Environmental Charter Schools
Minutes
Finance Committee Meeting
Date and Time
Friday August 23, 2019 at 8:30 AM
Location
ECHS Auxiliary Office, 2625 Manhattan Beach Blvd, Suite 100, Redondo Beach, CA 90278
Finance Committee Members
Farnaz Golshani-Flechner - Chair
Tracy Bondi
Ken Deemer
Bruce Greenspon
Alison Diaz
Finance Committee Charter
THE ORDER OF BUSINESS MAY BE CHANGED WITHOUT NOTICE
Notice is hereby given that the order of consideration of matters on this agenda may be changed without prior notice.
PUBLIC SPEAKERS AT STANDING COMMITTEE MEETINGS
Notice is hereby given that consistent with the requirements of the Ralph M. Brown Act, special presentations not mentioned in the agenda may be made at this meeting. However, any such presentation will be for information only. The public should be aware that the Committee is unable by law to deliberate or take action on items raised during the Presentations from the Floor section.
Environmental Charter Schools recognizes that it benefits greatly from public input and perspective. Individuals are invited to address the Committee on any topic or subject matter that falls within the Committee's purview. Speakers may sign up in person immediately prior to the beginning of the Committee meeting by speaking with the Committee Chair.
Should a member of the public wish to speak on matters not listed on the agenda, they may speak during the Presentations from the Floor section of the agenda. Speakers will be given a maximum of three (3) minutes each to address the Committee (non-English speakers utilizing translators will be given a maximum of six (6) minutes each). Please note that the Committee allows a maximum of 10 minutes to each subject as determined by the Committee Chair.
Should a member of the public wish to speak on matters listed on the agenda, they may speak during the Presentations from the Floor section of the agenda. Speakers will be given a maximum of five (5) minutes each to address the Committee (non-English speakers utilizing translators will be given a maximum of ten (10) minutes each).
The public should be aware that the Committee is unable by law to deliberate or take action on items raised during the Presentations from the Floor section.
REASONABLE ACCOMMODATION WILL BE PROVIDED FOR ANY INDIVIDUAL WITH A DISABILITY
Pursuant to the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, any individual with a disability who requires reasonable accommodation to attend or participate in this meeting of the Governing Board may request assistance by contacting ECS at (310) 214-3408, option 5.
FOR MORE INFORMATION
For more information concerning this agenda or for materials relating to this meeting, please contact ECS at (310) 214-3408, option 5.
Farnaz Golshani-Flechner - Chair
Tracy Bondi
Ken Deemer
Bruce Greenspon
Alison Diaz
Finance Committee Charter
- Provides financial oversight for the organization
- In conjunction with staff and other stakeholders, develops an annual operating budget and recommends for board approval
- Monitors adherence to budget and recommends changes, if necessary
- Sets long-term financial goals with funding strategies to achieve them
- Considers special, unbudgeted requests and make recommendations to board
- Develops multi-year operating budgets that tie to strategic plan
- Ensures adequacy of financial controls and monitor for compliance
- Ensure Financial literacy of Board Members by providing training
- Strengthen reporting of fund development goals.
- Hold a yearly ECS financial training course.
- Ensure adequate financing for the facilities development for all school sites.
- Collaborate with Menlo Charter Properties to refinance loans at ECMS-Gardena and ECMS-Inglewood.
- Ensure salary schedules and benefits are supportable and sustainable.
- Engage board in a critical assessment of the budget as it relates to organizational priorities and goals.
THE ORDER OF BUSINESS MAY BE CHANGED WITHOUT NOTICE
Notice is hereby given that the order of consideration of matters on this agenda may be changed without prior notice.
PUBLIC SPEAKERS AT STANDING COMMITTEE MEETINGS
Notice is hereby given that consistent with the requirements of the Ralph M. Brown Act, special presentations not mentioned in the agenda may be made at this meeting. However, any such presentation will be for information only. The public should be aware that the Committee is unable by law to deliberate or take action on items raised during the Presentations from the Floor section.
Environmental Charter Schools recognizes that it benefits greatly from public input and perspective. Individuals are invited to address the Committee on any topic or subject matter that falls within the Committee's purview. Speakers may sign up in person immediately prior to the beginning of the Committee meeting by speaking with the Committee Chair.
Should a member of the public wish to speak on matters not listed on the agenda, they may speak during the Presentations from the Floor section of the agenda. Speakers will be given a maximum of three (3) minutes each to address the Committee (non-English speakers utilizing translators will be given a maximum of six (6) minutes each). Please note that the Committee allows a maximum of 10 minutes to each subject as determined by the Committee Chair.
Should a member of the public wish to speak on matters listed on the agenda, they may speak during the Presentations from the Floor section of the agenda. Speakers will be given a maximum of five (5) minutes each to address the Committee (non-English speakers utilizing translators will be given a maximum of ten (10) minutes each).
The public should be aware that the Committee is unable by law to deliberate or take action on items raised during the Presentations from the Floor section.
