Martin Luther King Jr. Charter School of Excellence
Minutes
Finance Committee Monthly Meeting
Date and Time
Friday December 13, 2024 at 3:30 PM
Location
Zoom
https://us05web.zoom.us/j/85878034001?pwd=JxdCoo00DBnddfiMcpDJuRojZ3j3eS.1
Meeting ID: 858 7803 4001
Passcode: 9GvSUk
Committee Members Present
Diana Foskett (remote)
Committee Members Absent
None
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
D.
Discussion of Minutes in General and Best Practices
This will be addressed at the next meeting.
II. Finance
A.
Review November 2024 Financial Statement
Statement read for the public consisting of the following: Financial statements were reviewed with Megan Garnet at Central Source for November 2024 on a phone call yesterday. Notable financial news for the school include final distributions of ESSR grants money, which is reflected on the balance sheets. Ms. Garnet explained answers to questions, including 1) Student Services Expenses, which are budgeted for approximately 700K annually and show only 4% expenditure for the year so far. Ms. Garnet explained that this line item includes in-kind income and expenses that are recorded throughout the year, but are not recorded in the books until the end of the year (June). 2) We discussed generally the terms of the rent payment with the Friends of MLK and how those sums are accounted for. Rent is due monthly. We confirmed a rescheduling of the Finance Committee Meeting to Thursday mornings so that she can attend the public meeting and answer further questions that the committee members may have.
Because there is not a quorum with only one committee member attending, there were insufficient votes to finalize meeting minutes. Minutes will be published and voted on at the next meeting.