A~IERICAN ACADE~IY EDUCATE

I INNOVATE I EXPLORE

EXHIBIT D: CECFA American Academy Project Series 2015

December, 2016 Report

FINANCIAL REPORTING FORM OF QUARTERLY OFFICER'S REPORT Issuer: Colorado Educational and Cultural Facilities Authority

Bond Issue: $38,725,000 Charter School Refunding Revenue Bonds (American Academy Project), Series 2015 and $27,690,000 Charter School Revenue Bonds, Series 2016 Trustee: UMB Bank, n.a.

Borrower/Lessor: AA Building Corporation II, a Colorado nonprofit corporation Lessee: American Academy THIS QUARTERLY OFFICER'S REPORT is delivered by the Charter School to the Trustee, the Authority and the Corporation each identified above, in connection with the Lease, the Base Rent from which is used for payment of the bonds issued pursuant to Indenture of Trust dated as of October 1, 2015 (the "Indenture") between the Authority and the Trustee. Defined terms used in this report and not defined herein shall have the meanings established in the Lease (as defined in the Indenture). This Quarterly Officer's Report is intended to be filed with the MSRB's Electronic Municipal Market Access (EMMA) website by the Trustee, however, the contents of each report and the timing with respect to each filing is not intended to comprise part of the Continuing Disclosure Agreement or undertaking made for the benefit of Bondholders under Securities and Exchange Commission Rule 15c2-12. Additionally, the contents of this Quarterly Officer's Report may be modified by the Charter School, in its sole discretion. The attached report is for the Fiscal Year Quarter which ended on 12/31/2016. Attachments to this Quarterly Officer's Report For purpose of financial reporting for the respective quarters of each Fiscal Year, there is attached to this Quarter Officer's Report the following (for the respective quarters as indicated): First Three Quarters' 45-Day Reporting. On or before forty-five days after the end of each quarter for the first three quarters of each Fiscal Year, commencing with the quarter which ends on December 31, 2015, as provided below: (a) Financial Data of the Charter School. Unaudited financial statements of the Charter School for each fiscal quarter reflecting revenues and expenses as submitted to the Charter School's governing board, which shall include a year-to-date income statement. a balance sheet, a statement of cash flows and a comparison of such calendar quarter to the budget of the Charter School. (b) Enrollment. In each fiscal quarter report, the actual enrollment for the Charter School and the actual funded student count as last reported to the Department of Education of the State. Final Quarter 45-Day Reporting. On or before forty-five days after the end of the final quarter for each Fiscal Year, commencing with the final quarter which ends on June 30, 2016, as provided below: (a) Financial Data of the Charter School. Unaudited financial statements of the Charter School for the final quarter reflecting revenues and expenses as submitted to its governing board, which shall include a year-to-date income statement. a balance sheet, a statement of cash flows and a comparison of such calendar quarter to the budget of the school. (b) Budget. A copy of the Charter School's annual budget, as amended or supplemented as of the reporting date, for the then current Fiscal Year.

CECFA American Academy Project Series 2015

Created January 20, 2016

January 24, 2017

Page 2

Certification

The undersigned, as the Executive Director or the Chief Financial Officer of the Charter School, hereby certifies that she or he are authorized to provide the information contained in this Quarterly Officer's Report and have reviewed the applicable financing document covenants, as well as unaudited financial information for the Charter School, for the purpose of making the representations made herein. Date of Report Execution: January 24, 2017

:'"~c/aP-u

Name: Jen Tucker Title: Director, Operations

(a)

Financial Data of the Charter School (attached)

• • •

1: American Academy Balance Sheet

3: American Academy Budget vs . Actual (collapsed)

•

4: American Academy Statement of Cash Flows

•

5: AA Building Corporation II Balance Sheet

•

6: AA Building Corporation II Income Statement

(b)

Enrollment Reporting

• •

Actual Enrollment as of 12/31 /16: 1,757 students

2: American Academy Income Statement (collapsed)

Actual funded student count as last reported to the Department of Education of the State: 1,680.28