REASONABLE ACCOMMODATION WILL BE PROVIDED FOR ANY INDIVIDUAL WITH A DISABILITY
Pursuant to the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, any individual with a disability who requires reasonable accommodation to attend or participate in this meeting of the Governing Board may request assistance by contacting ECS at (310) 214-3408, option 5.
FOR MORE INFORMATION
For more information concerning this agenda or for materials relating to this meeting, please contact ECS at (310) 214-3408, option 5.
Committee Members Present
Bruce Greenspon (remote), Farnaz Golshani-Flechner, Tracy Bondi (remote)
Committee Members Absent
Alison Diaz, Ken Deemer
Guests Present
Dorothy Lee (remote), Jazmine Estrada, Jeremiah David
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
Farnaz Golshani-Flechner called a meeting of the Finance Committee of Environmental Charter Schools to order on Friday Aug 23, 2019 at 8:30 AM.
C.
Approve Agenda
Bruce Greenspon made a motion to approve agenda.
Farnaz Golshani-Flechner seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Tracy Bondi |
Aye
|
| Ken Deemer |
Absent
|
| Bruce Greenspon |
Aye
|
| Alison Diaz |
Absent
|
| Farnaz Golshani-Flechner |
Aye
|
II. Presentations from the Floor
A.
Presentation from the Floor on Non Agenda Items
None.
B.
Presentations from the Floor on Agenda Items
None.
III. Discussion Items / Updates
A.
EdTec financial update
EdTec Consultant Dorothy Lee presented the EdTec Financial Update slides and financials:
Introduced Jazmine Estrada of EdTec, who will be working on ECS's account moving forward alongside Dorothy Lee. Pursuing MPA at Cal State Long Beach.
All schools have turned out much better than June budget forecasts.
ECHS operating books and supplies underspent, extra money for E-Rate reimbursement from Time Warner.
CMO expenses lower at all sites. Federal grant receipts for ECHS 2 are resulting in decreasing shared expenses among the schools, which makes the current forecast higher than actuals. The committee discussed updating the forecast to reflect this.
Committee member Bruce Greenspon asked why the ECHS budget was unspent for curriculum in 18/19. Farnaz responded that at the time, curriculum decisions were still being made. Bruce Greenspon also asked why the ECHS ADA estimate was 98%, which does not appear to be a conservative estimate.
ECHS Fund balance over 5M, more than half in cash.
For ECMS-Gardena, operating income was better than forecast by 300k. Largest additional savings was instructional consultants. Another additional expense was STRS. Child Nutrition Program expenses were also lower than expected. The forecasts for SB740 and Prop K were different than expected. This forecast and the other ECS school forecast will be adjusted after the ECHS 2 budget is reported on.
A discussion around Prop K capitalization ensued.
For ECMS-Inglewood, forecast vs actuals went up by $242k. Services and E-Rate reimbursement was better than expected. Received more donations.
For FY 2019-2020, not many changes in state budget.
ECHS actuals were about $211k higher than budget. The forecast was expecting about a $100k operating loss, but due to changes in CMO certificated salaries, teacher salaries,
ECMS-G actuals were about $30k higher than budget.
ECMS-I actuals were about $295k lower than budget.
ECHS 2 petition budgets are capped by the UPP at each chartering district.
Introduced Jazmine Estrada of EdTec, who will be working on ECS's account moving forward alongside Dorothy Lee. Pursuing MPA at Cal State Long Beach.
All schools have turned out much better than June budget forecasts.
ECHS operating books and supplies underspent, extra money for E-Rate reimbursement from Time Warner.
CMO expenses lower at all sites. Federal grant receipts for ECHS 2 are resulting in decreasing shared expenses among the schools, which makes the current forecast higher than actuals. The committee discussed updating the forecast to reflect this.
Committee member Bruce Greenspon asked why the ECHS budget was unspent for curriculum in 18/19. Farnaz responded that at the time, curriculum decisions were still being made. Bruce Greenspon also asked why the ECHS ADA estimate was 98%, which does not appear to be a conservative estimate.
ECHS Fund balance over 5M, more than half in cash.
For ECMS-Gardena, operating income was better than forecast by 300k. Largest additional savings was instructional consultants. Another additional expense was STRS. Child Nutrition Program expenses were also lower than expected. The forecasts for SB740 and Prop K were different than expected. This forecast and the other ECS school forecast will be adjusted after the ECHS 2 budget is reported on.
A discussion around Prop K capitalization ensued.
For ECMS-Inglewood, forecast vs actuals went up by $242k. Services and E-Rate reimbursement was better than expected. Received more donations.
For FY 2019-2020, not many changes in state budget.
ECHS actuals were about $211k higher than budget. The forecast was expecting about a $100k operating loss, but due to changes in CMO certificated salaries, teacher salaries,
ECMS-G actuals were about $30k higher than budget.
ECMS-I actuals were about $295k lower than budget.
ECHS 2 petition budgets are capped by the UPP at each chartering district.
B.
Fundraising YTD update
Farnaz Golshani-Flechner presented the ECS Fundraising YTD Update slides:
The fundraising goals for the FY 19/20 were covered. Total funds raised for 19/20 were about $538k with about $501k left to raise, representing over 50% raised to the 19/20 goal. No funds for 20/21 have been raised to date.
