Alma del Mar
Minutes
Finance Committee Meeting
Date and Time
Friday September 16, 2022 at 11:00 AM
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
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Monthly: https://almadelmar-org.zoom.us/meeting/tJAld--vrjsqH9W58jHHFHq9lM313K6tkMny/ics?icsToken=98tyKuCspjssHdSVsByGRowIGoigM-3ziGJfgvpqyUfvKwh1ShKvOs8RY-FURszb
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Meeting ID: 948 0670 0051
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Committee Members Present
C. Holley (remote), J. Baptist (remote), J. McDonough (remote), P. Ditchfield (remote)
Committee Members Absent
C. Arnold
Guests Present
C. Fisher (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
| Roll Call | |
|---|---|
| C. Arnold |
Absent
|
| J. Baptist |
Aye
|
| P. Ditchfield |
Aye
|
| J. McDonough |
Aye
|
| C. Holley |
Aye
|
II. Finance
A.
FY23 August Financials
B.
Investing Cash Update
J. McDonough provided an update on recent discussions with Silicon Valley Bank (formerly Boston Private). Committee reviewed Foundation's Investment Policy and concluded the following:
- we will not set up a separate Investment Committee of the Board, but will give the current FinCom the responsibilities for selecting and supervising investment managers
- the investment goals and objectives will be separate for the school (public entity) and the Foundation (private entity)
- the Foundation will delegate to the FinCom all matters relating to the investment and supervision of funds and will receive quarterly reports from the FinCom regarding investment performance
Next steps:
1) revise the current Foundation Investment Policy document to acknowledge the FinCom's role, and establish parameters for the investments
2) create a separate Investment Policy statement regarding selecting and supervising investment managers and parameters for the School (don't know if one already exists)
Revised policy will be reviewed at Fincom and Foundation October meetings.
C.
FY22 Audit Update
C. Fisher will email Draft Report to all committee members for their review and comments.
Reviewed August financials. C. FIsher noted two significant maintenance and operations expenses (painting and blinds) for the Ottiwell Campus. Will follow up with M. Marko to possibly request funds from the Replacement & Renewal Fund.