'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).

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.

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
7. Review Financial Dashboard to ensure meeting commission standards (mark goal as complete once reviewed)
8. Financial Framework Condensed Tracker

JGP and Laylah will present 2023-24 Annual budget revision.  The FC will review and vote to recommend to the board for revision and adoption if ready.

The FC will review and discuss the 5-year budget scenarios.  If the scenarios are ready they will be recommend to be presented to the Board of Trustees.

FC committee will review the details

of the auditor presentation for the next board meeting 

APPROVED goals for SY22-23

COMPLETE Complete first audit.

COMPLETE Address and fix any feedback from audit.

ONGOING/Completed Process Provide monthly Private Funding Updates to the Board

COMPLETED 1x: Prepare and discuss scenarios regarding funding and enrollment to present to Board 2x this year

Recruit 2 new committee members

How will we onboard new board members to understand and have good questions in reference to school financials?

What will the annual board trainings around Fiduciary responsibilities and best practices look like?

How will we onboard board members who join mid-year?  Is there a way to do this to not overload one of us (maybe recordings)?

Who will do this and how do we keep track?

How do we keep the board on the info/questions included in the two aforementioned documents (contract & 50+ questions)?

Suggestion from Matt: 

1. Short term sustainability: do we have enough resources (cash) to meet short term obligations (AP and payroll for the next 3-6 months)? 
   • How does the Board track this? The cash piece on the dashboard would be the discussion starter: "Is cash red, green or yellow? If it's not green, why and what are we doing to fix it?"
2. Long term sustainability: do we have a multi year plan that shows us being sustainable in the long term?
   • This is more of a yearly discussion, around budget time: "Does the 5 year budget show sustainability? (positive net incomes and 30-60 days ending cash, by month; meeting fiscal covenants); if not, what is the plan to make the organization sustainable?"
3. Budget status: is management sticking to the budget? 
   • How does the Board track this? The revenues and expenses trackers on the dashboard: "Are revenues and expenses tracking to budget? If not, what is the plan to get back on track?"
      
   • They should also be certain that the FC has reviewed a line by line budget to actual report, with updated forecasts, and that if a budget account is projected to go materially over budget, that there's a reason / plan behind it. 

Next meeting, we will review: 

Board Staff Financial Contract

50+ Smart Questions to Ask About Your Schools Finances
 

PCM Logic Model (10,000 foot view)