The leadership from the School of Creative Minds, opening Fall 2027, introduced themselves as observers.

M. Juel Larsen presented combined January 2026 financial report:

• January Forecast Update: primary net income variance impacts = midterm QBE revision based on October FTE data and loan expense forecast revision of amoritzation schedules (minor impacts = personnel, supplies, and services)
• Forecast Focus: Sources of predicted negative QBE variance (SCSC Admin Fee Bump, Three Fewer FTEs, Student Population Mix, and Staff Training & Experience); only represents a -1-2% variance; Expect actual midterm numbers in the next month
• FY 2026 Income Before Depreciation vs Approved Budget
• 2025-2026 Monthly Cash Balance ($ and days)
• 2025-2026 Grant Drawdown Summary (expecting adjustment to entitlements due to standard budget reviews based on enrollment; CSP budget being revised this week)
• 2025-2026 Balance Sheet Year to Date (no changes from last month)
• 2024-2025 Comprehensive Performance Framework Fiscal Viability Score (Meets Standard)
• 2025-2026 SCSC Dashboard

D. Mack informed the board that the dashboard has been updated as of the closing of Q2.

D. Mack opened the management report presentation.

• SY27 Enrollment Plan: over 1K applications received for open enrollment; lottery conducted this week; over-enrolling to account for melt
• SY27 Talent Strategy: ~800 applications received for lead teacher and manager/directors; 100% acceptance rate so far (includes internal promotions and external hires)
• Significant Breach: update

S. Knight-Justice presented recent academic data:

• ANET February Benchmark Data: ~10% increase from ANET 1 to ANET 2 across every grade level (3-6)
• WriteScore Data: increase from November to January for grades 4 and 5

D. Mack shared about Joy Summit (National Summer School Initiative) - a 6-week summer program for acceleration and intervention for incoming K-6 scholars 

• tuition-based
• also open to non-Ethos scholars

D. Mack presented campus highlights: kindness events for Valentine's Day, girls flag football team, Reading Bowl team, HeART Auction

Upcoming Big Events:

• March 19-20: Cypher Battle
• April TBD: Fun Run
• May 29: Joychella
• August TBD: New Family Welcome
• September TBD: Grandparent & Special Friend Day
• Recurring: Investments Mondays; First Fridays (ES)/Mondays (MS)

D. Mack gave heads up for March 2026 Board meeting: voting on updates to SY27 Code of Conduct for K-7 and SY27 Staff Handbook. 

• Drafts will be available for review via link in Management Report. 
• Ask of board: review for clarity.
• Reminders will be sent out 10 days before the next board meeting.

T. Fick shared that next month's meeting will include a call for nominations.

Current committees:

• Finance - need two more people
• Fundraising
• Academic - need two more people

A. Jordan provided recap from HeART Auction held February 13, 2026.

• Achieved 98% of fundraising goal (six pieces still available for purchase)
• Board discussed Grows and Glows

A. Houseman made a motion to close the meeting and enter into executive session to discuss confidental and legal matters about a scholar family.

J. Keller seconded the motion.

The board VOTED unanimously to approve the motion.