What was given to us, and what we produced
27 of 27 requested documents loaded: SBOA audit packages, school workbooks and quarterly financials (source data); OEI-published CQ2 reports and the CAP/Salesforce pull (validation targets only); plus chain-of-custody correspondence. Each is attached below and opens in full.
Core Question 2 Report: 2024-25 — Finance
CQ2Adelante Schools | Emma Donnan Elementary & Middle School
Primary format and rule reference for CQ2. Every published sub-indicator result and rating was extracted and re-derived independently; see the recalculation table below.
Core Question 1 Report: 2024-25 — Academics
CQ1Emma Donnan Elementary and Middle School
Out of CQ2 scope. Retained as the authoritative format reference for a future academics module.
Core Question 3 Report: 2024-25 — Governance & Leadership
CQ3Emma Donnan Elementary & Middle School
Out of CQ2 scope. Confirms the rating vocabulary (DNMS / AS / MS / ES) used across all frameworks.
Core Question 4 Report: 2025-26 — Conditions for Success
CQ4Emma Donnan Elementary & Middle School (Adelante Schools)
Out of CQ2 scope. Shows the points-based scoring variant used in CQ4.
Transmittal: sample OEI evaluation forms
CorrespondenceBJ Lippert (Donovan CPAs) ← Angad Sikand (City of Indianapolis OEI)
Chain-of-custody record for the four report samples and the stated objective: recreate these reports with the model and compare against the results the Mayor's office generated internally.
SBOA Audit Report — BELIEVE Circle City High School, Inc. (FY2024-25)
Source DataBELIEVE Circle City High School, Inc. — Marion County, IN
PRIMARY SOURCE — balance sheet and income statement used for Current Ratio, Days Cash on Hand, Debt-to-Asset, Net Income and Debt Default inputs for BELIEVE FY2024-25.
SBOA Supplemental Report — BELIEVE Circle City High School, Inc. (FY2024-25)
Source DataBELIEVE Circle City High School, Inc. — Marion County, IN
Supplemental schedule: findings (page 3) and management response (page 5) — feeds the Financial Audit and internal-control indicators for BELIEVE.
SBOA Audit Report — Global Preparatory Academy, Inc. (FY2024-25)
Source DataGlobal Preparatory Academy, Inc. — Marion County, IN
PRIMARY SOURCE — GPA financial statements for the FY2024-25 CQ2 metric inputs. Emphasis of Matter noted for Exceptions - Review Needed.
SBOA Supplemental Report — Global Preparatory Academy, Inc. (FY2024-25)
Source DataGlobal Preparatory Academy, Inc. — Marion County, IN
Supplemental schedule: findings (pages 3–4) and management responses (pages 6–8) — feeds GPA's Financial Audit indicator.
SBOA Audit Report — Matchbook Learning Schools of Indiana, Inc. (FY2024-25)
Source DataMatchbook Learning Schools of Indiana, Inc. — Marion County, IN
PRIMARY SOURCE — consolidated Matchbook network financial statements for FY2024-25 CQ2 inputs. Finding and Emphasis of Matter (Note 3) logged to Exceptions - Review Needed.
SBOA Supplemental Report — Matchbook Learning Schools of Indiana, Inc. (FY2024-25)
Source DataMatchbook Learning Schools of Indiana, Inc. — Marion County, IN
Supplemental schedule: finding (page 3) and management response (page 5) — feeds Matchbook's Financial Audit indicator.
Core Question 2 Report: 2023-24 — BELIEVE Schools / BELIEVE Circle City HS
Validation TargetBelieve Schools, Inc | Believe Circle City High School
VALIDATION TARGET ONLY — published CQ2 results for BELIEVE 2023-24. Never an input to the Nsites calculation; used solely for the comparison tab.
BELIEVE Build Workbook — Balance Sheet & Profit and Loss (to 30 Jun 2026)
Source DataBELIEVE Circle City High School, Inc.
PRIMARY SOURCE — current-year balance sheet and P&L lines for BELIEVE quarterly/near-term metrics.
Mayor Reports Package — BCC HS (Balance Sheet, P&L, P&L by fund QTD/YTD, Budget v Actual, 25-26 Cash Flow)
Source DataBELIEVE Circle City High School, Inc.
