Elgin Math & Science Academy
Minutes
Finance Committee Meeting
Date and Time
Tuesday July 25, 2023 at 9:00 AM
Location
Hybrid - Art Barn
1600 Dundee Ave
Elgin, IL 60120
Committee Members Present
A. Gray, K. Kelly (remote), P. Stagen
Committee Members Absent
G. Swick
Guests Present
D. Alexander, D. DeJong (remote), R. Manderschied
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Approve Minutes of the June 20 2023 Meeting of the Finance Committee
II. Financial Report
A.
June 30, 2023 Interim Financial Statements
B.
Update to Five Year Financial Model
Dan Alexander mentioned staff were working on an update to the Five Year Financial Model, taking into account staff salary and benefits costs in FY24 which will become known in August/September.
III. Operations Update
A.
COO Report on Operations
Dan updated the Committee on the progress of construction and financial picture with the facility expansion, as well as the food program, DCEO grant, and hiring for the facility manager position.
IV. TRACKING ITEMS
A.
Enrollment, FR Percentage
Dan updated the Committee to say that late-July enrollment was at 468 with staff making efforts to reach the 471 enrollment target, noting too tht enrollment swings back and forth in July and August.
V. Other Business
A.
Next meeting(s)
The next Committee Meeting is scheduled for August 15, 2023.
Douglas DeJong presented the draft financial statements for June 30, 2023 (still subject to change). He answered questions from the Committee following his presentation.