Pinnacles Prep Charter School
Minutes
Monthly Finance Committee Meeting
Date and Time
Thursday October 10, 2024 at 12:00 PM
Location
Remotely via Google Meet
Committee Members Present
Josh Castro (remote), Oscar Licon Eusebio (remote), Tyler McGee (remote)
Committee Members Absent
None
Committee Members who left before the meeting adjourned
Oscar Licon Eusebio
Guests Present
Matt Paolini (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
Josh Castro called a meeting of the Finance Committee of Pinnacles Prep Charter School to order on Thursday Oct 10, 2024 at 12:05 PM.
C.
Approve Prior Meeting Minutes
Josh Castro made a motion to approve the minutes from Monthly Finance Committee Meeting on 09-12-24.
Tyler McGee seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Financial Discussion
A.
Review Financial Reports
Oscar Licon Eusebio left.
Matt Paolini presented the self-certify micro-purchase threshold policy with a proposal to raise the threshold from $10,000 to $40,000.
This policy ensures that purchases made above the threshold amount have accompanying evidence that multiple bids for the purchase were acquired.
Josh Castro expressed concern with the large increase in the threshold amount. Josh will inquire with Oscar Licon and Jill Fineis to ensure this amount is beneficial to school operations or if a lower threshold can be maintained.
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 12:46 PM.
Respectfully Submitted,
Josh Castro
Matt Paolini presented financial information in these reports:
While reviewing the Finance Dashboard, Oscar Licon reported that current enrollment is 236.
As a reminder to finance committee members, Matt Paolini explained the state fund distribution gets adjusted in January from budgeted enrollment to actual enrollment.
Matt Paolini called out expenses totalling $18k still missing documentation. Matt explained that some of the credit card expense may be due to the timing of the statement being generated and the time he generated the reports.
Matt Paolini reminded the committee that there are only 5 payments remaining on the initial loan from Cashmere Valley Bank.
Tyler McGee inquired about whether the Lease Liability included the newly added portables on this month's balance sheet or not. Matt Paolini clarified that includes portables in use in FY 22-23 but not any new ones from 23-24.
Tyler McGee stressed the importance for Pinnacles administrators to understand the expenses that are over budget in each of high expense categories on the presented Actual to Budget Analysis. This is particularly important when expenses are added for the next fiscal year, or when budgets don't show grant funds approved for specific expense categories. Matt Paolini will work with Jill Fineis and Oscar Licon to assist with this understanding.