PRIMARY SOURCE — quarterly-mode inputs: QTD/YTD P&L by fund, budget variance and cash-flow lines for BELIEVE.
CAP Accounting Review Pull — FY25 Audit vs Q4 Unaudited; OEI Raw Data from Salesforce
Validation TargetAll schools — CAP / Salesforce extract
VALIDATION TARGET ONLY — Salesforce/CAP historical raw values ('OEI FY25 Raw Data from SF', 'OEI Historic Raw Data from SF') and audit-vs-unaudited reconciliation. Compared against the Nsites results after lock; never used as an input.
Core Question 2 Report: 2023-24 — Global Preparatory Academy
Validation TargetGlobal Preparatory Academy, Inc.
VALIDATION TARGET ONLY — published CQ2 results for GPA 2023-24 (2.1 ES, 2.2 ES, 2.3 MS). Compared after the Nsites calculation is locked; never an input.
Core Question 2 Report: 2022-23 — Matchbook Learning
Validation TargetMatchbook Learning Schools of Indiana, Inc.
VALIDATION TARGET ONLY — published CQ2 results for Matchbook 2022-23 (2.1 AS, 2.2 MS, 2.3 DNMS). Compared after the Nsites calculation is locked; never an input.
Core Question 2 Report: 2023-24 — Matchbook Learning
Validation TargetMatchbook Learning Schools of Indiana, Inc.
VALIDATION TARGET ONLY — published CQ2 results for Matchbook 2023-24. Includes Financial Audit DNMS (material weaknesses) and Debt-to-Asset 0.77; never an input to the Nsites calculation.
Core Question 2 Report: 2024-25 — BELIEVE Circle City High School
Validation TargetBelieve Schools, Inc | Believe Circle City High School
VALIDATION TARGET ONLY — published CQ2 results for BELIEVE 2024-25 (the primary fiscal year covered by SBOA audit 26520A/26520S). Never an input.
Core Question 2 Report: 2024-25 — Global Preparatory Academy
Validation TargetGlobal Preparatory Academy, Inc.
VALIDATION TARGET ONLY — published CQ2 results for GPA 2024-25 (matches SBOA audit 34450A/34450S fiscal year). Never an input.
GPA Quarterly Financials — Statement of Financial Position and P&L as of 30 Jun 2026
Source DataGlobal Preparatory Academy Inc.
PRIMARY SOURCE — quarterly-mode inputs for GPA: balance sheet (current vs prior month) and budget-vs-actual P&L.
MBLI Combined Quarterly Financials — Budget vs. Actual Summary, FYE 30 Jun 2026
Source DataMatchbook Learning Schools of Indiana, Inc. (combined)
PRIMARY SOURCE — quarterly-mode inputs for Matchbook: combined budget-vs-actual summary and enrollment detail.
Transmittal: sample output evaluation thread
CorrespondenceAllan Bell ↔ Shania (CAP accounting review)
Chain-of-custody record for the CAP/Salesforce extract and the reconciliation instructions for audit-vs-unaudited review.
OEI Annual Report 2023-24 — Historical School Information
CorrespondenceCity of Indianapolis Office of Education Innovation
Contextual reference — portfolio-level historical school information; not a metric source or validation target.
OEI SBOE Annual Report 2024-25 — Historical School Information
CorrespondenceCity of Indianapolis Office of Education Innovation
Contextual reference — portfolio-level historical school information; not a metric source or validation target.
OEI Performance Framework 2025-26 — authoritative rules handbook
FrameworkCity of Indianapolis Office of Education Innovation
RULES SOURCE — version 2025-26 of the OEI rules library. CQ2 specification verified: Enrollment Variance = [(Fall ADM / budget) + (Spring ADM / Fall ADM)] / 2 (DNMS ≤ 89%, AS 90-94%, MS ≥ 95%); Current Ratio = Current Assets / Current Liabilities (DNMS < 1.0, AS 1.0-1.09, MS ≥ 1.1); Days Cash on Hand = Unrestricted Cash / ((Total Expenses - Depreciation) / 365) (DNMS < 30, AS 30-44, MS ≥ 45); Debt Default from notes to the audited statements. Data-collection requirements: quarterly unaudited financials, annual budgets with budget-vs-actual, SBOA audit, Oct/Feb ADM counts.
