Finance Committee Meeting Agenda

August 16, 2019, 11:00 AM-12:00 PM

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

Friday August 16, 2019 at 11:00 AM EDT

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


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