4SS provided an overview of an investment call that 4SS and Courtney Russell had with our financial advisor, JP Morgan Chase, where our investments currently sit.

The Finance Committee discussed the various options presented by JPM and discussed pros and cons.

The Committee will bring this to the Board to discuss later this week.

N/A

Pharos had a strong year financially.  All metrics were met.  Days cash on hand was 108 - we normally see 115 during the year but at the end of the year it drops due to advance funding timeline, so this is not a concern.  

Total margin was $20,000.

Debt to asset ratio 0.57.  Student count is complete, 681 scholars billed to DOE and 5 scholars from outside of district.  No major changes from what was presented in previous months.

17.2 million recognized in revenue, spent 11.1 in salaries and benefits.  No major changes from over the course of the year.  OTP 5.6 million dollars spent.  Non operating expenses recorded 108,000 in depreciation.  Total expenses 17.2 million.  

Ultimately the surplus was $20,000.  This is unaudited financials at this point.

Summer accruals were recorded.  This was approximately 890K processed in the last two months.  The school has built an equity of 8.5 million to end the year with.  

The audit is going according to plan.

The interim audit is complete and all went well.  Today is the first day of the auditor's field work.

All documents from 4SS and the school have been furnished to the auditor.

The auditor will join us in October for a formal presentation at our Finance Committee meeting.