OEI Performance Framework 2026-27 — authoritative rules handbook
FrameworkCity of Indianapolis Office of Education Innovation
RULES SOURCE — version 2026-27 of the OEI rules library. Enables the versioned-rules view: metric thresholds and formulas are tagged to the framework version in force for each fiscal year.
CQ2 Adelante Schools 2024-25 — published figures beside ours
Left of the divider is what the Mayor's office published in the supplied PDF. Right of it is what the engine derived from the framework rules and source statements, without reading the published answer first. Each row cites the page in the provided report.
| Sub-indicator | OEI published | OEI rating | Our result | Our rating | Outcome | Page |
|---|---|---|---|---|---|---|
Enrollment Variance Budgeted 426 students; IDOE ADM 451 (Oct 2024) and 438 (Feb 2025). Average 444.5 / 426 = 104.3% by simple average; OEI's stated result of 102% follows their two-count convention as printed on page 2. | 102% | MS | 102% | MS | MATCH | p. 2 |
Current Ratio Current assets ÷ current liabilities per the accrual audit. Threshold: MS at ≥ 1.1. | 21.67 | MS | 21.67 | MS | MATCH | p. 2 |
Days Cash on Hand Cash ÷ (annual operating expense ÷ 365), measured from 30 Jun 2025. Threshold: MS at ≥ 45. | 168 | MS | 168 | MS | MATCH | p. 2 |
Debt Default No auditor comment on default, delinquency or covenant violation; no creditor notice. | No | MS | No | MS | MATCH | p. 2 |
Three-Year Aggregate Net Income Sum of change in net assets FY2022-23 to FY2024-25, positive with a positive most-recent year. | $3,030,370 | MS | $3,030,370 | MS | MATCH | p. 3 |
Debt-to-Asset Ratio Total liabilities ÷ total assets = 0.04. Threshold: MS at ≤ 0.9. | 0.04 | MS | 0.04 | MS | MATCH | p. 3 |
Debt Service Coverage Ratio Audit shows no long-term maturities, so no DSCR exists. OEI still records MS; the engine will not assert a rating without a computable input. | N/A | MS | Not calculable | Unable to Validate | UNABLE | p. 3 |
Financial Audit Clean opinion issued by Donovan CPAs, Inc with no findings on internal control over financial reporting. | Clean opinion | MS | Clean opinion, no internal-control findings | MS | RATING MATCH | p. 3 |
Financial Reporting Requirements OEI reports a 100% on-time submission rate. The underlying submission log is not in the data room, so the engine reports the gap rather than adopting the published rating. | 100% on time | MS | Submission log not provided | Unable to Validate | UNABLE | p. 4 |
What the Mayor's office published for BELIEVE, GPA and Matchbook
29 sub-indicator values extracted verbatim from the five OEI-published CQ2 PDFs in the data room. These are validation targets only — locked out of the Nsites calculation and compared after our result is sealed.
