Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Monday November 18, 2024 at 5:30 PM
Location
Committee Members Present
G. Garcia (remote), J. Lopez-Molina (remote), P. Wesonga (remote)
Committee Members Absent
K. Shah
Guests Present
C. Russell (remote), M. Dorsey (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 Russell provided an update on 24 - 25 enrollment as well as 25 - 26 enrollment efforts.
Current enrollment is sitting steady at 695.
IV. Finance
A.
Monthly Financials
178 days cash on hand. Debt to asset ratio 0.6.
Enrollment is sitting at 695; we are five scholars short of the budgeted enrollment.
During the budgeting process we had a strong contingency.
To be more conservative we are forecasting the annual per pupil revenue at 685 students to ensure we are above our targets.
There were a few open staffing positions which gave us savings on staffing and benefits; this was highlighted on the financial report shared with the subcommittee.
At this time there is an estimated surplus of approximately 28K; this is with removing the contingency. Financially the school remains in strong position.
For the Statement of Financial position, there was 7.7 million in cash. The increase is due to the increase in revenue that we received in advance for November/December. Accounts Receivable is current. ESSER and other open grants for last year have been completed.
There is 12.2 in non current asset, current assets 22.9 million; 122K in accounts payable. We recorded accrued payroll of 550K; this includes a few days in October.
Total liabilities 13.7MM, total equities just over 9 MM.
V. Investment Accounts
A.
Investments
No updates for November 2025; Investments will be revisited in January 2025.
N/A