Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Monday January 13, 2025 at 5:30 PM
Location
Committee Members Present
G. Garcia (remote), J. Lopez-Molina (remote), K. Shah (remote)
Committee Members Absent
P. Wesonga
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
Enrollment remains at 691. A budget amendment is not needed unless we are below 685. We will continue to monitor
IV. Finance
A.
Monthly Financials
All metrics remain strong. Days cash on hand is solid. Debt to total margin 0.
Enrollment update was provided.
Projected revenue is based on 685 students.
We have recognized 8.2 million in revenue against a budget of 15.9 million.
We have spent 4.6 million in staff salaries and benefits against 10.3.
Net surplus YTD is 515K; projection is at 36K surplus.
The Board asked for clarification on the enrollment chart. The school reported reconciliation will take place to adjust for actual count for November district billing as all systems sync up.
V. Investment Accounts
A.
Investments
There is approximately 2.5 million investment in our account. It is performing well; we gained 13K in the last quarter. The return rate was 0.52%.
None