Springfield Prep
Minutes
Finance Committee Meeting
Date and Time
Monday March 23, 2020 at 7:30 AM
Location
594 Converse St. Longmeadow, MA 01106
This meeting of the Springfield Prep Charter School Finance Committee was held via conference call (Dial-in Number: (605) 475-4000 / Access Code: 781607) on 03/23/2020 at 7:30 am. The meeting was held virtually due to the preventative school closure from 3/16/2020 to 4/6/2020 related to COVID-19 and Governor Baker's requirement to close all schools during this time. Meeting notice was posted on the school's website (www.springfieldprep.org) on March 18th at 5:05 PM.
Committee Members Present
A. Malone (remote), D. Morrin (remote), J. Rosewell (remote), T. Walker (remote)
Committee Members Absent
None
Guests Present
B. Spirer (remote), J. Callan (remote), M. Wagner (remote), N. Abramowitz (remote)
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 Mar 23, 2020 at 7:31 AM.
C.
Approve Minutes from February meeting of Finance Committee
D. Morrin made a motion to approve the minutes from Finance Committee Meeting on 02-24-20.
A. Malone seconded the motion.
Minutes are approved pending the removal of "with Pat Temple" from the sentence referring to the discussion of the Construction Manager At Risk model.
The committee VOTED to approve the motion.
II. Facility Project items
A.
Building Project Update & COVID-19 Impacts Update
B.
Building Project Budget and Financials Review
Meghan and Bill discussed the potential impacts to the building project budget, financing structure, and capital campaign due to COVID-19-related delays or changes in the economy. The Committee highlighted risks to grant funding and to the appraisal as primary concerns.
Meghan also discussed upcoming expenditures for the building project that are as expected or favorable to the school, per the update memo provided.
Meghan also discussed upcoming expenditures for the building project that are as expected or favorable to the school, per the update memo provided.
C.
Discuss Construction Manager at Risk model vote
Bill discussed that the school has decided to postpone this vote until qualifications from Construction Managers at Risk are received and can be evaluated.
III. School & Operations Finance items
A.
Update on FY 21 Budget Draft
Meghan discussed that the school will delay presenting the Committee and Board with the FY21 budget until April so that she can receive more detailed and updated projections on tuition revenue from DESE.
B.
Review Monthly Financials
Meghan discussed the financials are as projected, except for a change to the nutrition expenditures and reimbursements due to the temporary closure. This change does not have a net impact on the school’s financial position. The school doesn’t project any significant additional expenditures or savings due to the temporary closure.
IV. Closing Items
A.
Discuss Facilities & Finance update to Board
Meghan and Bill agreed to present the facilities and finance updates to the Board.
B.
Next Finance Committee Meeting
The next Finance Committee meeting is currently scheduled for 4/27/20.
C.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 8:30 AM.
Respectfully Submitted,
T. Walker
Meghan also discussed potential impacts to the building project due to the larger impact of COVID-19. She discussed that there are few current risks since we are in the underwriting and planning phase, but that there may be challenges should local government meetings continue to be canceled or approvals be delayed. The Committee discussed the impact of needing a traffic study during COVID-19 and Meghan discussed potential alternatives being reviewed.
Meghan also discussed the contingency plans being developed should the building project not be complete in time for the 2021-2022 school year.