Alma del Mar
Minutes
FY24 Q1 Foundation Meeting
Date and Time
Thursday October 19, 2023 at 10:00 AM
Christine Fisher is inviting you to a scheduled Zoom meeting.
Join Zoom Meeting
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Meeting ID: 828 5641 3098
Passcode: 603865
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Meeting ID: 828 5641 3098
Passcode: 603865
Find your local number: https://us02web.zoom.us/u/kbzFE1EcHy
Committee Members Present
E. Haddad (remote), J. McDonough (remote), P. Ditchfield (remote), R. Cabral (remote), W. Gardner (remote)
Committee Members Absent
D. Prentiss, M. Kay
Guests Present
C. Fisher (remote), J. Baptist (remote), T. DeLoach (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Alma del Mar Foundation
A.
FY24 Q1 Financials
B.
Cash Transfers
C.
FY23 Audit Update
Audit report was presented to Finance Committee prior to Foundation meeting. Committee recommended that the Board of Trustees accept FY23 Audit. Audit report will be filed with DESE prior to 11/1 deadline.
Reviewed Balance Sheet and Cash Summary Report. C. Fisher noted both buildings are assets of the Foundation and respective debt (loans with SVB and EFF) for each building are reported as liabilities. All assets/liabilities related to the NMTC financing have been eliminated from the balance sheet through the unwind transaction.
E. Haddad inquired about the interest income being low in relation to cash balances. C. Fisher clarified that the interest income was only related to Foundation cash.