The fundraising goals for the FY 19/20 were covered. Total funds raised for 19/20 were about $538k with about $501k left to raise, representing over 50% raised to the 19/20 goal. No funds for 20/21 have been raised to date.
C.
Review ECHS 2 charter petition budget
The Committee reviewed the ECHS 2 budget prior to the meeting. No discussion ensued.
D.
Discuss 19/20 Finance Committee goals
Committee member Tracy Bondi suggested that the goal for "Strengthen reporting of fund development goals" could be taken off or modified. Bruce suggested adding goal: "Integrate ECHS 2 financials into ECS financial reporting and processes." These suggested changes were placed into the corresponding action item to be voted on later in the meeting.
IV. Action Items
A.
Recommend board approval of previous meeting minutes
Tracy Bondi made a motion to approve minutes from the Finance Committee Meeting on 05-31-19 Finance Committee Meeting on 05-31-19.
Bruce Greenspon seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Ken Deemer |
Absent
|
| Tracy Bondi |
Aye
|
| Alison Diaz |
Absent
|
| Bruce Greenspon |
Aye
|
| Farnaz Golshani-Flechner |
Aye
|
B.
Recommend board acceptance of May-July 2019 check registers
Bruce Greenspon made a motion to recommend board acceptance of May-July 2019 check registers, contingent on ECS staff adjudicating Bruce Greenspon's feedback.
Farnaz Golshani-Flechner seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Bruce Greenspon |
Aye
|
| Farnaz Golshani-Flechner |
Aye
|
| Alison Diaz |
Absent
|
| Tracy Bondi |
Aye
|
| Ken Deemer |
Absent
|
C.
Recommend board acceptance of May-July 2019 private donations over $1,000
Farnaz Golshani-Flechner made a motion to recommend board acceptance of May-July 2019 private donations over $1,000.
Tracy Bondi seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Alison Diaz |
Absent
|
| Bruce Greenspon |
Aye
|
| Tracy Bondi |
Aye
|
| Farnaz Golshani-Flechner |
Aye
|
| Ken Deemer |
Absent
|
D.
Recommend board approval of the following FY 2019-2020 contracts
Tracy Bondi made a motion to recommend board approval of FY 2019-2020 contracts listed on agenda.
Bruce Greenspon seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Farnaz Golshani-Flechner |
Aye
|
| Alison Diaz |
Absent
|
| Ken Deemer |
Absent
|
| Bruce Greenspon |
Aye
|
| Tracy Bondi |
Aye
|
E.
Recommend board approval of CMO fees allocation schedule
Bruce Greenspon made a motion to recommend board approval of CMO fees allocation schedule.
Farnaz Golshani-Flechner seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Ken Deemer |
Absent
|
| Tracy Bondi |
Aye
|
| Alison Diaz |
Absent
|
| Farnaz Golshani-Flechner |
Aye
|
| Bruce Greenspon |
Aye
|
F.
Recommend board approval of updated Kinecta Liquid CD investment amount
Farnaz Golshani-Flechner made a motion to recommend board approval of updated Kinecta Liquid CD investment amount.
Tracy Bondi seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Ken Deemer |
Absent
|
| Bruce Greenspon |
Aye
|
| Alison Diaz |
Absent
|
| Farnaz Golshani-Flechner |
Aye
|
| Tracy Bondi |
Aye
|
G.
Recommend board approval of Geneva Matthews as check signer
Bruce Greenspon made a motion to recommend board approval of Geneva Matthews as check signer.
Tracy Bondi seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Ken Deemer |
Absent
|
| Farnaz Golshani-Flechner |
Aye
|
| Alison Diaz |
Absent
|
| Tracy Bondi |
Aye
|
| Bruce Greenspon |
Aye
|
H.
Recommend board approval of 19/20 Finance Committee goals
Bruce Greenspon made a motion to recommend board approval of 19/20 Finance Committee goals.
Tracy Bondi seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Tracy Bondi |
Aye
|
| Farnaz Golshani-Flechner |
Aye
|
| Alison Diaz |
Absent
|
| Bruce Greenspon |
Aye
|
| Ken Deemer |
Absent
|
Proposed goals for 2019-2020
- Integrate ECHS 2 financials into ECS financial reporting and processes.
- Hold a yearly ECS financial training course.
- Ensure adequate financing for the facilities development for all school sites.
- Collaborate with Menlo Charter Properties to refinance loans at ECMS-Gardena and ECMS-Inglewood.
- Ensure salary schedules and benefits are supportable and sustainable.
- Engage board in a critical assessment of the budget as it relates to organizational priorities and goals.
V. Closing Items
A.
Adjourn Meeting
Farnaz Golshani-Flechner made a motion to adjourn the meeting.
Tracy Bondi seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Ken Deemer |
Absent
|
| Farnaz Golshani-Flechner |
Aye
|
| Alison Diaz |
Absent
|
| Bruce Greenspon |
Aye
|
| Tracy Bondi |
Aye
|
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 9:34 AM.
Respectfully Submitted,
Farnaz Golshani-Flechner