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
C.
Approve Minutes
II. Finance
A.
Audit Presentation
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.
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.