Elgin Math & Science Academy
Minutes
Finance Committee Meeting--Remote
Date and Time
Tuesday April 19, 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), G. Swick (remote), K. Rauschenberger (remote)
Committee Members Absent
J. Willer, K. Kelly
Guests Present
S. Egger (remote), Trish.Strong@quatrrobss.com (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve Minutes of the March 22 Meetings of the Finance Committee
II. Operations Update
A.
COO Report on Operations
B.
EMSA Internal Control Policy
III. Financial Report
A.
March 31, 2022 Interim Financial Statements
Shanan Egger presented the March 31, 2022 Interim Financial Statements.
B.
Financial Model - opportunity to review March 22 discussion
Dan Alexander remarked on the rough sources of uses of funds, and rough schedule, for the development of the full Administration Building as the fourth occupied EMSA School Building. Dan also touched on the financial ratio calculation used by CDFIs such as IFF, as applied to EMSA, answering questions from the Committee.
IV. TRACKING ITEMS
A.
Enrollment, FRL, English Learners, Special Ed Numbers
Dan presented this report.
B.
Finance Committee Goals
The Committee agreed the FY23 Budget process was the next key goal for the Committee, alongside consideration of capital projects.
V. Other Business
A.
Strategic Planning - "Pillars" discussion document
Gary Swick commended the Committee for its work on the Strategic Pillars strategic planning.
B.
Scheduling of Audit & Finance Committee Meeting
The Committee agreed to look for a date in late May, for this Meeting.
C.
Next meeting(s)
The next Meeting of the Committee is to be a Special Meeting on May3rd at 8am.
May 17th is the next regular Meeting of the Committee.
There will also be a Special Meeting on May 19th.
A Finance & Audit Committee Meeting will be scheduled in late May.
Dan Alexander gave the April Operations Report and answered questions from the Committee.