Due to a timing error, the committee did not vote to approve the May 19, 2025 minutes; it will do so at the next meeting.

• Meghan gave background on the audit process before introducing Matt McGinnis and John Casassa from AAFCPAs.
• Auditors reported a clean audit: clean federal audit report, clean internal controls, clean compliance report (federal testing), and a clean management letter with no significant deficiencies.
• Auditors reported that the school is in a healthy financial position with strong liquidity and working capital.
• Management letter had no deficiencies, with Amy noting that this was impressive.  Ron noted that the audit went even more smoothly than last year.
• Board discussion of ratios, with Amy asking if they were part of the opinion; auditors clarified they are supplemental.
• Committee members and the auditors discussed which schedules are posted publicly.
• Amy asked about liquidity compared to peers; auditors said it was well above the benchmark.
• Amy asked if DESE ever requires reserves to be drawn down; auditors said no strict rule exists, but that DESE monitors.
• The committee requested refresher trainings from staff: (1) modeling of the new market tax credit financing unwind, (2) a deeper dive into the drivers of the school’s surplus and (3) planning for reserves.
• Bill said we could do that and noted that he and Meghan have been in touch with lenders about how we will wind down the New Market Tax Credit structure.
• At 8:05 AM Matt and John left the meeting. 

• Bill presented the school's fundraising progress and goals for the current fiscal year. They have raised nearly $200,000 of their $350,000 target, with a strong likelihood of reaching nearly $300,000 based on pending grants. 
• The school aims to raise $45,000 through its annual appeal, focusing this year on the high school advising program.
• Mary Kate asked about if there is a ceiling for Springfield Prep’s fundraising; Bill said the plan reflects realistic capacity and deepens core donor base.
• Bill emphasized the importance of maintaining strong relationships with key funders and cultivating a culture of fundraising among board members, and discussed launching a lunch tour program to engage trustees in ‘friend-raising.’
• Amy asked about ways to draw on board experience in future fundraising efforts.  Ron noted that Sally has extensive experience in this area, and Bill added that creating a Development Committee has been discussed and may be considered as part of succession planning.

• Meghan reported that government grants are coming in $45K higher than anticipated and that financials are otherwise on track with only minor deviations. 
• Meghan noted that there is not a lot of wiggle room with the surplus, so careful monitoring will be important. 
• Amy agreed on taking the lead on translating the audit for the full board.

Monday, November 24, 2025, 7:30–8:30 AM.