Springfield Prep
Minutes
Finance Committee Meeting
Date and Time
Monday February 24, 2020 at 7:30 AM
Location
594 Converse St. Longmeadow, MA 01106
This meeting of the Springfield Prep Charter School Finance Committee was held at 594 Converse Street, Longmeadow, MA on 2/24/2020 at 7:30 am. Meeting notice was posted on the school's website (www.springfieldprep.org) on 2/19/2020 at 5:00 PM.
Committee Members Present
A. Malone, D. Morrin, J. Callan, J. Rosewell, T. Walker
Committee Members Absent
None
Committee Members who arrived after the meeting opened
D. Morrin
Guests Present
M. Wagner, N. Abramowitz
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
T. Walker called a meeting of the Finance Committee of Springfield Prep to order on Monday Feb 24, 2020 at 7:31 AM.
C.
Approve Minutes from January meeting of Finance Committee
J. Rosewell made a motion to approve the minutes from Finance Committee Meeting on 01-17-20.
A. Malone seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| M. Wagner |
Abstain
|
| J. Rosewell |
Aye
|
| J. Callan |
Aye
|
| B. Spirer |
Absent
|
| A. Malone |
Aye
|
| T. Walker |
Aye
|
| D. Morrin |
Absent
|
| N. Abramowitz |
Abstain
|
II. Facility Project items
A.
Facility Renovation Update
D. Morrin arrived.
Meghan provided an update on the renovation of the new facility, including a timeline for updated drawings and for gathering staff and family input and discussed the potential formation of an advisory group to provide input to Bill and Meghan on the Building Project.
B.
Building Project Budget and Financials Review
Meghan noted that Boston Private has begun its due diligence and People's Bank declined to participate in permanent financing. The committee discussed how financial reporting on the building project would be presented to them and to the Board.
C.
Architect Contract Review
This discussion was tabled because the final contract was not yet ready for review.
D.
Application for Construction Manager at Risk
The committee discussed two options for construction management for the new project: the Construction Manager at Risk (CMAR) model under Chapter 149A and the Hard Bid model under Chapter 149.
They reviewed a comparison chart regarding the benefits and risks of both models and discussed the pros and cons. The committee noted that the submission of the application for 149A does not require the project to move forward under this construction management model; it can choose a different course at a later time. The committee did not propose a recommendation on this decision at this time.
They reviewed a comparison chart regarding the benefits and risks of both models and discussed the pros and cons. The committee noted that the submission of the application for 149A does not require the project to move forward under this construction management model; it can choose a different course at a later time. The committee did not propose a recommendation on this decision at this time.
E.
Capital Campaign update
Currently, the capital campaign has raised $860K of the current $2M goal. The school has a number of grant requests pending and is in discussions with several other foundations and donors.
III. School & Operations Finance items
A.
FY 21 Budget Timeline and Tuition Revenue Update
Currently, the school is under budget for FY20. For FY21, the draft budget and 5-year projections include a 2% increase in tuition revenue and the school is projected to receive a 2.5% increase based on the most recent DESE projections. Meghan and Bill will aim to share the draft FY21 budget in March.
B.
Review Monthly Financials
The school is operating at a surplus for FY20 due to increased revenue, not needing to subsidize student transportation, and operating in an undersized facility. It was noted that the included financial reports do not reflect the purchase of the new building because it happened simultaneously with month-end close, but it will be reflected in future financial statements after consultation with the school's business management consultant and CPA. A few formatting errors were noted and will be corrected before the upcoming Board meeting.
C.
Andrea Pursley Contract Review
The committee discussed the services of Andrea Pursley as a consultant for fundraising and development and reviewed the proposed contract to continue her services. Upon this review, the committee recommended that the Board move forward with this new contract.
IV. Closing Items
A.
Discuss Facilities & Finance update to Board
The committee will provide updates on the monthly financials and new building construction to the Board regularly going forward.
B.
Next Finance Committee Meeting
The next meeting was scheduled for 4/27/2020. The committee agreed to meet on 3/23/2020 to discuss facility renovation updates.
C.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 8:28 AM.
Respectfully Submitted,
T. Walker
Documents used during the meeting
- SPCS status update memo final 2-20-2020.docx
- CONSTRUCTION MANAGEMENT ALTERNATIVES.pdf
- 2. SPCS FY20 January Summary.pdf
- 1. SPCS FY20 January Details.pdf
- 3. SPCS FY20 Janaury Friends.pdf
- 4. FY20 January SNP.pdf
- 5. FY20 January Cash Flow.pdf
- 6. SPCS FY20 January Grants.pdf
- Andrea Pursley Contract Mar-Dec 2020 - unsigned.pdf