Collegiate Charter School of Lowell
Minutes
Finance Committee Meeting
Date and Time
Tuesday November 18, 2025 at 3:30 PM
Location
https://teams.microsoft.com/l/meetup-join/19%3ameeting_Mjk1OGYzYjAtMGQ0Yy00M2ExLTlmODktOTY5MzVhM2U3Y2M2%40thread.v2/0?context=%7b%22Tid%22%3a%22e1692ed4-87c3-40ed-9cf6-d30a5be6d381%22%2c%22Oid%22%3a%224396c47a-427d-4934-9be0-1eb4c0916636%22%7d Or Merrimack Valley Food Bank 1703 Middlesex St, Lowell, MA 01851, United States
Committee Members Present
A. Miller, M. Porto
Committee Members Absent
P. Patel
Guests Present
A. Bakr, C. Nystrom
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
Review Budget vs Actual report October 2026
Carl Nystrom reviewed the actual vs budget October 25. The following accounts are over budget for the year: Travel over by 500, Dues subscriptions over due to 10 memberships in MSAA, Nursing over by 3k, Insurance over in vehicles & buildings by40k. This was due to overall increases in insurance & a conservative approach to budgeting. Maria Porto asked about vehicle fuel. Carl Nystrom said Collegiate is using the vans for field trips & athletics. The savings from these 2 line items should offset the additional fuel costs. Regarding Insurance, Carl Nystrom said Collegiate For FY27 Collegiate will be changing insurance broker & carriers. Collegiate has been with the same carrier since 2013. Alan Miller asked who the new broker is & Carl Nystrom said Collegiate has signed a Broker of Record with Fred C Church company. In addition, Carl Nystrom indicated that some new general ledger accounts have been set up to line up with DESE end of year data collection. DESE has instituted a new CHAMPS end of year financial data upload requirement in November 2025.
B.
Discuss 2026-27 Budget Timeline and Process
Adam Bakr spoke about starting the FY27 budget earlier than in previous years. Adam would like to begin in late December & early January with the Finance committee. Alan Miller, Pravin Patel, and Maria Porto agreed to be available for January budget meetings.
Adam Bakr spoke about starting the FY27 budget earlier than in previous years. Adam would like to begin in late December & early January with the Finance committee. Alan Miller, Pravin Patel, and Maria Porto agreed to be available for January budget meetings.
Carl Nystrom reviewed the actual vs budget October 25. The following accounts are over budget for the year: Travel over by 500, Dues subscriptions over due to 10 memberships in MSAA, Nursing over by 3k, Insurance over in vehicles & buildings by40k. This was due to overall increases in insurance & a conservative approach to budgeting. Maria Porto asked about vehicle fuel. Carl Nystrom said Collegiate is using the vans for field trips & athletics. The savings from these 2 line items should offset the additional fuel costs. Regarding Insurance, Carl Nystrom said Collegiate For FY27 Collegiate will be changing insurance broker & carriers. Collegiate has been with the same carrier since 2013. Alan Miller asked who the new broker is & Carl Nystrom said Collegiate has signed a Broker of Record with Fred C Church company.