Stacy Richards, potential board member present

Net 479K decrease to projected operating income. ESSR 3 funding from 2023 moved to 2024 ($82K) must be spent this year. End of federal Covid relief fund. Added Noble Men, Board on Track, additional janitorial services, reading specialist, etc. Will not need to buy student computers this year. Added positions due to increased Special Education needs. Significant Charter School Growth Fund slated for 2024, but hit in 2023, so we're counting when it was received. Awaiting amount of TISA funding. 

Cash deficit projected to be around $209K. Launching tutoring program for 3rd graders ( added $30K to budget to pay teachers). MMA Real Estate will help fill this deficit. Ended Aug with $814K. Projected to end FY24 with $387K, 26 days cash on hand (DCOH). 

TISA: per pupil rates fluctuate based on student body. MMA's initial allocation should be based on 347 average daily membership (ADM) with a rate of $12,149 per ADM (currently forecasting $11,850 per ADM). Outstanding questions remain around rectifying data discrepancies, outcomes funding, etc. Reviewed allocation calculator. 

Biggest risk/uncertainty = enrollment/ADM. FY25 cash flow projected to be tight. Need to expand fundraising capacity. Monitor enrollment and adjust plans as needed. 

Platform used for enrollment. Accepts applications for new students. Vital for compliance when we have a lottery (when there are more applicants than seats). Platform handles the lottery. Also a communication platform. Services have not changed year over year. Typically open 60 new students. Remaining 60 will cover backfill/new families. 

Lakenna and Betty training/professional development/advising. Covered by Charter School Growth Fund up to the $30K contract amount.  MMA will pay for anything beyond $30K. Also available to the Board. 

In process of onboarding new members. Trainings/onboarding coming for new members. Also, deadline for current board members is due November. 4 hours existing members, six hours for new members. Memphis Shelby County as the authorizer, will now manage. Melisa will see if Board on Track will keep a list of which members have completed which trainings. 

No update on employer review sent to Burch Porter. 

Lashawn absent. No update.

Met 8/25. Working with Burch, Porter and Johnson to get fiscal policies written for MMA real estate. 

Aiming for launch of Capital Campaign November 1st. Check Box Pro - Lakenna has a meeting. Freelance or college student. 

Brooke with 901 Properties not able to attend. Betty gave the update. First new tenant. Magic Kids daycare lease agreement has already been executed by property management company. MMA leadership figuring out the logistics. They will take care of updates to the space, per the lease agreement. 901 Properties thought they had previous approval to move forward with new tenants, but we've addressed and it won't move forward in that way in the future - without Board/Lakenna approval. Existing agreement shouldn't hold up as it's not through MMA Real Estate. Lakenna/Betty ensuring we are aligned in the process going forward. 

All demolition has happened at new school site. Playground at the center of the school is in development. Roof has been cut out for the playground. Construction is on schedule. Completing construction in March 2024. Change orders: 1) repairs to the roof (existing conditions need to be repaired). 2) adding a grease trap (no additional costs). Do not anticipate further change orders. 

Snapshot of what our state Annual Measurable Objective (AMO) targets are for this year. At least 44 scholars needed to meet AMO for ELA. Reviewed MMA in comparison to other schools in our area. MMA is a level five school - highest rating for growth. While we aren't proficient in ELA, we are growing students' proficiency. Only 65 schools in Memphis received level five. 

3rd Grade TCAP Comparison. Increase in science proficiency, decrease in math proficiency. LIT will help increase students' reading proficiency. Going back to address missed learning so students can reach proficiency. 

4th Grade TCAP Comparison (founding 1st grade scholars):  Did the best with overall proficiency.  Many in "approaching", we plan to get them to proficient. 

Reviewed ELA 2023 & 2024 results. As we get new students, we get new gaps that we have to address. Last year math we had 41% 2-3 grade levels behind, this year only 18% behind. Curriculum in place and teacher training happening to ensure scholars have success in math. 

Continue to struggle with enrollment - many in our population facing homelessness. Trying to address the various needs of our scholars. 

Would love to have a visual of the final school. Betty will share.