Liberty STEAM Charter
Minutes
LSC FOUNDING BOARD OF DIRECTORS FINANCE COMMITTEE
NOTIFICATION OF REGULARLY SCHEDULED MONTHLY MEETING
Date and Time
Wednesday May 5, 2021 at 2:00 PM
Location
This meeting is held in accordance with the Freedom of Information Act. A copy of the agenda has been made available to the local media & general public.
Mission: Liberty STEAM Charter (LSC) works to provide all students equal access to a world-class K-12 education in an academically rigorous & student-centered learning environment, creating graduates to be thoughtful & engaged citizens prepared to take on the leadership challenges of the 21st century.
Vision: In partnership with our families & the community, Liberty STEAM Charter (LSC) will provide interdisciplinary, real-world, personalized, and project-based learning experiences through a STEAM-based academic program where graduates become the next generation of leaders, employers, and employees who contribute to the economic well-being of their communities and families.
Mission: Liberty STEAM Charter (LSC) works to provide all students equal access to a world-class K-12 education in an academically rigorous & student-centered learning environment, creating graduates to be thoughtful & engaged citizens prepared to take on the leadership challenges of the 21st century.
Vision: In partnership with our families & the community, Liberty STEAM Charter (LSC) will provide interdisciplinary, real-world, personalized, and project-based learning experiences through a STEAM-based academic program where graduates become the next generation of leaders, employers, and employees who contribute to the economic well-being of their communities and families.
Committee Members Present
Ben Griffith, Jr. (remote), Khalil Graham (remote), Kimberly Rauschenbach (remote), Luna Velez (remote)
Committee Members Absent
None
Guests Present
Trevor Ivey
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
Luna Velez called a meeting of the Finance Committee of Liberty STEAM Charter to order on Wednesday May 5, 2021 at 2:00 PM.
C.
Invocation
Ben Griffith provided an invocation.
D.
Pledge of Allegiance
Dr. Khalil Graham led the group in reciting the pledge of allegiance.
E.
Reading of the Mission Statement
F.
Reading of the Vision Statement
G.
Approve Today's Meeting Agenda
Kimberly Rauschenbach made a motion to approve today's meeting agenda as presented.
Ben Griffith, Jr. seconded the motion.
The committee VOTED unanimously to approve the motion.
H.
Approve Previous Meeting Minutes
Kimberly Rauschenbach made a motion to approve the minutes from LSC FOUNDING BOARD OF DIRECTORS FINANCE COMMITTEE on 04-07-21.
Ben Griffith, Jr. seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Finance Committee
A.
Review of 90 Day Action Plan
Ms. Velez reviewed the components of the committee's 90-day action plan which includes:
- Preparation of the year zero budget
- Education Finance 101 training for all board members
- Fund tracking and enrollment progress to goals
B.
Review of Progress to Goals
Ms. Velez reviewed the progress to goals of the committee's 90-day action plan which includes:
- Preparation of the year zero budget
- In progress with David Loadholt (DSG) and McCay Kiddy - multiple iterations have been produced. Dr. Graham stated that he has shared iterations with the executive, academic excellence, and development committee to ensure full transparency.
- Education Finance 101 training for all board members
- Completed in April 2021
- Fund tracking and enrollment progress to goals
- Updates:
- Monthly student enrollment tracking & Reports (Engagement w/Day Care Centers, Parent Preview Sessions (2xs/week) via Zoom, Dillon Park recruitment, additional community canvassing, yard sign canvassing, digital media advertisements, and the implementation of recruitment associates to continue to build a healthy waitlist.
- Year 0 no state funding – revenue from donations
- P&I Grant – the second claim has been disbursed.
- Updates:
C.
Review of Relevant Reports & Documents
Dr. Graham and Ms. Velez jointly shared the highlights from the one-page financial dashboard for the last 30 days. The following items were covered:
Ms. Velez reviewed key points from the monthly financial report provided that included expenditures and donations noting that LSC remains 100% on track with its planning year budget that is comprised entirely of philanthropic donations. She also shared that the four separate financial accounts have been created as part of refining our current practices (operations, donations, reserve, and personnel). Staff members have been properly trained in the purchasing card policy and are fully in compliance. Ms. Velez shared that the first claim of the CSP year two grant has been received in the amount of $9,185.
Fund balances for the month of April include:
The year zero budget is still in progress with DSG ad McKay Kiddy, with multiple iterations having been presented to the committees. The current version was again reviewed with this committee and a recommendation will be made to send it to the full board for the final reading with a final vote being taken to approve the budget at the full board meeting in June.
- Student enrollment (100% fully enrolled with 71 % of the 2:1 application ratio met - 274/384 total applications)
- Fund balances (April) - Operations, donations, reserve, and personnel.
- Cash flow (April)
- Financial accountability (P-cards, CSP grant, and financial reporting)
- all P-card transaction logs have been updated
- second CSP grant claim for year 2 received ($9,185)
- Financial reporting taking place bi-weekly.
Ms. Velez reviewed key points from the monthly financial report provided that included expenditures and donations noting that LSC remains 100% on track with its planning year budget that is comprised entirely of philanthropic donations. She also shared that the four separate financial accounts have been created as part of refining our current practices (operations, donations, reserve, and personnel). Staff members have been properly trained in the purchasing card policy and are fully in compliance. Ms. Velez shared that the first claim of the CSP year two grant has been received in the amount of $9,185.
Fund balances for the month of April include:
- Operations ($9,755.22
- Donations ($190,298.27)
- Reserve ($9,960.35)
- Personnel ($119,058.62)
- Operations ($15,642.32)
- Donations ($750.00)
- Reserve ($0.00)
- Personnel ($0.00)
The year zero budget is still in progress with DSG ad McKay Kiddy, with multiple iterations having been presented to the committees. The current version was again reviewed with this committee and a recommendation will be made to send it to the full board for the final reading with a final vote being taken to approve the budget at the full board meeting in June.
III. Other Business
A.
Agenda Items from Committee Members
No agenda items from brought forth by committee members.
IV. Executive Session
A.
Discussion of Contractual and Personnel Matters, and Receipt of Legal Advice Including Related to a Pending, Threatening, or Potential Claim
Ben Griffith, Jr. made a motion to enter into executive session for the purposes of a discussion of contractual and personnel matters, and receipt of legal advice including related to a pending, threatening, or potential claim at 2:39 pm.
Kimberly Rauschenbach seconded the motion.
The committee VOTED unanimously to approve the motion.
V. Action Related to Executive Session
A.
Action Related to Executive Session
Kimberly Rauschenbach made a motion to return from executive session at 2:50 pm.
Ben Griffith, Jr. seconded the motion.
The committee VOTED unanimously to approve the motion.
VI. Closing Items
A.
Next Steps
With regards to next steps, the committee will continue its work of any suggested final edits to the year zero budget for presentation to the full board at the upcoming meeting and a request for a final vote to approve at the June meeting. Dr. Graham will report out to the full board on behalf of the committee at the upcoming meeting on May 10.
B.
Good of the Order
Committee members were encouraged to assist with upcoming community canvassing events if their schedule permits.
C.
Adjourn Meeting
Ben Griffith, Jr. made a motion to adjourn the meeting.
Kimberly Rauschenbach 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 3:00 PM.
Respectfully Submitted,
Luna Velez