Pullman Community Montessori
Minutes
Finance Committee (FC)
Date and Time
Tuesday February 16, 2021 at 5:00 PM
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!
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!
Committee Members Present
A. Guyton (remote), C. Minogue (remote), L. Sullivan (remote), M. Paolini (remote)
Committee Members Absent
J. Cassleman
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
A. Guyton called a meeting of the Finance Committee Committee of Pullman Community Montessori to order on Tuesday Feb 16, 2021 at 6:28 PM.
C.
Approve Minutes
C. Minogue made a motion to approve the minutes from Finance Committee (FC) on 01-19-21.
L. Sullivan seconded the motion.
The committee VOTED to approve the motion.
II. Finance Committee (FC)
A.
Planning Year Budget Review
B.
Review & Approve January Financials
C. Minogue made a motion to Approve January financials as presented.
A. Guyton seconded the motion.
Engaged in group Q&A...
- when will enrollment be reported on dashboard (March)
- dashboard will be updated to correct numbers next time (addresses Aubree's question related to the $50K mark)
- Carmel recommends Joule update financials so that the Income Statement and Profit & Loss statement include a month-to-date and year-to-date column. Also recommends adding a cash flow report to year end reporting. Noted this would go above an beyond with transparency and make it easier for her to read reports.
ACTION ITEM
Laylah will discuss Carmel's question with Matt and Bill and report at our next meeting.
C.
Financial Policies & Procedures Manual
C. Minogue made a motion to To approve the amendments made to the FPPM.
A. Guyton seconded the motion.
Prior to voting on FPPM we discussed Bev's questions. Matt made changes real-time.
ACTION ITEM
Laylah will follow up with Bev to resolve her questions prior to the board meeting.
D.
Intro to 5 Yr Budget
We engaged in a Q&A around the 5-year budget. We began talking about the bottleneck in year 4 (what our plan is around seeking extra funding, what our plan is if we never receive another cent of funding). Laylah noted we are focused on building strong cash reserves in years 1-3, pursuing additional funding, and building an expenses cut list for worst case scenario. Matt noted we have budgeted assuming a 3% attrition rate (Line 148). We will revisit the 5-year budget to dive deeper next month. Laylah encouraged members to reach out with questions in the meantime.
III. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 6:29 PM.
Respectfully Submitted,
A. Guyton
Action Item: Update note related to school mint (move to correct notes section)