Miles Ahead Charter School
Minutes
Finance Committee Monthly Meeting
Date and Time
Thursday September 12, 2024 at 7:00 PM
Committee Members Present
D. Laguerre II (remote), E. Miller (remote), J. Toussaint (remote), K. Bloxson (remote), L. Schumpert (remote)
Committee Members Absent
None
Guests Present
H. Lust (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
E. Miller called a meeting of the Finance Committee Committee of Miles Ahead Charter School to order on Thursday Sep 12, 2024 at 7:03 PM.
C.
Approve Agenda and Minutes
L. Schumpert made a motion to approve the minutes from Finance Committee Monthly Meeting on 08-08-24.
D. Laguerre II seconded the motion.
The committee VOTED to approve the motion.
II. FY24 Financial - edtec Report
A.
Toni Johnson gave the financial report
III. Treasurer Report (Finance Committee Member Chair)
A.
Dorian Laguerre gave the treasurer's report
July Ending Bank Balance; $361,144.77
Checks $ 64,869.85
Other withdrawals. $401,589.18
Deposits $402,995.60
August ending balance: $297,681.34
Cash Balance : $378,493.44
IV. Executive Director Update
A.
Kolt gave the executive director's update
Kolt made the finance committee aware of some personnel changes coming. There are some employees leaving which will need new employees hired.
LIIF approved the interest only payment plan.
V. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 7:48 PM.
Respectfully Submitted,
E. Miller
This is a close out of the June 2023 school year.
Revenue for 2023 was more than forecasted in 2023 because of extra grants received.
QBE from the state went up and expenses were up as well.
2023-24 Previous Forecast; $4,508,941
2023-24 Current Forecast: $4.415,636
Variance: ($93,721)
FY24 Budget vs Current Forecast:
Total Revenue: $3,220,187
Current Forecast: $4,415,220
Variance: $$1,195,033
Total Expense: $3,036,776 vs Forecast: $4,104,683 Variance: ($1,067,907)
Operating Income: $$127,126
There is a Culder Grant for $100K for FY 2024-25.
Revenue Breakdown:
QBE: 51%
Federal funds: 24%
Grants/Fundraising: 21%
Local Revenue: 2%
Other State Revenue; 2%
Most grants have been drawn down 100%.
Stronger Connection has $30K must be drawn down by September 2025.
Cash Flow ended for FY2023-24 was $300K