Magnolia Public Schools
Minutes
Special Finance Committee Meeting
Date and Time
Tuesday April 4, 2017 at 6:00 PM
Location
Teleconfernece Dial: 1.844.572.5683 Code: 1948435
Special Finance/Audit Committee Meeting
Committee Members joined remotely from the following locations:
• 1020 South Olive Street, 7th Floor Los Angeles, CA 90015 (Ms. Noel Russell-Unterburger)
• 1363 Ridgecrest Rd Pinole CA 94564 (Serdar Orazov)
• MSA 6: 3754 Dunn Dr. Los Angeles, CA 90034 (Dr. Saken Sherkhanov)
Finance Committee Members:
Ms. Noel Russell-Unterburger, Chair
Mr. Serdar Orazov
Dr. Saken Sherkhanov (Interim)
CEO and Superintendent:
Dr. Caprice Young
Committee Members Present
N. Russell-Unterburger (remote), S. Orazov (remote), S. Sherkhanov (remote)
Committee Members Absent
None
I. Opening Items
A.
Call the Meeting to Order
N. Russell-Unterburger called a meeting of the Finance Committee of Magnolia Public Schools to order on Tuesday Apr 4, 2017 at 6:18 PM.
B.
Record Attendance and Guests
N. Unterburger, S. Orazov, and S. Sherkhanov joined remotely from the locations stated above.
C.
Public Comment
There were no public comments.
D.
Approval of Agenda
N. Russell-Unterburger made a motion to approve the agenda as presented.
S. Orazov seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| S. Sherkhanov |
Aye
|
| N. Russell-Unterburger |
Aye
|
| S. Orazov |
Aye
|
E.
Approve Minutes of Regular Finance Committee- February 6, 2017
S. Orazov made a motion to approve minutes from the Regular Finance Committee Meeting on 02-06-17 Regular Finance Committee Meeting on 02-06-17.
N. Russell-Unterburger seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| N. Russell-Unterburger |
Aye
|
| S. Orazov |
Aye
|
| S. Sherkhanov |
Aye
|
II. Discussion Item
A.
Financial Update- February 2017 Financials
The February 2017 Financials were presented by K. Dietz from EdTec. During this item the board members discussed MSA-2's facility grant, MSA-5's food contract with LA Cafe, and overall budgeted food expense, amongst other topics. All questions asked by the board regarding this item were addressed by the N. Montijo, MPS Chief Financial Officer and K. Dietz, from EdTec. No actions were taken.
B.
FCMAT Replacement and Financial Management Update
N. Montijo, Chief Financial Officer gave the board a brief update about the FCMAT replacement search. Two providers, School Services of California and VTD, were presented as possible vendors to continue the FCMAT audit. School Services of California provides the same services as FCMAT, but the fee would be more than what FCMAT charged and cannot offer the same rate we received with FCMAT. VTD, our current internal auditors, can also provide the same services as FCMAT. Since VTD is our auditor, we confirmed with their Independent Department that there is not conflict of interest if they continue the audit that FCMAT had started. N. Montijo is still in conversation with LAUSD about the OIG and the oversight of one of these two audit providers. No actions were taken.
III. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 7:06 PM.
Respectfully Submitted,
N. Russell-Unterburger