Northwood Academy Charter School
Minutes
Finance Committee Meeting
Date and Time
Wednesday June 1, 2022 at 5:00 PM
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 ability to join via phone as well.
Join Zoom Meeting: https://us02web.zoom.us/j/81883650922
Committee Members Present
K. Dugan (remote), K. Maddox (remote), K. Spraga, T. Boler (remote), T. Hunt (remote), T. Taylor (remote)
Committee Members Absent
None
Committee Members who arrived after the meeting opened
T. Boler, T. Hunt
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance
C.
Approve Agenda
D.
Approve previous Meeting Minutes
Katrina Maddox abstained
E.
Community Comment
II. Discuss CBAs
A.
Current CBAs
2022.60 - NoRED Ink Program
- Tom Taylor reported that $5250 was paid out to cover 1/1/22-1/1/23.
- Action Item - Kristine Dugan will confirm confirm whether this CBA can be withdrawn.
Kristie Dugan opposed.
III. 2022-2023 Annual Budget
A.
Review list of planned CBAs (pulled from the 2021-2022 list)
The following CBAs will be withdrawn for the SY 22/23 Budget.
- 2023.28 - New Math Curriculum - $85,000
- 2023.34 - Curriculum Writing Team - $21,724
The following update was provided by the Administrative Team via email - The Math Committee finalize the curriculum choice on 5/25/22. We requested quotes for the entire program on 5/26/22, inclusive of all consumable and non-consumable materials and professional development. As soon as we have the detailed quotes, a new CBA can be submitted.
Ted Bohler will work with the Administrative Team to identify a plan for Professional Development, Training and Implementation in additional to the book purchase. A CBA will be created to support this plan and the amount taken as a variance as part of the SY 22/23 Budget.
Action Item - Kristie Dugan will strikethrough these CBAs in Smartsheets to reflect they have been withdrawn.
Action Item - Kristie Dugan will remove yellow highlight of the following CBAs as they are not Operational items that were approved to begin ordering materials and scheduling contract work.
- 2023.18 - Strategic Planning Session
- 2023.20 - Updated assessment system and digital platforms.
B.
Annual Budget Version 4
Version 4 is within acceptable thresholds for both Net Income and the Debt Coverage Service Ratio.
Action Item - Tom Taylor will update Version 4 based on the CBAs withdrawn for SY 22/23 for Budget materials being prepared for the 6/15 Board Meeting.
Action Item - Kristine Spraga will prepare a summary of the Net Income and Debt Coverage Service Ratio for Budget materials being prepared for the 6/15 Board Meeting.
C.
Annual Budget Version 4A
Version 4A is within acceptable thresholds for both Net Income and the Debt Coverage Service Ratio.
Action Item - Tom Taylor will update Version 4A based on the CBAs withdrawn for SY 22/23 for Budget materials being prepared for the 6/15 Board Meeting.
Action Item - Kristine Spraga will prepare a summary of the Net Income and Debt Coverage Service Ratio for Budget materials being prepared for the 6/15 Board Meeting.
D.
NACS Total Rewards Framework
The Total Rewards Framework is being reviewed during tonight's HR Committee Meeting.
Action Item - Kristine Spraga will communicate during the HR Committee Meeting that expenditures associated with the Total Rewards Framework can be absorbed by the SY 22/23 Budget.
Action Item - Kristine Spraga will communicate to the Finance Committee whether to incorporate the Total Rewards Framework into Budget materials being prepared for the 6/15 Board Meeting based on the Vote during the HR Committee Meeting.
E.
ESSER Funding
There was no additional discussion around the ESSER Funding Reports.
There was no Community Comment.