William gave following info:

1. 2026 int he black 181k

2. Will be out of state fund by end of April, & using local funds in May & June.

3. 4 main challenges for next year:

-  a. Salary

-  b. Enrollment

-  c. Nutrition

-  d. Facilities

--     i. Facilities includes winding down Dellwood (fewer daily operational expenses) & Russ.

--     ii. NO larger capital projects for FY 26/27 planned.

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Ben spoke to this:

-Contracts are being re-bid (lawncare/grounds, utilities for Dellwood turned off or down as much as possible, etc).

-Alyson mentioned: Bond shows that "at 5 year mark, must hire someone to do a full assessment of the facility." Must be completed no later than June 30, 2027 & the school can choose that consultant.

-Ben responded: HVAC company has already completed an assessment, and needs clarification on if we can hire that person to review only those items that need to be reviewed still.

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Ben Weimar:

A non-profit wants to buy the modules, not rent them, and want to take over our lease or get a new lease with Lake Junaluska.

Others want to buy modulars & move to other locations.

Can we sell the trailers for less than FMV? Is that even an option, and if it is, does that change what we can use the funds for?

Motivation for question: this buyer wants to buy, and we need to know how much we can sell the modules for.

Rob will confirm what bond says about this.

Travis worked on tis over spring break:

She went through all the expense lines to ensure they're accurate & representative of reality.

i.e. not collecting school supply fee, so reduced those funds availble.

Pulled trial balance & YTD to help get this together.

The budget appears ready to go.

Alyson: Are we in the black?

Travis: We are, esp as William stated above (181k)

Sara: Arranging appropriate student teacher ratios to ensure students are served well & salaries are controlled well.

Travis: She sees Sara's desire to keep as many teachers as possible, etc.

"If I put 26 in a class, kids will leave" & our ADM will go down.

ADM 396 = already expected.

Tom: Build budgeton 90% or 80% of that number.

Rob asked Sara to get an idea of what the school looks like at an ADM of 400

William: Suggested ask bondholders for relief/adjustment to current bond payment schedule & will need a waiver for not meeting bond covenant of 1.10. Therefore, will need a statement, way to ask for these things. Will discuss Friday. William will begin the framework for this statement/ask, with hope they will meet us half way.

LBL: Purpose, agenda, what to talk about, etc. Discussion, Action, Recommendation

CSP: Standard format, history, projection, actionable items on agenda, being more structured in our meeting & with next steps.

-Get to compliance with bond coverage ratio (1.10) ratio by end of FY ____

William: Needs us to see where we are in the next FY (26/27) 

-Cash on Hand at: (min 45 days) 

-ADM goal to 500 in a certain time frame Will decide time frame in the fall. 

William: What are future facility items, so we can plan in the next few fiscal years.

Alyson: Until we know what bondholders say and can offer for budget relief, we wont be able to truly plan.

Rob to Travis: What is our current system?

Travis: She & Sara are the signers.

Executive Director & Finance Director signs

mult done through e-check, which has both their signatures pre-loaded.

All expenses are kept on a paper trail

Ben: Would like some dollar amount limits that under which, facilities can spend without running up flag pole, and over which, need to get vote or at least communicate with director(s) or board.

This is to be completed via Policy committee.