Final

Elgin Math & Science Academy

Finance Committee Meeting--Remote

Date and Time

Tuesday December 21, 2021 at 8:00 AM CST

Location

Elgin Math and Science Academy is inviting you to a scheduled Zoom meeting.
Topic: Finance Committee Meeting
Time: Dec 21, 2021 08:00 AM Central Time (US and Canada)
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https://us06web.zoom.us/j/6308835013
Meeting ID: 630 883 5013
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Meeting ID: 630 883 5013

Agenda

Section Number Topic Number Details Purpose Presenter Time
I. Opening Items 8:00 AM
 
Opening Items
 
  A. Record Attendance and Guests Discuss Dan Alexander 1 m
  B. Call the Meeting to Order Discuss Dan Alexander 1 m
  C. Approve Minutes of the November 16 2021 Finance Committee Meeting Vote Dan Alexander 2 m
II. Financial Report 8:04 AM
  A. November 30, 2021 Interim Financial Statements and update on Line of Credit. FYI Shanan Egger 15 m
   
Shanan Egger will present the financial statements as of November 30, 2021.  

 

Shanna Egger will update the Committee on the status of EMSA's request for an increase on its historical Line Of Credit loan limit of $150,000.
  
  B. Review of EMSA Five Year Financial Model Vote Shanan Egger and Dan Alexander 40 m
   
Review of the Five Year Financial Projection.  This Projection reflects staffing recommendations from the Principal and COO, as well as capital expenditure/financing assumptions updated for a projected August 1, 2023 opening of EMSA's fourth school building.  

 

Committee has the option to Vote on changes it may suggest to Board.
  
III. Operations Update 8:59 AM
  A. Update on Expansion: Gym/Middle School, Campus & Campus Building Construction Vote Dan Alexander 7 m
   
The 2021 Middle School Project is essentially done!

 

Attached is the Certificate of Occupancy dated December 1 2021 for the Middle School Building.

 

Also attached, is the Owner's Sworn Statement #8 showing the latest pay draw, which our lender has funded.

 

For Voting:  staff recommendation to commit a last $20,000 (maximum) for improvements to Residence:  repairs to both chimneys, replacement of furnace, hot water heater, and air conditioning system. 



 
  
  B. Looking ahead to Summer 2022 construction in Primary School, and choice of Fourth School Building FYI Dan Alexander 10 m
   
Master Planning Committee has considered some improvements to Primary School which would cost approximately $225,000, and enable EMSA to house its student support programs as well as grades K-5 in the Primary School for SY2022-23.  

 

Attached is a Chart showing the relative costs - and space considerations - of four potential choices for Fourth School Building, to be occupied in SY2023-24 when EMSA is a K-8 School.  This same chart was shared with the Master Planning Committee.
  
  C. COO Report on Operations FYI Dan Alexander 10 m
   
See attached December COO Report
  
IV. TRACKING ITEMS 9:26 AM
  A. Enrollment, FRL, English Learners, Special Ed Numbers FYI Jacquelyn Willer 5 m
  B. Finance Committee Goals Discuss Adam Gray 3 m
V. Other Business 9:34 AM
  A. Next meeting(s) Discuss Dan Alexander 1 m
   
The next Regular Meeting of the Finance Committee will be January 18th.
  
VI. Closing Items 9:35 AM
  A. Adjourn Meeting Vote Adam Gray 1 m