A. Stelson and A. Solomon presented updates on FY24 budget trending and a draft FY25 budget. D. Stolow requested that the team extend the FY24 Financial Position chart to show debt payments being made in the future, aligned with our current working assumption about how we plan to manage those debt payments. D. Stolow, D. Sachs, and R. Lytle asked clarifying questions about the draft FY25 budget, which A. Solomon and A. Stelson answered.

A. Solomon updated the Board on long-term projections and areas of risk and opportunity. D. Stolow summarized the several key areas of risk and continued discussion that are top of mind for the Committee as follows:

1. Do we have the right skills to manage debt/capital/interest rate decisions?

2. Do we have the right resource plan to make sure we deliver on our fundraising objectives?

3. Are we monitoring and planning proactively in response to sector-wide trends related to declining enrollment?

4. Are we continuing to remain competitive with compensation in an increasingly challenging talent market.

The Committee discussed these key issues and agreed to continue monitoring and revisiting as an individual Finance Committee, a full Board, and an inter-Board team.

The Committee thanked the staff for their good work to present such a large amount of complex information in a concise way and for facilitating the many productive Board and inter-Board conversations this year that have strengthened the team's ability to collaborate effectively across Boards and built confidence in the budget as proposed.

• FY25 Draft Budget
• Finance Update Slides
• Meeting Minutes from March 1, 2024 Finance Committee