Brighter Choice Charter Schools
Minutes
Finance Committee Meeting
Date and Time
Monday March 6, 2023 at 10:00 AM
Location
Virtual meeting
Committee Members Present
M. Snyder (remote), N. Velilla (remote), R. McLaughlin (remote)
Committee Members Absent
P. Romain, T. Hanmer
Guests Present
K. Ford (remote), K. Mclean (remote), L. Licygiewicz (remote), Z. Nelson (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
Monthly Finance Update
B.
Audit update
The Office of the State Comptroller audit started on Monday, Feb 27th and it should last 6 weeks, but it will possibly continue further. He is reviewing all financial items and determining what area is at highest risk and then audit those areas. Other charter schools have been cited for multiple different areas of finance with recommendations.
Paul reminded the committee that this is not out of the ordinary to be audited by OSC.
C.
ERC Update
The boys' school will be receiving $781K (net $625K) funds through the ERC
The Girls' school will receive $740K net $592K
4-6 months to receive a check plus interest.
D.
Janitorial Bid Update
Luke has received a couple of bids that are due March 31.
K. McLean will recuse herself from the decision due to a conflict of interest.
III. Other Business
A.
School meals
Martha asked about the food service bids. We will be receiving bids in April or May.
Paul provided a monthly finance update to the committee. He has sent out the January financials and reminds the committee that we have kept the cushion of enrollment,
Our checking account has been moved to Metropolitan Bank to accrue the 4.3% interest income. March billing has gone out to districts. We may have 100% collection of our prior year balances from the Troy district.