Financials are stable since the last meeting

• Revenue projecting ahead of budget - tuition increase, interest, HVM did not get the teacher diversification grant (projected at $10K).
• Fringe rate is running at 14.7% (this is somewhat skewed due to tuition reimbursement included in benefits).
• Board on track was not a budgeted expense for FY25 - $10K
• Utilities - Coming in over budget, should take this into consideration when drafting new budget.
• Looking to capture about $16K in cost reductions before year end, seems to be a realistic expectation.

The first draft review of the FY26 budget was pushed to the next meeting as we did not publish it in time for the meeting.

No significant changes to discuss.

The Foundation Board will be meeting to vote on the Salem Five proposal for the HVAC/Roof capital project.

• Discussed opinion on whether Dept of Education closure could affect tuition funding.  At this point we are hopeful it will not and that it would just move to a different administrator.
• Foundation asked if the school would consider moving banking to Salem Five, should they approve their proposal on the capital project.

4/28 - 5pm via teams