The committee reviewed the proposed edits to the ACE Finance and Accounting Policy and Procedures Manual (per Melissa Carollo). 

Pg. 11-The Ex. Dir. and/or Principal have the authority to: 5th bullet-change from approval from Finance Committee to read "from Board" ilo of Finance Committee.

Pg. 11—The CFO has the authority to change the 6th bullet point to Approval "from the board" ilo of the Finance Committee.

Page 12-C-Annual Operating Budget-change date to July 15th

Page 13-Contracts: Add a new bullet point to read, "Vendor RFP's to be approved by the Board."

Page 13-Credit Card Policy: Finance Committee approval of Executive Director's expenses

Page 14-A. Budget Development and Approval-Under 2nd bullet point-change date for Board approval of the budget to July 15th ilo 31st

Page 15-F. Bank Reconciliations- Add a new bullet point to state:  Check images to be included with the monthly statement for the Finance Committee review. 

Page 16—Credit Card Expenses—Add a sixth bullet point: The finance committee will review and approve the monthly credit card statement. Also, add a separate Expense Policy for staff members.

Clarification was gained around the titles of Controller, CFO, etc.

The language will be changed to state that ACE is outsourcing to a third party.

Mike Dunn will make the required and agreed-upon edits and send a revised copy to the committee members.

The committee discussed the final 2024/2025 budget outlook based on corrected enrollment numbers, staffing changes, payroll, etc. (actual vs. budgeted).

Expected shortfalls and deficit projections were discussed. The special Finance Committee/ Budget Committee (working group) is still working on numbers and will have another meeting next week. The "working group" hopes to reach a final budget at next week's meeting. 

Medicaid billing was discussed, and changes to billing for High-Cost Services (ABA) will be invoiced to Medicaid to free up CSP funds for other costs.

The current deficit as of 3/15/2025 was $232,047, and with the expected Medicaid reimbursement of $116,000, we should be able to reduce that figure substantially. (Medicaid funds will vary)

There are a few key questions that, when answered, will aid in this process.

Joellen has worked with Javonda to submit further expenses for reimbursement to the CSP.

Medicaid will be billed for ABA services rendered this school year.

This item was tabled until the next regularly scheduled meeting.

This item was tabled until the next regularly scheduled meeting.

This item was tabled until the next regularly scheduled meeting.

This item will be revisited during the upcoming "working group" meeting. 

Discussions on projected CSP balance, estimated Medicaid reimbursement, MFP funding, ABA staffing or contracting, enrollment, staffing changes, other high-cost services and additional HR expenses were tabled until Mike and Joellen can dig deeper into the numbers. 

Mike had to drop off the call, but Anna, Amy, Joellen, and Latner continued to discuss budget concerns, loans, grants, financial scenarios for the 2024-2025 budget, and the movement of line items on the P&L statement to represent a more positive cash-flow.