Ilya Soroka requests opening GOCA Arts bank accounts due to beginning occurring operations and marketing expenses. 

Request to authorize the transfer of $100,000 funds from K-8 to GOCA Arts school to fund beginning of operations. CSP is in motion. 

Last year GOCA Properties LLC gave a loan of $250,000 to Global Academy of South Carolina to use as working capital for reimbursements of the CSP Grant.

The SCDOE approved GASC for a $800,000 CSP grant, over a three-year period. The GASC school needed some working capital to pay the expenses prior to getting reimbursed by SCDOE. All reimbursements are in compliance. In connection with the closing of the GASC 2023 Bonds to acquire the facility, the Bond Counsel ( Emily Magee, GOCA's bond counsel as well) needs the loan to be subordinate to the 2023 Bonds issued to GASC. 

This amendment to the loan does not change interest rates or dates, however, subordinates the loan and it will not be secured by a mortgage. 

Request 30 more days or next scheduled board meeting to allow the same individuals to perform the same duties and to have the same authority to approve purchases/expenses, and make payment and sign checks, and use debit/credit cards from the original within 45 days period starting July 1, 2023. 

Financial