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Veritas Preparatory Charter School

Finance Committee Meeting

Published on February 14, 2023 at 1:34 PM EST

Date and Time

Thursday February 16, 2023 at 4:00 PM EST

Location

Veritas Prep Charter School 1st Floor Conference Room or Dial-In Number: 866-848-2216, Conference Code: 7783935205, Leader Code: 2356

 

 

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Agenda

      Purpose Presenter Time
I. Opening Items 4:00 PM
  A. Record Attendance   Nicole Gauthier 1 m
  B. Call the Meeting to Order   Denise Ford 1 m
  C. Approve Minutes Approve Minutes Denise Ford 1 m
    Approve minutes for Finance Committee Meeting on January 23, 2023  
II. Finance 4:03 PM
  A. Monthly Financial Reports FYI Lynne Mills 10 m
   

Lynne will provide an overview of the monthly financials for the committee. 

  
  B. High School Real Estate/Tax Update FYI Lynne Mills 5 m
   

Lynne will update the committee re: status of high school real estate/tax valuation. 

  
  C. Friends of VPCS Debt Service Covenant FYI Lynne Mills 5 m
   

Current Language:

  1. DSCR for Borrower (Friends): Borrower shall maintain a Debt Service Coverage Ratio (DSCR) of not less than 1.00:1.00. Defined as: Net income plus depreciation, amortization and interest expense divided by annual principal and interest payments.

 

  1. DSCR for Guarantor (Veritas): Guarantor shall maintain a Debt Service Coverage Ratio (DSCR) of not less than 1.20:1.00. Defined as: Net income plus depreciation, amortization and interest expense divided by annual principal and interest payments.

 

Proposed Language:

 

DSCR: Guarantor and Borrower on a combined basis, shall maintain a Debt Service Coverage Ratio (DSCR) of not less than 1.20:1.00. Defined as: Combined Net income plus depreciation, amortization and interest expense divided by annual principal and interest payments.

  
  D. Capital Plan Expenditures Summary Discuss Lynne Mills 5 m
   

Lynne will update the committee about high priority items on the Capital Plan. 

  
  E. Long Term Projections FYI Lynne Mills 30 m
   

Lynne will share a draft of Veritas' long term projections. 

  
III. Other Business
IV. Closing Items 4:58 PM
  A. Adjourn Meeting Vote Denise Ford 1 m