Lynne presented the end of year financial and how managing enrollment well throughout the year allowed us to move monies from the contingency, where we assumed more attrition than actual, to the surplus. This accounted for approximately $115k of the surplus. We were able to purchase needed and planned technology which will provide us some relief in next year's budget. 

The committee discussed prioritizing school needs such curriculum development, website/rebranding for the surplus and capital. We are still working from our existing capital plan. The committee discussed capital needs such as roof and windows and decided to revisit the capital plan at next meeting with an eye toward prioritizing a project to get started.  

 

Lynne shared an overview of the insurance proposals. Lisa questioned whether they had the correct liability insurance amount as we thought we increased ours to $2M. 

Three companies, Fred C. Church, Webber & Grinnell, HUB, have provided us with a proposed insurance package without cost. We would like to let them pick the markets and ask for them to go out to market and bring back cost proposals to us. Lisa suggested making sure the packages can be an "apples to apples" comparison so ask for the same level of coverage for the umbrella and other aspects of the proposal. 

The committee discussed its risk management oversight and auditing the school's fiscal policies and procedures. Denise and Lisa identified data security as something they would like to audit and learn more about. The cyber insurance policy may also provide resources in this area.