F.W. Parker Charter Essential School
Minutes
Finance Committee Meeting
Date and Time
Tuesday April 13, 2021 at 5:45 PM
Location
This meeting will be held virtually via Microsoft Teams and can be accessed by committee members and the public at http://parker.school/financecommittee.
Committee Members Present
B. Muldoon, G. Penna, J. Appleton, M. McKenna, T. Sumner
Committee Members Absent
None
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
G. Penna called a meeting of the Finance Committee of F.W. Parker Charter Essential School to order on Tuesday Apr 13, 2021 at 5:46 PM.
C.
Approve Minutes
B. Muldoon made a motion to approve the minutes from Finance Committee Meeting on 03-02-21.
J. Appleton seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Finance
A.
Review Q3 results and year end projection
Michelle presented the Q3 Dashboard as attached. Michelle pointed out potential additional tuition income; additional salary expense pertain to Covid-19 related positions and stipends; and additional revenue includes $400k drawdown of Sizer foundation money from capital fundraising to replenish facilities reserve. Michelle explained that the $400k is not truly income in the sense that it just a shift from Sizer to Parker and will eliminate in the consolidated audit.
B.
Annual Review of investment policy
Michelle presented policy for review. Michelle explained current cash and money market investments and committee agreed that all are in compliance with said policy. Michelle also noted that the bank rating of TD is reviewed quarterly as required by the policy and TD continues to meet the required rating.
III. Closing Items
A.
Adjourn Meeting
G. Penna made a motion to adjourn the meeting.
B. Muldoon seconded the motion.
The committee VOTED unanimously to approve the motion.
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 6:20 PM.
Respectfully Submitted,
M. McKenna