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Alma del Mar

Finance Committee Meeting

Published on June 19, 2020 at 12:36 PM EDT

Date and Time

Friday August 16, 2019 at 11:00 AM EDT

Location

Alma del Mar Charter School, 515 Belleville Avenue, New Bedford, MA 02746

Agenda

Section Number Topic Number Details
I. Opening Items
 
Opening Items
  A. Record Attendance and Guests
  B. Call the Meeting to Order
  C. Approve Minutes
    Approve minutes for Finance Committee on June 14, 2019
II. Finance
 
Finance
  A. FY19 Financials
   

Financial Highlights:
Operating Surplus of $252k, overal deficit of $230k after deferred rent transaction.
$25k tuition shortfall-FTE was 436 scholars, budgeted for 438 scholars.
Significant Fundraising in June-$50k in annual and $25k Kaplan Grant
Salaries below budget due to transition of 11 month to 12 month staff.
 
  B. FY20 Financials Format & Tuition Update
   
Fincom will be reviewing the financials for 2 School Campuses, a Network, and 2 QALICB's.  

Tuition has been released as of 8/2/19 resulting in an increase of $250k for FY20.  Breakdown between campuses is $175k at Ottiwwell and $75k at Douglass.
 
  C. Alma del Mar and Component Unit Flowcharts
   

Review Operational and Debt Service Flowcharts.
  D. FY19 Audit Update
   
Auditors were onsite for Fieldwork the week of August 5th.
Draft Report expected by mid September for Fincom to review.

 
  E. Expansion Update
   
Status of Church St property. (Due Diligence, NMTC)
Recap of BPB meeting on 8/15.
III. Other Business
IV. Closing Items
  A. Adjourn Meeting