Bambo Senaki, the auditor for Wesley presented to the Finance Committee a 46 page federal government audit report, which included three levels of audit due to federal funding thresholds.  

Bambo explained that while the overall audit opinion was clean, there was one significant deficiency regarding credit card usage that needed to be addresses. 

 The committee learned that the single audit portion of the report, which was delayed  due to the government shut down, would likely not be submitted until next year, as the federal government had not yet approved its release.

WIA audit was clean and since federal funding (CARES) has ended Wesley going forward will not need to do a federal audit.  

• The meeting foused on the implementation of a new digital platform for managing purchasing cards, which replaced the old BOA cards with Bill.com. 
•  LIsa explained  the transition was completed in October, providing improved transparency and real-time expense tracking.  
• Jason shared his positive experience with the new system, highlighting the ease of receipt management and the ability to monitor expenses weekly.

Lisa (CFO) presented the financial status of the school, highlighting a positive cash position  earlier than usual due to higher revenue from state and local government funding and stable expenses. 

Lisa also shared that healthcare costs are expected to be lower than anticipated, potentially saving $300,000 to $400,000,  and mentioned upcoming material changes to the budget in February 2026, including increased captial improvements and potential staff retention stipends.

The board meeting focused on reviewing the financial health of the organization , with Jason Marshall noting the positive direction and ability to plan for the next 20 years.  

The finalization of the finance committee members by Kate Boyer who listed the voting and non-voting members:

Voting Members:

Jason Marshall

Obi  Okwara

Bobby Little

Seneca Williams (Chair)

Alvin Sumter

Kwende Jones 

Lisa Price

Non-voting members:

Sharene Smith

Kate Boyer (observer)

Senaca shared updates from a recent meeting with Sean and his business partners, discussing bank branch expansion plans and potential strategies for managing cash deposits, including the use of lockbox services if needed.  

Jason shared plans for a succession process to prepare for  Lisa's retirement, emphasizing the need for overlap between Lisa's departure and the onboarding of her sucessor.