Amani Public Charter School
Minutes
Amani Board Meetings
Date and Time
Monday June 10, 2024 at 6:00 PM
The mission of the Amani Public Charter School (APCS) is to provide 100% of Mount Vernon students who attend the school from the 5th through 8th grade with the academic and critical thinking skills necessary to succeed in competitive high school programs, college and the career of their choice.
Directors Present
J. Killoran, J. Kuo (remote), L. Attis (remote), M. Smith, P. Morenberg (remote), S. Edwards (remote), S. WuDunn (remote)
Directors Absent
A. Spencer, G. Sardi, P. Smith, T. Houston
Ex Officio Members Present
D. Stern
Non Voting Members Present
D. Stern
Guests Present
BoardOnTrack
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
D.
Board Minutes
II. School Report
A.
Enrollment Updates
B.
Leadership
Introduction of Dave Marshall
John Kuo introduced Dave Marshall from Paul Weiss
Pro-Bono Program to give support to non-profit programs like Amani
Will be helping us to look at Board Documents and charter governance
Dave introduced himself -
Toronto - Canadian
Practice in Capital Markets
C.
CSGF Grant
D.
Educational Accountability
E.
School Closed
III. Finance
A.
Financial Update
Kim reporting on April
$974,000 as of April 30 in the bank -
1.77 - all combined
Activity through April
Projection - Revenue 5.8 million
5.9 - budgeted amount
Small variance between year to date actual and budget
Variance of 72k on expenses
Actuall year to date showing a deficit
Projected for last two months
Projected revenue 7.4 million
Budgeted
Variance 354,000
Actual expenses 7.3 million
Projecting to land
100, 111 surplus
We received two sets of financials
The second set includes some non-cash data ties to the audited financials
Depreciation
Reduction in expenses due to adjustment on leases - non-cash
65k surplus in non-cash version
High level - We are projecting a surplus
Questions
John - Reason for the surplus?
Staff adjustments that have not continued on for the remainder of the year
Updated projections to reflect payroll
Additional revenue
Paul - how is the surplus noted
Rolledover will be reflected in Cash or accounts receivables
Does not affect the year-to-year budget
Paul
Can the money be used in the next school year.
Reflected on the balance sheet
Sondra asked for clarification on the Projected Cash graphs
B.
Finance Department
Niamh present the 2024-25 projected budget
Stephanie to pass the budget
Max
ALl in favor
Opposed
Approved Budget
This approval has been tabled until next board meeting.