Pharos Academy Charter School
Minutes
PHACS Finance Committee Meeting
Date and Time
Tuesday October 13, 2026 at 5:30 PM
Location
Committee Members Present
G. Garcia (remote), J. Sowell (remote), P. Wesonga (remote)
Committee Members Absent
J. Lopez-Molina, K. Shah
Guests Present
C. Russell (remote), M. Dorsey (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. Finance
A.
Monthly Financials
4SS reinforced benchmarks in their monthly report to the Board including but not limited to Days Cash on Hand, etc. For Days Cash on Hand, 4SS includes Investment monies whereas MMB does not hence the difference in this metric.
Total margin 0.06. Debt to asset ratio of 0.57; must be 0.9 or below. The charts/benchmarks are represented in the report shared.
Courtney provided a brief enrollment update; all numbers are steady and our 27 - 28 application has opened.
4SS reviewed the financials including but not limited to OTP and non-OTP spending, particularly as related to the budget.
IV. Investment Accounts
A.
Investments
4SS shared the quarterly investment report. This includes the money market and tbills account. Gain of approximately $7500. Also several tbills matured and were reinvested; two are upcoming as well.
V. Audit Updates
A.
Audit Presentation
Kate VanBramer from MMB presented the results of our most recent audit. She reviewed the overall audit as well as the single audit, which Pharos was subject to due to the receipt of federal funds in excess of one million dollars.
Kate shared that the audits were clean and there were no findings.
N/A for this month