• $2.4 million in the bank with all deposits received.  Next payment due in July
• $500,000 in accounts receivable 
• Fixed assets standard since the last meeting

PNL

• Recognized $4.2 million in revenue, expecting an $800,000 deficit, but it will be lower once we reconcile for the final month of the fiscal year.

Cash Flow 

• Federal funding is expected by the end of August
• Cash in hand 97, 91, 119 days for June, July, August

The draft budget met with the finance committee.

Revenue

• Budgeting revenue at $5.4 million with revenue at $4.7 million.
• Budget based on 230 scholars, 50 kids in SPED
• Anticipating similar funding for Title grants
• ESSER grant will end, but ARP will continue
• Plan to transfer $750,00 into an interest-bearing account to earn interest revenue.
• Employee Retention credit grant applied for, and we anticipate $205,033.  Dispersement around August

Expenses

• Salaries are the biggest expense.
• Little change in salaries, except for a 3% COL increase.  Some staff got a bigger increase with a shift in their responsibilities or title.
• OTPS is fairly stable with minor increases for near programs (ANET)

Vacancies

• HS Global I and II
• 3 SPED ( 2 HS and 1 MS)
• ENL Teacher
• HS Math Teacher
• MS Guidance Counselor

Recruitment

• We hosted our lottery on April 5, 2023.
• SACS staff has been communicating with potential families since the lottery.
• This summer we are working with the shelter that assisted in registering other scholars as well as a support center in Sunset Park that assists parents with school placement.
• The team is participating in several summer community events in an effort to meet more potential families.
• The athletics department is using summer tournaments to bring in new scholars.

Summer School

• This year due to construction taking place for a large part of the summer, Summit Academy MS did not have a location for in-person summer school. After an extensive search, we were given a possible physical location for our scholars, however, the distance was too far for our scholars and their families. As a result, we have decided to have summer school, virtually. These virtual sessions will take place four days per week (Monday thru Thursday), from July 5 to August 4, 9 AM to 12:30 PM. We will offer classes in all four core subject areas, ELA, Math, Science, and Social Studies. We offer classes for incoming 6th-grade students, 7th, 8th, and incoming 9th-grade students as well. Lastly, students who we have identified as needing additional support will be invited to our summer school sessions. Currently, we have 15 students who are mandated to attend summer school out of 65 middle school students.
• In HS, we have 15 scholars slated to go to summer school. They will register in local high schools in their area. We provided families with the classes they should make up during the summer, and families were responsible for finding the school that offers the needed courses.
• Summit administrators will check up and be updated on the completion of coursework and ensure that students who pass courses receive appropriate credit and it is counted towards their graduation requirements.

Regents Data

Please review the report.

Community Partnership

• Walmart scholarship for the Class of 2023
• Working with Redemption Church to become a food distribution site for the coming school year
• St. Francis partnership for student teachers and tutors for the coming school year.
• Bridge program with St. Francis to allow scholars to gain college credits in high school

Renewal

We are currently working with Pasek Consulting Firm and CEI to revise our charter application to reflect our revised educational philosophy, adding sample schedules for each grade in high school to reflect the progression in a true college preparatory program. This will involve a shift in curriculum, updating/revising and adding new programs and course offerings, more impactful coaching and professional development, as well as many other components. This will be outlined in more detail during our next board meeting.

Pasek is available to do a board retreat on July 21st.  An email will be sent to all board members to determine availability.

The board will receive a copy of Mr. Edwards' performance evaluation from an outside vendor.

The board needs to work on in-person attendance as the governor's order ends in July.

The board will have meetings in various locations to accommodate with attendance.