Paramount Schools of Excellence
Minutes
Board of Directors - Public Session
Date and Time
Friday January 17, 2020 at 10:00 AM
Location
125 S Pennsylvania St, Indianapolis, IN 46204
Public Meeting Notice of Paramount Schools of Excellence Board of Directors
125 S Pennsylvania St, Indianapolis, IN 46204
10:00am - 10:30am
January 17th, 2020
125 S Pennsylvania St, Indianapolis, IN 46204
10:00am - 10:30am
January 17th, 2020
Directors Present
A. Bekele, B. Eldridge (remote), J. Amu, J. Hazzard, Jr. (remote), T. Rude
Directors Absent
C. Park, M. Bishop, P. Blackard
Ex Officio Members Present
T. Reddicks
Non Voting Members Present
T. Reddicks
Guests Present
J. Monk, T. Palacios
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
T. Rude called a meeting of the board of directors of Paramount Schools of Excellence to order on Friday Jan 17, 2020 at 12:32 PM.
II. Public Comments
A.
Public Comments
No members of the public were in attendance.
III. Consent Agenda Review and Approval
A.
Review and approve minutes.
T. Rude made a motion to approve the minutes from Board of Directors on 12-10-19.
J. Amu seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| P. Blackard |
Absent
|
| A. Bekele |
Aye
|
| M. Bishop |
Absent
|
| C. Park |
Absent
|
| J. Hazzard, Jr. |
Aye
|
| J. Amu |
Aye
|
| B. Eldridge |
Aye
|
| T. Rude |
Aye
|
B.
Voucher Approval
T. Rude made a motion to Approve the voucher as distributed.
J. Amu seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| C. Park |
Absent
|
| J. Hazzard, Jr. |
Abstain
|
| T. Rude |
Aye
|
| J. Amu |
Aye
|
| P. Blackard |
Absent
|
| B. Eldridge |
Aye
|
| A. Bekele |
Aye
|
| M. Bishop |
Absent
|
IV. New Business
A.
Approve New Board Member Policy
This policy will be reviewed in more depth at the February Governance Committee.
B.
New Benefits Policy
T. Rude explained based on budgetary findings, there is a need to restructure the current 403b employer contribution. The proposal is to withdraw the current guaranteed 7.5% employer contribution to a 100% match up to 3% and up to a 50% match up to 2%. The vesting schedule would change from a 3-year vesting schedule (0%, 75%, 100%) to a 5-year vesting schedule (0%, 25%, 50%, 75%, 100%) which would begin 6 months after the employee's date of hire. This plan encourages employees to contribute and be an active participant in their financial future. The 6-month wait period would encourage new employees to stay on for a full year.
J. Hazzard added moving to a 5-year vesting schedule still keeps the policy above market, and thus a competitive vesting program.
T. Palacios added everyone currently on the plan will be grandfathered into the current vesting period.
T. Rude added the new plan would go into effect starting February 1, 2020. He also requested the Director of Human Resources and the broker to provide financial education to staff about the change.
B. Eldridge asked if we have been audited on the 403b. T. Palacios explained Paramount's 501c3 status exempts the organization from this audit, but the school submits census data to ensure compliance. B. Eldridge asked if there were any consequences to transitioning mid-year. T. Palacios stated there would not be any consequences to this timing.
B. Eldridge asked if the staff was upset about this change. T. Reddicks explained S. Frye has polled current staff, and there was not a negative culture/response created by implementing this change.
J. Hazzard added moving to a 5-year vesting schedule still keeps the policy above market, and thus a competitive vesting program.
T. Palacios added everyone currently on the plan will be grandfathered into the current vesting period.
T. Rude added the new plan would go into effect starting February 1, 2020. He also requested the Director of Human Resources and the broker to provide financial education to staff about the change.
B. Eldridge asked if we have been audited on the 403b. T. Palacios explained Paramount's 501c3 status exempts the organization from this audit, but the school submits census data to ensure compliance. B. Eldridge asked if there were any consequences to transitioning mid-year. T. Palacios stated there would not be any consequences to this timing.
B. Eldridge asked if the staff was upset about this change. T. Reddicks explained S. Frye has polled current staff, and there was not a negative culture/response created by implementing this change.
T. Rude made a motion to approve the new 403b program adjustment as distributed and discussed.
B. Eldridge seconded the motion.
The board VOTED to approve the motion.
| Roll Call | |
|---|---|
| T. Rude |
Aye
|
| B. Eldridge |
Aye
|
| A. Bekele |
Aye
|
| P. Blackard |
Absent
|
| M. Bishop |
Absent
|
| C. Park |
Absent
|
| J. Hazzard, Jr. |
Aye
|
| J. Amu |
Aye
|
V. Operations Report
A.
Operations Report
Construction started at 1203 E. St. Clair on Dec 26th and is progressing as planned.
Salary schedules and benefits plan options were discussed. These will be finalized upon budget approval.
Salary schedules and benefits plan options were discussed. These will be finalized upon budget approval.
B.
Principal Report Discussion
Principals shared out beginning-of-year to middle-of-year academic growth as measured by AIRWays. They also shared out enrollment projections and efforts.
VI. Closing Items
A.
Next Meeting
Feb 11, 2020
5:30 PM
3020 Nowland Ave
Indianapolis, IN 46201
Room 14
5:30 PM
3020 Nowland Ave
Indianapolis, IN 46201
Room 14
B.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 12:56 PM.
Respectfully Submitted,
T. Rude