S. Musser commenced the presentation with an overview of the Quarterly Academic Report for both Candeo Peoria and Candeo North Scottsdale. The report encompassed key academic and operational information from the prior quarter as reported by the Heads of School at both Peoria and North Scottsdale.

The Heads of School provided insights into the academic performance, wellness initiatives, and various activities undertaken during the reporting period. Members of the Board were encouraged to raise questions related to any section of the report during the meeting. Additionally, any items for discussion were welcomed.

Members of the Board actively engaged in a discussion following the presentation, seeking clarification on specific data points and expressing commendation for notable achievements highlighted in the report.

S. Kies commenced the presentation with a comprehensive review of the financial documents for both Candeo Peoria and Candeo North Scottsdale. The presentation covered the financial dashboard, annual and year-to-date budgets, balance sheet, check detail, and items related to internal controls.

Board members actively participated in the discussion, seeking clarification on specific financial figures and internal control measures. S. Kies provided detailed insights into the financial health of both institutions, highlighting key financial indicators and addressing queries raised by the Board.

Financial Documents Reviewed:

•  Check details as of December 31, 2023.
•  Balance sheet for the fiscal year 2024 as of December 31, 2023.
•  Profit and loss statement for the fiscal year 2024 as of December 31, 2023.

Discussion Highlights:

• The Board expressed satisfaction with the financial performance and transparency demonstrated in the presented documents. 
• Questions were raised and addressed regarding specific line items in the financial reports. 
• S. Kies emphasized the importance of adherence to internal controls to ensure financial integrity 
• S. Kies noted the following:
  • The balance sheet shows an increase in cash in spite of lower enrollment, showing responsible cost management. Bond reserves also increased. 
  • P/L shows revenue decrease, primarily in state equalization. We couldn't decrease all expenses dollar for dollar due to overhead, bond, and other fixed costs. Even though under-enrolled, we remain financially healthy with sufficient bond reserves. 
  • The loss of results-based funding, which was significant for high-performing schools.