City on a Hill Charter Public School
Minutes
October 2019 Finance Committee Meeting
Date and Time
Thursday October 24, 2019 at 2:00 PM
Location
City on a Hill - Network Office, 15 Allerton Street, Roxbury, MA
Committee Members Present
Andres Tejeda Soto, Elizabeth Dignan, Greg Vasey
Committee Members Absent
None
Guests Present
Allison Cree, Kevin Taylor, Matt McGinnis
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
Greg Vasey called a meeting of the Finance Committee of City on a Hill Charter Public School to order on Thursday Oct 24, 2019 at 2:10 PM.
C.
Approve May 2019 Committee Meeting Minutes
Greg Vasey made a motion to approve minutes from the May 2019 Finance Committee Meeting on 05-10-19 May 2019 Finance Committee Meeting on 05-10-19.
Andres Tejeda Soto seconded the motion.
The committee VOTED unanimously to approve the motion.
II. FY19 Financial Audit
A.
Review FY19 Financial Audit
Allison Cree and Matt McGinnis left early.
B.
Vote to Approve the FY19 Financial Audit
Greg Vasey made a motion to approve the FY19 Financial Audit on behalf of the Board of Trustees.
Andres Tejeda Soto seconded the motion.
The committee VOTED unanimously to approve the motion.
III. Enrollment Update and Financial Implications Discussion
A.
Current Enrollment and Financial Implications Discussion
Due to time, this item was not covered during this meeting.
IV. 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 3:05 PM.
Respectfully Submitted,
Greg Vasey
The Committee discussed factors contributing to the loss, including lower tuition revenue from lower enrollment, continuing investments in programming at the schools and network, and necessary operating expenses. The Foundation’s losses were as a result of the support it provided to the schools, in particular, New Bedford. McGinnis also highlighted notes 16 and 17 of the financial statements related to New Bedford’s charter renewal conditions and continuing operations in New Bedford.
Elizabeth Dignan, Chief Operating Officer, discussed steps taken by management this school year to align expenses with revenues. McGinnis also reviewed comparative ratios of City on a Hill relative to charter peers as well as the Excess Surplus Carryover Calculation to submit with the Charter School End of Year Report. Allison Cree, Supervisor at AAFCPA, presented the management and board letters. City on a Hill had a clean audit with one material instance of non-compliance on timely enrollment of eligible employees into MTRS.