Miles Ahead Charter School
Minutes
Finance Committee Monthly Meeting
Date and Time
Thursday November 14, 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
C.
Approve Agenda and Minutes
II. FY25 Financial - edtec Report
A.
Toni Johnson gave the Finance Report
III. Treasurer Report (Finance Committee Member Chair)
A.
Dorian Laguerre gave the Treasurer's Report
This is a Cash flow statement for the month of October.
September Ending Balance 373,104.70
Checks 31,893.64
Other Withdrawals 327,689.68
Deposit 364,825.16
October Ending Balance 378,346.54
GA Own Acts. 10,880.04
Ending Cash Flow 389,226.58
IV. Executive Director Update
A.
Calendar of Activities
Kolt gave the Executive Director Update.
Kolt is working with other school to develop a cadence for finance committee activities for the school year.
Kolt requested access to pull down expenses/statements from Trust to help expedite and streamline coding of expenses for EdTec. Uncategorized expenses are still an issue.
Kolt has asked that the Director of Operation s have a limit of $1500 for purchase.
These numbers reflect Budget Vs Forecast for August vs September 2024
Budget Current Forecast Variance
Local Sources 436,000 642,085 206,085
State Source 3,847,855 3,540,139 (307,717)
Federal Source 237,025 223,252 (13,773)
There are line items that are overspent where there is potential for cutting back.
Supplies are 51% spent for the year's budget. Other expenses is 91% spent for the year's budget. Both are areas to examine further to do as much cost saving as possible.