It is recommended that KIPP Memphis Public Schools Board of Directors ratifies
the contract extension date for Barnes & Brower, Inc. to August 12, 2023 at no
cost to KIPP Memphis for the final completion of the Windows Replacement
Project at the Henry Campus.

______________________________________

It is recommended the KIPP Memphis Public Schools Board of Directors
approves the recommendation to close the KIPP Memphis Academy Middle
(KMAM) bank account and transfer any remaining funds to KIPP Memphis
Collegiate Middle upon completion of all financial transactions for KMAM.

_____________________________________

Current Language:
Micro-purchase – level 2 (greater than $500 ≤ $1,500): A purchase order is required and must be approved by the school leader (if applicable) or the SST department director.

Proposed Language:
Micro-purchase – level 2 (greater than $500 ≤ $5,000): A purchase order is required and must be approved by the school leader (if applicable) or the SST department director.

___________________________________

Current Language:
Small Purchase (greater than $1,500 < $25,000): A minimum of 3 quotes and a purchase order are required (a contract is required, if applicable). If a purchase is greater than $1,500, but less than $25,000, a minimum of 3 competitive quotes is required, whenever possible. A minimum of 3 quotes is required for all purchases made with federal funds regardless of the amount . Once a quote is selected a purchase order must be created and approved by the school leader (if applicable) and the SST department chief. Prior to payment being processed or recorded an invoice or itemized receipt must be obtained.

Proposed Language:
Small Purchase (greater than $5,000 < $25,000): A minimum of 3 quotes and a purchase order are required (a contract is required, if applicable). If a purchase is greater than $5,000, but less than $25,000, a minimum of 3 competitive quotes is required, whenever possible. A minimum of 3 quotes is required for all purchases made with federal funds regardless of the amount . Once a quote is selected a purchase order must be created and approved by the school leader (if applicable) and the SST department chief. Prior to payment being processed or recorded an invoice or itemized receipt must be obtained.

___________________________________

New Language:
Financial Transactions Exempted from the Purchase Order Process: Financial transactions that do not require purchase orders must be included on the Purchase Order Exemption List approved by the Chief Executive Officer.

___________________________________

New Language:
Construction Contract No Cost Extension: It is recommended that the KIPP Memphis Board of Directors approves contract language to allow automatic no-cost contract extensions arising from unforeseen components that may affect a project completion date such as weather, supply chain delays, or public health concern. The automatic no-cost contract extension will allow KIPP Memphis’ staff to approve construction contractor extensions for project completion for up to ninety (90) days. Any final project completion date over ninety days of the initial completion date indicated in the contract shall be submitted for approval to the KIPP Memphis Board of Directors.

___________________________________

2023-2024 ESSER Bonuses - This is a notification only.

Per Memphis-Shelby County Schools, Board minutes must be provided that include language approving the 2023-2024 ESSER bonuses. To satisfy this requirement, the June 2023 board minutes will state the following:

...Motion to approve the KIPP Memphis Public Schools 2022-2023 Adjusted Budget and 2023- 2024 Proposed Budget. The 2023-2024 Proposed Budget includes ESSER 3.0 Employee Bonuses.

No action was taken today on this notification.

Chief Carr gave an overview of the following:

• 2022-2023 KIPP Memphis Adjusted Budget vs Actual for All School, KF, SST and KMPS Consolidated
• FY 2023 Actual Cash at June 30, 2023 
  • Projected:  40 Days Cash on Hand | Actual:  43 Days Cash on Hand
• FY 2024 Cash Projection:  51 Days projected cash on hand at June 2024
  • Cash projection excludes the KIPP Foundations $750,000 CD and Charles Schwab $2.5m investments
• 2022-2023 Audit Update
  • 2022-2023 Financial Books Closed
  • Trial Balance provided to External Auditors
  • Audit timeline - Ontrack to receive audit report prior to December 31st
• 2023 - 2024 Enrollment Update for all Schools:  
  • 2023-24 Budget, Enrollment as of August 30, 2023 and Variance (Budget vs Actual)