Finance Committee Meeting Minutes

November 17, 2023, 10:00-10:30 AM

Minutes Draft

Martin Luther King Jr. Charter School of Excellence

Minutes

Finance Committee Meeting

Date and Time

Friday November 17, 2023 at 10:00 AM

Location

Board Of Trustees is inviting you to a scheduled Zoom meeting.

Topic: FINANCE COMMITTEE MEETING
Time: Nov 17, 2023 10:00 AM Eastern Time (US and Canada)

Join Zoom Meeting
https://mlkcs-org.zoom.us/j/83326221113?pwd=REx5V1lXZk9ZbmJCQlhYaXEvRlFxQT09

Meeting ID: 833 2622 1113
Passcode: 258157

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Meeting ID: 833 2622 1113
Passcode: 258157

Find your local number: https://mlkcs-org.zoom.us/u/kbn06z2Fis

Committee Members Present

Dean Morneau (remote), Jessica Putnam (remote), Megan Garnett (remote)

Committee Members Absent

Ron Molina-Brantley

I. Opening Items

A. Record Attendance

B. Call the Meeting to Order

Jessica Putnam called a meeting of the Finance Committee of Martin Luther King Jr. Charter School of Excellence to order on Friday Nov 17, 2023 at 10:07 AM.

C. APPROVE June COMMITTEE MEETING MINUTES

II. OCTOBER FINANCIAL REVIEW

A. Review Monthly FS

Questions on financial variances
- Payroll
  - Retroactive benefits charges came through in October paid by MLK,
  - more employees, related to health insurance, w/c, etc.
- ESSR 2 covered technology
  - smart board purchases, speakers. should end on budget
Payroll numbers/ variance looks more accurate per month after adjustment to budget spread

III. ESSR BALANCES - BANK DISCUSSION

A. Money Market Account

Berkshire bank wants to offer us a money market account

Action steps:

- Find out rates

- Meet with Kendra on a balance she is comfortable moving

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 10:28 AM.

Respectfully Submitted,

Jessica Putnam

Documents used during the meeting

Budget vs Actual October.xlsx
MLK October 2023 Balance Sheet.pdf