CECFA American Academy Project Series 2015

Created January 20, 2016

American Academy

01/23/17

Balance Sheet As of December 31, 2016

Dec 31, 16

Dec 31, 15

$ Change

% Change

ASSETS Current Assets Checking/Savings 8100 · Cash and Investments Citywide Accounts

0

3,965,810

-3,965,810

-100%

3,621,889

0

3,621,889

100%

Petty Cash Accounts

1,900

1,400

500

36%

8111 · ColoTrust Savings

2,232

2,217

14

1%

3,626,020

3,969,427

-343,407

-9%

3,626,020

3,969,427

-343,407

-9%

8132 · Interfund accounts receivable

165,647

0

165,647

100%

8153a · Misc. Receivables

121,882

94,790

27,092

29%

8181 · Prepaid Expenses

6,515

19,851

-13,335

-67%

8182 · Prepaid Insurance

0

732

-732

-100%

294,045

115,372

178,672

155%

3,920,065

4,084,800

-164,735

-4%

398,287 4,318,352

33,903 4,118,703

364,383 199,649

1,075% 5%

215,968

165,573

50,395

30%

1,057

4,188

-3,131

-75%

808

323

486

151%

1,100

1,100

0

0%

Community Banks of Colorado

Total 8100 · Cash and Investments Total Checking/Savings Other Current Assets

Total Other Current Assets Total Current Assets Other Assets TOTAL ASSETS LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable Credit Cards Other Current Liabilities 7421A · Misc. Liabilities DCSD Fees Facility Rental Deposits Total 7421A · Misc. Liabilities

1,908

1,423

486

34%

260,744

248,029

12,714

5%

5,869

-62,804

68,673

109%

10,600

1,760

8,840

502%

279,121

188,408

90,713

48%

496,146

358,169

137,976

39%

496,146

358,169

137,976

39%

1,375,496

1,220,574

154,922

13%

6761 · Tabor 3% Emergency Reserve

500,000

479,000

21,000

4%

6770 · Unassigned Fund Balance

543,967

564,967

-21,000

-4%

Net Income

1,402,743

1,495,993

-93,250

-6%

Total Equity TOTAL LIABILITIES & EQUITY

3,822,206 4,318,352

3,760,534 4,118,703

61,673 199,649

2% 5%

7461 · Accrued Salaries & Benefits 7471 · Payroll Deductions and Withhold 7481 · Deferred Revenues Total Other Current Liabilities Total Current Liabilities Total Liabilities Equity 32000 · Unrestricted Net Assets

Page 1 of 1

01/23/17

American Academy Income Statement July through December 2016 Jul - Dec 16

Jul - Dec 15

$ Change

% Change

Income 1000 · Revenue from Local Sources

2,569,246

2,724,460

-155,214

-6%

3000 · Revenue from State Sources

267,591

246,859

20,732

8%

6,320,710

5,945,735

374,975

6%

9,157,547

8,917,054

240,493

3%

0100 · Salaries

3,586,034

3,286,347

299,687

9%

0200 · Benefits

1,075,843

954,749

121,093

13%

205,374

191,119

14,256

7%

1,417,150

1,541,232

-124,081

-8%

0500 · Other Purchased Services

723,686

789,680

-65,994

-8%

0600 · Supplies

305,321

428,034

-122,713

-29%

0700 · Property

351,658

142,171

209,487

147%

0800 · Other Objects

23,518

17,170

6,348

37%

0900 · Other Uses of Funds

66,219

70,559

-4,340

-6%

7,754,804 1,402,743

7,421,061 1,495,993

333,743 -93,250

4% -6%

5000 · Other Sources Total Income Expense

0300 · Purchased Prof & Technical Svs. 0400 · Purchased Property Services

Total Expense Net Income

Page 1 of 1

American Academy Schedule of Income and Expenditures - Budget to Actual - 2nd Quarter For the Period Ended December 31, 2016 Prior Year FY 2015-2016 Budget

