School Financial Overview

• Aline reviewed September and first quarter financials, noting that the school continues to perform favorably compared to budget.
• Cash on hand is approximately 117 days, exceeding DESE's 60 day benchmark.
• Approximately 95% of operating expenses are covered by tuition revenue.
• Enrollment remains at 306 students.
• The school remains in a strong financial position with a low financial risk assessment.

TreasuryDirect Account

• Aline reported a TreasuryDirect balance of approximately $643,995.
• Jeff explained that updated login requirements have created access issues because the account was originally established under Phil.
• Jeff has contacted ID.me and TreasuryDirect and may need to complete additional documentation and make a phone call.
• Ginger asked who should manage the account. Jeff and Aline discussed Ginger or the Board Treasurer as potential account owners.
• The group also questioned whether multiple individuals could have access as a backup.
• Jeff will determine the next steps and may ask June to assist.

Balance Sheet and Budget vs. Actual

• Aline reviewed the balance sheet and noted no significant changes from August.
• Nutrition reimbursements are pending, and an estimated receivable was recorded.
• Annual subscriptions are being allocated monthly as prepaid expenses for more consistent reporting.
• Accounts payable are current, and prior-year MTRS liabilities are expected to clear next month.
• Payroll expenses remain close to budget.
• Aline asked Ginger about staffing vacancies, Ginger confirmed all positions have been filled.
• Administrative expenses and supplies continue to be monitored.
• Student services remain under budget due to the timing of field trips and nutrition invoices.
• Facilities expenses are generally on track, with additional costs related to countertop purchase.

Budget Variance Discussion

• Jeff asked what was contributing to the favorable budget performance and whether salary savings were a factor.
• Aline explained that delayed student services expenses were a significant contributor.
• Jeff confirmed that recent staffing changes resulted in savings rather than increased payroll costs.
• Aline will continue monitoring budget variances throughout the year.

Finance Invoicing

• Jeff asked about the revised invoicing structure previously communicated by Cindy.
• Aline mentioned that the September invoice had not yet been received and will follow up with Cindy.

Foundation Financials

• Aline reviewed Foundation financials, noting minimal changes from the previous month.
• Several deposits were recorded as donations, but additional reconciliation is needed.
• Jeff explained that DonorPerfect generates frequent deposits, some of which may include processing fees.
• Tara and Jeff discussed reconciling bank transactions with DonorPerfect and fundraising reports.
• Tara will share transaction details, and Jeff will provide supporting reports.

Birch Tree Rent

• Aline noted that August and September rent payments were not reflected in the Foundation financials.
• Tara mentioned a change in the person responsible for payments at Birch Tree and will follow up.

Annual Audit

• Aline reported that the annual audit is nearly complete and will be presented to the Board on Thursday.
• An amendment is needed to include employer-paid benefits in the required reporting.
• Aline noted a prior-year finding related to grant reports not submitted by the December 31 deadline, which will be addressed during the presentation.
• Overall, the audit process went smoothly.