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Episode #35 - $100M for charter schools about to expire… your crash course in E-Rate with CDW
SHOW NOTES
3 min read
SHOW NOTES
GUEST INFO
Episode Guest:
Blake Cullimore, Vice President - Senior Analyst at Moody's Ratings
Connect with Blake on LinkedIn
Website:
EPISODE SUMMARY
Understanding bond ratings can be a game-changer for charter school leaders navigating facility financing. In this episode, Daniel Casselli sits down with Blake Cullimore, a senior analyst at Moody’s Public Rating Finance Group, to demystify the world of bond ratings and their impact on charter schools. Blake shares insights into the rating process, key financial and qualitative factors that shape ratings, and how schools can prepare for future facility financing. Whether you're considering a bond rating or just want to deepen your financial acumen, this episode is packed with valuable takeaways.
EPISODE TAKEAWAYS
- Why Bond Ratings Matter – Learn how a rating can influence borrowing costs and credibility in the capital markets.
- The Rating Process – From financial analysis to governance review, discover what goes into a Moody’s rating.
- Key Metrics That Matter – Scale, demand, liquidity, debt coverage, and governance—understand the factors that drive ratings.
- Common Pitfalls & How to Prepare – Avoid the mistakes schools make when navigating facility financing and learn best practices.
- Resources for Charter Leaders – Explore tools and insights that can help you assess your school's financial standing.
RESOURCES
Document: Moody’s Charter School Rating Methodology – A comprehensive guide to how ratings are determined.
Reports: Moody’s Annual Medians & Outlook Reports – Data-driven insights into charter school financial trends.
CHAPTERS
00:00 Introduction & Understanding Bond Ratings
11:04 The Rating Landscape
17:03 Key Metrics for Charter Schools
23:57 Qualitative vs Quantitative Factors
30:07 Practical Guidance for Schools
ABOUT OUR GUEST
With a decade-long dedication to the charter school sector as part of two decades in public finance Blake Cullimore serves as a Vice President and Senior Analyst for the Charter School Ratings Team. He oversees a diverse range of charter schools across the United States. His previous roles include serving as a buy side analyst and Director of Research for Belair Investment Advisors, a Municipal Bond Analyst at GWK Investment Management, a Director with Standard & Poor’s Higher Education team, and positions as a consultant, developer and local and state government official.
His expertise extends beyond charter schools, as he has a comprehensive background in analyzing a variety of sectors and complex credit structures. His credit analysis is informed by his experience covering sectors such as independent schools, higher education, hospitals, infrastructure and utilities, land secured deals, continuing care retirement communities, and state and local governments, including K-12 school districts.
His early career as a landscape architect specializing in economic development, affordable housing, conservation planning, zoning, and town administration, enriched his understanding of environmental, social factors as well as permitting and construction risk, which are key considerations for new charter school projects. His role in state and local government, including as an auditor, director of planning, member of school board of trustees (finance committee), have also equipped him with invaluable insights into management and financial analysis.
Blake’s academic achievements include a Master of Public Administration (MPA) from Maxwell School of Citizenship at Syracuse University and a Bachelor’s of Science (BS) in Landscape Architecture from Cal Poly, San Luis Obispo. He is also a member of the National Federation of Municipal Analysts and the Boston Municipal Analysts Society. His diverse professional and personal experiences have shaped his ability to objectively evaluate the credit quality of both young, growing and mature charter schools
ABOUT OUR HOST
Daniel Casselli is a life-long learner whose passion for education has driven his professional endeavors. He is a former classroom teacher and youth ministry director whose entrepreneurial spirit landed him in the world of education technology. At EVERFI Inc., Daniel helped run the business development efforts for EVERFI’s Financial Education Program and the company was eventually sold to Blackbaud for $750M in 2021. Shortly before EVERFI’s acquisition, Daniel joined Class Technologies as one of the earliest sales hires and went on to lead K12 Enterprise Sales and helped the company land its first 100+ K12 customers across public, charter, and private schools. Daniel brings his unique experiences to BuyQ where he is focused on growth, operational excellence, business strategy, and client satisfaction. He is a graduate of Grove City College where he studied Religion and History.
You can listen to Charter School Insider: Lessons from the Nation's Top Charter School Operators on your favorite podcasting platform...
