Pullman Community Montessori

Finance Committee (FC)

Date and Time

Thursday February 17, 2022 at 5:00 PM PST

Location

Keeping safety as our top priority, until further notice, all committee meeting will be conducted virtually over Zoom.

PCM's Mission: to prepare all students to reach their full potential for future success in high school, college, career, and life, using the rich resources of our community.

PCM's Vision: to serve as an instrument of change, helping to progress our education system to better meet the needs of students, families, and educators. We nurture students to be self-empowered lifelong learners, global citizens, environmental stewards, and compassionate and collaborative leaders, bringing positive changes to their communities and the world!

Agenda

     
I. Opening Items
  A. Record Attendance
  B. Call the Meeting to Order
   
'Grounding Questions' for the FC:
  • Do we believe that our internal policies and procedures are being followed?
  • What is our current cash balance, and is management confident in the organization's ability to meet short term cash needs?
  • How are our actuals to budget performing for this fiscal year? If there have been material unfavorable variances, in expenses or revenues, what is being done to mitigate this?
  • How are our "big projects" going? (ex: facilities, enrollment drives, hiring, etc).
REMINDERS
During the planning year (now to August 18, 2021), these are some overarching items that each FC member should be thinking about:
  • How are our draft fiscal policies and procedures coming along?
  • How are we tracking to budget overall?
  • How is our cash balance and will we be able to meet our short term cash needs?
  • How is enrollment doing?
  C. Pleasantry
   

We will continue to build trust amongst this team. We will work little by little to do this! One small way though will be to get to know each other more. 

Primer Question:
What is one way you show self-care? 

  D. Approve Minutes
   

Please review the prior meeting minutes in advance and come to the meeting with any amendments in writing that can be added to the Zoom chat.  This makes recording changes quick and easy.

    Minutes for Finance Committee (FC) on January 18, 2022
II. Finance Committee (FC)
  A. Review & Approve January Financials
   

During this piece of the meeting, Matt and Laylah will share what the FC Committee should be "looking for' in order to build those habits and mindsets.

Please review the school financials below prior to the meeting. Please try to ask questions to Matt or Laylah in advance so we are prepared to vote at 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
  5. Statement of Cash Flows
  6. Payroll and AP Certification
   
   
   
   
   
   
   
   
   
  B. Discuss and Approve Revised Budget
   
  C. Create a plan for Board Training
   

Board Assessment: https://app2.boardontrack.com/boardAssessmentReport/recommendations/941

 

Guiding Questions:

  • Are you well versed in the key drivers and sources of revenues for your organization?
  • Is the full board annually trained by the FC to read, understand, and interprent the main points of the financial reports?
  • Does the FC lead a porition of the new trustee orientation--orienting them to the orgnaizations short and long term finanical health and training them on how to read financial reports?
  • Are you 100% confident that the organization's management team is properly handing restricted grants?
  • Has managment provided the FC with a detailed checklist of all deliverables and reports to various agendcies, authorizers, and auditors??
  • Does the FC annually confirm that their deliveraables and reports to varies agencies, autorizers, and auditors are completed/submitted accurately and on a timely basis?
III. Other Business
IV. Closing Items
  A. Adjourn Meeting