Alma del Mar
Joint Finance Committee/Foundation Board Meeting
Date and Time
Location
Alma Network is inviting you to a scheduled Zoom meeting.
Topic: Finance Committee
Time: Aug 19, 2022 11:00 AM Eastern Time (US and Canada)
Every month on the Third Fri, until Jul 21, 2023, 12 occurrence(s)
Aug 19, 2022 11:00 AM
Sep 16, 2022 11:00 AM
Oct 21, 2022 11:00 AM
Nov 18, 2022 11:00 AM
Dec 16, 2022 11:00 AM
Jan 20, 2023 11:00 AM
Feb 17, 2023 11:00 AM
Mar 17, 2023 11:00 AM
Apr 21, 2023 11:00 AM
May 19, 2023 11:00 AM
Jun 16, 2023 11:00 AM
Jul 21, 2023 11:00 AM
Please download and import the following iCalendar (.ics) files to your calendar system.
Monthly: https://almadelmar-org.zoom.us/meeting/tJAld--vrjsqH9W58jHHFHq9lM313K6tkMny/ics?icsToken=98tyKuCspjssHdSVsByGRowIGoigM-3ziGJfgvpqyUfvKwh1ShKvOs8RY-FURszb
Join Zoom Meeting
https://almadelmar-org.zoom.us/j/94806700051?pwd=eHVKcnlRcDkzYnN3UVNBNFF0dlI4UT09
Meeting ID: 948 0670 0051
Passcode: 152229
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Meeting ID: 948 0670 0051
Passcode: 152229
Find your local number: https://almadelmar-org.zoom.us/u/acWNL01Y3J
Agenda
| I. | Opening Items | |
| A. | Record Attendance | |
| B. | Call the Meeting to Order | |
| II. | Finance | |
| A. | Recap SVB Situation | |
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-On Friday March 10th, SVB was shutdown by the Sate of California, FDIC was appointed as receiver of deposits via Silicon Valley Bridge Bank -Alma had $7.5 million in deposits between three entities deposited at SVB. All accounts were frozen over the weekend with no access to online banking -On Sunday March 12th, the Feds guaranteed all SVB deposits greater than $250k -Accounts were accessible on Monday, March 13th
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| B. | Actions Taken by Alma | |
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-Transferred 90% of cash on 3/13 to Bristol County Savings Bank (BCSB), remaining cash at SVB/Santa Clara is for outstanding checks and debt payment -Processed payroll on 3/15 -Changed all ACH's and Direct Deposits to BCSB -Various Communications: staff re: payroll, lenders-EFF, Charter School Association & DESE, Attorneys, Board and FinCom, Meetings with other Charters impacted
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| C. | Proposed short-term next steps | |
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-Open a Foundation Checking/Savings with BCBS for operations (donor deposits, debt payments to SVB & EFF, transfers to/from School) -Add IntraFi (see attached) to School's Operating accounts, similar to a Sweep account Discussion on long-term plans -Open another Checking account for School at a different institution as a contingency account if another banking system failure occurs -Move remaining funds out of SVB |
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| D. | Discuss Long Term Plans | |
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-Investment accounts -Treasury bills
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| III. | Other Business | |
| IV. | Closing Items | |
| A. | Adjourn Meeting | |