1. Auditors, have completed their assessments. There could be a finding from 2024. This finding has been flagged for late submission in 2024. In the DESE’s portal, every time a resubmission is done, the prior submission date is replaced with the new one. This has created an issue for late submission. Marc and Elizaeth are working with HVM reps in DESE to find the original submission date and email correspondence as well. 
2. Final Presentation from the auditors will be on Thursday to the board. 
3. As of September 30, 2025, the School realized an operating change in net assets of $182,416 as compared to a budgeted operating change in net assets of $(32,661). These exclude the Roof expenses, which have been moved to the Balance Sheet, as well as Depreciation.
4. The following variances are exceeding YTD budget:
   1. Field Trips/Student Activities: $7K – YMCA Field Trips
   2. Contracted Services – Human Resources $9K – Payroll Fees
5. Expenses came in $177K under budget, excluding depreciation and roof costs. 
   1. Salaries & Wages - $141K
   2. Dues, Subscriptions & Other Admin - $13K 
6. As of Sept 30, the school has 129 days cash on hand. This includes the temporarily funds released from Treasury Direct. This results in a green status on the DESE dashboard. 60 days is the minimum for a “green” rating. The funds have been transferred to Treasury on October 5th, and will be reflected in October financials.
7. The Foundation currently has Assets totaling $2.2M including
   1. $134K in cash + investments
   2. $1.815M in Fixed Assets

Next meeting: November 17, 2025.