Elgin Math & Science Academy

Finance Committee Meeting

Date and Time

Thursday February 13, 2020 at 8:00 AM CST

Location

Elgin Math and Science Academy

Agenda

     
I. Opening Items
 
Opening Items
  A. Record Attendance and Guests
  B. Call the Meeting to Order
  C. Approve Minutes
II. Finance
 
Finance
  A. CFO Report and Review of Monthly Financial Statements
   

For all meetings: 
  1. Balance Sheet
  2. Budget Variance
  3. Cash Flow Report
  B. Review and Approval of Financial Policies
   

Ongoing review/changes of EMSA's Financial Policies and Procedures.  Vote to approve changes, when applicable.

  C. Strategic Plan / Master Plan / Debt
   
Review changes to EMSA Strategic Plan and/or Master Plan; Review/discuss debt options to fund Master Plan and, if applicable, determine what courses of action will require Board approval upon which to be voted.

For 2/13/20 Meeting:

1. EMSA Acquisition of Leased Property from the City of Elgin
2. Status of Master Plan Pre-construction Phase Project
3. Finance Committee process for debt approval and final construction plans
3. Analysis of debt options: bond (Ziegler) vs. loan (IFF)
4. Debt/Bond recommendation to Master Planning Committee and Board
  D. Development, Reserve Fund, New Grants, Debt Reduction Plans
   

1. Status update on the hiring of a Capacity Builder
2. Development Committee activities
3. Creation/growth of a Reserve Fund
4. New grant opportunities
5. Short & long term debt reduction plans (TBD)
III. Other Business
  A. Treasurer's Comments
   

Opportunity for Treasurer to make summary comments on topics discussed or to provide strategic direction on future Finance Committee activities.

  B. Illinois Charter School Commission
   
Amendments to EMSA's Charter Agreement to be drafted and submitted. Does Finance Committee want to review or some other committee to review before submission?  Set completion/submission date.
IV. Closing Items
  A. Adjourn Meeting