Cherokee Tribune – Charter council projects budget shortfall because of tax payment

The Georgia Charter Education Foundation Local Governing Council for Cherokee Charter Academy has projected a shortfall for this year’s budget due to an unanticipated property tax payment.

“The tax payment was a property tax payment that our landlord had to make for the building in which we reside,” LGC Treasurer Danny Duke said Thursday. “And in our lease, which is customary with all leases, is we have to pay any out of pocket costs as it relates to taxes, et cetera, et cetera.”

At the LGC’s May 22 meeting, the council said the payment of $109,215 was unbudgeted.

“It was not budgeted because we were operating under the opinion, (that) because we were a nonprofit operating out of the building that we would be tax exempt and that we would not be subjected to property taxes as most non-taxable, tax exempt are not subject to those property tax,” Duke said. “Our (building) owner is a taxable organization, is a for-profit taxed organization, so as a result we had to pay.”

via Cherokee Tribune – Charter council projects budget shortfall because of tax payment.