Matt Brown presented the CAM factoring agreement and explained how the process worked.  He detailed the fiscal obligations and grant reimbursement process as well as how the growth of the school and increase in special education student needs has caused the cash crunch, which the CAM agreement is addressing.  Board Member Horn asked about the timing of the state's true up and Matt clarified the timeline and the process.  Board member Branch asked about fundraising and the timeline for a positive fund balance and Matt explained the timeline that is typical for charter schools and most likely for TEACH. 

Matt Brown explained the highlights of the auditor's report.  Richard McNeel explained the difference between the auditor's report, which requires the school to pick up its proportion of the state's liability for retirement benefits as well as the entire liability for the lease and SPCSA's analysis of the budget which excludes those items.  Matt Brown noted that there were no audit findings and no notices of concern.