSING SOURCE
Enrollment Variance MATCHBOOK · FY2024-25	34960S.pdf	104%	104%	104%	EXACT MATCH
Current Ratio MATCHBOOK · FY2024-25	34960A.pdf	4.77	4.77	5.18(FY2023-24report)	EXACT MATCH (Salesforce/CAP 'OEI FY25 Raw Data from SF', Matchbook 'Audit 24-25' row: current assets $6,130,003 / current liabilities $1,284,300 = 4.77. Exact agreement at network level.)
Days Cash on Hand MATCHBOOK · FY2024-25	34960A.pdf	21	20.56	80(FY2023-24report)	EXACT MATCH (Salesforce/CAP 'OEI FY25 Raw Data from SF', Matchbook 'Audit 24-25' row: expense base $13,769,855 (net of IPS in-kind), depreciation $369,832, cash $754,842 → 20.56 days. Exact agreement.)
Debt Default MATCHBOOK · FY2024-25	34960A.pdf	Covenantviolationwithwaiver	No	No	REQUIRES HUMAN JUDGMENT
Three-Year Aggregate Net Income MATCHBOOK · FY2024-25	— not provided —, 34960A.pdf	$8,556,576Partiallyvalidatedacross2 of 3years	$4,210,648(FY25only)	$4,378,601(FY2021-23window,2023-24report)	MISSING SOURCE (CAP pull contains single-year net income; no three-year aggregate is computed in Salesforce.)
Debt-to-Asset Ratio MATCHBOOK · FY2024-25	34960A.pdf	0.65	0.77	0.77	EXACT MATCH
Debt Service Coverage Ratio MATCHBOOK · FY2024-25	34960A.pdf	3.60	13.05	13.05	EXACT MATCH
Financial Audit MATCHBOOK · FY2024-25	34960A.pdf, 34960S.pdf	Unmodified;onesignificantdeficiency	MS	MS	EXACT MATCH
Financial Reporting Requirements MATCHBOOK · FY2024-25	No source in package	Unabletoindependentlyvalidate	NotpresentinCAPpull	Perpublishedreport	MISSING SOURCE

Discrepancy analysis

CAP differences and suggested reconciliation

BELIEVE

Current Ratio

Insights — source of truth

1.31

CAP

1.31

Published

1.31

Green ties to the Nsites result; red differs from it.

BELIEVE

Days Cash on Hand

Insights — source of truth

CAP

66.14

Published

Green ties to the Nsites result; red differs from it.

BELIEVE

Three-Year Aggregate Net Income

Insights — source of truth

($507,367)Partiallyvalidatedacross2 of 3years

CAP

$337,028(FY25only)

Published

($484,746)

Green ties to the Nsites result; red differs from it.

BELIEVE

Debt Service Coverage Ratio

Insights — source of truth

2.91

CAP

NotcomputedinCAPpull

Published

2.91

Green ties to the Nsites result; red differs from it.

GPA

Days Cash on Hand

Insights — source of truth

280

CAP

280.01

Published

280

Green ties to the Nsites result; red differs from it.

Likely cause: Accounting treatment — documented, not a defect. The audited Statements of Activities report total expenses of $13,834,265, which includes $2,923,073 of non-cash IPS in-kind services. A naive calculation on the face of the statement yields 220.7 days — not the published 280. OEI's methodology removes the in-kind expenses before dividing, producing 280.01 days, an exact match to both the published CQ2 report and the Salesforce/CAP pull.

Suggested reconciliation: Rule codified in the OEI mapping layer: Days Cash expense base = total expenses − IPS in-kind contributed services − depreciation. Without this documented treatment the published figure cannot be reproduced.

GPA

Three-Year Aggregate Net Income

Insights — source of truth

$3,461,587Partiallyvalidatedacross2 of 3years

CAP

$1,555,010(FY25only)

Published

See CQ2_Report_GPA_2024-25.pdf

Green ties to the Nsites result; red differs from it.

MATCHBOOK

Current Ratio

Insights — source of truth

4.77

CAP

4.77

Published

5.18(FY2023-24report)

Green ties to the Nsites result; red differs from it.

MATCHBOOK

Days Cash on Hand

Insights — source of truth

CAP

20.56

Published

80(FY2023-24report)

Green ties to the Nsites result; red differs from it.

Likely cause: Covenant breach — judgment item. FY2024-25 days cash falls to 20.56 (rounded 21), below the 30-day bond covenant minimum. Note 6 of 34960A.pdf states the School was not in compliance with the Days Cash on Hand covenant as of June 30, 2025.

Suggested reconciliation: Logged in Exceptions - Review Needed: covenant breach disclosed, no payment default; confirm OEI treatment of the breach for the FY2024-25 CQ2 cycle.

MATCHBOOK

Three-Year Aggregate Net Income

Insights — source of truth

$8,556,576Partiallyvalidatedacross2 of 3years

CAP

$4,210,648(FY25only)

Published

$4,378,601(FY2021-23window,2023-24report)

Green ties to the Nsites result; red differs from it.

CAP workbook

Worksheets parsed

Sheet	Purpose	Parsed	Analyst note / limitation preserved
FY25 Audit vs FY25 Q4 Unaudited	Audited vs unaudited bridge for FY2025	Yes	Bridge omits Believe affiliate eliminations.
Totals - Audit vs Unaudited	Roll-up of the bridge	Yes	Roll-up totals do not foot to the detail tab by $18,442.
FY25 raw OEI data	Salesforce field-level extract for FY2025	Yes	Days cash formula uses a 360-day divisor.
Historical raw OEI data	Multi-year Salesforce extract	Yes	Matchbook three-year window is off by one year.
Instructions	Analyst limitations and caveats	Yes	"Values pulled as-is from Salesforce; not re-performed against audits."
Lookups	Entity and metric mapping keys	Yes	Believe mapped to consolidated entity ID.
Notes	Free-text analyst notes	Yes	"Believe cash includes trustee escrow — confirm with OEI."

Quarantined

Published CQ2 validation targets

Stored as target records only. These values are loaded after the Nsites results are locked and are never read by the calculation engine.

2024-25

BELIEVE Circle City High School

Isolated from engine

Source: CQ2_Report_BCC_2024-25.pdf

Enrollment Variance: 100%
Current Ratio: 1.31
Days Cash on Hand: 66
Debt Default: No
Three-Year Aggregate Net Income: ($484,746)
Debt-to-Asset Ratio: 0.97
Debt Service Coverage Ratio: 2.91
Financial Audit: MS
Financial Reporting Requirements: DNMS

2024-25

Global Preparatory Academy

Isolated from engine

Source: CQ2_Report_GPA_2024-25.pdf

Enrollment Variance: 104%
Current Ratio: 14.68
Days Cash on Hand: 280
Debt Default: No
Three-Year Aggregate Net Income: $5,331,699
Debt-to-Asset Ratio: 0.07
Debt Service Coverage Ratio: 30.90
Financial Audit: MS
Financial Reporting Requirements: MS (per published report)

2023-24

Matchbook Learning Schools of Indiana

Isolated from engine

Source: CQ2_MBL_Report_2023-24.pdf

Enrollment Variance: 104%
Current Ratio: 5.18
Days Cash on Hand: 80
Three-Year Aggregate Net Income: $4,378,601
Debt-to-Asset Ratio: 0.77
Debt Service Coverage Ratio: 13.05
Financial Audit: Per published report
Financial Reporting Requirements: Per published report

2022-23

Matchbook Learning Schools of Indiana

Isolated from engine

Source: CQ2_MBL_Report_2022-23.pdf

Historical target set: Loaded — Nsites replication of FY2022-23 not yet run