Download minutes PDF Minutes Approved

Ceiba College Preparatory Academy

Minutes

Finance Committee Meeting

Date and Time

Thursday October 12, 2017 at 4:00 PM

Location

260 W. Riverside Dr., Watsonville (Conference Room 211)

Committee Members Present

A. Millar, D. Ornelas, G. Davis (remote), M. Wall (remote), i. Brunetti (remote)

Committee Members Absent

J. Ripp

Committee Members who arrived after the meeting opened

M. Wall

I. Opening Items

A.

Record Attendance and Guests

B.

Call the Meeting to Order

G. Davis called a meeting of the Finance Committee of Ceiba College Preparatory Academy to order on Thursday Oct 12, 2017 at 4:00 PM.

C.

Approve Minutes

G. Davis made a motion to approve minutes from the Finance Committee Meeting on 09-07-17 Finance Committee Meeting on 09-07-17.
A. Millar seconded the motion.
The committee VOTED to approve the motion.

D.

Approve Agenda

G. Davis made a motion to approve agenda.
A. Millar seconded the motion.
The committee VOTED unanimously to approve the motion.

II. Finance Committee Items

A.

SY 17/18 CPS and CPS Foundation Business

B.

Fiscal Services Procedures

Fiscal Services Manual
  • Some changes proposed
    • Move from Non-Profit IRS from 0.14 to 0.54 standard IRS
  • Issues with ASB funding often occur in schools resulting in audit findings. 
  • Will cellphone expectation be included in the future?
    • Many Ceiba staff use their phones for most of the day for email and text communication
    • Some schools contribute $50/mo for cell phone assistance for some administrators
      • Greg: Maybe we get ahead of this and contribute
      • Meredith: Could be an issue if you don't; organizations are supposed to provide all tools needed to do their work. If you're expected to be reached in real-time then it's possible
      • Greg: Could be the case where teachers use text often and we have to be aware as to what expenses they may/may not be incurring.
    • Would like to take manual, finalized, and taken to the board
    • Plan to evaluate DMS
      • Design a way to review DMS services
      • What are the measurable deliverables?
        • What was our process into selecting them?
        • Are they meeting their expectations that we had?
        • Compare/contrast with former provider
        • Could likely work on that January
M. Wall arrived.

C.

CPS Business

CPS Business
  • MOU with PVUSD
    • Previous MOU is current until new one is put into place
    • Ceiba will get all staff, support staff and volunteers re-fingerprinted with Ceiba's own reporting number
      • Goal is to complete by 1/1/18
      • Will be an additional expense
      • Clean up something that was out of compliance, per legal team
    • District provides Attendance, CALPADs services, review Financials,
      • Section 4.5 says they can charge us for these services
        • Ceiba hasn't seen charges
        • Could be that this is covered in 1% oversight fee
    • Once a year sit-down with Ceiba regarding review of In-Lieu of Property Taxes 
      • Presently at 1,562,789
      • Meeting has not been held this year yet
    • MOU does not mention the agreement that was had when Ceiba discussed a loan in place of requesting Prop 39 support
      • Agreement made with Brett McFadden
      • Annie to research back-up documentation
  • 403b Plan
    • Ceiba's plan has 2 participants
      • High-costs with TPA and Fiduciary Planner: $6,700+ in 2016
    • Options:
      • Leave 403b plan altogether
      • Investigate other options
        • One such option is Pension2 through CalSTRS
          • Classified and Certified Eligible
    • Offering a plan (maybe with a match) could help to improve retention
      • How much do we put into this? What is the vesting schedule going to be like?
      • Ceiba could also put more effort into retirement planning for staff (workshops, 1:1 time with Financial Advisors)
    • Could also look into other options aside from Pension2 (Vanguard, Fidelity, etc.)
    • Bring to the Board: End third-party administrator, end current plan, and find a low to-no- cost party

III. Closing Items

A.

Planning for Next Meeting

1. Next Meeting: 11/16
2. Agenda
  • Employee compensation study
    • Updates on 403b
  • September closed financials
  • Updates on MOU
  • Possible preview/issues that come up in the audit
  • Further review of Fiscal Services Manual

B.

Prep for the Board Meeting: 10/17/17

C.

Adjourn Meeting

There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 5:27 PM.

Respectfully Submitted,
G. Davis