Global Academy of South Carolina
Minutes
K-8 GASC Board of Directors Meeting
Date and Time
Wednesday March 27, 2024 at 12:00 PM
Location
9768 Warren H Abernathy Hwy, Spartanburg, SC 29301
Directors Present
L. Kovalevich, L. Leahey, M. Aulick, R. Lyubar, V. Sulakov
Directors Absent
V. Georgiyev
Guests Present
Alkan Cevik (remote), Emily Magee (remote), I. Soroka (remote), L. Zhuk, N. Panasiuk, Richard Moreno (remote), Taylor Smith, Y. Degtyareva (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Consent Agenda
A.
Approve Minutes 03-18-24
III. Discussion
A.
Approval of CPA Firm for Annual Audits
A. Cevik presented and discussed the selection of CPA Firm for Annual Audits responses. Alkan recommends Martin Smith & Company CPAs, PA firm for annual audits and 990 tax return preparations starting from FY23-24 for 3 years.
B.
Land Value Opinion from Colliers
C.
Amendment to Field Use Agreement
Ilya Soroka and Taylor Smith presented and discussed the Revised Fields Lease and use agreement area.
D.
Termination of Perpetual Field Use Agreement
Ilya Soroka and Taylor Smith presented and discussed the Summary of Fields Use Agreement Terms, which guaranteed a right to the school for a field on the property, the GASC Fields Use Payment Schedule, and the Termination of Perpetual Field Use Agreement.
E.
Purchase and Sale Agreement for Purchase from Star Center Properties
Ilya Soroka and Emily Magee discussed and presented the Purchase and Sale Agreement for purchase from Star Center Properties, which was also drafted and reviewed by Emily Magee.
F.
Loan Documents for Purchase of Property
Ilya Soroka and Emily Magee discussed and presented the loan documents for the purchase of the land from Star Center Properties LLC, which were also drafted by Emily Magee. This will be an unsecured loan, with an interest rate of 10% paid monthly and a balloon payment due at the end of a 10-year term. The loan amount is $300,000.
The loan documents for the purchase of the field property have been approved by Bear Creek and Richard Moreno. They reviewed the School Performance and Budgets and are comfortable with the school projections as well as this added cost.
I. Soroka discussed the Land Value Opinion from Colliers.