The committee discussed tuition projections.  Meghan noted that DESE just updated its tuition projections and there is a very slight decrease in the per pupil amount projected for this fiscal year. The committee discussed a recently awarded grant from the Peabody Foundation.  The funds awarded are to be used only for the building project and for student computers. The committee discussed annual projections versus the budget - the school is still on track to have a surplus. 

The committee discussed the Executive Director Compensation, Support, and Evaluation Webinar and specifically discussed whether there were any best practices recommended in the webinar that the school was not already following.  The committee discussed having Meghan and Bill do a review of the Fiscal Policies and Procedures to ensure the school's policies align with best practice and the school's current practice. 

The committee suggested having the Executive Director avoid using the school credit card to ensure that within the school there was also a "check" on credit card use.   The committee also discussed distributing to the board a checklist that was shared at the webinar that outlines financial responsibilities of the board and of management.  Meghan will make suggested revisions to the Fiscal Policies and Procedures to present at the next meeting. 

 

The committee decided to table the Owner's Project Manager's Contract discussion for the next meeting given that the potential building project is currently on hold.

The committee tabled this topic for a future meeting.

The committee discussed takeaways and action steps from the Board Retreat.  The board and finance committee have made great progress on the areas it identified at the retreat.

 

Bill shared an Executive Director goals dashboard he created to help further alignment and communication about his and the school's strategic priorities.  In future years, he suggests creating these goals with the board over the summer and as a follow up to his evaluation.  The committee felt that the priorities were the right ones and were clear and measurable. 

The committee discussed board member recruitment. There are currently a number of board candidates in the pipeline.  The committee discussed the recruitment process and made a plan for meeting with candidates to introduce them to the school and assess their interest. 

B. Spirer shared information about the school's upcoming fundraising strategic planning session with Andrea Pursley, a fundraising consultant.  She is a management and fundraising consultant who the school has hired to help develop a fundraising strategic plan.  At the next board meeting, Bill and Meghan will present the plan they develop during this session.

Doug will report out on the financials at the next board meeting. 

The committee discussed the schedule of the upcoming Finance Committee meetings. It was decided that the meetings will now be held on the fourth Monday of the month at 7:30am.