International School of Louisiana Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Monday September 11, 2017 at 6:00 PM
Location
1400 Camp Street, Room 201
Committee Members Present
D. Bordson-Bozzo, L. Muetzel
Committee Members Absent
C. Reed, D. Wilson, E. Thomas, F. Smith, H. Kirk, H. Rodgers iv, I. Staff, M. Pedalino, M. Tennyson, S. Chapman
Guests Present
B. Richard-Montgomery, D. Rowland, Lena Zaitseva McCloskey, Michael Dunn
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
L. Muetzel called a meeting of the Finance Committee of International School of Louisiana Board of Trustees to order on Monday Sep 11, 2017 at 6:05 PM.
C.
Approve Minutes
August Finance committee minutes were shared with the committee and the board via Board on Track for review.
II. Finance
A.
New item
Michael Dunn went over July financials.
B.
Report from Emily Thomas
Emily Thomas went over audits that are scheduled for September.
Louisiana Compliance Questionnaire (For Audit Engagements of Charter Schools) to be presented and adopted by the governing body in an open meeting on September 20th.
Committee discussed the secured line of credit with Capital One - it is up for renewal and secured by Money Market account ($500,000). Staff expressed that Capital One bank is not easy to work with and it is not charter school friendly.
Checking account has a balance of over $4 million and ISL could benefit from moving a portion of it into the savings account to earn interest.
Finance Committee would like to make a recommendation to authorize HOS Melanie Tennyson with the following:
to not renew the secured line of credit with Capital One
to close Money Market account and transfer funds into savings account
to transfer $1mil from the checking account into savings account
to explore different banking providers for a possibility of moving all ISL accounts to another bank
Louisiana Compliance Questionnaire (For Audit Engagements of Charter Schools) to be presented and adopted by the governing body in an open meeting on September 20th.
Committee discussed the secured line of credit with Capital One - it is up for renewal and secured by Money Market account ($500,000). Staff expressed that Capital One bank is not easy to work with and it is not charter school friendly.
Checking account has a balance of over $4 million and ISL could benefit from moving a portion of it into the savings account to earn interest.
Finance Committee would like to make a recommendation to authorize HOS Melanie Tennyson with the following:
to not renew the secured line of credit with Capital One
to close Money Market account and transfer funds into savings account
to transfer $1mil from the checking account into savings account
to explore different banking providers for a possibility of moving all ISL accounts to another bank
III. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 6:50 PM.
Respectfully Submitted,
L. Muetzel