Board members were reminded that the draft minutes for both the March and April regular board meetings need to be approved. 

T. Jaeckle walked board members though the March 2022 and April 2022 financial reports.

T, Jaeckle noted that we experienced lower levels of fundraising, tuition payments, and state funding, which was to be expected this time of year. 

Our expenses tended to creep up, a typical ramping up for the new school year as the school is growing.

We received $639,000 in March, from the Charter School Growth Fund and student revenue. 

The OCS bank balance looks fine. We are sitting at just under $2MM.

The OCS brokerage account shows a 297K stock donation, which is the final payment from the $5MM pledge from Pleasant Rowland.

N. Wray asked what challenges we face as the school grows. T. Jaeckle suggested that new CFO Alice Torti will be able to help navigate our growth.

G. Ladson-Billings asked about the current cash flow situation. 

T. Jaeckle replied that  L. Lange projected our cash flow until the end of the fiscal year. We’re looking at just over $1MM in cash at the end of the school year if fundraising income does not change.

S. Martyniak asked about the monthly burn rate and T. Jaeckle responded ~$200K.

G. Derzon wondered if this amount covers both operating and capital funds. T. Jaeckle stated that there is $280K is in the capital campaign account.

G. Derzon asked that we follow up with N4N to explain in detail how the cash flow analysis is calculated before the next board meeting and T. Jaeckle agreed to do so.

S. Martyniak suggested that it would be helpful in the future if monthly financial reports could be presented to the board in a simple way, such as highlighting concerning numbers in red, good numbers in green. 

Board members were encouraged to review department reports attached to the agenda and reach out to department heads or K. Caire with any questions.

M. Ruffin reported that applications are still being received for our preschool and elementary schools with growing waitlists for the 2022-23 school year.
 

Secondary school applications have slowed but we have plans to ramp-up advertising about open available seats for the 2022-23 school year with social media posts as well as being present in neighborhoods and at community events throughout summer.

N. Wray asked board members to consider a motion to adjourn into executive (closed) session pursuant to Wisconsin Statutes under Section 19.85(1)(c) for the purpose of discussing updates to the CEO’s contract for employment; and (e) and (f) for the purpose of discussing the financial history of donors and strategies for the investment of funds, which if discussed in public would be likely to have a substantial adverse effect upon the individual donors.

The meeting was adjourned from closed session as the purpose was discussion only and no vote was taken by the board, other than to adjourn the meeting.

The next Regular Meeting of the One City Board will be held at our preschool, located at 2012 Fisher Street, on Tuesday, June  28, 2022.