Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Commitee Meeting
Committee Members Present
M. Rousseau (remote), R. Granado (remote), T. Brown (remote), T. Wethington (remote)
Committee Members Absent
J. Reyes
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 Jan 13, 2021 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 12-15-20.
T. Wethington seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Finance
A.
Monthly Financials
III. Investment Accounts
A.
Investments
Investments have increased 3.5 percent since inception. For the 2020 calendar year we have seen an increase of 2.2 percent.
Robb asked about any additional monies that may be available to invest.
Brent provided an update that additional CARES money may be coming available to the school to use, upwards of 1 million. We are awaiting an update from New York state.
Robb asked about any additional monies that may be available to invest.
Brent provided an update that additional CARES money may be coming available to the school to use, upwards of 1 million. We are awaiting an update from New York state.
IV. Other Business
A.
January Board Meeting Preparation
The PPP loan forgiveness application is still in program from SBAS. Mary Beth is reviewing her numbers.
Courtney provided an updated regarding the transition from Little Bird to TriNet. The transition has not been smooth and there are concerns. She will address the full Board at next week's meetings with her thoughts and proposed plan of action.
The Financial Policies and Procedures (FPP) document is coming along. The information is in the consultant's hands and we hope to have this to the Finance Committee and then full Board at the February or March meeting for review/approval.
Courtney provided an updated regarding the transition from Little Bird to TriNet. The transition has not been smooth and there are concerns. She will address the full Board at next week's meetings with her thoughts and proposed plan of action.
The Financial Policies and Procedures (FPP) document is coming along. The information is in the consultant's hands and we hope to have this to the Finance Committee and then full Board at the February or March meeting for review/approval.
V. 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 5:45 PM.
Respectfully Submitted,
C. Russell
The current ratio is 3.31 and debt asset ratio is 0.35.
Cash on hand is 7.5 million and days cash on hand is 250, with daily expenses at approximately 30K.
All numbers are tracking appropriately. Payroll is running slightly low as are numbers such as Professional Development due to COVID.