The Anchor School
Minutes
Special Board Meeting
Date and Time
Tuesday February 20, 2024 at 7:00 PM
Location
Dr. Dawn Gregory is inviting you to a scheduled Zoom meeting.
Topic: TAS Board Meeting
Time: Feb 20, 2024 07:00 PM Eastern Time (US and Canada)
Join Zoom Meeting
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Meeting ID: 811 2859 8996
Passcode: TAS
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Meeting ID: 811 2859 8996
Passcode: 718449
Find your local number: https://us02web.zoom.us/u/kbaH9WZDGV
Directors Present
D. Gregory (remote), D. Grissom (remote), E. Desprez Isbell (remote), J. Anfield-El (remote), J. Burton (remote), J. Whittington (remote), L. Stephens (remote), N. LeBlanc (remote), T. Ramsey (remote), V. Thompson (remote)
Directors Absent
None
Ex Officio Members Present
J. Pinto Taylor (remote)
Non Voting Members Present
J. Pinto Taylor (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Public Comment
II. Finance
A.
Financial Discussion
- The Board reviewed the two loan term sheets and discussed budgeting implications.
- Current enrollment data: approximately 129 Applications for SY24/25 (15 new applications for the 7th grade and 114 new applications for the 6th grade). To date, there are approximately 55 to 60 of the 81 current sixth grade students returning next year, reflecting a 68% to 75% retention rate. It is expected that enrollment numbers will continue to grow over the next few months.
Grant updates:
- The Anchor School will receive a reimbursable grant for operational expenses (confirmed by Dr. Pinto-Taylor). The grant cannot be used for facility construction or personnel expenses, among other restrictions.
- One grant provider will expedite a grant distribution from May to March, enabling the utilization of funds earlier than scheduled.
Financial Governance
- Dr. Pinto-Taylor and Dr. Gregory are exploring the opportunity to bring on a fractional CFO to ensure the school's financial health and financial sustainability, as well to drive financing and budgeting processes.
Director & Officer (D&O) insurance coverage:
- Up to $1mil in coverage for an insurance claim (up to 2 claims a year)
- Umbrella policy provides an additional $4mil in coverage
B.
Facility Financing Lender Vote
- The board voted to approve the Low Income Investment Fund (LIIF) as the loan lender, based on the presented and available term sheets. The loan amount and specific terms were not approved, and will be addressed in a future board meeting.
- Dr. Gregory - abstained from the vote to due to the following concerns: Insufficient time and information for due diligence:
- Laura - abstained from the vote to due to the following concerns: Not enough information to vote on the two providers; could not review accurate financials to understand the cash impacts on the school.
| Roll Call | |
|---|---|
| N. LeBlanc |
Aye
|
| V. Thompson |
Aye
|
| D. Gregory |
Abstain
|
| L. Stephens |
Abstain
|
| E. Desprez Isbell |
Aye
|
| T. Ramsey |
Aye
|
| J. Whittington |
Aye
|
| J. Burton |
Aye
|
| J. Anfield-El |
Aye
|
| D. Grissom |
Aye
|
III. Closing Items
A.
Financing /Budgeting Process
A subset of the board will meet to refine the budgeting process and establish a clear timeline and action plan.
No public attendees