Lisa reviewing the 990 reporting.  Satisfies a compliance requirement.  When everything looks aligned with the audit, Lisa will forward to Board Chair for review and signature.  Lisa anticipates having this to the Board Chair in the next few weeks. 

Lisa submitted required paperwork for converting the loan to a grant but we anticipate having to complete additional reporting requirements before the loan will formally become a grant.  We don't anticipate any hurdles in having the funds ultimately converted into a grant. 

Additional agenda item:  Lisa reminded everyone of the various components of state and local funding.  This year APS is going into a fund balance to cover additional expenses across the system. 

The October FTE count was 812, above the projected 805 on which the budget was built.  Additional funding is anticipated from the CARES Act, a Facilities grant and our prorated share of the APS surplus funds. 

Jason and Lisa brought forward a request to provide a mid-year, one-time stipend to each faculty and staff employee, costing approximately $117,000 total. 
Tom made a motion to approve.  Brian seconded the motion and it passed unanimously.  FC and school leadership will work with Board leadership to identify next steps in the process for review/discussion/approval in hopes of implementing the measure on the December 2020 payroll.