Elgin Math & Science Academy
Minutes
Finance & Operations Committee Meeting
Date and Time
Friday December 1, 2023 at 7:45 AM
Location
Admin Building, Office 101
1600 Dundee Ave
Elgin, IL 60120
Committee Members Present
A. Gray, D. Alexander, D. DeJong (remote), K. Kelly, P. Stagen, R. Manderschied
Committee Members Absent
J. Willer
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
D. Alexander called a meeting of the Finance Committee of Elgin Math & Science Academy to order on Friday Dec 1, 2023 at 7:45 AM.
C.
Approve Minutes of the October 20 2023 Meeting of the Finance Committee
K. Kelly made a motion to approve the minutes from Finance Committee Meeting on 10-20-23.
A. Gray seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Financial Report
A.
October 31, 2023 Interim Financial Statements
B.
Change in banking relationship
Dan reported that the transition in banking continues, with BlackHawk converting to First Mid Bank in the next week.
C.
Update to Five Year Financial Model
Dan shared that management would be working on this model over the next month.
Dan noted a favorable forecast for PCTC revenue, in FY25 and FY26.
III. Operations Update
A.
COO Report on Operations
Dan reported on progress with DCEO, and other operational matters.
IV. TRACKING ITEMS
A.
Enrollment, FR Percentage
Dan presented information about student demographics: enrollment, wait list, and zip code residency.
V. Other Business
A.
Next meeting(s)
Dan noted the next meeting of the Committee would be on Friday January 19, 2024.
VI. 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 8:45 AM.
Respectfully Submitted,
D. Alexander
Doulgas DeJong led a discussion of the October 31, 2023 financial statements, answering questions from the Committee. Douglas noted that the forecast is for a substantial surplus exceeding the budgeted surplus, with the primary risk factors to produce a less favorable outcome, being philanthropy and Medicaid revenue.