Miles Ahead Charter School
Minutes
Finance Committee Monthly Meeting
Date and Time
Thursday April 11, 2024 at 7:00 PM
Committee Members Present
D. Laguerre II (remote), E. Miller (remote), J. Toussaint (remote)
Committee Members Absent
G. Stevens
Guests Present
H. Lust (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Dorian called the meeting to order at 7:01 p.m.
D.
Approve Agenda and Minutes
II. FY24 Financial - edtec Report
A.
Peter Laub gave the EdTec Finaniclals for Feb. 2024
III. Treasurer Report (Finance Committee Member Chair)
A.
Dorian Laguerre gave the Treasurer's Report
February ending balance: $426,000.51
Truist GOCU Saving GoCu Checking GOCU MM
Checks 34,940.96 10,000 15,094.94 100,421.84
Withdrawals 204,298.79 510.00
Deposits 132,293.33 24,721.11 12.38
March Ending Mal.: 319,293.33 34,721.11 14,552.32 100,421.84
Ending March Total Balance: $468,987.60
Dorian proposed moving more of the money from the GOCU Saving and Checking account to the money market where there is higher interest being paid. The finance committee approved leaving only $5K in each of those account.
IV. Executive Director Update
A.
Kolt gave a few things that are priorities from the Executive Director's perspective
MACS is preparing for the yearly financial audit. The SCSC will provide the auditor if MACS chooses one of their approved auditors.
It is time to start the budget preparation in order to have 2 meetings announced in the Marietta Daily Journal(legal organ).
RFPs are being solicited for Bus(Transportation) and Cleaning Services.
Budget vs Current Forecast Budget Forecast Variance
Local Source 248,000 1,053,075. 805,075
State Source 2,115,000 2.371,701 256,701
Federal Source 857,187 1,084,422. 227,236
TOTAL REVENUE 3,220,187. 4,509,199 1,289,012
TOTAL EXPENSES 3,036,776 3,822,088 (795,232)
OPERATING INCOME. 183,410 677,191 493,781
$40K, +$29K: Corrections to staff payroll( nurse and other hourly staff)
-$7K Professional and Technical Services expense increase
-$1K Utilities expense increase
-$31K: Insurance & Food Services Management expense increase
-$2K: Office supply increase offset by Janitorial Supply decrease
Title 1 and Title 2 grants in the amount of $64K allocated/earmarked to be spent by 9/24.
$386K projected cash flow for June 2024. This doesn't include the Georgia Own Credit Unit Account.
Days Cash on Hand: 40
Enrollment is strong at 195.