Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Tuesday August 15, 2023 at 5:00 PM
Location
https://bronxlighthouse.zoom.us/j/5239033349
Committee Members Present
J. Lopez-Molina (remote), K. Shah (remote), R. Granado (remote)
Committee Members Absent
None
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
B.
Financial Policies and Procedures (FPP)
Courtney presented the updated FPP to include language around electronic payments.
Specifically, the school seeks to add language allowing the electronic payment of funds from an external party (such as a parent) for a good or product (such as uniform apparel) via electronic means.
The subcommittee inquired about fees; fees are at 3.2% per transaction plus a $0.30 fee to Stripe per swipe.
The subcommittee had no further questions and will recommend voting for the updated FPP at Thursday's Board meeting.
III. Finance
A.
Monthly Financials
4th Sector Solutions presented the year-end financials. All financials are in line with expectations.
The school will end the FY23 school year with a surplus of approximately $170,000.
Final invoices coming in are being processed.
The audits are going according to schedule.
IV. Investment Accounts
A.
Investments
There are no updates this month as it pertains to the investment accounts.
There are no items over 50K to discuss.