• Review & Clarify he Finance Committee Description 
  • Feedback - It should be a shorter visual 

Calder Foundation - Deadline is September 12, 2024.

Two weeks before this call, we will send you an email requesting a written update on the outcomes you submitted with your Proposal as well as a request for the following financial documents. 

• Organization’s 2023-24 Income and Expense Actuals compared to Budget (Excel document)
• Organization’s Budget for the Fiscal Year in which the next payment will be expended.
• Project's Expenditure Actuals compared to Budget (Excel document) 
• Project's remaining Budget

Please plan to submit these documents via email to proposals@calderfdn.org before the meeting to allow us time for review. If you cannot meet that timeline, just let us know! The outcomes you will be reporting on call can be viewed in the Foundation's Portal. 

• Bonus Structure 
  • Dr. Jones suggestions 
• Committee Discussion 
  • Is it possible this upcoming year? 
  • Is there another equitable bonus structure that should be considered?
  • What impact would it have on the budget for upcoming years? 

Hey Team,
 

Attached are two affordability models for the Floyd property.
 

If we go with what is proposed at $24.50/ft it brings the facilities expenses to on average 18% of your operating expenses.  This captures ~$65/ft for renovations, and honestly, depending on what all is needed, it may be more, but it very well may be less.  (for context, we just did a bare minimum reno in a former office space and it came in at $25.33/ft)

When we model out a lease rate at $20/ft it puts us at about 15% of the revenues.
 

I'll flag, with either price point, we will need to tweak things if we want it to "fit."  We know that for most charters the sweet spot is 15% for facilities expenses...but I'd say we also need to factor that for montessori schools, we can't cookie cutter those numbers, if there is an inherently larger square footage needed.  If the average size of a space for 183 kids is 14,025 square feet, and the model for a montessori 110-120sf per pupil or roughly 22,000 square feet, that's a 58% increase in square footage needs for the programming model, which would translate to about 23% of the operating budget.  (for reference, as a visual...I broke down the floyd property at 75/sf/student and the numbers all calc.
 

So, where does that leave us?

Concessions - I think to make this space fit, for a unique model that requires more square footage, there'll be some give and take from all parties.  I think the property owner is going to have to reduce their asking, maybe increase their TI amounts.  The development team is going to have to figure out how to maintain quality and time, while keeping the price a driving factor.  The school might have to tweak the financial model (I'd say reduce footprint, but we've gone through the bare bones game), and maybe fundraise or gain extra revenue to offset the "development" of the facility so the school isn't stuck carrying the burden of the site throughout the lease.  In looking at the "construction budgets" they are not all that large, and maybe there's some folks that would be willing to step up and pay for some of the TI's that can't be covered under the allowance.
 

Again, here to think through these, I feel like we have an option here, but it'll take some work from all parties on all fronts

• Montessori - There is a difference! How do we present this to investors and supporters?