Ms. Bass provided the invocation.

Dr. Thompson led the Pledge of Allegiance.

Ms. Bass read the Mission Statement.

Ms. Bass read the Vision Statement.

Mr. Shaw reviewed expenses and revenues through March 31, 2025. Total revenue to date was $6,437,437.23, with expenditures totaling $4,252,411.51. He presented a financial forecast for FY25, ending June 30, 2025, indicating that finances are expected to remain under budget. He also provided a cash flow analysis for food services from December through June, noting the budget is in good standing and projected to break even by year-end.

Mr. Shaw shared updates on individual and corporate donations, including $200,000 from YASS, $200,000 from Williams Brice, $220,000 from Hull Payment, $1 million from the Charter School Growth Fund, and $65,000 from the SC Children’s Fund. Of the Williams Brice funds, $42,000 has been used to assist students to date, with an additional $75,000 encumbered. He reported that as of April 21, 2025, the available cash flow balance is $270,000. Dr. Thompson noted that with personnel costs being the largest portion of the budget, it is difficult to significantly reduce expenses.

Mr. Shaw stated that the construction loan balance as of the end of March 2025 was $3,698,700.00, which has since increased to just over $4 million.

Dr. Ivey provided an update on federal reimbursements for Titles I, II, III, and IV and IDEA, reporting that approximately $400,000 in Title funds are expected to be received soon.

Mr. Shaw presented the FY26 proposed budget, which reflects $11,499,738.03 in total recurring revenue and $10,557,377.67 in total expenses. The projected beginning-of-year cash flow is $1 million, with a projected end-of-year balance of $2,456,623. 

Mr. Shaw provided updates on internal control procedures, the current line of credit, and proposed financing options for the Jr. Academy expansion.

Dr. Ivey shared enrollment updates for the 2024-25 school year. He also provided hiring updates for The 2024-25 school year. 

Dr. Ivey reported that construction related to the fifth grade expansion is ongoing, with full operational readiness expected for the 2025-26 school year.

Dr. Ivey provided a review of the AFO Accountability Rating System from the SCPCSD.

Mr. Shaw provided an update on the proposed scope of work for long range financial review and partnership with Afton Partners. Services will include multi-year financial planning and forecasting, budgeting, re-forecasting, cash flow management, facility and financing affordability, growth planning, and financial health diagnostics.

Dr. Ivey provided the hiring updates for the 2025-26 school year.  The elementary academy is fully staffed, and applicants are currently being considered for the interview process for a special needs position at the primary academy and the leadership positions at the network office. The organizational chart for the upcoming school year is currently being developed and will include all updates for presentation to the board of directors.  

There was no other business presented. 

There were no agenda items from committee members.

There was no executive session.

The committee reached consensus to recommend second reading approval of the FY26 proposed budget to the full board.

The committee discussed the potential for incorporating IT device lease options as a budget line item. Leasing may offer benefits such as coverage for repairs, replacements for lost or stolen devices, and a cycling schedule for annual device turnover.

Dr. Ivey reminded the committee members of upcoming meetings.