Actual

Current Year FY 2016-2017

% to Budget

Budget

Actual

Projected Year End FY 2016-2017

% to Budget

Budget

Actual

% to Budget

Revenue: 5700

Per Pupil Rev enue

$ 11,783,080

$ 11,874,135

100.77%

$ 11,890,652

$ 6,031,932

50.73%

$ 11,890,652

$ 11,894,193

100.03%

1110

Mill Lev y /Ov erride

908,562

929,899

102.35%

903,413

464,319

51.40%

903,413

916,610

101.46%

1300

Tuition

1,477,842

1,499,847

101.49%

1,509,171

813,727

53.92%

1,509,171

1,509,171

100.00%

1400

Trans portation Fees

429,400

380,111

88.52%

400,925

269,361

67.18%

400,925

400,925

100.00%

1500

Earnings on Inv es tments

8,400

11,884

141.48%

6,000

3,721

62.02%

6,000

6,000

100.00%

1600

Food Serv ic es

-

-

-

-

-

-

1700

Pupil Ac tiv ities

1800

Community Serv ic e Ac tiv ities

1900

Other Loc al Rev enue

1910

Rental/Leas e

1920

Contributions /Donations

1935 Non-Capital As s et Sales 1985 Ins uranc e Claims

444,431 541,239

516,676 -

0.00% 116.26% 0.00%

525,501

97.09%

75,000

87,490

116.65%

406,109

277,642

68.37%

-

-

86,710

86,710

525,000 531,597

306,715 -

0.00% 58.42% 0.00%

523,544

98.49%

65,000

59,413

91.40%

285,250

127,246

44.61%

525,000 531,597

535,162 -

0.00% 101.94% 0.00%

531,628

100.01%

65,000

65,095

100.15%

285,250

349,170

122.41%

0.00%

-

1,200

0.00%

-

1,200

0.00%

100.00%

-

-

0.00%

-

-

0.00%

1990

Mis c ellaneous Rev enue

1,000

636

63.63%

10,000

0.00%

10,000

10,000

100.00%

3000

Categoric al Rev enue

423,135

437,652

103.43%

463,271

233,536

50.41%

463,271

463,271

100.00%

3954

Other State Rev enue

30,800

62,565

203.13%

86,101

34,054

39.55%

86,101

110,381

128.20%

4000

Grants Federal

-

-

0.00%

-

-

0.00%

-

-

5200

Fund Trans fer

(9,750)

(9,434)

