Finance Committee Meeting Minutes

October 18, 2017, 1:00-2:30 PM

Wednesday October 18, 2017 at 1:00 PM

27 Huntington Street

F. Mitchell, N. Campbell, S. Handshaw

K. Morton

C. Swift, N. Dominguez

F. Mitchell called a meeting of the Finance Committee of Summit Academy Charter School to order on Wednesday Oct 18, 2017 at 1:00 PM.

Initially we planned for 350 students as enrollment peeked at 365
Adjustment to be made to the true enrollment numbers to see true revenue
- Original number of was based on underestimating enrollment to account for attrition
- Board can determine cutoff date for manipulation to meet budgetary needs based on true number
- Budget to be revised at 330 pupils
SPED headcount was at 77 in August. At the last invoice, 51 scholars accounted for billing
- Used the most recent billing percentages to fill in the budget
- There is a difference in what we are billing for and what we can offer with a more full compliment of staff
Staffing Plan
- MS has 19 teachers to 128 scholars
- 33 SPED scholars in MS with IEPs
- 3 SPED teachers in MS with 2 shared teachers and 1 shared ENL
- SACS will work with counsel to ensure that we are managing communication around services
Fundraising
- Aggressive fundraising efforts to get revenue to fill the gap
- Keith to circulate comparative studies regarding fundraising for independent schools
Finance Committee Meeting
- Committee will sit to determine how to make cuts
- Using DOE 60 day worth of cash in bank at all time, budget to be revisited
- Side by side budget comparison with 2016 and 2017

F. Mitchell made a motion to adjourn the meeting.

N. Dominguez seconded the motion.

The committee VOTED unanimously to approve the motion.

There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 2:30 PM.

Respectfully Submitted,

N. Campbell