Download minutes PDF Minutes Approved

Martin Luther King Jr. Charter School of Excellence

Minutes

Finance Committee Meeting

Date and Time

Thursday November 13, 2025 at 9:30 AM

Location

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Committee Members Present

Darren James (remote), Diana Foskett (remote), Teremar Rodriguez-Vazquez (remote)

Committee Members Absent

None

Guests Present

Alena Mudry (remote), Kendra Salvador (remote), Megan Garnett (remote)

I. Opening Items

A.

Record Attendance

B.

Call the Meeting to Order

Diana Foskett called a meeting of the Finance Committee Committee of Martin Luther King Jr. Charter School of Excellence to order on Thursday Nov 13, 2025 at 9:30 AM.

C.

Approval of Minutes

Diana Foskett made a motion to approve the minutes from Finance Committee Meeting on 10-16-25.
Teremar Rodriguez-Vazquez seconded the motion.

Minutes were approved.

The committee VOTED to approve the motion.

II. School Finance

A.

Review Monthly Financial Statement

  • Reviewed October financial statements and balance sheet
  • Noted $20 refund from Massachusetts rehabilitation center

B.

Cash Diversification and Investment

  • Moving $1.7M from Berkshire Bank to Monson Savings Bank
  • Investment plan: $1M in 6-month CD, $1M in 12-month CD, ~$800K in savings account
  • Berkshire Bank's low rates (~3%) prompted the move
Diana Foskett made a motion to Vote to transfer 1.7M from Berkshire Bank #4186, the entirety of Berkshire Bank Business MM 8884, and the entirety of the CD/Short Term Investment account from Berkshire Bank to Monson Savings Bank.
Teremar Rodriguez-Vazquez seconded the motion.
The committee VOTED to approve the motion.
Diana Foskett made a motion to Vote to put $1 million in a 6-month CD, $1 million in a 12-month CD, and approximately $800,000 in an interest-bearing savings account.
Teremar Rodriguez-Vazquez seconded the motion.
The committee VOTED to approve the motion.

C.

Discussion of Long-Term Budget and Finance Issues

  • Parking lot construction (~$600K) planned for summer
  • Discussed liquidity and emergency fund needs

III. Committee Administration

A.

Discussion Regarding Committee Administration

It was decided that the December Finance Committee meeting will be moved  to December 11th at 9:30 AM and that the of December monthly board of trustees meeting will be cancelled due to holidays

IV. 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 10:30 AM.

Respectfully Submitted,
Diana Foskett