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Seaside School, Inc

Finance Committee Meeting

Published on June 15, 2026 at 9:19 AM CDT

Date and Time

Tuesday June 16, 2026 at 9:00 AM CDT

Location

Monthly Seaside Finance
Tuesday, June 16 · 9:00 – 9:45am
Time zone: America/Chicago
Google Meet joining info
Video call link: https://meet.google.com/jyi-ykqa-vpb

Founded in 1996
Serving Students in Grades 5 - 12

 

We seek to sustain an educational community where an emphasis on academic excellence is complemented by our concern for each learner’s personal growth and intellectual, aesthetic, and psychological development. The curriculum is developmentally responsive – actively engaging students in learning skills in context, integrative – directing students to connect learning to daily lives, and exploratory – enabling students to discover their abilities, interests, learning styles, and ways that they can make contributions to society.

 

 

Information on procedures for public comment can be found at https://www.seasideschools.net/domain/35.

 

If anyone needs special assistance to participate in the public input session, every effort will be made to provide an appropriate accommodation. When requesting accommodations for public input, please allow no less than 1 business day notice prior to the scheduled meeting.

 

Specific issues about a particular student should only be addressed to the school’s Director of Student Services, rather than the Board of Directors.

 

All public comments will be taken under advisement by the Board, but will not elicit a written or spoken response. The names of persons providing public comment and a brief summary of topics or input will be included in the meeting minutes published. A response will be provided to the stakeholder within seven (7) days.

Agenda

Section Number Topic Number Details Purpose Presenter Time
I. Opening Items 9:00 AM
  A. Record Attendance   Frank “Chip” Brown 1 m
  B. Call the Meeting to Order   Frank “Chip” Brown 1 m
  C. Minutes Approval Approve Minutes Frank “Chip” Brown 5 m
    Minutes for Finance Committee Committee Meeting on May 19, 2026  
II. Finance 9:07 AM
  A. School Budget Updates and Reports Vote Lily Meadows 30 m
   
  • ash balances are available for both the School and the Foundation as well as a summary of year-to-date revenue and expenses for the School including projections on the Exec Summary tab.

·      I do expect a healthy overall surplus for year-end breakdown below:

  • General/Operating Fund: Projecting a year end surplus of $170K. -Note here: I’ve reclassed as much as I can identify as Capital/LCIR expense, this ultimately boosts the surplus in General.
  • Capital Outlay: Tracking a surplus at year end here as well of $383K.
  • Internal Fund: We’ve discussed the importance of balancing this fund as it ultimately effects the Operating surplus. This fund was budgeted with a deficit of $222K, currently through May the fund has $176K deficit.
  • Debt: This fund shows a surplus of $1,159,134 for current year due to several factors.
    • Some expenses were borrowed for, but expected to be reimbursed by Triumph, others reimbursed by General Appropriation therefore those expenses are recorded in separate funds where the expected reimbursement revenue is received – thus lowering construction expense.
    • An SNH invoice was borrowed for and paid, then a credit received for recurring monthly tech maintenance charges (general fund); revenues higher than construction expenses.
    • A TurnerBoone invoice was borrowed for in full, then paid a partial balance, two separate times, with one to be reimbursed by Triumph. However, the total of the payments made does not total the amount borrowed; excess of $30K.
  • Triumph: Right now, I am recording a Receivable for the previously identified recurring monthly payroll expenses related to this program. Beyond salaries, within the $726K Receivable on the Balance Sheet are $279K of other expenses related to this program. My projections do not include any reimbursement in this fiscal year. It’s important to keep in mind if the reimbursement doesn’t reflect what was budgeted, the expense that does not get reimbursed comes back against the General fund surplus fund. Is there any documentation that can be provided to indicate if what is currently recorded as a receivable is feasible?

 

Cash Flow/Projections

  • At this point we are at Jun 11 with $2.2 mil in the bank between Operating and Investment accounts, I’m projecting cash position to be $1.8 mil at month end. Combine this with the data from the Foundation and I’m confident the required 60 Days Cash on Hand will be met; current projections indicate 125 days.

 

Debt Service Coverage Ratio

  • Projected to be 1.13 at Jun 30.

 

*Reminder – Truist Internal account should be closed ASAP.

 

 

Budget Preparation

A draft budget was submitted to the bank 6/1, however the budget conversation does need to continue once some major pieces are confirmed.

  • Payroll; Staff listing to include salaries and positions
  • Conversation of Foundation Lease payment; possible increase?
  
     
     
  B. Foundation Updates and Reports Discuss Callie Cox 10 m
   

Foundation Updates

 

 

 

 

 

 

  
  C. Triumph Update (if not covered in financial update) FYI Tricia Peterson 5 m
  D. High School Insurance Discuss Frank “Chip” Brown 15 m
   

Discuss the ongoing conversation about insuring the High School Building.

  
  E. Performance Pay State Statute Discuss Frank “Chip” Brown 15 m
   

Discuss the State Statute Requiring Perforamce Pay Incentives

  
III. Closing Items 10:22 AM
  A. Adjourn Meeting Vote