Miles Ahead Charter School
Minutes
Finance Committee Monthly Meeting
Date and Time
Thursday July 11, 2024 at 7:00 PM
Committee Members Present
D. Laguerre II (remote), E. Miller (remote), J. Toussaint (remote), K. Bloxson (remote)
Committee Members Absent
None
Guests Present
Chasity McCrary (remote), H. Lust (remote), Tia Reynolds (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 EdTed gave the financial report
III. Treasurer Report (Finance Committee Member Chair)
A.
Dorian Laguerre gave the Treasurer Report
June Ending Checking: 155,846.29
GA Own Saving. 5,010.28
Ga Own Checking. 5,002.98
GA Own Money Market. 140,366.18
Ending Total $306,225.73
IV. Executive Director Update
A.
Kolt Bloxson Pitts gave an update.
Kolt brought forth the question as to whether the proposed finance of new furniture for the expansion is reasonable. Peter Laub from edTEc stated that the $125K at 4.52% was feasible for the upcoming year. The finance committee concurred.
V. Other Business
A.
The Finance Committee Discussed Bonuses for MACS employees
The finance committee discussed what MACS could afford to provide in the way of a bonus for the employees. After much discussion and consideration for impact on MYP the motion was made by Jennifer Touissant and second by Dorian Laguerre to the following bonuses:
23 FT Employees: $1,500 each = $34,500
5 PT Employees: $500 each = 2,500
3 DIRECTORS: $7500 each = $22,500
TOTAL: $59,500
The motion passed. This is based upon $66K the Executive Director rescinded including a one time pay adjustment and a pay increase. Except for the Directors, these will be paid out in two payments: December and July.
FY 24 Previous vs Current Forecast ( My 2024)
Total Revenue: 4,508,941 vs Forecast:4,508,941.
Total Expenses: 3.913,292 vs 3,876,437. Variance: 36,856
BUDGET vs FORECAST
Total Revenue 3,220,187. vs 4,508,941. Vatiance: 1,288,754
Total Expenses; 3,036,776. vs 3,876,437 (839,660)
OPERATING INCOME: 449,094
GRANTS' POSITION:
All of the grants have been drawn down except the following:
Title ! Grant1 is 80% spent and will expire September 2024.
Stronger Connection has $30k that can be drawn down by 9/25.
Projected Cash Flow- June 2024: $401K
Day Cash on Hand: 31
From as SCSC Dashboard performance perspective, MACS should still earn 90 points on the financial section.