Veritas Preparatory Charter School
Minutes
Finance Committee Meeting
Date and Time
Thursday January 16, 2025 at 4:00 PM
Location
Veritas Prep Charter School 1st Floor Conference Room or Dial-In Number: 866-848-2216, Conference Code: 7783935205, Leader Code: 2356
ID: 82384629673
Passcode: 966439
Passcode: 966439
Committee Members Present
D. Ford (remote), M. Landon (remote), R. Martin (remote)
Committee Members Absent
A. Martínez, D. Fuller
Guests Present
L. Goncalves (remote), N. Gauthier (remote), R. Romano (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
Commercial Insurance Package Discussion
B.
Monthly Financial Reports
Financial Update for Veritas
There was a slight increase in per-pupil tuition projection.
- Enrollment is holding steady and is expected to meet the budgeted 695 student number.
- The school is currently understaffed, resulting in salary savings but not ideal for operations.
- Cash reserves are approaching 45 days, which was the target discussed at the beginning of the year.
- The finance team's discipline in cutting unnecessary expenses by 20% has contributed to the improved financial position.
- Representatives from People's Bank will attend next month's meeting to discuss the bank's decision to drop their Depositors Insurance (DI) coverage for amounts over $250,000 and options for sweep accounts to manage Veritas' increasing cash reserves.
- Lynne and Rachel will explore additional options for managing the school's growing cash position, which is approaching $2 million.
C.
Cash Flow Overview
The committee reviewed the cash flow dashboard, which provides both projections and monthly updates. Currently, the monthly cash flow is nearing the 45-day reserve target discussed earlier in the year. If expenses remain steady and there are no unexpected costs, the year is projected to end close to the 45-day mark. However, reaching the 60-day reserve goal is unlikely this year.
III. Closing Items
A.
Adjourn Meeting
- Financial Reports to Finance Committee January.pdf
- DESE Dashboard.pdf
- QB Statement of Cash Flow.pdf
Insurance Coverage Overview
Mike Lucas, from Assured Partners with 25 years of experience, presented a comprehensive overview of Veritas' insurance coverage.
Importance of Early Reporting and Communication
For most claims (except workers' compensation), schools should report to Mike's team first, who will then work with adjusters to shepherd the claim through to closing.
Initial Budget Projections for Next Insurance Renewal
Cyber liability and workers' compensation rates are expected to remain flat.