Miles Ahead Charter School
Minutes
Finance Committee Monthly Meeting
Date and Time
Thursday April 10, 2025 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.
Taxes for 2024
Dorian gave the treasurer's report with the following:
February Ending Balance: 370,393.91
Checks 59,796.71
Other Withdrawals 307,970.71
Deposits 283,033.51
March Ending Balance. 285,660.04
GA Own Balances 20,942.43
Trust Balances 375,100.00
Total Ending Cash Balance: $681,704.94
B.
Budget Season Schedule
April 17th board meeting is the time to discuss budget for FY26.
Posting in the MDJ is scheduled for April 23rd or 24th
May 8th Finance Committee Meeting will be the first public hearing.
May 22nd will be second hearing for budget
June 21st Board meeting will be the time approve the budget.
IV. Executive Director Update
A.
Kolt gave the Executive Director's Update
Kolt reminded us that MACS will be filing for an extension to do 2024 taxes. Bambo Saoike is doing our taxes. This extension gives us until October 15 th to have them done and submitted.
Kolt also discuss the need to move the finance committee meeting so the information from Ed Tec has less of a lag-time with actual data. Currently, we have a 2 months lag-time. With the shift to the 4th week of each month, the lag-time will be reduced to one month.
Toni Johnson gave the finance report with the following bottomline:
State sources: 21,635 due to additional security grant allotment received
Purchased Professional & Tech Services: 4,510 Ed Tea reduction in fees due to reduced enrollment
Personnel and Benefits: (6405) Staff prorated salary change midyear increased forecast
Supplies: (16,626) Copier lease forecast added to budget
Net income(4829) YTD February with depreciation
Security Grant 75% drawn down
IDEA Building Capacity: 39.4% drawn down( covers stipends, professional development)
Stronger Connections is not drawn down- good until September 2025.