Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Tuesday December 19, 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
III. 1005 Intervale Avenue/Building Financing
A.
Reserve Fund
The Finance Committee engaged in a discussion about the four available funds for the monies related to the 1005 Building Financing project that are currently not invested. After reviewing fees, fund breakdown, etc., the members decided upon the Dreyfus Government Cash Management investment funds. Courtney Russell will email BNY to begin the process to get the monies invested.
IV. Enrollment Update
A.
Enrollment Update
Enrollment is currently at 711 with revenue on track; District Billing was slightly lower due to scholars leaving and then adding new scholars in but overall the budget is on track in terms of revenue for the year.
V. Finance
A.
Monthly Financials
4th Sector reviewed the monthly financials. Some important metrics include:
339,806 surplus, equity of nearly 8.5 million, 122 days cash on hand, and more.
All financials are in line with expectations and there are no concerns or challenges to report at this time. The team will continue to closely monitor enrollment.
VI. Investment Accounts
A.
Investments
The next investment update will take place in January 2024.
No items over 50K.