Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Tuesday November 14, 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.
Credit Authorization/FPP
The Finance Committee will recommend to the full Board that all purchases $2,000 and over will be subject to the Credit Card Authorization form/process in addition to the regular approval processes in the school's financial systems (Zahara).. Purchases $1,999 will only go through regular approval processes in the school's financial systems.
III. 1005 Intervale Avenue/Building Financing
A.
Reserve Fund
The Bronx Support Corp members (Keyur Shahz, Robert Granado, Courtney Russell) agreed to reach out to Bank of New York Mellon to split the reserve fund monies into four equal amounts based on the recommended funds. Courtney Russell has been granted authorization to complete and submit the forms.
IV. Enrollment Update
A.
Enrollment Update
As of November 13, 2023, the school's enrollment is at 713. This keeps us in line with the budgeted revenue and no adjustments are needed at this time.
V. Finance
A.
Monthly Financials
4th Sector presented the monthly financials. All metrics are strong with spending on track.
4th Sector additionally presented the adjusted expenditures that have been recorded thus far; appropriate documentation has been recorded and no adjustments to the overall budget are needed.
VI. Investment Accounts
A.
Investments
There are no Investment Account updates this month.
There are no items over $50,000 to discuss this month.