Northwood Academy Charter School
Minutes
July Finance Committee Meeting
Date and Time
Wednesday July 3, 2024 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 the ability to join via phone as well.
Join Zoom Meeting: https://us02web.zoom.us/j/81810854416?pwd=bUVCWlFsU0FjY0IwckNLOXlaTnNQZz09
Committee Members Present
C. Jones (remote), E. Langston (remote), K. Spraga (remote), M. McLeish (remote), T. Hunt (remote)
Committee Members Absent
None
Guests Present
A. Mohamad (remote), E. Lofton (remote), F. Vaill (remote)
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance
C.
Approve Agenda
D.
Approve previous Meeting Minutes
E.
Community Comment
II. Discussion & CBAs
A.
CBA 2024.70: Operations Executive Assistant to Senior Operations Executive Assistant
B.
CBA 2024.71: Contracted Tech Support
C.
Resolution 2024.70: Annual Increase Memo
| Roll Call | |
|---|---|
| E. Langston |
Abstain
|
| M. McLeish |
Abstain
|
| C. Jones |
Abstain
|
| K. Spraga |
Aye
|
| T. Hunt |
Aye
|
D.
Resolution 2024.71: Compensation Letter Memo
| Roll Call | |
|---|---|
| C. Jones |
Abstain
|
| E. Langston |
Abstain
|
| M. McLeish |
Abstain
|
| K. Spraga |
Aye
|
| T. Hunt |
Aye
|
E.
Financial Report
Discussion of the financial report 3 main items.
1- Subsidy Rates for 23-24 were estimated $11,500 regular ed and $36,000 special ed. We forecasted a 7% increase and we should receive a 10% increase. If we are fully enrolled, we will have 3% surplus.
2- Facade project was approved at $1 million, we should have a potential savings and we should have an estimated savings of $100,000.
3- Current year audit of operations should break even in what was budgeted.
Other pending expenses:
1- Roof repair
2- Water intrusion (insurance claim pending)
3- Emergency Services for water extraction
Did reach out to Attorney Chris Coval regarding the facade issues.
Still waiting for insurance carrier change over to move forward on the purchase of the 4603 Adams property. We have located another property with current buildings at 4629 Adams Ave.
No Community Comment.