Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Tuesday January 16, 2024 at 5:00 PM
Location
https://bronxlighthouse.zoom.us/j/5239033349
Committee Members Present
K. Shah (remote), R. Granado (remote)
Committee Members Absent
J. Lopez-Molina
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
Monies were invested according to the discussion held in November of 2023 and December of 2023.
IV. Enrollment Update
A.
Enrollment Update
-Enrollment is currently at 706
-Change in enrollment is due primarily to families moving out of the Bronx
-We are actively monitoring the situation and determining next steps which include
-Possible addition of new scholars to key grades where enrollment is down (such as 2nd)
-Thoughtful application of budget lines moving forward (example: if a position is open and a non-essential position, it may not be filled for the remainder of the 23 - 24 school year)
V. Finance
A.
Monthly Financials
-All metrics are on track including but not limited to Days Cash on Hand, ratio, etc.
-Enrollment will continue to be monitored as discussed previously
-The school remains projected to have a surplus at this time
VI. Investment Accounts
A.
Investments
-4SS reviewed the Investment Account report
-All remains in line with the intended investment approach as per the school's Investment Policy
There are no items over 50K to discuss.