KIPP Memphis Public Schools
Minutes
Finance Committee Meeting
Date and Time
Wednesday February 7, 2024 at 3:00 PM
Location
Non-board members and non-staff are welcomed to attend this public meeting and are asked to pre-register to receive the meeting location details: KMPS Board Meeting Registration
Committee Members Present
A. Anderson (remote), D. Hopson (remote), H. Coleman (remote), L. Johnson (remote), L. Sweet (remote), M. Davis (remote)
Committee Members Absent
None
Guests Present
A. Burt (remote), A. Carr (remote), G. Williams (remote), J. Ward-Gill (remote), S. Gatson (remote)
I. Opening Items
A.
Call the Meeting to Order
B.
Roll Call
C.
Agenda Review
D.
Approve Minutes
II. Finance Update and Presentation
A.
2022-2023 Audit - Guest Presenters
B.
December 2023 Financial Update
Chief Carr presented an overview and discussed the following:
- 2023-2024 KIPP Memphis Adjusted Budget vs Actual for All Schools, KIPP Forward and Regional Office.
- FY 2024 Cash Projection
- 48 Days projected cash on hand at June 2024.
C.
2023 - 2024 Enrollment Trend
Chief Carr presented an overview and discussed the following:
- 2023 - 2024 Enrollment Trend by School
- As of period 5, which ended January 24, 2024, KMPS had a total of 1,079 students enrolled. The adjusted budget is based on 1,087 students.
III. Committee Actions
A.
Howell Windows Contract Amendment
It is recommended that the KIPP Memphis Public Schools Board of Directors approve the contract amendment with Wagner General Contractors, Inc. to accept a change order to replace sixteen (16) additional windows on the Howell Campus. The Board of Directors approved the initial contract for an amount not to exceed $412,450. This contract amendment will increase the amount not to exceed to $500,000 with a Completion Date of July 31, 2024.
The funding source for the project remains the same, State Capital Facilities Grant
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B.
Transfer of Funds
It is recommended that KIPP Memphis Public Schools Finance Committee approve the transfer of funds on deposit with Truist Bank to First Horizon to purchase a Certificate of Deposit (CD) as follows: ❏ 100% of funds to a 24-month CD
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IV. Finance Chairperson Comments
A.
Dr. Johnson Comments
Thanked everyone for joining the meeting.
Audit Presentation by Wade McMullen and Leslie Kelly giving an overview of the 2022 - 2023 Audit.
The Financial Statement audit opinion was unmodified. There were no material weaknesses, no significant deficiencies, and no single audit findings. The single audit includes compliance.