Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting (Zoom)
Date and Time
Tuesday May 16, 2023 at 5:00 PM
Location
https://bronxlighthouse.zoom.us/j/5239033349
Committee Members Present
J. Lopez-Molina (remote), K. Shah
Committee Members Absent
R. Granado
Guests Present
C. Russell (remote), M. Dorsey (remote), S. Landry (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
Monthly Financials
III. Investment Accounts
A.
Investments
There are no updates for this month.
IV. Other Business
A.
Items Over 50K
Courtney will present this on Thursday. The ~250K Chromebook purchase for scholar devices will be fully funded by the Emergency Connectivity Fund.
B.
FY24 Budget Update
Courtney Russell presented the FY24 draft budget PowerPoint and Excel documents. The Board was satisfied with the overall budget process and presentation. The school and 4SS will work together prior to the Board meeting to prepare one additional tab around contingency planning for lower enrollment and where the school would cut if needed.
C.
LeaseCrunch/(Generally Accepted Accounting Principles)
MMB (auditors) and financial partner (4SS) suggest we proceed with LeaseCrunch and following with the standard.
Days cash on hand is strong.
Final enrollment for May/June has decreased by four scholars; there are 696 scholars (FTE). This is above the budgeted amount of 682 scholars.
Personnel - we have spent 5.5 million spent with 6.2 expected by the end of the year. Depreciation 349K thus far has been recorded.
Net surplus of 224 YTD. We are projecting a surplus of over 100K to end the year.
On the balance sheet, as of April 30, we had 6.2 million in cash which is very strong. Accounts receivable of 465. We are submitting a request for the federal funding grants. Fixed assets no major purchases.
Prepaid of 221K, the number went down due to the lease payment.