• IL reviewed finance calendar for upcoming deadlines with the board. 
  • Only major deadlines worth noting were the June 30 budget deadline and upcoming budget hearings.  

• Board members Ivan and Shirlynn gave a quick update on call with Broker on Friday. Broker seemed interested in ASA being the buyer of the shopping center

No updates. 

No updates. 

• Prestige reviewed the April Financials and discussed the following: 
  • Financial metrics
    • Jenna from Prestige said that days cash on hand is 30 days for April; not concerning at the moment as long as we don't have any big purchases at the end of the year. Overall, our cash flow looks good. 
  • Profit and Loss
    • IL asked about drawdown status. Prestige mentioned they are not quite caught up yet, but they are actively working on it. 
    • Wanda asked if we know what the final drawdown number is for Title 1 Funds.   Prestige said that we have about $96K remaining to drawn down for Title 1. Must be completed by September 2024. 
    • Board chair Adam Tolliver asked if we should wait to closer to the deadline to draw down funds verses completing them earlier on. 
    • Salaries and Benefits-We will more than likely go over what was budgeted due to part time/contractors. 
      • Prestige will use new numbers to better budget in the next fiscal year. 
      • Wanda N. asked what was driving the overage. 
        • Jenna mentioned that salaries for art, music, PE, and Spanish were not budgeted originally 
        • Jenna mentioned that the number for benefits was not properly determined/budgeted properly. 
      • Wanda N. also mentioned that there are several items still sitting in the undocumented category, which could cause issues in budgeting for next year. 
      • Some of the items listed will not be used next year. 
    • Contracted  services-overage is mainly driven by the fact that there was not a budget for these items in the current year budget. Will be sure to include these items in the FY25 budget. 
  • Accounts payable
    • AP Aging
      • Strawn and Co-Per Prestige, payment was made subsequent to month end  
      • George Charter Schools Association - Payment was made subsequent to month end 

• Prestige reviewed FY24-25 draft budget with ASA Board and discussed the following:
  • Revenue
    • No facilities grant or security grant for FY25
    • Stronger Connections grant is $134K for FY25
    • R. Price asked what the QBE (5mil) means
      • Prestige responded and said that this is essentially what they will withhold 
        • This is required by the state government
    • Current QBE is based on enrollment of 212 students
  • Updates on Enrollment
    • ED Meadows gave the following updates: 
      • We will submit updated enrollment in October 
      • We should have a higher number of students if we continue to get applications at the rate we are currently 
      • Still working to determine if the enrollment of 212 is an accurate number or not. 
      • Adjustments for QBE revenue usually does not occur until January at the earliest
      • 45% of applicants actually register and show up on first day of school 
  • Expenses:
    • Salaries-Antoinette pointed out that some of the teachers' salaries show a decrease in salaries for some teacher. Asked to get a better understanding of this. 
      • ED Meadows mentioned that some teachers received hiring bonuses and would not be receiving those within the next fiscal year. 
      • Salary schedule is based on APS 
        • Stipends are based on teachers helping out or going above and beyond their role
      • Need to revisit FICA/Medicare line item; seems really high compared to previous fiscal years
    • Contracted services
      • No longer using Prestige for HR services; will be using Business manager (already included in salary schedule) 
    • Workers' comp
      • Nothing is budgeted currently. 
        • Antoinette asked why nothing was budgeted here. 
        • Workers comp is budgeted within ADP 
    • Transportation
      • Updated number is $198K for year; good company; we would like to use this moving forward if possible 
        • New Vendor: Assured transportation 
          • Possible additional fundraising for companies that partner with us and wrap logo around buses 
    • Wanda and Antoinette asked the question about the max number of students we could take in before we need an additional teacher. 
    • Also working on getting after school services and what potential income we could bring in from this. 
    • Will be supplementing tutoring services by using staff to help tutor as well as created interventionist position for additional support. 

No comments noted. 

• ED Meadows will provide new org chart and salary schedule based on budgetary decisions and restructuring. 
  • This is aligned with the current scalarly schedule. 
• ED Meadows spoke with other resources to discuss bond financing and other forms of financing for purchase of shopping center.
  • Did not recommend bond financing. 
  • Recommended listing pros and cons of purchasing vs. working with new land lord. 
• Need to focus on fundraising more than ever. 
  • Need to create a strategy for this (top companies, foundations, etc. ) 

No updates.