Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Monday February 12, 2024 at 5:30 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. Enrollment Update
A.
Enrollment Update
PHACS enrollment is currently at 700.
The school has prepared a Budget Amendment notes sheet to share with the Finance Committee. This document was reviewed.
IV. Finance
A.
Monthly Financials
4SS reviewed the monthly financials.
The budgeted revenue number is based on 705 scholars; we have a small surplus. We are monitoring the enrollment on a daily basis. The school will be ready to make any cuts so there is no deficit shown.
Pharos had spent 5.3 million in salaries and benefits; the school will end the year at approximately 10 million dollars. OTP we have spent 3.4 million YTD and project to end with 5.7 million.
If there is a budget amendment, this will be shared on the next Finance Committee call.
On the balance sheet, the school had 5.2 million at the end of January due to the per pupil timing.
We are waiting for the next per pupil cycle. We will be submitting the fund request for federal grants next month. There are no major changes on the fixed assets.
V. Investment Accounts
A.
Investments
N/A for February
B.
990
The Board Chair will need to sign the 990 by May. This will be added to the agenda again for March. The Finance Committee can review this in the coming month at their leisure.
Courtney Russell shared information on the upcoming shift to outsource evening cleaning at Pharos Academy Charter School..
She presented an initial Google Sheet with a breakdown of proposals received to date.
She and Dr. Travis Brown will speak tomorrow and come to the Board with a recommendation for a vendor for the remainder of 23 - 24 as well as for 24 - 25.