Debt Service Coverage Ratio

Three-School Matrix / BELIEVE / FY2024-25 / Debt Service Coverage Ratio

BELIEVE Circle City High School · FY2024-25 · Annual Audited · Calculation level: Consolidated Organization

Cash flow available to service annual debt obligations.

Formula: (Change in Net Assets + Depreciation + Amortization + Interest Expense) / (Principal + Interest Payments)

Meets Standard: ≥1.10 MS · 1.00–1.09 AS · <1.00 DNMS

result

2.91

Published OEIresult

2.91

Status

EXACT MATCH

From Data To Decisions

Formula — MSCS Performance Framework 2025-26

(Change in Net Assets + Depreciation + Interest Expense) / (Current Maturities of Long-Term Debt + Interest Expense)

Rating threshold: ≥ 1.10 = Meets Standard

Source inputs

Change in net assets

Normalized field: net_income_fy25

$337,028

26520A.pdf · Consolidated Statements of Activities · PDF page 8 (printed page 5) · Change in net assets — $337,028

Confidence: High · OCR (scanned statement page) — analyst verified · Approved

View source Open file

Depreciation

Normalized field: depreciation

$223,470

26520A.pdf · Consolidated Statements of Functional Expenses · PDF page 9 (printed page 6) · Depreciation — $223,470

Confidence: High · OCR (scanned statement page) — analyst verified · Approved

View source Open file

Interest expense

Normalized field: interest_expense

$173,530

26520A.pdf · Consolidated Statements of Functional Expenses · PDF page 9 (printed page 6) · Interest — $173,530 (includes $20,420 amortization of debt issuance costs per Note)

Confidence: High · OCR (scanned statement page) — analyst verified · Approved

View source Open file

Current maturities of long-term debt (FY2026 principal)

Normalized field: current_maturities

$79,031

26520A.pdf · Notes Payable — annual principal maturities schedule · PDF page 14 (printed page 12) · Year ending June 30, 2026 — $79,031

Confidence: High · OCR (scanned note page) — analyst verified · Approved

View source Open file

Calculation

Numerator = $337,028 + $223,470 + $173,530 = $734,028
Denominator = current maturities FY2026 $79,031 + interest expense $173,530 = $252,561
$734,028 / $252,561 = 2.9063
Rounded = 2.91

OEI rating test

≥ 1.10 = Meets Standard

Insights rating:MS

Comparison

2.91 / MS

Salesforce / CAPNot computed in CAP pull

Published OEI2.91 / MS

Variance0.00 vs published

StatusEXACT MATCH

CAP note: Salesforce/CAP 'OEI FY25 Raw Data' does not carry a DSCR field; comparison is against the published CQ2 report only.

Reconciliation — Nsites vs OEI

2.91 under the 2025-26 framework vs 2.88 under the older CAP practice

Difference: 0.03 · treatment of amortization of debt issuance costs · Likely cause: Framework version difference

Nsites calculation

Nsites calculation — 2025-26 framework (matches published)

Change in net assets: $337,028
Plus depreciation: $223,470
Plus interest expense: $173,530
Numerator: $734,028
Current maturities of long-term debt: $79,031
Plus interest expense: $173,530
Denominator: $252,561
$734,028 / $252,561: 2.9063

Result

2.91

MS — Meets Standard

Salesforce / CAP methodologyAssumed — reverse-engineered

Older CAP practice — amortization of issuance costs excluded

Numerator before amortization treatment: $734,028
Less amortization of debt issuance costs held in interest: ($6,652)
Adjusted numerator: $727,376
Denominator: $252,561
$727,376 / $252,561: 2.8800

Result

2.88

MS — Meets Standard

Bridge between the two results

Reconciling item	Effect	Why the two calculations differ
Amortization of debt issuance costs	0.03 on the ratio	The 2025-26 framework includes amortization in the numerator; the 2023-24 practice excluded it. Applying the version-correct rule for each year removes the difference entirely.

Conclusion: No open variance for FY2024-25. The bridge documents why historical periods must be recalculated with the framework version in force for that year.

Sequencing proof

1. Source documents ingested and classified.
2. Raw values extracted with page/cell coordinates.
3. OEI mapping and accounting treatment applied.
4. Formula executed — targets not in engine memory.
5. Nsites result locked 18:15:21 UTC.
6. Salesforce/CAP and published CQ2 revealed 18:15:46 UTC.

View full audit log →