Ethos Classical Charter School
Minutes
Monthly Finance Committee Meeting
Date and Time
Tuesday May 17, 2022 at 5:00 PM
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Committee Members Present
B. Hines (remote), K. Graney (remote)
Committee Members Absent
None
Guests Present
D. Cembrola (remote), D. Mack (remote), E. Castillo Leon (remote), M. Moore (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
B. Hines called a meeting of the Finance Committee of Ethos Classical Charter School to order on Tuesday May 17, 2022 at 5:05 PM.
C.
Approve Minutes
B. Hines made a motion to approve the minutes from Monthly Finance Committee Meeting on 04-19-22.
K. Graney seconded the motion.
The committee VOTED to approve the motion.
II. Finance
A.
Monthly Credit Card Review (April)
B.
Financial Update
D. Cembrola presented the monthly financials as of April 30th.
- Budget to current forecast, still projecting healthy increase of $500k vs budget, inclusive of approximate $105k reduction against projection because of loan origination fees. The 1% of loan origination fee we are paying must be recognized as expense in current year. Committee discussion on the accounting treatment and its implication to planning. Overall agree with the change.
- Monthly cash balance continues to look positive, exceeding the 2 month salary and expense line.
- Reviewed the multi-year facilities forecast, discussed elements of the purchase of property.
C.
FY23 Budget Review
B. Hines presented a summary of the SY23 budget.
- Committee discussed elements of budget
- Committee discussed the presentation for next week's public hearing
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 6:19 PM.
Respectfully Submitted,
M. Moore
Committee reviewed any questions from the check register; E. Castillo Leon and D. Mack responded to clarify expenses. No outstanding questions.