Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Monday May 13, 2024 at 5:30 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. Enrollment Update
A.
Enrollment Update
Courtney provided an enrollment update; enrollment as of today is at 684. The school is expected to maintain a surplus for this school year.
Enrollment/registration for 24 - 25 is already underway with a minimum of 12 scholars registering each week.
IV. Finance
A.
Monthly Financials
Debt to asset ratio is strong.
Projected per pupil revenue is based on 693; total enrollment is at 684 as of today. There is still +/- students available over the last two months that will help us to maintain a surplus.
All financials are strong; we have spent 4.7 million year to date and will end the year with just over 5 million spent in personnel.
There is a small variance to the lunch program; this will be offset.
Chromebooks were purchase with ECF funding.
A 52,000 surplus is expected.
As of April 30, the school had over 6 million in cash or cash equivalent. Accounts receivable is at 1 million; it dropped last month as we have received approximately $700,000 for ESSER and other federal grants.
Total liabilities 3 million, total equity as of April 30 8.9 million. Strong balance sheet.
V. FY25 Budget
A.
FY25 Budget
Courtney reviewed the process and content of the FY25 budget.
The OTP budget and staffing budget were discussed extensively with the Finance Committee.
VI. Investment Accounts
A.
Investments
N/A for this month
None for this month