IPS FL Weekly Report — April 2, 2026

IPS Compass

Construction / Closeout · Report date: April 2, 2026 · Interest as of bank statement ending 2/28/26

Total budget

$34,382,854

% spent

95.6%

$32.9M of $34.4M

Unbilled (contracted − spent)

$819,281

Invoices contracted but not yet received

Projected surplus

$236,138

After all anticipated additional costs

$565,398 before anticipated costs

Available to pay unbilled

$1,241,095

Remaining in funding accounts

$1M IPS additional — GL string pending

Section 1 — Budget breakdown by cost category

Cost category	Budget	Contracted	Spent	Unbilled (Contracted−Spent)	Uncommitted	Anticipated addl	Surplus / deficit
Professional services	$1,708,451	$1,705,032	$1,662,626	$42,406	$3,419	($25,000) credit	$28,419
Gate motors $58K · Intercom $153K · Site lighting $120K · Play area $150K
Construction contracts	$12,267,624	$12,213,639	$11,770,683	$442,956	$53,985	$151,740	($97,755)
Other owner impr & fees	$853,594	$853,594	$519,675	$333,919	—	$0	$0
Client internal costs	$18,934,569	$18,918,450	$18,918,450	$0	$16,119	$0	$16,119
Owner's contingency	$618,616	—	—	—	$618,616	—	$618,616
Total	$34,382,854	$33,690,716	$32,871,435	$819,281	$692,138	$126,740	$565,398

Section 2 — Funding source ledger

ⓘ Available to pay unbilled invoices = cash remaining in the funding account to pay contracted work not yet invoiced. This is not surplus — it is earmarked to fully pay out existing contracts as invoices come in.

Funding source	Allocated	Drawn / spent	Available to pay unbilled invoices
Series 2022 Bond 8780 — Principal	$22,600,000	$22,600,000	$0 — fully drawn
Series 2022 Bond 8780 — Interest (thru 2/28/26)	$1,229,277	$1,229,277	~$0 — fully applied
Series 2022 Bond 8784 — Principal	$9,280,594	$9,280,594	$0 — fully drawn
Series 2022 Bond 8784 — Interest (thru 2/28/26)	$272,983	$31,888	$241,095
IPS Additional — IPS Regional ($500K)	$500,000	$0	GL pending — Needham / Xiao
IPS Additional — Redirected from Lakeland ($500K)	$500,000	$0	GL pending — board amendment Jan 2025
Total — all funding sources	$34,382,854	$33,141,759	$1,241,095

Section 3 — Anticipated additional costs & projected funds remaining

Status and notes are editable — click to update during the meeting.

Description	Type	Amount	Running balance
Starting uncommitted balance		$692,138
Professional services — design fee credit / E&O (RS&H)	credit	($25,000)	$717,138
Construction — gate motors (security)	cost	$58,000	$659,138
Construction — intercom system	cost	$153,000	$506,138
Construction — site lighting	cost	$120,000	$386,138
Construction — play area / equipment	cost	$150,000	$236,138
Projected funds remaining		$236,138

Optional scope — pending campus decision (not included in projected balance above)

Scope item	Construction	Soft costs	Total impact	Status	If approved — funds remaining
Bus canopy	$305,276	$45,791	$351,067	on hold	($114,929)
Play area / equipment	$132,727	$19,909	$152,636	on hold	$83,502
Window ballistic film — 1st floor	TBD	TBD	TBD	proposals pending	TBD
If bus canopy AND play area both approved					($267,565)

Window ballistic film proposals pending — not yet quantified.

Funding history & context

Feb 7, 2025Layne / Rich — $500K IPS Regional funds allocated to Compass shortfall.

Feb 20, 2025Per Adam — Lakeland's $500K redirected to Compass. Board amendment submitted Jan 2025. Total additional = $1M.

Apr 10, 2025Michael Needham + David Xiao coordinating GL account string. Coded to remaining contracts not covered by bond. GL string not yet received — $1M shown as $0 drawn.

