Nichole presented the draft audit reports for FY19.  She highlighted we had no issues with audit and it is "unmodified".  She also reviewed the financial statements and highlighted the surplus/(loss) and the reasons for those.  Footnote changes are basically around note #6 and #7 regarding the capital assets and lease agreement and footnote #15 highlights the related party transaction with the Holyoke project regarding the Space & Services Agreement.

Nichole and David spent a little time on the school comparison report and explaining how Veritas compares to other charter schools.

Due to timing we quickly reviewed the August financial reports, asked if anyone had any questions which there were none.

We continue to work on updating the capital plan. Lynne explained that a structural engineer confirmed that we could install a second membrane on the roof.  A roofing company confirmed we could do a second membrane which would eliminate the cost of insulation work.  Lynne will bring an updated capital plan and budget to a future finance committee meeting for review and a request to enter into a roof project either later this school year or next summer.

Lynne updated the committee on the process that management had facilitated to solicit proposals from multiple insurance brokers to ensure our package is comprehensive and competitive. Management decision to stay with HUB International after reviewing proposals from HUB and Fred C Church.  Premiums and coverage were similar.