Boston Preparatory Charter Public School
Minutes
Finance Committee - Audit/Q1
Date and Time
Tuesday September 30, 2025 at 8:00 AM
Location
The public is welcome to attend any meeting of Boston Prep’s Board of Trustees or its subcommittees. If communication assistance or any other accommodations are needed to ensure equal participation, please contact Lily Jewell at ljewell@bostonprep.org at least two (2) business days prior to the meeting. Any changes in the agenda will be posted on Boston Prep's website and will be electronically filed with the secretary of state at least forty-eight (48) hours in advance of the meeting.
Boston Prep does not discriminate on the basis of race or color, religion, sex, sexual orientation, gender identity or expression, disability, age, country of ancestral origin, or veteran status in administration of its admissions or educational policies, curricular programs, other school-administered programs, or in its hiring and employment practices in accordance with applicable Federal and Massachusetts laws and regulations
Committee Members Present
B. Jones (remote), D. Russell (remote), J. Ripert (remote), K. Borchert (remote)
Committee Members Absent
None
Guests Present
A. Peterson (remote), B. Clark (remote), C. McColgan (remote), Enis Bezhani (remote), J. Grandin (remote), Kasey Moran (remote), L. Jewell (remote), M. Sanon (remote), T. Martin (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes: 9/22
D.
Approve Minutes: 5/29
II. Finance
A.
Audit
- Meeting called to order and roll call performed by 8:02am
- Minute Approval
- Minutes Approved
- Audit - presented by AAF
- Very smooth process
- No adjustments
- Clean unmodified audit
- Overview of the PL
- Main difference year over year is the esser funds
- Balance sheet
- Strong cash position
- Ratios
- Very strong current ratio
- Grants year over year lower due to esser grants phase out
- Months of cash is very strong w/ over 6 months
- One red ratio w/ Change in net assets
- ESSER impact
- How do we think about fundraising transfer
- Audit voted to be approved
B.
Debt Refinancing
10 year swap rate seems reasonable
C.
Enrollment Contingency Plan
- Enrollment Contingency Plan
- Summer enrichment/Book Stipends - core principal so don't
- Want to have differentiators
- How do we position ourselves vs peers
- Do we ask Citizens for a one time exception
- Messaging to the team
- Have been saving for these moments
- Don’t want to limit our experience for a short term hiccup
- Not a long term stop gap
- Closer to have less cuts
- What is our enrollment plan
- Is it a one off?
- Macro problem?
- Analysis?
- How has fundraising remained consistent = even with not great picture
- Some warning signs w/ school metrics
- Are there strategic partnerships that could help
D.
FY25 Performance
- FY25 Budget to Actual
- Slightly below budget
- Enrollment lower
- Salaries and PD higher