Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Tuesday October 17, 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. 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.
Credit Card Limit/CC Authorization/FPP
This will be discussed at the October Board Meeting (carryover from October Finance Committee call)
III. Moody's Update
A.
Moody's Update
The team reviewed the maintaining of the previous Moody's Credit Rating (Baa3)
IV. 1005 Intervale Avenue/Building Financing
A.
Arbitrage Report
The team reviewed the Arbitrage Report which is a requirement under our building financing for 1005 Intervale. There were no concerns to discuss.
B.
Reserve Fund
The Arbitrage Report revealed uninvested funds which could yield the school additional revenue. The COO will follow up with Bank of New York Mellon to inquire about this.
V. Enrollment Update
A.
Enrollment Update
The school is at 712. While this is just under the budgeted enrollment of 715, the initial per pupil revenue was underestimated from actual; therefore the school is in sound financial position and does not need a budget amendment at this time.
VI. Audit Presentation
A.
Audit Presentation
Kate from MMB presented the audited financials (standard audit, single audit, 401K audit). All audits were clean and there was good collaboration with the school, the financial consulting firm, and the audit firm. Letters have been signed by the Board Chair and the school CEO.
VII. Finance
A.
Monthly Financials
All financials remain healthy for Pharos Academy Charter School. Key metrics including but not limited to days cash on hand, ratios, etc. are as expected.
VIII. Investment Accounts
A.
Investments
Investments continue to align with the policy as established by the Board of Trustees. Investments continue to remain in low risk funds with some interest being earned by the school.
N/A for October's Board Meeting