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Veritas Preparatory Charter School

Board of Trustees Meeting

Zoom Meeting
Published on July 23, 2024 at 12:59 PM EDT

Date and Time

Thursday July 25, 2024 at 4:30 PM EDT

Location

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Meeting ID: 879 4469 7628
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Meeting ID: 879 4469 7628

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Agenda

Section Number Topic Number Details Purpose Presenter Time
I. Opening Items 4:30 PM
  A. Call the Meeting to Order   Ann Errichetti 1 m
  B. Approve minutes Approve Minutes Ann Errichetti 1 m
    Approve minutes for Board of Trustees Meeting Annual Retreat on June 27, 2024  
II. CEO Report 4:32 PM
  A. Annual Report Vote Rachel Romano 10 m
   

The Board will review and vote to approve the 2023-2024 annual report. 

  
  B. Activity Van Lease Vote Rachel Romano 10 m
   

The Board will review and vote to approve the Activity Van lease agreement. 

  
  C. School-Owned Vehicle Policy Vote Rachel Romano 10 m
   

The Board will review and vote to approve the School-Owned Vehicle Policy. 

  
  D. Student and Family Handbook SY24-25 Discuss Rachel Romano 10 m
   

The Board will discuss potential revisions to the 2024-2025 Student and Family Handbook prior to review and a vote in August.

  
  E. Fundraising Update FYI Rachel Romano 3 m
   

Rachel will provide the Board with a fundraising update. 

 

  • $47,983 raised from individual donations
  • 30 donors (via two appeals fall and spring)
  • 8 of 12 Trustees donated 
  
III. Board Chair Report 5:15 PM
  A. Employee Wage Complaint FYI Ann Errichetti 5 m
   

Ann will provide the Board with an update regarding the employee wage complaint.  

  
  B. CEO Evaluation Update FYI Ann Errichetti 5 m
   

Ann will provide the Board with an evaluation update. 

 

 

  
IV. Finance Committee 5:25 PM
  A. Finance Committee Report FYI Denise Ford 3 m
   

Denise/AnnMarie will review the monthly financials with the Board and provide a FY24 audit update.  

  
  B. Covenant Language Revision Vote Denise Ford 3 m
   

Denise, Rachel and Lynne met with the auditors to review our current debt service covenant as it relates to our mortgage with PeoplesBank.  Veritas engaged our auditors to draft a revision to the covenant and share the proper calculation for Veritas and PeoplesBank to agree upon which is based on the revised language below.

 

CURRENT LANGUAGE (which has our related entities meeting covenants separately):

  • 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.
  • 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.

REVISED LANGUAGE COMBINING THE RELATED PARTIES (aka component units):

  • DSCR:  Borrower (Friends) and Guarantor (Veritas) on a combined basis, shall maintain a Debt Service Coverage Ratio (DSCR) of not less than 1.20:1.00  Defined as: Combined Change In Net Position (aka Net Income) less cash paid on lease liabilities (GASB 87 adjustment) plus depreciation, amortization and interest expense divided by annual principal and interest payments.
  
  C. Investment Subcommittee Update FYI Matthew Landon 3 m
   

Matt will provide the Board with an update from the most recent investment subcommittee quarterly meeting. 

  
V. Retreat Debrief & Discussion 5:34 PM
  A. Strategic Priorities Discuss Ann Errichetti 25 m
   

The committee will debrief the discussion at the retreat about strategic priorities. 

  
VI. Other Business
VII. Closing Items 5:59 PM
  A. Adjourn Meeting Vote Ann Errichetti 1 m