IPS Lakeland

Construction / Closeout · Report date: April 2, 2026 · Interest as of bank statement ending 2/28/26

Total budget

$26,913,295

% spent

97.7%

$26.3M of $26.9M

Unbilled (contracted − spent)

$28,418

Nearly at closeout

Projected surplus

$567,385

After all anticipated additional costs

$581,385 before anticipated costs

Available to pay unbilled

$609,804

Bond 6541 interest undrawn

+ $52,999 credit expected (Other Owner)

Section 1 — Budget breakdown by cost category

Cost category	Budget	Contracted	Spent	Unbilled (Contracted−Spent)	Uncommitted	Anticipated addl	Surplus / deficit
Professional services	$1,671,408	$1,656,647	$1,628,228	$28,419	$14,761	$10,000	$4,761
Final design fee adjustment + campus work: traffic, irrigation, monument sign
Construction contracts	$14,074,623	$14,071,998	$14,071,998	$0	$2,625	$4,000	($1,375)
Final close-out items
Other owner impr & fees	$265,733	$265,733	$265,733	$0	$0	$0	$0 + $52,999 credit expected
Client internal costs	$10,337,531	$10,337,531	$10,337,531	$0	$0	$0	$0
Owner's contingency	$563,999	—	—	—	$563,999	—	$563,999
Total	$26,913,295	$26,331,909	$26,303,491	$28,418	$581,385	$14,000	$567,385

Section 2 — Funding source ledger

ⓘ Available to pay unbilled invoices = cash remaining in the funding account to pay contracted work not yet invoiced. This is not surplus — it is earmarked to fully pay out existing contracts as invoices come in.

Funding source	Allocated	Drawn / spent	Available to pay unbilled invoices
Series 2023 Bond 6541 — Principal	$25,843,396	$25,843,396	$0 — fully drawn
Series 2023 Bond 6541 — Interest (thru 2/28/26)	$1,069,899	$460,095	$609,804
Total — all funding sources	$26,913,295	$26,303,491	$609,804

Section 3 — Anticipated additional costs & projected funds remaining

Status and notes are editable — click to update during the meeting.

Description	Type	Amount	Running balance
Starting uncommitted balance		$581,385
Professional services — traffic improvements (extended svcs)	cost	$6,000	$575,385
Professional services — irrigation repairs	cost	$4,000	$571,385
Construction — monument sign & site lighting	cost	$4,000	$567,385
Projected funds remaining		$567,385

Funding history & context

Feb 20, 2025Original $500K Lakeland allocation redirected to Compass per Adam. Lakeland funded solely by Bond 6541 principal + interest earned.

StatusNo additional funds or GL string required. Project tracking to close with surplus. clean closeout

IPS River Bluff

FY26–27 Summer Work — Pre-Construction · Report date: April 2, 2026

Total budget

$162,650

Operating account

% complete

22.0%

$35,795 spent of $162,650

Unbilled (contracted − spent)

$101,859

Construction underway — not yet invoiced

Projected surplus

$24,996

No anticipated additional costs

Available to pay unbilled

$126,855

Remaining in operating account

Section 1 — Budget breakdown

Cost category	Budget	Contracted	Spent	Unbilled	Uncommitted
Professional services	$47,650	$47,650	$35,795	$11,855	$0
Construction contracts	$100,000	$90,004	$0	$90,004	$9,996
Other / client internal	$0	$0	$0	$0	$0
Owner's contingency	$15,000	—	—	—	$15,000
Total	$162,650	$137,654	$35,795	$101,859	$24,996

Section 2 — Funding

ⓘ Available to pay unbilled — not surplus.

Funding source	Allocated	Drawn	Available to pay unbilled
Operating Acct 1100-1510-061…FL-JACK-0000	$162,650	$35,795	$126,855
Total	$162,650	$35,795	$126,855

Section 3 — Forecast

Uncommitted balance	$24,996
No anticipated additional costs	clean
Projected funds remaining	$24,996

IPS Bassett

FY26–27 Summer Work — Pre-Construction · Report date: April 2, 2026

Total budget

$162,052

Operating account

% complete

22.1%

$35,852 spent of $162,052

Unbilled (contracted − spent)

$101,204

Construction underway — not yet invoiced

Projected surplus

$24,996

No anticipated additional costs

Available to pay unbilled

$126,257

Remaining in operating account

Section 1 — Budget breakdown

Cost category	Budget	Contracted	Spent	Unbilled	Uncommitted
Professional services	$47,052	$47,052	$35,852	$11,200	$0
Construction contracts	$100,000	$90,004	$0	$90,004	$9,996
Other / client internal	$0	$0	$0	$0	$0
Owner's contingency	$15,000	—	—	—	$15,000
Total	$162,052	$137,056	$35,852	$101,204	$24,996

Section 2 — Funding

ⓘ Available to pay unbilled — not surplus.

