Elgin Math & Science Academy
Minutes
Finance Committee Meeting
Date and Time
Friday February 23, 2024 at 7:45 AM
Location
Admin Building
1600 Dundee Ave
Elgin, IL 60120
Committee Members Present
A. Gray, D. Alexander, D. DeJong (remote), P. Stagen, R. Manderschied
Committee Members Absent
J. Willer, K. Kelly
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 Feb 23, 2024 at 7:50 AM.
C.
Approve Minutes of the January 19 2024 Meeting of the Finance Committee
A. Gray made a motion to approve the minutes from Finance & Operations Committee on 01-19-24.
P. Stagen seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Financial Report
A.
January 31, 2024 Interim Financial Statements
B.
Second Presentation of Draft FY24 Budget and Five-Year Financial Model
Owing to the time spent on the financial report, the Committee opted to have a brief conversation about the 5 Year Model in this setting. It will be shared with the Board on February 28th.
III. Operations Update
A.
COO Report on Operations
Dan reviewed the report presented in the text of the Agenda. There were no questions.
IV. TRACKING ITEMS
A.
Enrollment, FR Percentage
Dan reviewed the information presented in the Agenda, and attachment. There has been no substantive change since prior meetings. There is strong enrollment demand for the School in the coming school year.
V. Other Business
A.
Next meeting(s)
The next meeting of the Finance Committee will be on Friday March 22nd.
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 8:35 AM.
Respectfully Submitted,
D. Alexander
Douglas DeJong presented the January 31, 2024 interim financial report, with commentary also from Dan Alexander. The Committee asked questions and made some comments about the report including financial project to year-end. Overall, all agreed it was, overall, a positive picture for FY24.