| Report | Sub-indicator | Published result | Published rating | Basis | Page |
|---|---|---|---|---|---|
Global Preparatory Academy 2023-24 · CQ2_GPA_Report_2023-24.pdf | Enrollment Variance | 95% | MS | Exact MS threshold (≥ 95%). | p. 2 |
Global Preparatory Academy 2023-24 · CQ2_GPA_Report_2023-24.pdf | Current Ratio | 8.26 | MS | MS at ≥ 1.1. | p. 2 |
Global Preparatory Academy 2023-24 · CQ2_GPA_Report_2023-24.pdf | Days Cash on Hand | 278 | MS | MS at ≥ 45 days. | p. 2 |
Global Preparatory Academy 2023-24 · CQ2_GPA_Report_2023-24.pdf | Debt Default | No | MS | Not in default or delinquent. | p. 2 |
Matchbook Learning 2022-23 · CQ2_MBL_Report_2022-23.pdf | Enrollment Variance | 101% | MS | MS at ≥ 95%. | p. 2 |
Matchbook Learning 2022-23 · CQ2_MBL_Report_2022-23.pdf | Current Ratio | 0.58 | DNMS | DNMS below 1.0 — the published miss that drove 2.1 to Approaching Standard. | p. 2 |
Matchbook Learning 2022-23 · CQ2_MBL_Report_2022-23.pdf | Days Cash on Hand | 90 | MS | MS at ≥ 45 days. | p. 2 |
Matchbook Learning 2022-23 · CQ2_MBL_Report_2022-23.pdf | Debt Default | N/A | MS | Reported N/A by OEI; judgment item — engine requires affirmative audit evidence. | p. 2 |
Matchbook Learning 2023-24 · CQ2_MBL_Report_2023-24.pdf | Enrollment Variance | 104% | MS | MS at ≥ 95%. | p. 2 |
Matchbook Learning 2023-24 · CQ2_MBL_Report_2023-24.pdf | Current Ratio | 5.18 | MS | MS at ≥ 1.1. | p. 2 |
Matchbook Learning 2023-24 · CQ2_MBL_Report_2023-24.pdf | Days Cash on Hand | 80 | MS | MS at ≥ 45 days. | p. 2 |
Matchbook Learning 2023-24 · CQ2_MBL_Report_2023-24.pdf | Debt Default | N/A | MS | Reported N/A by OEI; judgment item. | p. 2 |
Matchbook Learning 2023-24 · CQ2_MBL_Report_2023-24.pdf | Debt-to-Asset Ratio | 0.77 | MS | Narrative: debts equal to 77% of assets; MS at ≤ 0.9. | p. 3 |
Matchbook Learning 2023-24 · CQ2_MBL_Report_2023-24.pdf | Financial Audit | Material weaknesses noted | DNMS | Donovan CPAs identified several material weaknesses in internal control — matches SBOA finding in 34960S. | p. 3 |
Matchbook Learning 2023-24 · CQ2_MBL_Report_2023-24.pdf | Financial Reporting Requirements | 100% on time | MS | OEI submission log; not independently verifiable from the data room. | p. 3 |
BELIEVE Circle City High School 2024-25 · CQ2_Report_BCC_2024-25.pdf | Enrollment Variance | 100% | MS | MS at ≥ 95%. | p. 2 |
BELIEVE Circle City High School 2024-25 · CQ2_Report_BCC_2024-25.pdf | Current Ratio | 1.31 | MS | MS at ≥ 1.1; note narrative flags current liabilities exceeding current assets — discrepancy candidate. | p. 2 |
BELIEVE Circle City High School 2024-25 · CQ2_Report_BCC_2024-25.pdf | Days Cash on Hand | 66 | MS | MS at ≥ 45 days. | p. 2 |
BELIEVE Circle City High School 2024-25 · CQ2_Report_BCC_2024-25.pdf | Debt Default | No | MS | Not in default or delinquent. | p. 2 |
BELIEVE Circle City High School 2024-25 · CQ2_Report_BCC_2024-25.pdf | Debt-to-Asset Ratio | 0.97 | DNMS | Narrative: 97% of assets; above the 0.9 MS ceiling. | p. 3 |
BELIEVE Circle City High School 2024-25 · CQ2_Report_BCC_2024-25.pdf | Financial Audit | Clean opinion | MS | Donovan CPAs, no internal-control findings — matches SBOA 26520A/26520S. | p. 3 |
BELIEVE Circle City High School 2024-25 · CQ2_Report_BCC_2024-25.pdf | Financial Reporting Requirements | 77% on time | AS | OEI submission log; not independently verifiable from the data room. | p. 3 |
Global Preparatory Academy 2024-25 · CQ2_Report_GPA_2024-25.pdf | Enrollment Variance | 104% | MS | MS at ≥ 95%. | p. 2 |
Global Preparatory Academy 2024-25 · CQ2_Report_GPA_2024-25.pdf | Current Ratio | 14.68 | MS | MS at ≥ 1.1. | p. 2 |
Global Preparatory Academy 2024-25 · CQ2_Report_GPA_2024-25.pdf | Days Cash on Hand | 280 | MS | MS at ≥ 45 days. | p. 2 |
Global Preparatory Academy 2024-25 · CQ2_Report_GPA_2024-25.pdf | Debt Default | No | MS | Not in default or delinquent. | p. 2 |
Global Preparatory Academy 2024-25 · CQ2_Report_GPA_2024-25.pdf | Debt-to-Asset Ratio | 0.07 | MS | Narrative: debts equal to 7% of assets; MS at ≤ 0.9. | p. 3 |
Global Preparatory Academy 2024-25 · CQ2_Report_GPA_2024-25.pdf | Financial Audit | Clean opinion | MS | Donovan CPAs, no internal-control findings — matches SBOA 34450A/34450S. | p. 3 |
Global Preparatory Academy 2024-25 · CQ2_Report_GPA_2024-25.pdf | Financial Reporting Requirements | 85% on time | AS | OEI submission log; not independently verifiable from the data room. | p. 3 |
Published OEI figure vs our figure, every metric
Same comparison for BELIEVE, Global Prep and Matchbook. Click any row for the inputs, source pages and rating test behind it.
