Elgin Math & Science Academy
Minutes
Meeting of Finance & Operations Committee
Date and Time
Tuesday April 18, 2023 at 8:00 AM
Committee Members Present
D. Alexander (remote), D. DeJong (remote), K. Kelly (remote), S. Egger (remote)
Committee Members Absent
A. Gray, G. Swick
Guests Present
M. Armstrong (remote), Paul Stagen (remote), RZonts@blackhawkbank.com (remote), rmanderschied@emsacharter.org (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve Minutes of the March 21 2023 Meeting of the Finance Committee
II. Financial Report
A.
March 31 2023 Interim Financial Statements
Douglas DeJong presented the March 31, 2023 interim financial statement report, answering questions from the Committee.
III. Operations Update
A.
COO Report on Operations
Dan noted the bond financing had closed, and commented on the investment of the funds in federally insured securities. He also noted that a construction escrow would be established at Chicago Title & Trust to process construction payments.
Dan also provided a brief update on construction progress.
Dan noted the Illinois Department of Revenue had approved EMSA's application for property tax exemption of the entire 19+ acre campus.
IV. TRACKING ITEMS
A.
Enrollment, FR Percentage
Dan noted the enrollment data for SY22-23 was complete and shown in the Agenda.
V. Other Business
A.
Next meeting(s)
Dan noted the next scheduled meeting of Finance & Operations Committee would be on Tuesday May 16th.
Adam Gray was absent due to tax season, and given a lack of Quorum, approval of March minutes was delayed to the May Committee Meeting.