Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Commitee Meeting (Zoom)
Date and Time
Monday November 17, 2025 at 5:30 PM
Location
Committee Members Present
J. Lopez-Molina (remote), K. Shah (remote), P. Wesonga (remote)
Committee Members Absent
G. Garcia, J. Sowell
Guests Present
C. Russell (remote), S. Rasheed (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Other Business
A.
Items Over 50K
III. Enrollment Update
A.
Enrollment Update
Enrollment is at 702. Scholars have withdrawn, mostly due to moving, but we have continued to back fill - particularly at the high school level.
IV. Finance
A.
Monthly Financials
Total margin above 0. Debt to asset ration 0.61.
Enrollment was discussed.
On the Budget vs. Actuals there are a few updates that will be presented in the coming months. Overall all is on track.
5.6MM in revenue recognized against a budget of 17MM. 3.2 MM spent on salaries on a budget of 11.6 MM.
We have spent approximately 2MM thus far on supplies, etc.
A small surplus of approximately 16K is still expected.
7.2 MM in cash and cash equivalents. There was a change due to moving per pupil advance funding.
Last month we had one month and this month we have two months of advance funding for November and December.
A/R dropped due to receiving the remaining federal grants for last year. Therefore there is a decrease there which is good news.
Accrued payroll - 179K in accrued payroll.
Equity of 8.6 MM as of October 25, 2025.
V. Investment Accounts
A.
Investments
N/A
VI. Audit Update
A.
Audit Update
We are awaiting final details from the auditors but it was a clean audit with no findings.
None