KIPP Memphis Public Schools
Minutes
Finance Committee Meeting
Date and Time
Wednesday February 5, 2025 at 5:00 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), M. Davis (remote), R. Crutcher (remote)
Committee Members Absent
D. Hopson, L. Johnson
Guests Present
A. Burt (remote), A. Carr (remote), G. Phillips (remote), G. Williams (remote), J. Ward-Gill (remote), S. Gatson (remote), T. Brittmon (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.
2023-24 Audit (Guest presenter)
Jeffrey Peek, CPA with CLA Connect presented an overview of the KIPP Memphis Public Schools audit report for 2024.
- KIPP Memphis Audit Presentation 2024
- KIPP Memphis Governance Communications
- KIPP Memphis AFS
- KIPP Memphis Internal School Funds AFS
B.
2024-25 Financial Update
Chief Carr presented and gave an overview of the following:
- 2023-2024 Audit: M-SCS Scorecard for
- Financial Report Compliance
- Financial Audit Results
- December 2024 Financial Update
- 2024-2025 KIPP Memphis Adjusted Budget vs. Actuals for All Schools, KF, and SST
- FY 2025 Cash Projection (without Investments)
- 193 Days projected cash on hand at June 2025
- FY 2025 Cash Projection (with Charles Schwab)
- 245 Days projected cash on hand at June 2025
C.
2024-25 Student Enrollment
Chief Carr presented and gave an update on the following:
- 2024-25 Enrollment: As of January 2025 - 998 Students vs. budgeted enrollment of of 1,017. Enrollment continues to fluctuate.
D.
2025-26 Budget Calendar
Chief Carr presented and gave an update on the following:
- Overview of the 2025-26 Budget Calendar
- The initial budget will be completed and presented to the Executive Team on February 24th and will be presented to the Finance Committee and the Board in April. The final budget will be presented to the Finance Committee in May and the Board in June.
III. Committee Notification
A.
External Audit Firm RFQ
According to KMPS Audit Policy, the Board of Directors shall contract with an independent Tennessee State certified public accounting firm to conduct an audit of the Charter School’s financial statements in accordance with Government Auditing Standards issued by the Comptroller General of the United States.
Audit Services RFQ Timeline:
- RFQ Issued 1/10/2025, RFQ Responses due 2/10/2025, RFQ Committee meet 2/12/2025, Vote Item February Board meeting
IV. Committee Actions
A.
Henry HVAC Unit Ventilator Upgrade
It is recommended that the KIPP Memphis Public Schools Finance Committee approve the contract to A&B Construction for the amount not to exceed $543,628.00 to provide labor and materials to upgrade one hundred eight (108) HVAC Unit Ventilators on the Henry campus with a Final Completion Date of December 12, 2025.
The funding source for the project is the Charter Schools Facilities Grant Cohort 2023.
B.
Internet Connectivity Services
It is recommended that the KIPP Memphis Public Schools Board of Directors approve the contract to ENA Services, LLC in the amount of $75,000.00 annually to provide internet connectivity services for KIPP Memphis Public Schools. The monthly service cost for all locations of $6,250.00 includes all E-Rate eligible costs. The term for this contract is 36 months with two (2) additional one-year renewal options.
The funding source for this expense is state/local funds.
V. Comments and Questions
A.
Finance Chair Comments
Committee Chair Davis thanked the committee for their thorough preparation before the Board and before the committee meeting regarding the audit findings. KIPPs swift action in terms of one finding what happened and then reporting it and making sure that systems are in place to ensure it doesn't happen again.
The agenda was reviewed with no additional changes.