Key Metrics:

• 53 days cash on hand
• 10 points for assets-to-liabilities
• Debt to capitalization remains high at 102%, above the 95% target (driven by building costs).

Budget Variance:

• Variance flagged as a “yellow” concern. Clarification needed from Brian regarding three-year variance.
• Current financial rating improved from C to C+, with a goal to reach B rating.

Board Understanding:

• Jen emphasized the need to explain red/yellow financial indicators to the board for accountability.

Audit:

• Ongoing audit with Calvetti Ferguson.

1. Kim noted financial strain is due to revenue/student numbers, not overspending.

Revenue & Development:

• Jen stressed diversifying revenue streams via board engagement, development planning, and recruitment of fundraising-focused members.

Board Contributions:

• Proposal for all new board members to commit to a $5,000 annual “give/get” contribution.
• Agreement to include this in a future board member agreement.

Revenue & Development:

• Jen stressed diversifying revenue streams via board engagement, development planning, and recruitment of fundraising-focused members.

• Ongoing audit with Calvetti Ferguson.
• Kim noted financial strain is due to revenue/student numbers, not overspending.

• Discussion held regarding leadership continuity. Lauren identified Laura as her successor but noted a deputy would be required due to workload.
• Jen offered to draft an operational succession plan to ensure continuity.

• Kim and Lauren expressed concern about delays in recruiting.
• Jen will streamline the process by separating interviews from board meetings, creating a one-page SOP for new member interviews, and building a JotForm application for candidates