RISE Prep Academies
Minutes
Standing Finance Committee Meeting
Date and Time
Tuesday May 27, 2025 at 9:30 AM
Location
30 Cumberland Street
Woonsocket, RI 02895
A vote may be taken on any item.
Committee Members Present
J. Leveille, K. Waller, R. DaCruz
Committee Members Absent
C. Dias
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
D.
Approve Minutes
This agenda item was tabled.
II. Finance
A.
Audit and ERC Update
Ms. Waller informed the group that the 990 was submitted on 5/15/2025. She will email the 990 to the group. The Federal Single Audit still needs to be completed, as does the FY23 UCOA.
B.
Discussion of 2025-26 Budget Draft
Ms. Waller tells the group that RISE is planning on 730 scholars total, with 570 in the K-8, and 180 in grades 9-10. Leaders are hoping to use natural attrition to rebalance the loads.
Mr. Leveille asked if there is any risk to federal funding given the current political situation. Ms. Waller and Ms. DaCruz said that so far, there's been no indication of loss of funds.
Ms. Waller reived the health insurance increases for the year, along with the updated salary scales for teachers and leaders. The increase in Special Educaiton spending is due to outplacements.
Mr. Leveille suggests that the school pursue a line of credit with BankRI. Ms. Waller was concerned about concentrating risk with one institution, but will reach out to the bankers later in the year.
C.
Discussion of Facilities Funding
Mr. Leveille discusses the Champlin Foundation. The foundation does fund faciltiies, and Ms. DaCruz thought that submitting the Owner's Project Manager and Architect soft costs might make sense. Ms. Waller is pursuing a predevelopment loan for those expenses.
This agenda item was tabled.