96.76%

-

-

0.00%

-

-

5900

Other Sourc es

-

-

0.00%

Cap Res erv e Bond Rev enue

-

-

0.00%

-

-

0.00%

-

-

Grants Loc al

-

-

0.00%

-

-

0.00%

-

-

Total Revenue

288,778

-

288,778

100.00%

288,778

288,778

0.00% 0.00% 100.00% 0.00% 0.00%

$ 16,605,959

$ 16,681,316

100.45%

$ 16,965,158

$ 9,157,547

53.98%

$ 16,965,158

$ 17,081,583

100.69%

Expenditures: 0100

Salaries

$ 7,812,586

$ 7,761,012

99.34%

$ 8,137,729

$ 3,586,034

44.07%

$ 8,137,729

$ 8,137,729

100.00%

0200

Benefits

2,277,374

2,230,552

97.94%

2,513,415

1,075,843

42.80%

2,513,415

2,513,415

100.00%

0300

Purc has ed Profes s ional and Tec hnic al Serv ic es

364,654

365,262

100.17%

355,637

205,374

57.75%

355,637

354,140

99.58%

0400

Purc has ed Property Serv ic es

3,040,764

3,062,079

100.70%

2,964,160

1,417,150

47.81%

2,964,160

2,964,160

100.00%

0500

Other Purc has ed Serv ic es

1,382,858

1,316,782

95.22%

1,358,498

723,686

53.27%

1,358,498

1,358,548

100.00%

0600

Supplies

989,870

892,547

90.17%

879,683

305,321

34.71%

879,683

879,682

100.00%

0700

Property

806,945

729,963

90.46%

567,751

351,658

61.94%

567,751

567,751

100.00%

0800

Other Ex pens es

34,990

20,434

58.40%

38,200

23,518

61.57%

38,200

38,200

100.00%

0900

Other Us es of Funds

-

-

0.00%

-

-

0.00%

-

-

0910

Redemption of Princ ipal

-

-

0.00%

-

-

0.00%

-

-

0913

Princ ipal on Leas es

66,219

44.15%

149,761

147,761

98.66%

150,000

150,000

150,000

Grant Ex pens e

-

-

0.00%

-

-

0.00%

-

-

Cap Res erv e Ex pens e

-

-

0.00%

-

-

0.00%

-

-

Total Expenditures

$ 16,859,804

$ 16,526,394

98.02%

$ 16,965,072

$ 7,754,804

45.71%

$ 16,965,072

$ 16,963,625

0.00% 0.00% 100.00% 0.00% 0.00% 99.99%

01/23/2017

American Academy Cash Flow Forecast 2016/17

Actual

Actual

Actual

Actual

Actual

Actual

Forecast

Forecast

Forecast

Forecast

Forecast

Forecast

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Income 1000 · Revenue from Local Sources 1310 · Full Day Kindergarten Tuition

67,732

45,408

60,960

59,088

54,864

55,728

54,303

54,303

54,303

54,303

54,303

0

1312 · KindiePrep

25,040

105,262

86,644

85,606

82,311

85,084

85,073

85,073

85,073

85,073

85,073

0

125,545

3,239

22,684

54,141

50,094

13,659

24,204

24,204

24,204

24,204

24,204

0

736

664

626

609

475

612

413

413

413

413

413

413

22,351

68,146

73,388

32,381

69,396

41,002

44,917

44,917

44,917

44,917

44,917

0

1,710

0

52,825

338

4,540

0

812

812

812

812

812

812 84,232

1411 · Field Trip Activities 1510 · Interest on Investments 1700 · Extracurricular Activities 1910 · Rentals/Leases 1920 · Contributions and Donations

0

0

96,435

0

40

30,772

84,232

0

0

84,232

0

1935 · Non-Capital Asset Sales

0

0

0

0

1,200

0

0

0

0

0

0

0

104,013

407,953

7,481

2,658

1,591

-102

1,133

1,133

1,133

1,133

1,133

1,133 75,395

1940 · Instructional Materials Fees 1954 · Mil Levy Override

77,769

77,769

77,769

77,769

77,769

75,474

75,395

75,395

75,395

75,395

75,395

1990 · Misc. Revenue

0

0

0

0

0

0

1,429

1,429

1,429

1,429

1,429

1,429

3113 · Charter School Capital Construc

0

38,923

77,845

38,923

38,923

38,923

38,380

38,380

38,380

38,380

38,380

38,380

3934 · Other State Revenue 5710 · Per Pupil Revenue Allocation Letter of Credit (CD)

0

0

0

26,034

4,010

4,010

4,010

4,010

4,010

4,010

4,010

4,010

1,008,981

1,008,981

1,008,981

1,008,981

1,008,981

987,029

985,936

985,936

985,936

985,936

985,936

985,936 0

0

0

0

0

-398,287

33,903

0

0

0

0

0

Deferred Revenue

-235,920

0

0

0

0

10,600

0

0

0

0

0

0

Receivables

-251,672

-11,701

-98,808

528,284

-160,853

-24,077

258,082

0

0

0

0

0

946,285

1,744,643

1,466,829

1,914,811

835,055

1,352,616

1,658,317

1,316,004

1,316,004

1,400,236

1,316,004

1,191,739

946,285

1,744,643

1,466,829

1,914,811

835,055

1,352,616

1,658,317

1,316,004

1,316,004

1,400,236

1,316,004

1,191,739

745,947

785,232

858,656

871,469

862,606

740,951

900,000

900,000

900,000

900,000

900,000

900,000

36,187

38,866

33,112

32,909

40,611

23,691

24,637

24,637

24,637

24,637

24,637

24,637

0400 · Purchased Property Services

238,115

235,940

234,239

239,118

240,415

229,323

253,762

253,762

253,762

253,762

253,762

253,762

0500 · Other Purchased Services

Total Income Gross Profit Expense 0100 · Salaries & 0200 · Benefits 0300 · Purchased Prof & Technical Svs.

