Financial Report and Balance Sheet Update

•  The CFO (SG), presents the financial report for the school. The school's revenue is at 75% of the budget, which is in line with expectations at this point in the school year. 
• Personnel costs are slightly under 75%, administrative costs are running slightly under budget, and instructional costs are at 72% of the forecast. 
• The school is projecting to finish the year with a surplus of $118,127. 
• SG  also reports on the balance sheet comparison and provides information on the money market and CD accounts, noting that $500,000 is being transferred to the money market account as approved by the board.

• SG will send the fiscal policies document to SJ for review
• SJ to review the school's investment policy after receiving it from SG

Student Trips Funding and Support

The school has two upcoming student trips: 

A. Dominican Republic 

B. Washington DC

 A. Dominican Republic Service Trip:

• 13 students will attend a four-week program
• Cost: $155 per student per day plus airfare; total approx. $60,000
• Funded by the operating budget surplus
• Program includes English instruction for local students and career inspiration for participants

B. Washington DC Trip:

• 48 tenth-grade students to attend
• Cost: $1,151 per student
• Financial aid and full scholarships available for some students
• JC requested clarification on funding sources and expressed support for both trips

C. Travel Policies and Insurance

• SJ inquired about insurance coverage for international travel, including for kidnapping and ransom
• SG confirmed coverage exists but will verify specifics
• SJ suggested establishing a pre-approved travel budget to streamline future trip approvals
• JC emphasized the need for a formal travel policy with clear guidelines

Action Item:

• The Executive Leadership Team will draft a formal travel policy for presentation at the next board meeting

To be discussed at next month's meeting