Ethos Classical Charter School
Minutes
Monthly Finance Committee Meeting
Date and Time
Tuesday September 19, 2023 at 5:00 PM
Location
Danielle Mack is inviting you to a scheduled Zoom meeting.
Topic: Finance Committee Meeting NEW UPDATE Time:
This is a recurring meeting
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Committee Members Present
J. Boyd, M. Moore (remote)
Committee Members Absent
None
Guests Present
B. Hines (remote), D. Cembrola (remote), D. Mack (remote), cameron quick (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve July Minutes
D.
Approve April Minutes
E.
Approve October 2022 Minutes
Approved in September meeting, no action needed.
F.
Approve June Minutes
Approved in September meeting, no action needed.
II. Facilities
A.
Building & Facilities Report
C. Quick reviewed the construction budget with the Committee. Current budget looks like we may be in a position of being about $57k over budget, barring any unforseen expenses. We had originally anticipated to contribute $500k (beyond our loans, this is our equity contribution); so this would reduce contribution to $57k. So there is optimism this will cost much less than anticipated; there will be more clarity at next meeting, once we have completed all work outside "in the dirt" where unforseen costs can suddenly emerge.
III. Finance
A.
Financial Update
D. Cambrola provided the July and August financials.
- Close to budget overall but flux on a line item basis
- QBE revenue was lower than anticipated (the state came out with lower numbers than budgeted). There is a potential for improvement in February true-up provided we maintain enrollment (currently 540, no anticipated issue maintaining)
- The revenue reduction was counterbalanced by lower spending on non-personnel.
- Reviewed cash projections; discussed adding clarity to the presentation about restricted vs. non-restricted cash.
- Reviewed targets for SCSC and current projections on performance (on track for 95/100 points); as usual it's only our having debt for construction project that is drawing against a perfect score.
B.
Monthly Credit Card Review (June and July)
M. Moore and B. Hines requested the statements be sent directly for review, and to add Julian to the distribution list. D. Cembrola will send, and confirm process.
C.
Audit
B. Hines reports that new auditor will be joining the Board of Directors meeting next week to present on audits performed; documents will be shared with Committee today.
IV. Other Business.
A.
Committee Membership and Leadership
M. Moore, D. Mack, and B. Hines welcome new Treasurer Julian Boyd to the Committee.
B.
New Property Discussion
M. Moore calls for an executive session of the Committee to discuss real estate matters at 5:57. Exited session at 6:14. No vote was made or required.
Approved in September meeting, no action needed.