We continue to meet and exceed standards on all finance and operation metrics from OEI

Schematic design update

• Main office is being relocated to the current Eddie/Jordan area to free up space for a larger cafeteria and gym — also achieves the goal of having leader office accessible directly off the main office for families
• First gym schematics show a new stage addition with expanded square footage, ADA ramp access, and retractable bleachers that can face the stage or flip for games
• Structural engineers are still assessing how high the exterior wall can be raised without adding poles — current estimate is around 20 feet, with confidence they can get the middle section a bit higher
• Locker rooms will be refreshed with media accessibility updates and a single shower added, including for students who are transitioning

CMC vendor selection

• Shiel Sexton was selected as the construction management corporation (CMC) over two other bidders, including Skill (a local neighborhood firm)
• Shiel Sexton came with strong IPS recommendations, brings diversity in skilled trades and small org partnerships, and just completed a mechanical project at IPS School 55
• Shiel Sexton bid $2.25M — significantly lower than the competing bids; for context, a current IPS project in the same building is running at $2.95M
• Trailer costs were also cut from the project, which reduced overhead further

Property tax levy & referendum funding

Three funding buckets:

1. Operations fund levy (current): growth in assessed valuation received twice a year via Marion County — runs through end of 2028; IPS has been incorrectly collecting funds on ~5 students outside their boundary, legal team is pursuing clarification and hopes to recover ~2 years of funds
2. Operating referendum opt-in (available now): any time a school corp runs a referendum, Adelante can opt in to receive proportional funds for students in that boundary — e.g., 18 students live in Beech Grove's boundaries, which is running an $4.2M/year, 8-year referendum; cost to participate is a prorated share of ~$56K total marketing spend from the last referendum
3. Automatic proportionate property tax (starts 2028): phases in from 2028 to 2031, at which point Adelante receives 100% of property tax for every student enrolled — estimated at ~$2,000/student at phase-in, growing to ~$3,750/student by 2031

• IPAC (not IPS) now controls IPS referendum decisions and must decide by mid-July whether to put a referendum on the ballot — Adelante would receive a proportional share if it passes
• The draft per-pupil notice from IPS had a significant error — no per-pupil figure was given, only a wide dollar range in the millions
• Opting into each referendum triggers detailed public reporting requirements — tracking and publicly reporting exactly how each dollar is spent per student per quarter — so the decision of whether to opt in weighs student count against reporting burden
• Brendan's team is already pulling together the required transparency data; it doesn't need to be posted until October but the plan is to get it up over the summer

McKinney-Vento students & transportation

• Adelante currently has 46 McKinney-Vento students; the count was around 60 earlier in the year around October 2025
• Adelante had IPS cover McKinney-Vento transportation — they've never seen the bill, and IPS's service has been strong (door-to-door car share within a day or two)
• The facility transformation pilot under IPAC is supposed to be working on a transition plan, but the cost of continuing that service level is unknown
• Set-aside federal funds currently cover McKinney-Vento transportation costs — those funds need to stay protected, especially given the current federal funding environment

Transaction List Included

Audit & federal grant status

• FY26 audit is underway with no findings as of this morning — auditors will do one more check in July–August before closing
• Three Lilly-based narrative finance reports (covering January 1 – April 30) are nearly done — financial sections complete through AT Binding Financial, narrative wrap-up in progress; board chair signature required on the cover
• $200K grant narratives were allowed to be merged, which simplified the submission
• Title Grant Pre-App (federal funding application) is due in July — later than usual; state estimates on federal funding buckets expected this weekend or early next week (around May 18–22, 2026)
• Federal block grant consolidation (approved for Iowa as a pilot) would simplify reporting by merging Title I, Title II, etc. into one grant — not yet approved broadly;