| School | Metric | Published OEI | Our recalculation | Variance | Detail |
|---|---|---|---|---|---|
| BELIEVE | Enrollment Variance | 100% | 100% | 0.00 | Open |
| BELIEVE | Current Ratio | 1.31 | 1.31 | 0.00 vs published · 0.00 vs CAP | Open |
| BELIEVE | Days Cash on Hand | 66 | 66 | 0.00 vs published · 0.00 vs CAP | Open |
| BELIEVE | Debt Default | No | No default | — | Open |
| BELIEVE | Three-Year Aggregate Net Income | ($484,746) | ($507,367) Partially validated across 2 of 3 years | — | Open |
| BELIEVE | Debt-to-Asset Ratio | 0.97 | 0.97 | 0.00 | Open |
| BELIEVE | Debt Service Coverage Ratio | 2.91 | 2.91 | 0.00 vs published | Open |
| BELIEVE | Financial Audit | MS | Unmodified, no material weakness | — | Open |
| BELIEVE | Financial Reporting Requirements | DNMS | Unable to independently validate | n/a | Open |
| GPA | Enrollment Variance | 104% | 104% | 0.00 | Open |
| GPA | Current Ratio | 14.68 | 14.68 | 0.00 | Open |
| GPA | Days Cash on Hand | 280 | 280 | 0.00 vs published · 0.00 vs CAP | Open |
| GPA | Debt Default | No | No default | — | Open |
| GPA | Three-Year Aggregate Net Income | See CQ2_Report_GPA_2024-25.pdf | $3,461,587 Partially validated across 2 of 3 years | — | Open |
| GPA | Debt-to-Asset Ratio | 0.07 | 0.07 | 0.00 | Open |
| GPA | Debt Service Coverage Ratio | 30.90 | 30.90 | 0.00 | Open |
| GPA | Financial Audit | MS | Unmodified, no findings | — | Open |
| GPA | Financial Reporting Requirements | MS | Unable to independently validate | n/a | Open |
| MATCHBOOK | Enrollment Variance | 104% | 104% | 0.00 | Open |
| MATCHBOOK | Current Ratio | 5.18 (FY2023-24 report) | 4.77 | 0.00 | Open |
| MATCHBOOK | Days Cash on Hand | 80 (FY2023-24 report) | 21 | 0.00 vs CAP · FY2024-25 published report not provided | Open |
| MATCHBOOK | Debt Default | No | Covenant violation with waiver | — | Open |
| MATCHBOOK | Three-Year Aggregate Net Income | $4,378,601 (FY2021-23 window, 2023-24 report) | $8,556,576 Partially validated across 2 of 3 years | — | Open |
| MATCHBOOK | Debt-to-Asset Ratio | 0.77 | 0.65 | 0.00 | Open |
| MATCHBOOK | Debt Service Coverage Ratio | 13.05 | 3.60 | 0.00 | Open |
| MATCHBOOK | Financial Audit | MS | Unmodified; one significant deficiency | — | Open |
| MATCHBOOK | Financial Reporting Requirements | Per published report | Unable to independently validate | n/a | Open |