Discussion held regarding Budget v. Actual July Summary.  DF requested clarification that all of the per-pupil tuition is now set for the year and we have no more uncertainty about these income numbers.  MG stated that nothing will change with any significance unless enrollment changes, and that generally, the numbers came out well as far as our budget planning.  She mentioned that almost all of the grants were renewed and are substantially the same as last year, with one exception, but that grant was less than $12,000, which the school can absorb without much difficulty.  DF asked whether the increased allocation for the van purchase was included in this financial statement.  KS and MG confirmed that it was included in these records, and that the van purchase was part of the spending plan for the year.  DJ asked if there was any concern about school meal funding, but that was confirmed to be accounted for sufficiently in the school's budget.  

The Committee reviewed the Balance Sheet and discussed the current efforts to diversify the school's cash holdings for greater returns and to manage risk.  KS provided an update on her communications with Monson Savings Bank.  Monson reviewed the school's existing loan with Berkshire Bank and determined that there is no contractual requirement for the school to maintain its accounts with Berkshire Bank, however, they recommend that the school retain some funds with Berkshire for relationship preservation.  Monson recommends leaving the operating account (appx $2M) and restricted funds account (appx $367K) with Berkshire.  The accounts to be transferred include the CD (appx $1M) and opening a savings account (appx $1.6M), and the donation account (appx $26K).  All agreed to this distribution of funds.  

DD noted that this will double the amount of FDIC protection as the school will be split between two banks, but questioned whether there would be sufficient protection for all of the school's funds.  DJ stated that, in his experience with Berkshire Bank professionally, in a similar circumstance, Berkshire will hold funds in excess of the FDIC depositor limit in partner banks that have their own insurance, even though it shows up on financial statements as being held by "Berkshire Bank."  In this way, they have up to $5M in protection.  There was some general discussion as to whether that would be per account or per depositor.  All agreed that clarification would need to be sought with the banks.  KS will ask about that when she meets with each bank, which is planned to happen soon.  MG agreed that should be done.

DJ brought up impending Berkshire Bank merger.  DF voiced concern about customer service during transition and at consolidated bank, which highlights necessity of moving some funds.  DF and DJ offered to attend KS meeting with Monson and discussed scheduling something for the next week or two.  KS will meet with Berkshire on her own to discuss renewal rates on CD, impending transfer, FDIC issues, and effect of merger.  

DF inquired as to whether there were any longer term projects or financial issues that we should be looking at down the road that we needed to discuss.  All agreed there were none foreseeable.

DF stated that we are working with all the committees to get good standing agendas in place to facilitate easier and more thorough legal posting, requested suggestions for new items to be placed on the standing committee agenda if members could think of any.

Scheduling for next finance meeting was discussed.  Meeting originally calendared for 9/4 has multiple schedule conflicts with preparation of records and people's calendars.  Next meeting time changed to September 11, 2025 via Zoom at 9:30 a.m.