Alma del Mar
Minutes
Finance Committee
Date and Time
Thursday October 16, 2025 at 9:00 AM
Christine Fisher is inviting you to a scheduled Zoom meeting.
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Committee Members Present
C. Holley (remote), J. Fox (remote), J. McDonough (remote), P. Ditchfield (remote), S. Furtado (remote)
Committee Members Absent
J. Wallace
Guests Present
C. Fisher (remote), K. Haley (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
FY25 Audit Presentation
K. Lane (audit partner) presented the FY25 audit report. There were no findings and an unmodified opinion was issued. However, the Office of Management and Budget (OMB) issued a draft 2025 Compliance Supplement (Supplement) with revised Uniform Guidance for Single Audits. Because the Supplement has not been finalized, auditors will be unable to issue FY25 audits that include a Single Audit in time for the October 31, 2025, submission deadline. DESE is working on a solution to the regulatory due date for charters with a Single Audit, but they recommend the Board approve draft audits knowing that they might need to approve a subsequent report if the OMB changes the compliance supplement guidelines.
S. Furtado noted a footing error in the report under section 9, notes payable. Auditors will correct the error in the report and re-issue the draft report.
III. Other Business
A.
FY26 Q1 Financials
B.
CIBC Update
P. Ditchfield informed the committee that the Foundation approved moving forward with contracting with CIBC. Next step is for the Board of Trustees to approve contracting with CIBC at their 10/22 meeting.
C. Fisher presented the FY26 Q1 financials noting no changes to the forecast and provided explanations for expense lines that were close to budget after Q1. Overall, expenditures are in great shape at the end of Q1.