Funding source	Allocated	Drawn	Available to pay unbilled
Operating Acct 1100-1510-060…FL-JACK-0000	$162,052	$35,795	$126,257
Total	$162,052	$35,795	$126,257

Section 3 — Forecast

Uncommitted balance	$24,996
No anticipated additional costs	clean
Projected funds remaining	$24,996

2023AB Bond — Project Fund Account

Series 2023AB CAP TRUST AUTHORITY · Project Fund Acct 7080 · Balance as of bank statement ending 2/28/26

Do not let this sit unspent — there is a deadline

This is the remaining balance in the 2023AB Bond Project Fund (Acct 7080). The Trust Indenture requires any remaining balance to transfer to the Debt Service Fund at the end of the fifth Bond Year — estimated December 2028 — unless a requisition for outstanding project costs has been submitted. Once it sweeps to debt service it cannot be recovered for capital use.

Confirmed from Morgan Stanley closing memo — Dec 21, 2023

Eligible uses: Acquisition, construction, equipping, and improving of IPS FL educational facilities financed by this bond — Bassett, River Bluff, Hope, Victory, Ignite, Lenox Lane, and Reynolds. Whether Lakeland (Interstate Campus) is also covered requires confirmation — it closed under a separate bond structure on Nov 14, 2023, but the Dec 21 Trust Indenture's Exhibit A may or may not include it. Confirm with Shawn / SLHA.
Spending deadline: End of fifth Bond Year, estimated December 2028. Any undrawn balance after that date sweeps automatically to the Debt Service Fund. A requisition certificate for outstanding project costs must be on file with Regions Bank to prevent the sweep.
Tax-exempt status (Series 2023A): IRS arbitrage rules apply. Confirm with SLHA before any draw if eligibility is in question.

Pending — IPS to confirm with Regions Bank

Shawn Bednasek · Regions Bank · (214) 220-6158 · shawn.bednasek@regions.com
Request: (1) Trust Indenture for the Dec 21, 2023 Capital Trust Authority closing — confirms eligible uses, whether Lakeland is covered, and fifth Bond Year deadline. (2) Loan Agreement — confirms whether a completion certificate under Section 3.4 has been filed, which could trigger an early sweep.
SLHA (IPS outside legal counsel) — confirm eligible use categories and tax compliance before any draw.

Available balance

$353,785.38

As of bank statement 2/28/26

Total interest earned

$90,878.57

Since Dec 2023 closing

Original deposit

$78,131,718

2023A: $78,127,091 · 2023B: $4,628

Spend deadline

Dec 2028

Sweeps to debt service after 5th Bond Year

Trustee / account

Regions Bank

Acct 7080 · CAP TRUST AUTHORITY

How the balance arrived here

Item	Amount	Notes
Original project fund deposit — Series 2023A + 2023B	$78,131,718	Dec 21, 2023 closing
Initial loan payoffs — Dec 21, 2023	($76,098,254)	Bassett, River Bluff, Hope, Victory/Ignite/Lenox Lane, Building Hope, Debt Service, HAK
River Bluff reimbursements — Req 01–25	($1,770,558)	Apr 2024 – Apr 2025
Interest earned on remaining balance	$90,879	Jan 2024 – Feb 2026
COI account transfer (Nov–Dec 2025)	$5,267	Acct 1001037081 closure per Indenture direction + capital gain
Balance as of 2/28/26	$353,785.38

River Bluff reimbursements — Req 01–25

Req #	Description	Date	Amount	Balance after
01	Remaining partial reimb — P&E Settlement ($2,935,000)	Apr 24, 2024	$1,219,727	$846,482
02	Reimb IPS — multiple invoices	Apr 24, 2024	$70,394	$776,088
03	Reimb IPS — Miller Electric inv 36981	Apr 24, 2024	$39,900	$736,188
04–08	HAK, PMSI reimbursements	2024	$11,393	$742,063
09–12	HAK, Rowe Arch, PMSI reimbursements	Jul 2024	$19,913	$728,671
13–19	Portables — Register Roofing, Kirby Builders	Aug 2024	$17,622	$710,660
20	Rowe Arch inv 2021.28	Oct 7, 2024	$350	$716,846
21	Miller Electric inv 36981-02	Oct 7, 2024	$346,969	$369,878
22	HAK inv 131819541	Feb 10, 2025	$2,211	$376,656
23	Miller Electric inv 36981-03	Feb 10, 2025	$19,665	$356,991
24	Miller Electric inv 36981 — Retainage	Apr 22, 2025	$21,397	$338,081
25	HAK inv 131822132	Apr 22, 2025	$1,228	$336,853
Total River Bluff reimbursements			$1,770,558

IPS Florida — Weekly Project Briefing