Northwood Academy Charter School
Minutes
Finance Meeting
Date and Time
Wednesday August 6, 2025 at 5:30 PM
Location
You are invited to a Zoom webinar!
When: August 6, 2025 at 05:30 PM Eastern Time (US and Canada)
Time change for this meeting only.
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Topic: Finance Committee Meeting
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This is a public meeting of the Finance Committee of the Board of Trustees of Northwood Academy Charter School that was properly advertised pursuant to the Pennsylvania Sunshine Act. The public meeting schedule is posted at the school and on the website.
Members of the public are welcome to attend and listen to the Finance Committee conduct its business tonight. All written comments submitted to the Committee via email (board@northwoodcs.org) will be acknowledged and incorporated into the official minutes. This meeting is accessible to the public via the remote platform Zoom and is being recorded.
Meeting will be conducted via Zoom platform with the ability to join via phone as well.
Join Zoom Meeting: https://us02web.zoom.us/j/81039841245
Committee Members Present
C. Jones (remote), F. Viall (remote), K. Spraga (remote), M. McLeish (remote), N. Daly (remote), T. Hunt (remote)
Committee Members Absent
None
Guests Present
E. Lofton (remote), Emily Parico (remote), Kadyjah Jalloh (remote), Kevin (remote)
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance
C.
Approve Agenda
D.
Approve previous Meeting Minutes
E.
Community Comment
As previously discussed in the HR Committee Meeting that moving forward the CBAs will be updated before hand-off for the Board Meeting to add an additional line item to include the impact on the overall budget. There is already a note in each CBA to identify the imapct of that particular line item and we are now adding an additional line item to include the impact on the overall budget.
II. CBAs, Resolutions & Discussion Items
A.
CBA 2025.811: Eric Langston Separation Agreement
B.
CBA 2025.812: Nancy Daly Interim CEO Stipend
Nancy Daly abstained.
| Roll Call | |
|---|---|
| T. Hunt |
Aye
|
| K. Spraga |
Aye
|
| F. Viall |
Aye
|
| N. Daly |
Abstain
|
| C. Jones |
Aye
|
| M. McLeish |
Aye
|
C.
CBA 2025.813: Executive Search Contract
Tracee Hunt abstained.
| Roll Call | |
|---|---|
| M. McLeish |
Aye
|
| F. Viall |
Aye
|
| T. Hunt |
Abstain
|
| N. Daly |
Aye
|
| C. Jones |
Aye
|
| K. Spraga |
Aye
|
D.
CBA 2025.814: Wireless Access Points
E.
CBA 2025.815: Elevator Repair Quotes
F.
CBA 2025.74: Replacement of the SPED Lead Case Manager with a SPED Teacher
G.
Discussion: Proposals for Mortgage Refinance
Discussed by Mike McLeish. Currently our debt is with Univest Bank, a variable rate of 4.5% interest rate. The interest rate has climbed and we are at the 5 year mark so it will reset to about 6.3/4%. Contact outside bankers, some the terms don't go past 5 years and some would like things solidified through the school's charter. One bank Western Alliance sent an offer sheet with a 15 year with a fixed 5/5% rate. We would need an appraisal and a Phase I Environmental and a signed Charter Agreement or some acknowledgement between the parties. Waiting for another bank to have a comparison. The banks require a lot of information for the school in order to provide offer sheets as there as a high risk. Univest was also revisited who is willing to work with us on the variable interest rate from 6.34% to 6.09%, but they are not looking to go past the 5 years.
H.
Discussion: Updated 25-26 Budget and Actual Rates
Adopted a budget with a 4.5% increase but received almost 14% increase now incorporated into a new revision which cannot be acted on until October. Removed Title II & IV federal funding, which has been unfrozen, causing the revised budget to be out of date. We will receive both Title II & IV and can also factor in some of the CBAs that have been adopted for material changes to budget lines.
I.
Discussion: Run Rates with Actual Rates
A new adopted budget of the actual increase would do the the run rates. SPED would go down to 66% of the total revenue and Regular Ed would go down 105%. The Non-instructional costs would go down to 32%.
No change to state budget, however the school was paid the July 5th and August 5th subsidies. The hope is that the budget is passed so that the subsidies continue. NACS is to continue to operate on the currently approved budget with the 4.5%.
No Community Comment for this meeting.