M. Hanson shared that he's retiring from the Madison Police Department with plans to continue teaching at Northwestern University, coach basketball, volunteer, and enjoy time with family.

K. Caire thanked Mike for his service to the Madison community and for his time as a One City Schools board member.

Board members thanked Mike and wished him well in retirement.

K. Caire introduced guests Carolyn Stanford Taylor and Beth Curley Prestine. Beth and Carolyn are attending this month's meeting to learn more about One City's board.

N. Wray and G. Ladson-Billings shared that they have both had the opportunity to work with Beth and Carolyn and endorsed the possibility of them joining One City's Board of Directors.

T. Jaeckle provided an overview of One City's financial statements from April 2023:

• Final charter school payment is expected later this week, should be about $900K. T. Jaeckle explained that it is normal for the school's bank balance to dip during the summer months between the June and September per pupil payments. T. Jaeckle explained that One City needs about $1.4MM in donations to get through the summer.
• There was a delay in receipt of donation checks mailed over winter break (late December-early January) due to an error at the post office.
• $25K donation expected to arrive shortly.

K. Caire shared that One City will receive a $500K payment from an anonymous donor by the end of this week which will count towards the $1.4MM needed this summer.

T. Jaeckle explained the way the accounting team spreads per pupil funds out over the months between payments.

G. Derzon requested clarification on the financial forecast as it relates to the capital campaign and asked to discuss the operational fundraising plan. K. Caire shared that the finance committee will have this discussion at their next meeting on June 18 at 10:00am.

K. Caire discussed the importance of building One City's fundraising capacity by hiring a team devoted to development.

K. Caire provided an overview of the draft 2024-2025 Strategic Plan document.

The Board discussed the possibility of establishing an endowment fund. N. Wray and G. Ladson-Billings serve as board members for Madison Community Foundation and encouraged Mr. Caire to reach out to MCF and explore the opportunity further.

J. Johnson asked about the possibility of having families participate in funding the gap between the cost of educating a scholar and what the school receives in state and federal funding.

K. Caire shared that establishing a 501(c)(4) organization, and subsequently a 527 organization, will help One City Schools position itself now in anticipation of the upcoming presidential election year.

S. Klug explained that this will give One City Schools the opportunity to support advocacy work (in a bi-partisan manner).

G. Derzon shared his support. D. Aguayo abstained from this vote due to his current position as a lobbyist and One City's membership in the Greater Madison Chamber of Commerce to avoid any conflicts of interest.

The board will adjourn from closed session as no vote will be taken.