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Seaside School, Inc

Monthly Finance Committee

Published on January 14, 2025 at 8:42 AM CST

Date and Time

Tuesday January 14, 2025 at 9:00 AM CST

Location

Seacoast Collegiate High School

109 Greenway Trail

Santa Rosa Beach, 32459

 

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
  C. Approve Minutes Approve Minutes
    Minutes for Monthly Finance Committee on December 17, 2024  
II. Finance 9:01 AM
  A. School Budget Updates and Reports FYI Lily Meadows 15 m
   

Below is a link to view the financial statements updated for December 2024 as well Board packet in pdf, bank reconciliations & Loan Statement. I’ve also uploaded the requested documents to ShareFile for Round Table to retrieve.

 

2024-2025 Financial Statements

 

  • On the Executive Summary tab of the excel document high lights of the statements can be found.
  • FEFP, LCIR & CO accruals are based on an FTE of 500. This was a decrease in budgeted revenue of $160k FEFP & $37k LCIR & CO.
  • The District increased the FTE they are paying on with the December FEFP payment to 487 FTE based on the preliminary October student count. We are still waiting confirmation of this; at that time I’ll adjust the revenue accruals again to align.
  • The Days Cash on Hand & Debt Service Ratio covenant calculations are updated each month based known projections of revenues and expenses. On the Exec Summary tab you’ll find where the numbers are YTD as well as projected to be at Jun 30.
    • December is the first official measure of this covenant; As of Dec 31st, the School & Foundation combined has 116.5 Days of Cash on Hand, with projections indicating 190.8 at Jun 30.
  • I’ve added the year end projected figures from the Cash Flow Tab to the Combined Revenue and Expense tab for ease of comparison of YTD to expected Year End. All Construction related expenses is pulled out from the regular operating activity to allow focus on Operating vs Construction.
  • The tab labeled “Bond Ratios” is what I’ve prepared for formal submission of the upcoming bond ratio calculations. I previously submitted a “test” calculation for the banks approval and received feedback from this. The only piece up for discussion is regarding the Foundation bank accounts and whether they are restricted funds or not. If any funds are restricted – depending on the purpose of the funds – we may not be able to include the cash in the ‘cash on hand’ calculation. Regardless of excluding a large portion of the Foundation cash, I am confident the ratios can be met as necessary. For this calculation I’ve included all cash accounts from both the School & Foundation – excluding the SVB at the School which is for the construction expenses only. Please let me know if you all are ready to submit the calculation as is or if discussion needs to be had regarding the accounts. This calculation is due Feb 28.

 

School Recognition Bonuses was processed Dec 19th.

 

At this time, the School has been reimbursed for ALL General Appropriation. The final deposit was Jan 10 – within 30 days this is to be repaid towards the loan balance.

 

Conversations are starting regarding the transition of accounts for the School to 1st Citizens/SVB.

 

We are scheduled for finance call Tuesday at 9 am, talk wit you all then.

  
     
  B. Foundation Updates and Reports Discuss Lily Meadows 7 m
   
  • Capital campaign update
  • Discuss any Foundation financial matters or other updates
  
  C. Budget Updates Vote Thomas Miller 10 m
   

Budget Updates presented by the school management team (click here)

  
  D. FTE Count Discuss Thomas Miller 5 m
   

Through training and deeper dives we identified:

- Two college students without a schedule in FOCUS

- Multiple students who are part time at SCHS (due to low grad requirements)

- Over 50 students taking classes and athletics at local high schools

 

We have addressed the missing schedules and plan on two audits prior to the February student count. 

  
III. Expansion 9:38 AM
  A. Current Construction Budget FYI Frank “Chip” Brown 5 m
IV. Other Business 9:43 AM
  A. Big goals for the year FYI Thomas Miller 5 m
   

Salary Scale Review (Starting December 2024) - Completion by March 2025

(Drafted a version that provides a 7% to 10% raise over the next two years. (Click Here)

(Walton County School District Scales)

 

Insurance and Benefits Vetting (Spring 2025) - Completed for vote by May 2025

 

5 Year Budget Review/Staffing (December 2024) - Completed by January 2025

*Annual Cash Flow Projections (July - September 2025 - Started November 2024) - Completed by January 2025

Triumph Grant Execution (Will need to have a grant project leader for all tracking)

  • Grant submitted and voted for term sheet approval. Job descriptions and recruitment of project leader to begin in January 2025. 
  • Submitting Grant to St. Joe Foundation to support technology and equipment SCHS

 

  
V. Closing Items 9:48 AM
  A. Adjourn Meeting Vote