Please thoroughly review minutes and have any amendments typed and ready to put into the chat.

Examining and discussing scenarios is a good way for boards to grow and stay ahead of issues.  Don't get lost in the details of the scenario.  These are hypotheticals that other boards have dealt with.  Keep in mind Governance vs Management and how you feel the board should collectively APPROACH solving the problem presented (not the minute details of how the problem will be solved or the ultimate decision)

A reporter, investigating rumors about favoritism in the enrollment lottery, calls a board member at home.  What are the steps the board member should take?

 

1. OPMA email communications: The clerk sends an email to all members of the governing body asking if they are free on Friday at 3:00 pm for a special meeting of the governing body. Each member "replies all" indicating their availability for the meeting. OPMA Quick reference resources
2. Committee recommendation as motion: The Finance Committee recommends the Board adopt a Financial Policy and Procedures Manual. 

Update on training with Dr. Scott

Welcome!  If you would like to make public comment you will be called on in the order you logged in/arrived.  We generally allow 5 minutes for presentation of personal comments/questions/concerns/grievances.  These should be shared with the board in writing in advance of the board meeting for us to better address you consideration.  Please email to board@mypcm.org or submit in paper form to the PCM office in Gladish Community and Cultural Center.  You should receive confirmation of receipt of your written statement within 48 hours of submission.

Please review the LEADERS Team Update (COMING SOON).  Carefully review and send me any questions in advance of the meeting.

Please read through committee reports/minutes and come with questions.  Committee chairs will not provide updates unless there is a motion or key items to address.  Please communicate with committee chairs or the head of school in advance of the meeting if you have questions.

Trustees should access the 2/22 LESC notes and review prior to the board meeting. 

The committee will report on the 2/11 HOS mid-year appraisal.  Results of this appraisal as well as the process used may be found below.

 

For John to share the Board consensus on the HOS's mid-year appraisal with PCM's commission contact.

Trustees should access the 2/15 GC notes and review prior to the board meeting. 

John will prepare the board for procedural updates considerations for future meetings.

Trustees should access the 2/16 FC notes and review prior to the board meeting. If interested these are the questions we addressed in advance.

MOTION 1: The FC proposes the Board adopt this Financial Policies & Procedures Manual as the base policy for PCM. 

          Why: This document is critical to maintaining good internal controls and delineating policies and procedures for procurement. This recommendation is made with the recognition that sections of this policy will be updated in the future after more robust discussions are had around staff leave and scan and toss policies.  Also, like all policies at PCM they will be reviewed annually at minimum to ensure no amendments are warranted. (having this policy in place is also a CSP grant requirement).  

MOTION 2: The FC proposes the Board approve the January financials.  For transparency the documents reviewed by the FC have been shared below.  These documents will not be re-reviewed during the meeting.

1. Dashboard (high level view of main metrics)
2. Balance Sheet
3. Profit & Loss Statement/Income Statement
4. Budget vs. Actual Report & Forecast vs Actual Report

As agreed in our Charter School Contract with the Commission, PCM must meet a list of pre-opening conditions on the proposed deadlines to be able to open.  I recommend occasionally each Trustee should read back through the Statement of Assurances (found in the Compliance folder linked in the footer).  This provides a condensed view of what we've agreed to.

Please review the pre-opening checklist.  Our HOS will provide a short report on progress.

We have met all our pre-opening conditions to date. We have also completed almost all March and April conditions.  It is critical that Trustees keep up with board on track tasks in order to meet all the deliverables. Please watch the LOOMS I sent out on this.  Checking them off when completed is also critical as in some cases this check list serves as evidence for a deliverable.

 

Per our initial plan I have been working with Gladish management for the last 4 months to create and negotiate a Master Lease that would secure PCM's long term residence in the building in a manner that fit with PCM's growth plan.  

This MASTER LEASE is in nearly final form and is in final high-level review with all councils.

Why: we are getting down to the wire on needing to finalize a number of things and this latitude will allow things to move more quickly.  Time is also of the essence with the lease as the potential loan from RAZA for facility improvements and a planning year line of credit can't be sent to the underwriter without this.  This lease has embedded requirements demanded by the Lender that protects them and in a number of ways, PCM, - specifically the leasehold mortgage language, non disturbance, and attornment agreement)

Myself

Joule (has part of 5 year budget since beginning and has updated as fine-tuned)

James from WCSD  
RAZA (their legal council and soon underwriter)
Gladish & their Council...Gladish has invested a huge amount into developing this lease.
PCM legal council (APEX)

This document outlining the Gladish improvement/renovation plan was shared with Trustees earlier.  As noted from the RFP (Requests for Proposals) 2 contractors are required: A Fire Sprinkler System Contractor and  General Contractor.  Both of these will be contracted using a Minimum Price Bid and meet compliance requirements for licensing, bonds, and insurance.  Apex has provide a template for this bid format.  I am currently in negotiations with the Fire Sprinkler System Contractor and will be in negotiations with the General Contractor the first week of March. 

 

 

I would like to revisit this LOI (as presented earlier) presented by RAZA that outlines the specs of the two loans I've been pursuing for PCM.  RAZA is the ONLY lender of their type (without a cosigner or private funder) that will provide services to charter schools in WA.

RENOVATION - as noted when we started this process there was no way to bring the facility up to par without a loan (estimate was about $50K/room).  The hope was the loan would be smaller by acquiring funding from WCSD (Washington Charters School Development, up to $100K) and offsetting with grant funding as well.  COVID has dried WCSD funding up.  We have offset some with grants (namely CSP for sprinklers).  There is still a chance for offsetting with grants in the future (for the 2nd loan).

BRIDGE/SHORT-TERM LINE OF CREDIT - the planning year is riddled with cash flow challenges during a time that reserves are not built up.  Funding is also not distributed in a manner that makes sense for some models which poses additional challenges for us (ex. classroom materials have to be ordered earlier than some places and our costs are high due to long-term nature of the project).  I can only get a small line of credit from local banks.  I am working on 2 things 1) detailed cash flow to reduce the bridge loan amount, 2) securing a credit card and small line of credit locally.

I'm very close to presenting all the items needed for the loan to be sent to RAZA'S underwriter (need master lease).