City on a Hill Charter Public School
Minutes
March 2024 Board Meeting
Date and Time
Tuesday March 12, 2024 at 5:00 PM
Location
Trustees Present
Andres Tejeda Soto (remote), Brooke Fincke (remote), Danielle Canty (remote), Edelyn Contreras (remote), Gabriela (Gaby) DeLeon-Evora (remote), Jacqueline Bennett (remote), Kimberley Thai Small (remote), Melisa Lemire (remote), Ted Gildea (remote)
Trustees Absent
Alekz Hirschmann
Ex Officio Members Present
Sonya Pratt (remote)
Non Voting Members Present
Sonya Pratt (remote)
Guests Present
Asha Ibrahim (remote), Jordan Pina (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Organizational Updates
A.
General School Updates
III. B. General Finance Updates
A.
Discussion of Recommendation from Finance Committee
Ted Gildea, Vice Chair and Treasurer, updated the Board on discussions with Silicon Valley Bank (SVB), the School's primary bank and Foundation's loan servicer, regarding the Circuit Street building mortgage held by the Foundation. Gildea informed the Board that SVB had notified the Foundation of the School's default due to its intention to surrender its Charter to the Commonwealth, effective June 30th, 2025. Additionally, Gildea noted that SVB had proposed two options: repayment of the outstanding $2.4 million loan or a forbearance agreement. He emphasized that SVB's forbearance agreement would involve punitive fees and higher interest rates, rendering it an unfavorable option for the Foundation and School.
Gildea shared Cynthia Marie, CEO of Central Source, diligently worked on crafting a Budget for SY25 that accommodated the repayment demand of $2.4 million to SVB. He highlighted that while this would mean the School would be operating on a tighter margin than initially anticipated, the Financial Plan remained feasible, particularly with the projected enrollment trends. Moreover, Gildea noted settling the Building's loan would secure ownership and equity, relieving ongoing interest payments to SVB and enhancing long-term financial stability. Gildea concluded by noting the Finance Committee's recommendation to pay off the $2.4 million loan to SVB. The Board members then proceeded to vote on the Recommendation.
B.
Vote to Approve Finance Committees Recommendation
| Roll Call | |
|---|---|
| Andres Tejeda Soto |
Aye
|
| Ted Gildea |
Aye
|
| Brooke Fincke |
Aye
|
| Kimberley Thai Small |
Abstain
|
| Edelyn Contreras |
Aye
|
| Jacqueline Bennett |
Aye
|
| Melisa Lemire |
Aye
|
| Alekz Hirschmann |
Absent
|
| Gabriela (Gaby) DeLeon-Evora |
Abstain
|
| Danielle Canty |
Aye
|
IV. Committee Updates
A.
Governance Committee Updates
Governance Committee Updates will be provided in the following Board Meeting.
B.
Finance Committee Updates
Updates from the Finance Committee were discussed in the General Finance Updates section.
C.
Academic Excellence Committee Update
Academic Excellence Committee updates will be provided in the following Board Meeting.
D.
Executive Director Support Committee
Executive Director Support Committee updates will be provided in the following Board Meeting.
V. Organizational Goals Dashboard
A.
Organizational Goals Dashboard
Organizational Goals Dashboard will be discussed in the following Board Meeting.
General School Updates will be discussed in the following Board meeting.