Ms. Diane Freeman presented the June financial report on behalf of Ms. Femia.

Highlights included:

• Debt service coverage ratio was 1.34, exceeding the required minimum of 1.20.
• June revenue totaled approximately $837,144.
• June expenses totaled approximately $838,094, resulting in a monthly deficit of approximately $950.
• Year-to-date net income as of June 30 was approximately $283,110.
• Financial statements remain preliminary pending:
  • final invoices,
  • year-end accruals,
  • federal reimbursement drawdowns,
  • completion of the annual audit.

Committee members discussed the impact of outstanding federal reimbursements and year-end accounting adjustments.

B. Federal Funding Update

Ms. Freeman reported that:

• Federal drawdowns have been submitted.
• Remaining reimbursements will continue to be processed as funds become available.
• Final federal revenue will be reflected after completion of year-end accounting.

Facilities Update

Ms. Wendy Brinson Grimes provided a facilities update.

Discussion included:

• Preparation for the new fiscal year.
• Ordering facilities and maintenance supplies.
• Pending purchase orders and Bill.com invoices awaiting approval.
• Coordination of supply purchases upon receipt of vendor quotes.