Wesley International Academy
Minutes
January Finance Meeting
Date and Time
Wednesday January 24, 2024 at 8:00 AM
Location
Zoom
Committee Members Present
J. Marshall (remote), K. Boyer (remote), L. Price (remote), O. Okwara (remote)
Committee Members Absent
None
Guests Present
C. Wyatt, D. Johnson (remote), chip hill (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
D.
Approve Agenda
II. Finance
A.
Review Q2 and YTD Financials
III. Review Proposed Reised 2024 Operation Budget
A.
Discuss CARES3/ESSER Status
Revision..
-Enrollment has been low which will effect budget.
-Staff retention stipend was not eligible for reimbursement
-Must have CARES 3 budget in by Feb and must spend by August 2024
-Weapon Detection Devices is covered under CARES 3 must be in by August 2024. Kemp has approved 1K stipend for teachers.
-Wesley will receive about half of cost for attendance stipend.
-Stipend for attendance was $402 K
-How do we ramp down once CARES has stopped ? Wesley is working on a 4 year plan
to insure cash flow.
B.
Discuss CAPEX
Wesley has 1.3M in eligible spending . This includes personnel, curriculum, STEM and year end retention stipends.
C.
Discuss Material Revenue and Expense Updates
There will be an increase in QBE funding of $500k and tax increase of 3M and an increase on other revenue of $2.3M. APS will reimburse Wesley $60K .
The combine revenue adjustment result in a $957K impact.
D.
Seek FC Endorsement for Approval of the Revised Budget
Finance Committee will present mid year budget revisions for Board approval.
E.
Discss 2025 Budget and 4 Year Cash Projection Timelines
WIA revised the CARES3 2025 to reflect $480K in eligible spending includes,
the purchase of Medal Detection Devices and beginning of l-year incentive stipends.
All spending must be completed by August 2024.
Lisa Price give summary of Financial Statement
Year end revenue adjustments were 1m
Statement activity income sheet ..reimbursements from APS 49K
Enrollment 400k
-Senaca Williams ask what balances are for outstanding lunches?
-$19,092 is outstanding balance for last year.
-We try to collect as much as possible.
-State implements alternative choices when deliquent on pay.
-We do not inforce or give a student alternative lunch.
-Is there a way to raise money to cover charges?
-Wesley is open to supplmentary ways to cover cost.
-We use graduation to collect fees from parents.
.
Reports are attached.