Final

Elgin Math & Science Academy

Finance Committee Meeting--Remote

Date and Time

Tuesday April 19, 2022 at 8:00 AM CDT

Location

https://us06web.zoom.us/j/6308835013

 

Meeting ID: 956 9377 5063
Passcode: EMSA
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Meeting ID: 956 9377 5063
Passcode: 705920

Agenda

      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 March 22 Meetings of the Finance Committee Approve Minutes Dan Alexander 2 m
II. Operations Update 8:04 AM
  A. COO Report on Operations FYI Dan Alexander 10 m
   

Dan will present the April COO Report.  

 

 

 

  
  B. EMSA Internal Control Policy Vote Shanan Egger 15 m
   

Attached is a draft Internal Control Policy, created by EAB/Quattro with input from Dan Alexander, for the Committee's consideration.  

  
III. Financial Report 8:29 AM
  A. March 31, 2022 Interim Financial Statements Discuss Shannan Egger 20 m
   

Shanan Egger will present the financial statements as of March 31, 2022. 

 

 

  
  B. Financial Model - opportunity to review March 22 discussion Discuss entire Committee 15 m
   

Update on FY23 Illinois State Budget, its effects on EMSA.

 

Opportunity for comment/dialogue about the notion of borrowing $13.4M, the draft Financial Model as last revised April 4th, showing EMSA's ultimate ratio of facility spending (as analyzed by CDFIs).

 

Rough Uses of Funds:

 

1.  $7,040,000 payoff of existing IFF loan as of February 2023.

2.  $4,351,000 - additional cost of doing entire Administration Building

3.  $2,009,000 - financing costs, including borrowing 18 months initial interest (and reflecting assumed $500,000 CDFI credit enhancement funding).

Total:  $13,400,000 in borrowing (plus $500,000 assumed Credit Enhancement).

 

Tentative Schedule for Approval and Development of Additional Buiding:

 

1.  May 3rd - Special Meeting of F&O Committee to meet/dialogue with Lindsay Wall, Longhouse Capital Partners

2.  May 19th - Special Meeting of F&O Committee to Vote on recommended Capital Budget for Administration Building, also retention of Lindsay Wall, also summer 2022 capital budget.

3.  May 24th - Board of Directors Meeting

4.  December 2022 - ISBE Vote on EMSA Charter Renewal

5.  December 2023 - environmental work on Admin Building

6.  January 2023 - Construction start on Admin Building

7.  February 2023 - projected Bond Closing for 4th Building

8.  July 31, 2023 - completion of Administration Building

9.  August 2023 - occupancy of Administration Building

 

 

 

  
IV. TRACKING ITEMS 9:04 AM
  A. Enrollment, FRL, English Learners, Special Ed Numbers FYI Jacquelyn Willer 5 m
  B. Finance Committee Goals Discuss Adam Gray 1 m
   

Shanan expects to bring a draft Budget before the Committee in May, and a second draft of the Budget before the Committee in June, prior to Board review/approval in June.

 

 

  
V. Other Business 9:10 AM
  A. Strategic Planning - "Pillars" discussion document Discuss Adam Gray 1 m
   

No update since March 15th Special Meeting on this topic.

  
  B. Scheduling of Audit & Finance Committee Meeting Discuss Dan Alexander and Shanan Egger 4 m
  C. Next meeting(s) Discuss Dan Alexander 2 m
   

There will be a Special Meeting of the Finance Committee on Tuesday, May 3rd at 8am.  The Committee will meet Lindsay Wall of Longhouse Capital Partners.

 

The next regular Meeting of the Finance Committee will be Tuesday, May 17th at 8am.

  
VI. Closing Items 9:17 AM
  A. Adjourn Meeting Vote Adam Gray 1 m