238,719

104,265

117,190

87,965

105,057

70,427

100,765

100,765

100,765

100,765

100,765

100,765

0600 · Supplies

25,124

58,277

42,741

41,882

73,703

63,659

91,137

91,137

91,137

91,137

91,137

91,137

0700 · Property

14,194

19,384

4,164

6,781

8,279

10,078

32,310

32,310

32,310

32,310

32,310

32,310

0800 · Other Objects

1,187

12,612

648

8,334

57

680

2,194

2,194

2,194

2,194

2,194

2,194

0900 · Other Uses of Funds

4,497

16,804

20,225

10,964

10,943

2,787

12,367

12,367

12,367

12,367

12,367

12,367

Accounts Payable

-283,031

306,569

7,369

3,770

-85,307

12,629

0

0

0

0

0

0

PrePaid Expenses for Future Years

-117,552

0

0

0

0

0

0

0

0

0

0

0

903,387 42,898

1,577,949 166,694

1,318,344 148,485

1,303,191 611,620

1,256,364

1,154,224

1,417,171

1,417,171

1,417,171

1,417,171

1,417,171

1,417,171

-421,308

198,392

241,146

-101,167

-101,167

-16,936

-101,167

-225,432

3,088,831

3,237,317

3,848,937

3,427,628

3,626,020

3,867,167

3,765,999

3,664,832

3,647,896

3,546,729

3,321,297

Total Expense Net Income Cash Balance carried forward

2,879,239

Net Running Cash

2,922,137

NOTES: 2016/17 Forecast based on Projected Year End as of 12/31 reporting divided over remaining months of activity.

Page 1 of 1

AA Building Corporation II Balance Sheet

01/02/17

As of December 31, 2016 Dec 31, 16 ASSETS Current Assets Checking/Savings 8105 · UMB Trustee Accounts

Dec 31, 15

$ Change

% Change

24,265,727

1,365,895

22,899,833

1,677%

24,265,727

1,365,895

22,899,833

1,677%

4,000 144,000

0 148,000

4,000 -4,000

100% -3%

2,452,925

0

2,452,925

100%

2,600,925

148,000

2,452,925

1,657%

26,866,653

1,513,895

25,352,758

1,675%

3,647,598

1,833,333

1,814,265

99%

28,307,286

28,899,027

-591,741

-2%

541,737

471,351

70,386

15%

32,496,622

31,203,712

1,292,910

4%

248,130

0

248,130

100%

3,994,482

4,438,314

-443,831

-10%

4,242,612

4,438,314

-195,701

-4%

63,605,887

37,155,920

26,449,967

71%

LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities 7455 · Accrued Interest Payable

0

147,428

-147,428

-100%

Total Other Current Liabilities

0

147,428

-147,428

-100%

0

147,428

-147,428

-100%

Long Term Liabilities 7442 · Bonds Payable

65,625,000

38,725,000

26,900,000

70%

Total Long Term Liabilities

65,625,000

38,725,000

26,900,000

70%

Total Liabilities

65,625,000

38,872,428

26,752,572

69%

Equity Contributed Capital 6760 · Fund Balance 6770 · Unrestricted Net Assets Net Income

650,575 11,191 -2,724,601 43,722

0 11,191 -2,987,304 1,259,605

650,575 0 262,703 -1,215,883

100% 0% 9% -97%

Total Equity

-2,019,113

-1,716,508

-302,605

-18%

63,605,887

37,155,920

26,449,967

71%

Total Checking/Savings Other Current Assets 8153 · Accounts Receivable 8181 · PrePaid Expenses 8231A · Construction in Progress Total Other Current Assets Total Current Assets Fixed Assets 8211 · Land 8231 · Buildings and Improvements 8241 · Equipment Total Fixed Assets Other Assets 8193B · Underwriting Discount 8800 · Deferred Outflows of Resources Total Other Assets TOTAL ASSETS

