Ceiba College Preparatory Academy
Minutes
Finance Committee Meeting
Date and Time
Thursday November 8, 2018 at 4:00 PM
Location
260 W. Riverside Drive, Watsonville, CA (Conference Room 211)
Committee Members Present
A. Millar, D. Ornelas, G. Davis (remote), J. Ripp, M. Navas (remote), M. Wall (remote)
Committee Members Absent
i. Brunetti
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 Nov 8, 2018 at 4:06 PM.
C.
Public Comment
There was no public comment.
D.
Approve Agenda
G. Davis made a motion to approve the agenda.
M. Navas seconded the motion.
The committee VOTED to approve the motion.
E.
Approval of Minutes
Davis: Didn't have DMS financials to look at last meeting; minutes will be updated to reflect monthly update not reviewed
G. Davis made a motion to approve the minutes.
M. Navas seconded the motion.
The committee VOTED to approve the motion.
II. 18/19 Budget
A.
Food Service
Received $7,500 grant to buy equipment to support breakfast program. Breakfast is a program that encroaches on the budget (expenditures exceed revenues).
Finance Committee recommends going in light with order amounts and finding the right balance
Ceiba to look into options to increase school lunch and breakfast participation
Finance Committee recommends going in light with order amounts and finding the right balance
- Ceiba to research what vendors' minimum breakfast order is
Ceiba to look into options to increase school lunch and breakfast participation
- Switch vendors every few years to get away from fatigue with menu for students
- Better advertisement for menu and newer items
- Coordinate with Wellness Committee
- More communication with parents/guardians that many students are choosing not to eat
B.
Review of the Current Monthly Update from DMS
Executive Director is continuing to work with Santa Cruz County Bank on two new credit lines.
DMS preparing First Interim report. Reviewing 10/29 DMU:
1. Would be really helpful to restructure monthly reporting to visually fix what we see to show what's going on. (Ongoing operations, reserves funds, etc.).
2. Finance Committee to set expectations and meet with DMS:
DMS preparing First Interim report. Reviewing 10/29 DMU:
- DMS beginning to build in loan drawdowns and water-loss construction
- Outstanding legal fees have been added
1. Would be really helpful to restructure monthly reporting to visually fix what we see to show what's going on. (Ongoing operations, reserves funds, etc.).
2. Finance Committee to set expectations and meet with DMS:
- Establish minimum balance; identify reserves
C.
Process for Budget Reductions
Not discussed
D.
Review Current Financials
Not discussed
III. 260 W. Riverside Building Update
A.
Building Projects
Science Classroom remodel
- Awaiting completion of short 'punch list'
- Awaiting final invoices
- Waiting for hear back from CharterSAFE
- Potential loan
- Potential insurance claim
- Option 1 cover windows-only; Option 2 partial scaffold and wrap the building
- Discussion of need for oversight committee: separate or part of Finance Committee
IV. Foundation Update
A.
18/19 Foundation Budget and Priorities
Outreach until end of year to existing donors and potential new donors
V. Closing Items
A.
Planning
Schedule DMS pre-meeting to discuss desired outcomes
B.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 6:01 PM.
Respectfully Submitted,
G. Davis