Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Monday October 14, 2024 at 5:30 PM
Location
Committee Members Present
G. Garcia (remote), J. Lopez-Molina (remote), K. Shah (remote), P. Wesonga (remote)
Committee Members Absent
R. Granado
Guests Present
C. Russell (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Enrollment Update
A.
Enrollment Update
III. Finance
A.
Monthly Financials
4th Sector provided an update on the monthly financials; all metrics are strong/as expected.
IV. Investment Accounts
A.
Investments
Overall the investments are performing as expected; there is a return rate of approximately 2%.
When the T-bills mature, the monies are automatically reinvested.
The Board discussed the upcoming interest rate changes (decline) and contacting the bank to discuss any suggested strategies.
Courtney will follow up with Chase to discuss this matter.
V. FY24 Audit
A.
FY24 Audit
Michelle Cain and Kate VanBramer from MMB presented on the FY24 audit.
MMB reviewed the details of the FY24 audit with the Finance Committee.
There are no findings to report. Courtney will follow up with the legal partner for the final letter requested.
MMB did discuss an immaterial issue with District Billing. Following the auditor's presentation, the Board inquired about the matter. Courtney provided specific next steps (such a scholar No Show tracker and bi-monthly District Billing meetings) to ensure all scholars are accurately reported to the NYC DOE.
Courtney provided an update on enrollment (currently 693). The team will present a Budget Amendment to the Committee and full Board in November reflecting approximately 675 scholars.
Next year the school seeks to add additional scholars to 6th grade (entry point for scholars coming to middle school) to boost enrollmetn.