As of today, ZEST has not received a completed FY24 Audit to meet the SCSC Friday, April 25th deadline. ED and EdTec are providing Mauldin & Jenkins, LLC with all required documents. 

On Friday, April 25, 2025, ED and the back office provider received an email from Mauldin & Jenkins, LLC to provide additional financial documents, primarily for accounts payable, receivables, payroll, and GASB questionnaires. 

The back office provider and ED have begun providing documentation. 

• SCSC Hardship Grant: ZEST has submitted the grant and is awaiting a response. 

MCarruthers update:

• The FY25 Budget was reviewed. The FY25 budget shows cash flow positive until June with personnel cuts and additional budget cuts with expenses. 
• ZEST is still exploring additional options-bridge loans, negotiating grant disbursement timelines, and adjusting FY26 contracts to align with payroll with QBE disbursements.

ZEST will continue to make decisions to support financial long-term sustainability. 

ZEST's projected enrollment for the SY25-26 school year is 275 students. ZEST currently has a waitlist in all grades K-5. We have received 100% enrollment documents for the 98 new families. 

ZEST submitted the forward funding document on Thursday, April 24, 2025. 

Current families have until May 16, 2025, to submit re-registration papers. 

• The budget is based on 275 students, conservatively lean, and cash-positive for all of FY26. 
• The Finance Committee discussed potential salary reductions and role changes for ZEST school administrators to support the FY26 budget. School senior and school administrators will serve in multiple capacity positions. 

Budget Hearings are scheduled for:

• #1 May 20, 2025
• #2 June 3, 2025. 

ZEST will provide formal notice regarding budget hearings to the legal organ. 

The Finance Committee (FC) began discussion on both submitted RFPs submitted by Purpose Capital Group and Avolon Accounting. ED and Board Chair BJones had an opportunity to speak to both vendors on the phone to answer any additional questions.

MCarruthers provided an overview of each firm:

Purpose Capital Group (PCG): Strong proposal, excellent value, limited procurement support, good relationship given current partnership. 

Avolon Accounting (AV): Proposal describes full, end-to-end financial services, including procurement. Avolon has broad, deep charter school experience in the Georgia sector.

Other Considerations: 

• Compliance with Legal & Certification Requirements, both meet this fully.
• Both have clear onboarding timelines and deliverables.
• Both vendors demonstrated strong capabilities in school financial management. 

The Finance Committee engaged in deliberate conversation around both vendors and RFP's. Special consideration was given to:  

1. Internal School-based Capacity 
2. Budget 
3. Long-term sustainability
4. Facility support

Additional questions were posed by the Finance Committee. Therefore, the Finance Committee will seek additional information from vendors. At this time, ZEST FC will not make a recommendation pending additional information from vendors. 

ZEST Finance Committee begins discussion of the Approved Auditor CPA firms:

• Mauldin & Jenkins, LLC;- Current Auditor for ZEST, a large firm. 
• Bambo Sonaike, CPA, LLC;- Great communication, early submission, works with schools in the ecosystem. 
• C. Douglas Erwin, Jr., CPA, Inc.; 
• Marshall Jones, Certified Public Accountant. 

ED and BC are working with 22Beacon to finalize construction plans for FY26, which are scheduled to begin following testing. 

22Beacon has requested additional financial and board documents that the school and back office provider will provide. 

The ZEST team will need to reengage with the Facility Resource Center to explore long-term facility planning.  

Board Member, Horace Ridley, left the meeting at 6:15 pm and joined by phone.