Miles Ahead Charter School
Minutes
Finance Committee Monthly Meeting
Date and Time
Thursday June 13, 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
Charles Menifee, H. Lust (remote), K. Bloxson (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Agenda and Minutes
II. FY24 Financial - edtec Report
A.
Peter Laub from EdTec gave the financial report.
III. Treasurer Report (Finance Committee Member Chair)
A.
Dorian gave the Treasurer's Report
Checking Account Summary:
April Ending Balance: $154,696.56
Checks. ($58,105.58)
Other Withdrawals. *$170,531.34)
Deposits $425,958.15
May Ending Budget. $352,018.79
Total Savings. $140,137.59
Total Operating Income: $502,159.36.
Dorian is reaching out to Bambo Sonaike for an letter of intent as well as scope of work for the upcoming FY24 Audit.
IV. FY24 Audit Preparation / Form 990 Preparation
A.
Bambo Sanoike chosen as auditor
Dorian is reaching out to Bambo Sonaike for an letter of intent as well as scope of work for the upcoming FY24 Audit.
V. Executive Director Update
A.
Kolt's Update
Kolt has suggested that we make a teacher retention strategy a priority. She will present some idea to the full board for consideration at the upcoming board meeting on June 15, 2024.
FY 24 Previous Forecast vs Current Forecast Summary for April
-$258K QBE updates
-$23K EOY stipends
-$15k Janitorial /Maintenance expenses increase(repairs for pipe burst, and electrical repairs included)
-$16K Marketing, School Day Bus, & Insurance expense increase
-$750 Extracurricular Supply expense increase
BUDGET vs CURRENT FORECAST:
Total Revenue: $3,220,187 Total Forecast: $4,508,941. Variance: $1,288754
Total Expenses; $3,036,776. Total Forecast; $3,913,292. Variance; ($876,516)
Operating Budget: $183,410. Current Forecast; $595,649. Operating Income: $412,238