Area 1: Financial Position

• Reviewed three items related to grants - all on track

Area 2: Financial Processes

• Reviewed seven items - five are on track; two are at risk: Monthly donations tracker for 26-27 and the Prepared by Client (PBC) list and locations in preparation for the Annual Audit.  ED will follow up with the Director of Operations.

Area 3: Alignment with State Expectations

• Reviewed three items - two are on track, one is off-track:  The Annual Compliance Tracker needs a protocol for completion and tasks for August, Sept and Oct should be indicated by the next Gov Comm meeting on 9/2.

As of 8.17.26 the school was at 85% complete; 76% on time.  Needs to improve.  Target is 100% complete, 95% on time.

Addition of new position (Executive Assistant to the Executive Director) as of 8.24.  Will be able to assist the Director of Operations in ensuring protocols to address reporting needs are efficiently addressed.

Reviewed the Finance and Facilities Committee Charter for 2026 - 2027.

Goals have been streamlined into focus areas (financial position, process, alignment, and facilities) and has a calendar of monthly tasks.  It is aligned to the TLS Strategic Monitoring Framework (helping us oversee progress toward our 12 charter goals), TLS Policies and Bylaws, and the MCPSC Performance Framework.

The Committee recommends the Board adopt it.

Reviewed the Monthly Financials.

KPIs for July - 64 Days of Cash; 2.1% Gross Margin; 14.92% Fund Balance.

Reviewed major expenses, in line with start of school requirements.

Cash projection is pretty even with actuals.

Higher than expected enrollment this first week of school. Going to exceed our budgeted enrollment.

Reviewed the objectives in the Strategic Monitoring Framework associated with Goals 10, 11, and 12 in line with new internal goal expectations.

The Executive Director will train her new Executive Assistant on the protocols for handling monthly documentation for our financial partner (EdOps) and for handling CSP drawdowns.  

The board will continue to monitor timeliness of both and expect an update on the status of the drawdown as part of the Executive Director monthly report to the board.

Discussed the SOP for paying vendors on time (will shift from first class mail to ACH payments).

Will hold off on doing a 218 Agreement until we are a larger organization.

1. Audit Preparation