Total Current Liabilities

TOTAL LIABILITIES & EQUITY

Page 1

AA Building Corporation II 01/02/17

Income Statement July through December 2016

Jul - Dec 16

Jul - Dec 15

$ Change

% Change

Income 1510 · Investments 52XX · Transfer In

74,596 1,148,380

1,302 2,123,803

73,294 -975,423

5,630% -46%

Total Income

1,222,976

2,125,105

-902,129

-43%

Expense 0300 · Purchased Services 0313 · Cash Management Fee 0390 · Professional Fees Total 0300 · Purchased Services 0800 · Other Objects 0830 · Interest Expense Total 0800 · Other Objects Total Expense Net Income

11,429 207,891 219,320

959,935

7,101 618,949 626,050

239,450

4,327 -411,058

61% -66%

-406,731

720,485

-65%

301%

959,935

239,450

720,485

301%

1,179,254

865,500

313,754

36%

43,722

1,259,605

-1,215,883

-97%

Page 1

American Academy REVISED FY 2016-2017 Budget Audited Actual 2015-2016

Revised Budget 2016-2017

Estimated Actual 9/30/16 Rpt

Projected Budget 2017-2018

Projected Budget 2018-2019

Projected Budget 2019-2020

Balance on Hand July 1

$2,264,541

$2,419,464

$2,419,464

$2,419,550

$2,419,568

$2,419,662

Revenue: Per Pupil Revenue Mill Levy/Override Tuition Interest Income Student Participation Fees Child Care Fees Rental/Lease Contributions/Donations Categorical Revenue Other State Revenue Cap Reserve Bond Revenue Grants Local Grants Federal 5000 Other Sources Miscellaneous Revenue Total Revenue

11,874,135 929,899 1,499,847 11,884 905,613 516,676 87,490 277,642 437,652 62,565 (9,434) 87,347 16,681,316

11,918,637 903,413 1,509,171 6,000 932,522 525,000 65,000 285,250 463,271 58,116 288,778 10,000 16,965,158

$3,026,942 233,307 377,553 2,025 669,893 174,381 54,535 28,416 116,768 4,683,822

16,453,257 1,206,925 2,673,820 6,000 1,143,203 475,500 100,000 194,000 560,278 70,500 15,000 22,898,483

17,438,137 1,229,785 2,688,220 6,000 1,300,180 570,600 100,000 194,000 521,080 70,500 15,000 24,133,502

18,746,501 1,271,206 2,688,220 6,000 1,430,198 627,660 100,000 194,000 484,245 70,500 15,000 25,633,530

Total Sources

18,945,858

19,384,622

7,103,286

25,318,033

26,553,070

28,053,192

Expenditures: Salaries Benefits Purchased Services Purchased Prop Svcs Other Purch. Svcs Supplies & Materials Property Other Expenses Other Uses of Funds Grant Expense Cap Reserve Expense Total Expenditures

7,761,012 2,230,552 365,262 3,062,079 1,316,782 892,547 729,963 20,434 147,761 16,526,394

8,137,729 2,513,415 355,637 2,964,160 1,358,498 879,683 567,751 38,200 150,000 16,965,072

$1,521,258 459,484 106,937 705,255 460,230 127,724 36,080 14,284 35,365 3,466,618

10,613,913 3,577,270 464,333 3,277,668 1,918,455 1,832,201 763,425 208,200 243,000 22,898,464

11,240,192 3,808,595 483,834 4,474,297 2,142,377 1,345,089 296,500 99,523 243,000 24,133,407

11,760,066 3,959,940 492,174 4,982,980 2,309,250 1,429,144 356,000 100,911 243,000 25,633,467

Balance on Hand June 30

$2,419,464

$2,419,550

$3,636,668

$2,419,568

$2,419,662

$2,419,725

5710 1110 1310 1500 1700 1800 1910 1922 3100 3900

0100 0200 0300 0400 0500 0600 0700 0800 0900

Fund Balance as a % of Revenue

14.50%

14.26%

10.57%

10.03%

9.44%