Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Monday April 15, 2024 at 5:30 PM
Location
https://pharosbx.zoom.us/j/2937854263
Committee Members Present
J. Lopez-Molina (remote), R. Granado (remote)
Committee Members Absent
K. Shah
Guests Present
Joe Keeney (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
Current enrollment 687
IV. Finance
A.
Monthly Financials
Annual Summary reviewed and discussed based on current enrollment is 687 Students.
FTE details explained as it related to lower enrollment numbers.
Enrollment versus FTE discussed in detail. Academy predicted to still remain in good standing in the event of enrollment decreases to the max of 10.
Details related to Profit & Loss revenue funds recognized were shared and discussed with Finance Committee.
Salary & Benefit spending discussed with no changes and no reclassifications on the profit and loss report.
Surplus year expected for Pharos Academy Charter School.
Fiscal Year Ending reminder detail shared - 06/30/2024.
Strong balance sheet as of March 31, 2024.
ESSER and other grants are expected to be received in the near future , which will be reflected within the financials.
V. Investment Accounts
A.
Investments
As of March 31, 2024 - Investment overall value has increased and this has been reflected in the financial projections.
Quarterly updates were provided with upcoming projections of investments.
Investment value and interest changes reflected and discussed as they have an effect on the investment activity.
Interest change and investment value break outs can be presented for the next investment review. This will be helpful for the finance committee to see the actual interest in the near future.
No items to report over $50K