Elgin Math & Science Academy
Minutes
Finance Committee Meeting
Date and Time
Thursday February 13, 2020 at 8:00 AM
Location
Elgin Math and Science Academy
Committee Members Present
A. Gray, F. Bisconti, K. Kelly, K. Rauschenberger, L. Fuhr
Committee Members Absent
None
Guests Present
B. Pinon
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
F. Bisconti called a meeting of the Finance Committee of Elgin Math & Science Academy to order on Thursday Feb 13, 2020 at 8:18 AM.
C.
Approve Minutes
A. Gray made a motion to approve the minutes from January Finance Committee Meeting on 01-14-20.
K. Kelly seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Finance
A.
CFO Report and Review of Monthly Financial Statements
The Committee reviewed the budget documents supplied by Frank. Lezlie explained some of the reasons for increased costs to purchased services, snow removal, and more.
B.
Review and Approval of Financial Policies
C.
Strategic Plan / Master Plan / Debt
The committee discussed the potential acquisition of the property. Committee will meet on the 21st at 2 to review construction estimates and make recommendations to the Board at the retreat.
D.
Development, Reserve Fund, New Grants, Debt Reduction Plans
The Committee discussed the upcoming retreat. Frank will present a one-hour tour of the budget documents and focus on cash flow.
Brian updated us on the offer to employ a director of capacity building.
III. Other Business
A.
Treasurer's Comments
Adam will attempt to close the Triumph acct.
B.
Illinois Charter School Commission
Lezlie, Frank & Kerry will meet to discuss and plan for amending the Agreement.
IV. 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 8:56 AM.
Respectfully Submitted,
K. Kelly