MMA will have a monthly deposit of the rent from MMARE. Formerly, they were holding the deposits as they didn't have a good understanding of expenses. As of July, the collective felt comfortable to start depositing funds on a monthly basis, which started happening in late August. 

Board resolution upcoming for next month's meeting, to clear up expenses MMA occurred on behalf of MMARE. 

When we purchased the property, we anticipated no new tenants for two years, and keeping existing tenants. We have actually added a new tenant, so we're ahead of projections. We're also in ongoing discussions with existing tenants for renewals. There is a lot of vacancy, but not much space available that's ready for use. Only one property (former healthcare facility) that is already built out and wouldn't need much, if any, work prior to use. We will try to fill the vacant former healthcare location first, for this reason. 

$30K expense breakdown: New tenant (daycare) needed a replacement HVAC unit*, for roughly $14K. Also expenses for the school. *HVAC contract: we will not be responsible for any further needs on the HVAC unit that's been put in for the daycare. 

Parking lot stripes: MMARE will get costs and can run on their side in the "common area expenses", to be shared with all tenants. Roughly $5K for the project. 

Overage for security: $12K overage. Timing difference. We will replace them with a new company in December. They skip months and don't bill, then bill for multiple months at a time. Storms caused additional expenses in landscaping, leading to additional pick-up from the landscaping company. 

Crime has decreased in the area. We've invested in making sure pole lights are in working condition - this has helped decrease overnight crime. Constant nuisance has been trash. Recommend blocking off back entrance to the property. Board will take for consideration. 

Welcome Ashley Bowen, new business manager for Edtec. 

Presentation of Sept. financials update. Decreased enrollment in ADM based on actual enrollment in Oct. $14K in savings due to interventionist no longer on staff. 

Ended Sept. with $881K; projecting to end FY24 with $146K. Does not include any of our $300K line of credit. Will likely need to pull from line of credit over the summer. 

MSCS were supposed to provide the information on true-ups yesterday, but it didn't come through. Districts are waiting for data from the state. Nashville is only true-ing up ADM through the end of the year. At MMA, 94 students have characteristics of dyslexia. MMA will quality for additional funding for supporting these students, yet it's expected that we continue to provide said services (though funding hasn't come through). Basis of enrollment issues are POVERTY - not dissatisfaction. MMA has hired a recruitment lead to help mend the gap in enrollment. Need more help from the city to address these issues. As a school, MMA is doing so much more than educating - social services, etc. 

Fundraising, additional revenue sources are key. 

Extensive experience in banking. Mother was a teacher for 30+ years. 

Timorie - committee chair. Website underway. Need bios and headshots from board members!

Capital campaign will start as soon as new website is live. 

Tressa - committee chair. New members have a year to complete their six hours from onboarding date; existing members have four hours. Trainings due Nov. 15! 

Welcome Joseph! Candace Tate is a community member who also serves on the governance committee. 

Angelia - committee chair. Adjusted calculations for ADM. Board giving commitment has been lax, would be great to get board giving back on track. 

Lashawn - committee chair. We MET today! Head of School '22-'23 evaluation is ready in board on track. New members will not participate. Complete by November 15. Lakenna will complete her self-eval simultaneously. 353 current enrollment. Excited to have Mr. Alvarez on board. School was approached by Freedom Prep informally inquired about absorbing MMA. No action to be taken. 

Next spring, we'll communicate timing on the head of school eval for '23-'24. Report will be due Dec. 1 for the mid-way point of our 10 year charter. 

Next meeting, Nov. 8 at 12 PM. 

Reviewed images of new building. Tomorrow, framing will be complete! 

STEM Lab/Fine Arts Room will be part of Phase 2. Renderings coming. We're on schedule for March 2024 completion! Need to figure out moving company for summer 2024. Also, pick-up/drop-off plan for the new parking lot. Front space inside the main doors will be extra layer of security. 

Mr. Alvarez connected MMA with Obsidian PR firm, who will help with growth, public relations, events leading up to the ribbon cutting ceremony, etc. 

Consider Gala for late spring 2024 (April). 

Donor wall needs to be solidified so it can be completed as a part of construction. 

Want to maintain #1 ranking in score card. 

Families are getting more comfortable with other leadership/staff at MMA, which is helping provide bandwidth for Lakenna. Dyslexia training for staff in place; continue to focus on making sure kids can read!