Wesley International Academy
Minutes
Finance Committee Meeting
Date and Time
Wednesday November 13, 2019 at 8:00 AM
Location
Kelly Street House Conference Room
Committee Members Present
C. Hill, J. Marshall, K. Delp, L. Price
Committee Members Absent
None
Guests Present
Ewa Cater, Nina Davis, Tom Tidwell
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C. Hill called a meeting of the Finance Committee of Wesley International Academy to order on Wednesday Nov 13, 2019 at 8:02 AM.
C.
Adopt Meeting Agenda
Agenda adopted as presented
D.
Approve Minutes
K. Delp made a motion to approve minutes from the Finance Committee Meeting on 09-18-19 Finance Committee Meeting on 09-18-19.
C. Hill seconded the motion.
The committee VOTED unanimously to approve the motion.
E.
New Bookkeeper Introduction
Lisa introduced Ms Davis as the new bookkeeper. She has been at the the school in other capacities and is working to learn additional accounting skills. Ms. Davis has already been a tremendous asset to the office and school in the short time she has been in the role.
F.
Review and Discussion of July, August and September 2019 Financial Statements
After the 2020 budget was prepared and approved, the school learned of a couple of revenue shortfalls that will impact the current fiscal year spending plan. This has been previously discussed both at committee and board meetings.
2020 Budget is based on 797 students. Count was 802 so the additional enrollment will help address the budget gap via additional funding that will flow through the various funding sources. School leadership continues to monitor and implement additional scrutiny in selected expense categories to manage anticipated budget shortfall.
Many large expenses hit in the first quarter of the fiscal year, skewing the perception of cash flow and spending for the first quarter. Cash remains strong. Compensation expenses remain very closely aligned with the original budget.
2020 Budget is based on 797 students. Count was 802 so the additional enrollment will help address the budget gap via additional funding that will flow through the various funding sources. School leadership continues to monitor and implement additional scrutiny in selected expense categories to manage anticipated budget shortfall.
Many large expenses hit in the first quarter of the fiscal year, skewing the perception of cash flow and spending for the first quarter. Cash remains strong. Compensation expenses remain very closely aligned with the original budget.
G.
Update on Enrollment Counts and Budgetary Impact
See note above in item F.
H.
Update on Capital Expenditures
Lisa shared a list of all capital expenses at the school FYTD. Most capital spending typically happens in first part of year as work is completed over the summer prior to the start of the school year. Most expenses were anticipated. Outside grant funding is helping to offset some of the expenses.
IT infrastructure expenses are above what was originally projected due to some additional data drops and capacity that was added to the scope of original work. Additional HVAC redundancies were also added to MDF and IDF spaces to ensure proper cooling for data closets.
Due to a commitment from Red Thread, the decision was made to implement smart boards for every home room rather than phase in over multiple semesters.
IT infrastructure expenses are above what was originally projected due to some additional data drops and capacity that was added to the scope of original work. Additional HVAC redundancies were also added to MDF and IDF spaces to ensure proper cooling for data closets.
Due to a commitment from Red Thread, the decision was made to implement smart boards for every home room rather than phase in over multiple semesters.
I.
Update on FY 2020 Expenditure Reductions
J.
Discussion of New Financial Reporting Protocols for APS
APS has made some modifications to financial reporting requirements. Lisa will need to upload monthly financial reports to APS rather than quarterly. Those same reports will be shared with Finance Committee members.
II. Closing Items
A.
Adjourn Meeting
J. Marshall made a motion to adjourn the meeting.
L. Price seconded the motion.
The motion did not carry.
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 8:51 AM.
Respectfully Submitted,
C. Hill