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Pharos Academy Charter School

Pharos Academy Charter School Finance Committee Meeting

Date and Time

Tuesday October 17, 2023 at 5:00 PM EDT

Location

https://bronxlighthouse.zoom.us/j/5239033349

Agenda

Section Number Topic Number Details Purpose Presenter Time
I. Opening Items 5:00 PM
  A. Record Attendance   Courtney Russell 1 m
  B. Call the Meeting to Order   Keyur Shah 1 m
  C. Approve Minutes Approve Minutes Keyur Shah 1 m
   
  • Approve previous month's minutes
  
    Approve minutes for Pharos Academy Charter School Finance Committee Meeting on September 19, 2023  
II. Other Business 5:03 PM
  A. Items Over 50K Discuss Courtney Russell
   
  • N/A
  
  B. Credit Card Limit/CC Authorization/FPP Discuss Courtney Russell 2 m
   
  • Current credit card limit of 10K
  • Industry standard for NYC charters/recommendation - 50K
  • Credit card authorization - preapprovals - 2K
    • Every transaction will be approved

 

  
III. Moody's Update 5:05 PM
  A. Moody's Update FYI Courtney Russell 5 m
   
  • Credit rating update
  
IV. 1005 Intervale Avenue/Building Financing 5:10 PM
  A. Arbitrage Report FYI Courtney Russell 5 m
   
  • Arbitrage Report
    • The School has no liability and no payments are due to the IRS.
  
  B. Reserve Fund Discuss Courtney Russell 5 m
   
  • One year of reserves set aside in case default payment
  • $574,000
  • Earning no interest
    • BNY
    • Direct them to put in a money market account (or something else with low risk)
      • Now 4 - 5%
      • Can get $23,000 per year easily
  
V. Enrollment Update 5:20 PM
  A. Enrollment Update Discuss Courtney Russell 5 m
   
  • Enrollment update 
    • 711 as of 10.17.23
  
VI. Audit Presentation 5:25 PM
  A. Audit Presentation FYI Courtney Russell 15 m
   
  • MMB
  
VII. Finance 5:40 PM
  A. Monthly Financials Discuss Shahzada Rasheed 10 m
VIII. Investment Accounts 5:50 PM
  A. Investments Discuss Shahzada Rasheed 5 m
   
  • Next update - October 2023
  
IX. Closing Items 5:55 PM
  A. Adjourn Meeting FYI Keyur Shah 1 m