• Prestige reviewed the March financials with the committee and noted the following:
  • The organization had 35 days cash on hand, with net income at $164,000. The balance sheet showed $443,000 in liquid cash, $9,000 in accounts receivables, and $474,000 in total liabilities and net assets. On revenue sources, state collections were ahead of schedule at 78% of budget, local revenue was significantly ahead at 98% of budget, while federal revenue was slightly behind due to typical reimbursement lag times for grants. Several budget categories were over budget, including salaries other, contracted services, and teachers and technology, though these issues were expected given previously discussed budget amendments.

• The committee focused on reviewing the budget and discussing necessary revisions. Prestige presented updates on various budget categories, including property and plant management, student nutrition, debt service, and other expenses. It was noted that some areas were over budget, particularly in communications and web-based subscriptions. The team reviewed changes to state, local, and federal revenue sources, with increases mainly due to additional grants and corrected funding allocations. They also discussed adjustments to teacher salaries and other expenses, with some items still under review.
• Committee chair Ivan requested that the budget be finalized by the end of the month to present to the board during budget hearings next month.
• The committee discussed budget planning, focusing on expected revenue and expenses for the upcoming year. ED Meadows confirmed that certain grants, including one potentially worth $25,000, were uncertain, advising to budget conservatively and align grant funds with existing expenses. Board member Lauren inquired about accurate reporting and maximization of state funding for students with disabilities, to which Patrice confirmed that the team had reviewed and verified the data. On the expense side, salary and benefits were projected to increase by $70,000, while supplies and computer software budgets saw reductions. Ivan noted that while there were discussions about potential renovations and expansion, no immediate budget allocation was planned for these projects.

• No updates were noted. 

• The team discussed a potential switch to a new accounting services vendor. ED Meadows noted that the vendor's HR services wouldn't significantly add value beyond their current manual processes. Lauren questioned whether hiring an in-house HR person might be more cost-effective, but Ivan explained that finding someone to handle both accounting and HR roles would be challenging and potentially expensive, especially if they needed a CFO title.
• Ivan discussed prioritizing accounting services over HR services in their vendor selection process due to budget constraints. Lauren suggested that a Dean of Operations or Director of Operations could potentially handle HR responsibilities if an affordable all-in-one vendor cannot be found. Patrice mentioned that Jocelyn, Director of Operations, is currently handling payroll and onboarding, but this is not sustainable. ED Meadows also indicated she would be sending a new proposal from another potential accounting vendor. 

• The committee is still working on hiring a facilities consultant. The team discussed the current landlord's proposal for expanding their space, which involves a significant rent increase annually without providing tenant improvement funds. ED Meadows and Ivan expressed concern about the unfair pricing, noting that the current rent is more than double what the previous tenant paid for a similar space. The group decided to wait and see if the landlord changes the offer, with ED Meadows mentioning that they are working with agents on negotiations. 

No updates were noted.