Elgin Math & Science Academy
Minutes
Finance Committee Meeting--Remote
Date and Time
Tuesday March 22, 2022 at 8:00 AM
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
Committee Members Present
A. Gray (remote), D. Alexander (remote), J. Willer (remote), K. Kelly (remote), K. Rauschenberger (remote)
Committee Members Absent
G. Swick
Guests Present
S. Egger (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve Minutes of the February 22, 2022 Finance Committee Meeting
D.
Approve Minutes of the March 15, 2022 Special Meeting of the Finance & Operations Committee
II. Financial Report
A.
February 28, 2022 Interim Financial Statements
B.
Financial Model - Revision from December 2021
Dan Alexander presented the March 22 2022 5 Year Financial Projections, utilizing the Explanatory Narrative document and referencing the other documents. The Committee expressed its appreciation of the presentation and the dialogue, and the conservative nature of the projections. The Committee also made suggestions for further followup discussion in April, and a special Meeting focused on the Model and Financing in early May.
III. Operations Update
A.
Discussion of Bond Financing Strategy
Dan Alexander spoke to the consideration of having an expert Municipal Financing Advisor, and outlined the reasons to speak with Longhouse Capital Advisors. The Committee agreed to invite Longhouse's Managing Director Lindsay Wall to a future Meeting, in early May.
B.
COO Report on Operations
Dan Alexander presented the COO Operations Report for March.
C.
EMSA Internal Control Policy
Dan Alexander referenced the attached draft Financial Controls Policy document, which remains a draft pending further discussion in the Committee, upcoming.
IV. TRACKING ITEMS
A.
Enrollment, FRL, English Learners, Special Ed Numbers
Jacquelyn Willer presented an enrollment and Lottery report, noting the School was fully enrolled minus one kindergartner, and that that Lottery had been conducted successfully with all seats full for SY2022-23.
B.
Finance Committee Goals
The Committee agreed to meet at its scheduled date/time of April 19th for basic business, and to schedule a Special Meeting focused on the Financial Model and financing in early May.
Committee members also agreed to schedule a special Audit & Finance Committee Meeting for May, partly to consider retention of independent auditors for the FY22 Financial and Compliance Audit Report(s).
V. Other Business
A.
Strategic Planning - "Pillars" discussion document
Adam Gray commented that Dan's edits to the Pillars document did, he felt, incorporate comments made at the March 15, 2022 Special Meeting of the Audit & Finance Committee. Kerry said that she would share the document with the Board as an example of this type of strategic planning work done in Committee.
B.
Next meeting(s)
The next Meeting of the Finance & Operations Committee was scheduled for April 19, 2022.
Shanan Egger presented the interim Financial Report as of February 28 2022, answering questions from Committee members.