A. Kaynor noted that non-Finance Committee Board member C. Chhay is present for this meeting.

No members of the public provided comments at this meeting.

A. Kaynor reminded the Board about the context for the 990 Tax Form that was provided to the Board in advance.

• As a 501(c)3 non-profit, XLRI files a 990 tax return each year with the IRS, which is due by May 15th.
• This 990 tax return has been prepared by our auditor, AAFCPAs, and reviewed by our finance team (Director of Accounting, Chief Financial Officer, Senior Director of Finance, and Senior Staff Accountant).
• While the format is different, the 990 contains financial and compliance information similar to what was already reviewed and approved by the Board as part of the annual audit review meeting earlier this school year (on 10/21/24).
• Excel RI’s Board has delegated approval of the annual 990 tax form to its Finance Committee.

C. Heng asked a clarifying question regarding which staff are listed in the 990. The team clarified that the 990 lists any employees paid more than $100,000, as well as officers and key employees earning more than $150k.

A. Stelson presented FY25 budget trending and plans for the FY26 budget, as detailed in slides and an FY26 budget memo that was provided to the Board.

O. Stearns asked a clarifying question about rationale for the amount of money granted from Friends of Excel to Excel RI, which A. Stelson clarified.

C. Chhay, C. Heng, and J. Greenthal asked clarifying questions about the experience of staff at the school with the various facility-related cost considerations that the team is balancing, which A. Stelson and A. Solomon answered.

C. Heng, A. Stelson, and A. Kaynor reminded the Board about the current structure of the lease between Friends of Excel and Excel RI for the 622 Woon. property, and A. Solomon added that the Woon. lease costs approximately 5-6% of tuition, which is exceptionally affordable for the school relative to other options available in the current market.

A. Stelson presented updates to the Board on long-term financial planning and risk management, as detailed in the Finance Upate Slides.

C. Heng commended the staff for their exceptional financial stewardship and thoughtful planning over many years that have positioned our organization to be able to weather unbelievable levels of turbulence and uncertainty that are impacting the sector and country broadly.

C. Chhay and J. Greenthal added their appreciation to the team for their work. C. Chhay provided additional context about challenges facing non-profits and the broader sector.

A. Kaynor thanked the Board and Finance Committee members for participating in may Committee and Joint FC meetings over many years to get to such a strong position of inter-Board collaboration between Excel's three entities.

List of documents used in the meeting:

• Agenda
• Prior meeting minutes
• FY24 990 Tax Return
• FY26 Draft Budget Packet
• Draft inter-entity 5-year strategic financial model
• Finance Update Slides