Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Commitee Meeting
Committee Members Present
M. Rousseau (remote), R. Granado (remote), T. Wethington (remote)
Committee Members Absent
J. Reyes, T. Brown
Guests Present
B. Elliott (remote), C. Russell (remote), M. Dorsey (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
R. Granado called a meeting of the Finance Committee of Pharos Academy Charter School to order on Wednesday Nov 11, 2020 at 5:00 PM.
C.
Approve Minutes
R. Granado made a motion to approve the minutes from Pharos Academy Charter School Finance Commitee Meeting on 10-14-20.
T. Wethington seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Finance
A.
Monthly Financials
III. Other Business
A.
November Board Meeting Preparation
Robb will present the findings of the independent audit to the Board.
IV. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 5:40 PM.
Respectfully Submitted,
C. Russell
8,427,671 in current assets
11,720,506 in total assets
2,658,276 in current liabilities
4,216,582 in total liabilities
7,503,924 in net assets
The current ratio is 3.17 and the debt to asset ratio is 0.36. Expenses per day are at 29,496 and there are 253 days cash on hand.
An additional five scholars will be added to the school, producing additional revenue for the days they are present.
The variances in the budget include dues and subscriptions based on copier expenses; all other expenses are on track.