Great Oaks Charter School - Bridgeport
Minutes
GOBPT September Finance Meeting
Date and Time
Monday September 15, 2025 at 4:00 PM
Location
375 Howard Ave.
Bridgeport, CT 06605 or virtual.
Committee Members Present
Bob Carlson (remote), Daniel Luciano (remote), David Zieff
Committee Members Absent
None
Guests Present
Benjamin Chan, Farah Martin, John Scalice, Latoya Hubbard
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve June's Meeting Minutes
II. Administrative / Financial Overview
A.
Financial Position
III. Review of FY25 Financials
A.
Financial Documents
Working with Perkins Eastmen to go over plans.
We have been working with Perkins Eastman. We would also find a new spot for our fellow. This does not indicate that we are looking to terminate our fellows or our fellow program.
IV. New Vendors
A.
New Vendors
Kiddom (Illustrative Math)
Steps to Literacy
Capitol Region Education Council (CREC)
V. Additional Items
A.
Additional Items
Electric Usage Chart- B. Chan went over Peak usage during the summer has always been high but we see some cost savings there. We also have off-peak usage (from 6pm-10am) we have been saving some money thanks to monitoring from our team.
CFO, B. Chan went over dashboard.
As of the end of August 2025, we are 3.2M in the bank. to last us through the end of December. That is excluding any grants we can draw from until about the end of October. This is sufficient enough to last us till then.
B. Chan reports the school tracked everything very closely. We ended year with the cashflow at about $230,000.
D. Zieff reports that as we go through Fiscal 26, we will see how much we can end the year with as surplus. Non-traditional fundraising might be something we can do.
In the beginning of the year B. Chan put together a budget of about 11.5M$, a lot of it was a wild card. At the end of the year we ended with about 800,000 of a difference. If we take 65% personal and 10% school operations and 20% to facility.
B. Chan went over State Reconciliation statement. B. Carlson shared that given the upside of any surpluses we come across, with our efforts regarding the classrooms to increasing our enrollment to 750, how much would that surplus be? J. Scalice mentioned that we will most likely be close to 450k.
When will our part of our audit process be done? J. Scalice reports that they are coming tomorrow and we are about a month ahead of schedule. If we keep doing what we are doing and meeting with them, we hope to be done by November. The deadline by the state is end of December. According to D. Zieff, best practice is that the presentation is made before Thanksgiving to the board.
SAGE Update- B. Chan states we have transitioned the data and checked for accuracy. We have adjusted journal entries and put them in both systems, SAGE and QuickBooks. Reporting and formatting are next steps.