Alma del Mar
Minutes
Finance Committee Meeting
Date and Time
Friday March 18, 2022 at 11:00 AM
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https://almadelmar-org.zoom.us/j/95433704245
Meeting ID: 954 3370 4245
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Meeting ID: 954 3370 4245
Find your local number: https://almadelmar-org.zoom.us/u/aYOfGBa3m
Committee Members Present
J. McDonough (remote), P. Ditchfield (remote)
Committee Members Absent
C. Arnold, C. Fisher, J. Baptist
Guests Present
M. Marko (remote), W. Gardner (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
FY23 February Financials
B.
FY23 Draft 2 Budget
Highlights/Changes:
Increased Entitlement grants $170k to align with current allocations.
Adjusted Associate Teacher base, net increase to salary line of $25k.
Added $216k in stipends.
Overall Change in Net Postion = $600k, a DSCR of 1.32.
C.
Stipend Proposal
$216,000 proposed to be added to the 22-23 budget earmarked for retention bonuses and targeted stipends.
Balance Sheet:
ESSER I is fully expended, receivable recorded for the drawdown. ESSER II expense allocations are in process.
Deferred Revenue recorded for ESSER III initial grant payment, will be deferred until FY24.
No Vendor Invoice Package submitted in February, Dellbrook/Compass plan on final invoicing in March/April
Renewal and Replacement Fund is on Foundation BS.
P&L:
Grant Allocations increased due to expanding enrollment.
Douglass supply lines are over budget due to orders for new building. Increased forecast by $79k.
Still monitoring Contracted Services-other teaching.
Changes to forecast result in a decrease of $141k, bottom line is still strong at $760k, $1.6 million after non-operating activity and ESSER funding.