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KIPP Academy Massachusetts

Minutes

KIPP MA Finance and Facilities Committee Meeting

Date and Time

Monday January 26, 2026 at 5:00 PM

Location

Committee Members Present

C. Zorokong (remote), K. Pierre-Louis (remote), P. Ketterer (remote), R. Barnes (remote), T. Beecher (remote)

Committee Members Absent

M. Fates

Guests Present

Mike Giuliano (remote), S. Pierre-Louis (remote), Z. Trotsky (remote)

I. Opening Items

A.

Record Attendance

B.

Call the Meeting to Order

P. Ketterer called a meeting of the Finance and Facilities Committee of KIPP Academy Massachusetts to order on Monday Jan 26, 2026 at 5:02 PM.

C.

Approve Minutes from 11/21

P. Ketterer made a motion to approve the minutes from KIPP MA Finance and Facilities Committee Meeting on 11-21-25.
T. Beecher seconded the motion.
The committee VOTED to approve the motion.

II. Finance

A.

Review of FY26 Q2 Budget to Actuals

Committee reviewed the timeline for the organization's budget approval process for FY27. 

 

Upshot: Both Lynn and Boston meet Q2 debt covenants

 

Key insights from Q2 YTD Budget vs Actuals:

  • Federal Grant rev- low due to IDEA starting in Q2 ($700K)
  • Personnel overage largely offset by health insurance savings
  • Student appears low due to seasonality (less spend in July/August)
  • Admin appears high due to high legal combined with typical seasonality
  • Contingency remains unapplied

Health insurance is still being left fully budgeted for coming months. 

B.

FY26 Forecast

Upshot: There appears to be a path to meet debt covenants throughout FY26 if expenses are contained and revenue forecasts are met. 

 

Key insights:

  • Reduced tuition and private grants due to Q2 updates
  • Health insurance forecast = budget for Q3-Q4
  • Contingency remains open to be applied
  • Keeping eye on student expenses (transportation) - may be some additional door-to-door transportation needs

Are we cutting down on staff numbers? 372 is the current representation in the budget. 

  • 372 is the number after cuts made in FY25. 

Fundraising

  • $1,000,000 is the FY26 target, but the forecast has been adjusted down to $869,100 to ensure we aren't relying on donations yet to be secured

 

C.

Bank Update

Meeting with our bank tomorrow to review our debt covenants. 

 

Proposed changes:

  • Remove capital expenses from the DSCR calculation
  • Test at fiscal year-end only (as opposed to quarterly)

 

III. 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 5:32 PM.

Respectfully Submitted,
P. Ketterer