EMERGENCY MANAGER REPORT

April 12, 2018

DISTRESSED UNIT APPEALS BOARD (DUAB)

Prepared by

Emergency Manager Report w Distressed Unit Appeals Board April 12, 2018 w Ó Gary Schools Recovery, LLC

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Distressed Unit Appeals Board Emergency Manager Report Prepared by Gary Schools Recovery, LLC April 12, 2018

TABLE OF CONTENTS

1.0 LOAN REQUEST ............................................................................................................................................ 1 PROJECTED CASH FLOW........................................................................................................ 2

2.0 RECOMMENDATION FOR CHIEF ACADEMIC OFFICER ............................................................... 4 TERRANCE LITTLE RESUME ................................................................................................... 5

Emergency Manager Report w Distressed Unit Appeals Board April 12, 2018 w Ó Gary Schools Recovery, LLC

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1.0 LOAN REQUEST

The Gary Community School Corporation (GCSC) is requesting that DUAB approve a request for a loan in the amount of $3,750,000. The purpose of this loan is to provide sufficient cash resources to cover the 2nd payroll in May, and both payrolls in June. A review of GCSC projected cash flow for the months of May and June (included) indicates that without this additional support, GCSC will have insufficient cash resources to cover those payrolls. As a result, GCSC is requesting that DUAB approve a loan request of $3,750,000 at their April 12, 2018 meeting.

1.0 LOAN REQUEST

Emergency Manager Report w Distressed Unit Appeals Board April 12, 2018 w Ó Gary Schools Recovery, LLC

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PROJECTED CASH FLOW

1.0 LOAN REQUEST

Emergency Manager Report w Distressed Unit Appeals Board April 12, 2018 w Ó Gary Schools Recovery, LLC

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2.0 RECOMMENDATION FOR CHIEF ACADEMIC OFFICER

Emergency Manager Report w Distressed Unit Appeals Board April 12, 2018 w Ó Gary Schools Recovery, LLC

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2.0 RECOMMENDATION FOR CHIEF ACADEMIC OFFICER

2.0 RECOMMENDATION FOR CHIEF ACADEMIC OFFICER

Emergency Manager Report w Distressed Unit Appeals Board April 12, 2018 w Ó Gary Schools Recovery, LLC

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TERRANCE LITTLE RESUME

2.0 RECOMMENDATION FOR CHIEF ACADEMIC OFFICER

Emergency Manager Report w Distressed Unit Appeals Board April 12, 2018 w Ó Gary Schools Recovery, LLC

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2.0 RECOMMENDATION FOR CHIEF ACADEMIC OFFICER

Emergency Manager Report w Distressed Unit Appeals Board April 12, 2018 w Ó Gary Schools Recovery, LLC

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