Veritas Preparatory Charter School
Minutes
Finance Committee Meeting
Date and Time
Thursday February 20, 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
A. Martínez, D. Ford (remote), D. Fuller (remote), M. Landon (remote), R. Martin (remote)
Committee Members Absent
None
Guests Present
N. Gauthier (remote), R. Romano (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Other Business
A.
DIF Exit & Insured Cash Sweep Product
B.
Fred C Church Insurance Overview
With Lynne unable to attend this meeting, this will be covered at next month's meeting.
III. Finance
A.
FY26 Budget Update
With Lynne unable to attend this meeting, this will be covered at next month's meeting.
B.
Monthly Financial Reports
Enrollment and Financial Updates
Rachel reported higher than usual student attrition in January, with 13 students leaving compared to 6-8 in the previous year.
- This increase was partially attributed to immigration concerns and some disciplinary actions at the high school level.
- The committee noted that this attrition would impact the school's finances for the current year, as it occurred before the February 15th cutoff date for enrollment counts.
- However, they also noted that any further attrition after February 20th would not affect the current year's funding.
Political and Regulatory Concerns
The committee briefly touched on broader political and regulatory concerns that could impact charter schools and their funding.
- They discussed potential changes in federal education policy, particularly regarding Title I funding and support for diversity, equity, and inclusion initiatives.
- The committee also mentioned concerns raised by the Massachusetts Charter Public School Association about a Supreme Court case involving a religious charter school in Oklahoma and its potential implications for charter school regulations and public perception.
IV. Closing Items
A.
Adjourn Meeting
- Insured Cash Sweep Overview 202407.pdf
- Veritas Illustrated Insurance Program 2024-25.pdf
- Financial Reports to Finance Committee 1.pdf
Introduction of IntraFi Product
Xiaolei and Cindy from PeoplesBank introduced the IntraFi product, which will replace the Depositors Insurance Fund (DIF) that PeoplesBank exited in July of the previous year.
Mechanics of IntraFi
The IntraFi product operates similarly to a sweep account.
Reconciliation and Reporting
The implementation of IntraFi will impact account reconciliation processes.
Risk Management and Bank Monitoring
The committee discussed concerns about counterparty risk and how IntraFi manages the selection and monitoring of participating banks.
Financial Implications for the School
The committee discussed the school's current account balances and the potential impact of implementing IntraFi.