Here you will find a breakdown of funding and expenses for the Great Hearts Network on a per-pupil basis, as well as academic and demographic data. This is meant to be a simple snapshot of the averages across our network. The FY2024 Annual Financial Reports of our 22 schools COMING SOON!



Glossary of Terms

Instructional Spending

This includes expenditures for regular instruction, special education, school sponsored athletic programs, and extra-curricular activities. Expenditures related to instructional spending may include:

  • Classroom Personnel– Salaries and benefits for teachers, teachers’ aides, substitute teachers, graders, and guest lecturers.
  • General Instructional Supplies– Paper, pencils, crayons, etc.
  • Instructional Aids – Textbooks, workbooks, instructional software, etc.
  • Activities– Field trips, athletics, and co-curricular activities such as choir or band.
  • Tuition – Paid to out-of-state and private institutions

School Administration

Salaries and benefits for superintendents, principals, business managers, and clerical and other staff who perform accounting, payroll, purchasing, warehousing, printing, human resource activities, and administrative technology services; and other costs related to these services and the governing board.

  • FTEs that provide both administrative and instruction or support services are split accordingly.

Example: An Assistant Headmaster that also provides direct classroom instruction is counted as ½ FTE admin and ½ FTE instruction.

Shared Services

Salaries, benefits, and other costs related to services shared by all Arizona academies which includes Human Resources, Curriculum Development, State Compliance and Reporting, IT, Marketing, Facilities Support, Enrollment, Finance and Accounting, Exceptional Student Services Support, Fundraising Support, Teacher, Staff, and Leadership Professional Development

Plant Operations

Salaries, benefits, and other costs related to equipment repair, building maintenance, custodial services, grounds keeping, and security; and costs for heating, cooling, lighting, and property insurance.

Facility, Rent, Mortgage, Lease

Costs associated with providing school facilities, including debt service, land leases, and tenant costs of rented facilities.

Food Services

Salaries, benefits, food supplies, and other costs related to preparing, transporting, and serving meals and snacks.


Salaries, benefits, and other costs related to maintaining buses and transporting students to and from school and school activities.

Student Support Services

Salaries and benefits for attendance clerks, social workers, counselors, nurses, audiologists, and speech pathologists; and other costs relating to these support services to students.

Instruction Support Services

Salaries and benefits of curriculum directors, special education directors, teacher trainers, librarians, media specialists, and instruction related IT staff; and other costs related to assisting instructional staff in delivering instruction.

Days Cash on Hand

Days cash on hand is the number of days that an organization can continue to pay its operating expenses, given the amount of cash available.

Debt Coverage Ratio

This is a measure of the cash flow available to pay current debt obligations. The ratio states net operating income as a multiple of debt obligations due within one year, including interest, principal, sinking-fund and lease payments.

Net Asset Ratio

Net asset ratio is the total assets minus total liabilities. Net assets is also referred to as total equity. To calculate the ratio, divide net assets by total assets.

Admin Cost per Pupil

Administrative costs divided be the number of students, using charter-reported accounting data and ADE-provided ADM data.

Students per Admin

The number of students divided by the number of administrative full-time equivalent employees (FTEs), using ADE-provided ADM data.

Plant Operation Cost by Square Footage

Plant operations and maintenance costs divided by the total building square footage.

Square Footage per Student

Total building square footage divided by budgeted ADM.

Standard & Poor’s Bond Rating

Ratings agencies research the financial health of each bond issuer (including issuers of municipal bonds) and assign ratings to the bonds being offered. Each agency has a similar hierarchy to help investors assess that bond’s credit quality compared to other bonds. Bonds with a rating of BBB- (on the Standard & Poor’s and Fitch scale) or Baa3 (on Moody’s) or better are considered “investment-grade.”

Campus Improvements

Expenditures for the purchase or lease of land and buildings, constructing and renovating school buildings, and improving school grounds.


Expenditures for the purchase or lease of initial, additional, and replacement equipment, such as furniture, vehicles, and technology-related hardware and non-instructional software.


This is the interest paid on capital projects and campus improvements that are not associated with the debt coverage on schools facilities, lease, or mortgages.


All other expenses related to the maintenance and operation of Great Hearts Arizona, most notable depreciation. Depreciation is a reduction in the value of an asset with the passage of time, due in particular to wear and tear.

Students Proficiency Rates

  • Math – AzMERIT
  • English Language Arts – AzMERIT
  • Science – AIMs

Students Scores

  • SAT
  • ACT

Student & Teacher Measures

  • Attendance Rate– Average Daily Attendance divided by Average Daily Membership.
  • Graduation Rate – Total number of seniors completing the required coursework for graduation divided by the total number of students in their senior year of high school.
  • Free & Reduced Lunch – Total number of students that qualify for Free & Reduced Lunch divided by total ADM.
  • Special Education Population – Total number of special needs students, qualified as having a IEP or 504 plan, divided by the total ADM.
  • Students per Teacher – Total ADM divided by the total certified teacher FTEs.
  • Average FY20 Returning Teacher Salary – Total salaries paid to returning FY20 teachers divided by total returning certified teacher FTEs.
  • Average FY20 Teacher Salary – Total salaries paid to all FY20 teachers divided by all teachers FTEs.
  • Average Teacher Experience – Total years’ experience of all teacher FTEs divided by total teacher FTEs.
  • Percentage of Teacher in First 3 Years – Total teacher FTEs in their first 3 years divided by total teacher FTEs.

Revenues – Public Funding Sources

  • State– All Arizona State funding received through the equalization funding formula, Classroom Site Funds (Prop. 301), instructional improvement funds, charter additional assistance, etc.
  • Federal – Funds received for targeted programs such as Title I, IDEA, NSLP, and other competitive grants.

Revenues – Detailed Revenue Sources

  • Arizona Equalization Formula Funding– Basic formula funding for schools provided by state law, calculated as the total of base level support.
  • Classroom Site Fund (Prop. 301)– When actual revenues were insufficient to fully fund districts and charters at the established per pupil factor, statute provided for distributing the available revenues on a proportional basis.
  • Federal Impact Aid – Federal monies provided to schools that have been impacted by the presence of tax-exempt federal lands or the enrollment of students living on federal lands, such as military bases and reservations.
  • Donations– Monies provided by donors to be used for specific purposes, such as M&O, teacher development, capital projects, etc.
  • Tax Credits – Monies provided to schools that allows taxpayers to claim credit for fees paid or contributions for extracurricular activities or character building programs.
  • Voter Approved Levies – Additional funds appropriated to schools through voter approved measures through M&O overrides or additional local taxes.
  • Other – Misc. sources of revenue.