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Alma del Mar

Minutes

Joint Finance Committee/Foundation Board Meeting

Virtual on Zoom

Date and Time

Friday March 17, 2023 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)
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Committee Members Present

E. Haddad (remote), J. McDonough (remote), P. Ditchfield (remote), W. Gardner (remote)

Committee Members Absent

None

Guests Present

C. Fisher (remote), C. Holley (remote), J. Baptist (remote), M. Marko (remote), T. DeLoach (remote)

I. Opening Items

A.

Record Attendance

B.

Call the Meeting to Order

P. Ditchfield called a meeting of the Finance Committee of Alma del Mar to order on Friday Mar 17, 2023 at 11:00 AM.

II. Finance

A.

Recap SVB Situation

C. Fisher presented the timeline of the SVB closure.

B.

Actions Taken by Alma

C.

Proposed short-term next steps

J. McDonough made a motion to approve opening a savings account and operating checking account at Bristol County Bank for the Foundation.
W. Gardner seconded the motion.

C. Fisher noted that it would be ideal to have the Foundation and School's operating accounts at one institution for monthly rent and debt payments.  

The committee VOTED to approve the motion.
Roll Call
P. Ditchfield
Aye
J. McDonough
Aye
W. Gardner
Aye
E. Haddad
Aye

D.

Discuss Long Term Plans

W. Gardner made a motion to open/re-instate a Treasury backed money market account at Fidelity and transfer $2million from BCSB to fund it.
J. McDonough seconded the motion.

The Foundation holds $2.5million in cash.  C. Fisher noted that $2million could be deposited into an investment account.  Of that $2million, $680k is restricted for Ottiwell Replacement and Renewal Fund.  Board determined that $800k should be restricted for Douglass R&R Fund.  Remaining deposits are Impact funds from EFF loan proceeds.  Other unrestricted and restricted funds will remain fluid at BCSB.

The committee VOTED to approve the motion.
Roll Call
E. Haddad
Aye
P. Ditchfield
Aye
J. McDonough
Aye
W. Gardner
Aye

III. Closing Items

A.

Adjourn Meeting

There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 11:30 AM.

Respectfully Submitted,
C. Fisher