Wesley International Academy

Minutes

November Finance Committee

Date and Time

Wednesday November 20, 2024 at 9:00 AM

Location

Committee Members Present

J. Marshall (remote), K. Boyer (remote), L. Price (remote), O. Okwara (remote), S. Smith (remote), S. Williams (remote)

Committee Members Absent

A. Sumter

Guests Present

C. Hudson (remote), C. Wyatt (remote), E. Cater (remote), R. Goodman (remote)

I. Opening Items

A.

Record Attendance

B.

Call the Meeting to Order

S. Williams called a meeting of the Finance Committee of Wesley International Academy to order on Wednesday Nov 20, 2024 at 9:01 AM.

C.

Approve Minutes

O. Okwara made a motion to approve minutes September 18, 2024.
K. Boyer seconded the motion.
The committee VOTED to approve the motion.

II. Finance

A.

Audit Presentation


Bamboo is our auditor for Wesley and  has been for many years.  He presents 

audit for 2023-2024.

 

Complete audit is in BOT documents 

 

State and Local funds are on Balance Sheet

 

Statement of Activities:  fund balance 8M in assets

 

Income Statement:  

Notes on financial statements  page 23  

Schedule on spending Federal funds  are on page 35

Matrix given by Feds and Auditor must follow matrix  (single audit)

On page 37  is  2nd audit 

1st and 2nd audit are put together to make sure  compliant.

We are consider a low risk auditee!

 

Seneca recognizes Lisa Price for a job well done.

 

Federal money has stopped  this will make things easier for audit prep.

Lunch is now covered by APS so we will not see any receiveables.

 

 

 

 

B.

Quarterly Financials

APS in the past would ask for  monthly financials but now ,they ask for quarterly.

 

Review of Financial statement:

8M  in Revenue 

 

Fixed assets will go unchanged until the end of year.

 

Pension is  a non cash transaction.  

 

Monthly expense usually  are around 368K  (this includes salaries and pensions)

 Income Statement:  Cares money 434K on statement.  Total for Cares was 2.2 m.

 

Activity Report: aftercare is doing very welll $269k collected last year.

 

We are always behind on revenue because we pay 12 months out of the year but APS sends

funds for 10 months.

 

 

 

 

 

 

 

 

C.

Budget Outlook

Budget shows funding that  we have not received  yet.

 

Revenue is right on target from APS.

Compensation is very important to stay in budget.  

 

There will be a postive to revenue due to student enrollment.  Enrollment  is higher than bugeted.

 

Budget is based on 748 enrollment  and  Wesley has 776 currently enrolled.  In the past we have had enrollment lower than bugeted.  Reserved funds were used until enrollment went up.

 

We will use reserves for move this summer.

 

ED gives Finance team  a job well done.

 

III. Closing Items

A.

Adjourn Meeting

There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 9:58 AM.

Respectfully Submitted,
S. Williams