Excel Academy Massachusetts
Minutes
Board of Trustees - Finance Committee Meeting
Date and Time
Tuesday May 19, 2026 at 9:00 AM
Location
Microsoft Teams meeting
Join: https://teams.microsoft.com/meet/218927063718728?p=FXOZLn99sQTXbtdBEu
Meeting ID: 218 927 063 718 728
Passcode: ap2em7Qq
Meeting Notice posted publicly by 5/12/26.
Please note: All items listed on the agenda are subject to a possible vote by the Board of Trustees or its subcommittees.
Committee Members Present
D. Sachs (remote), D. Stolow (remote)
Committee Members Absent
None
Guests Present
A. Healy (remote), A. Kaynor (remote), A. Stelson (remote), Hannah Larkin (Excel COO) (remote), O. Stearns (remote), Y. Dubon (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Public Comment
No members of the public provided comments at this meeting.
D.
Approve Prior Meeting Minutes
II. Finance
A.
Approve Debt Refinancing Resolutions & Ratify Amended Leases
A. Stelson presented Finance Committee Update Slides summarizing the two matters under consideration: the proposed refinancing of debt associated with 58 Moore Street and amendments to the leases between Excel MA and Friends of Excel for 58 Moore Street, 375 Bremen Street, and 401 Bremen Street. The Committee had received detailed supporting materials in advance of the meeting. The proposed lease amendments are intended to harmonize the terms of the three leases, tie rent payments more closely to external debt service, and provide Excel MA with a right to purchase the properties if the CMO agreement with Friends is terminated.
D. Stolow noted that the Committee had reviewed and discussed these matters extensively in advance of the meeting and invited additional questions.
A. Healy asked a clarifying question about the debt repayment schedule, which A. Stelson answered.
D. Stolow asked whether the value of remaining lease payments referenced in the materials reflected present or nominal value. A. Stelson agreed to confirm that the relevant term is adequately defined in the lease documents and, if necessary, follow up with the current and incoming Treasurers.
D. Sachs asked whether any aspects of the amended leases were less favorable to Excel MA or could create additional burdens elsewhere within the broader Excel organization. A. Stelson explained that the amendments are intentionally favorable to Excel MA and are designed to reflect the current CMO structure and Friends’ charitable purpose of supporting Excel MA.
III. Other Business
A.
Clarifying question about CMO payment calculations
A. Healy asked for additional context about the CMO true-up payment. D. Stolow and A. Stelson explained that monthly CMO charges are based on a discounted estimate of budgeted revenue to reduce the risk of overcharging, with periodic true-up payments based on actual revenue. They noted that the calculation is reviewed as part of the annual audit process.
IV. Closing Items
A.
Adjourn Meeting
List of documents used in the meeting:
- Agenda
- Prior meeting minutes
- Finance Committee Update Slides
- 58 Moore Street Debt Refinancing Resolutions
- Board Memo re: Excel MA Leases and Refinancing
- Draft Term Sheet
- Draft Lease Amendments
- April 21 and May 12 email summaries regarding the refinancing and lease amendments
A. Stelson and A. Kaynor welcomed Hannah Larkin, Excel's newly hired Friends of Excel Chief Operating Officer, and Anne Healy, the incoming Excel MA Board Treasurer (starting her first term on July 1).