Elgin Math & Science Academy
Minutes
Finance Committee Meeting
Date and Time
Wednesday October 23, 2024 at 8:00 AM
Location
Admin Building
1600 Dundee Avenue
Elgin, IL 60120
Committee Members Present
A. Gray (remote), D. Alexander, P. Stagen, S. Bennett
Committee Members Absent
A. Scimeca, D. DeJong, K. Kelly
Guests Present
K. Martinez (remote)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
C.
Meeting Minutes - August 23, 2024
II. Financial Report
A.
Report on FY24 Audit Process
Douglas DeJong reported that TKO, EMSA's financial auditors, were expected to deliver a financial audit report showing no findings for fiscal year 2024, in the very near future and with enough time to return the audit report to ISBE before the November 1, 2024 deadline.
B.
Review of September 30, 2024 Interim Financial Statements
Douglas presented the September 30, 2024 interim financials report, and together with Dan Alexander answered Committee questions and offered thoughts on FY25 budget management strategies. The Committee asked Kathryn Martinez to present FY25 budget management strategies to the Board of Directors at its upcoming September 30, 2024 Meeting.
C.
Financial projections
Dan Alexander mentioned the FY26 PCTC projection remained at $16,000 and spoke briefly to the calculation estimates he provided, for Committee review.
III. Operations Report
A.
COO Operations Report - September/October
Committee members had a hard stop at 10am and thus, there was no time for this report.
IV. Other Business
A.
Next meeting(s)
The Committee decided to look to schedule a November meeting of the Committee, at a date to be determined. Douglas suggested the Committee resume monthly meetings on a going-forward basis.
B.
Motion to Enter Executive Session
No Motion was presented.
C.
Executive Session
No Executive Session was held.
D.
Motion to Exit Executive Session
No Executive Session was held.
Paul explained that without a quorum present in person, the Committee could not vote to approve the August 23rd meeting minutes.