Pharos Academy Charter School
Minutes
Pharos Academy Charter School Finance Committee Meeting
Date and Time
Monday February 10, 2025 at 5:30 PM
Location
Committee Members Present
J. Lopez-Molina (remote), J. Sowell (remote), K. Shah (remote), P. Wesonga (remote)
Committee Members Absent
G. Garcia
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
B.
990s
III. Enrollment Update
A.
Enrollment Update
Enrollment is currently at 684. FTE for FY25 is higher due to scholars leaving later in the year.
IV. Finance
A.
Monthly Financials
Enrollment is currently at 684. FTE for FY25 is higher due to scholars leaving later in the year.
Current ratio is strong. Days cash on hand is at 143 days, more than 6 months.
Total margin above 0.
Debt to asset ration 0.58. Must be below 0.9.
On salaries and benefits 5.6 million has been spent against a budget of 10.3.
Other than personnel is on track. There have been a few reclassifications based on how the school has been spending (Staff Development, FFE, etc.)
The projected surplus will be approximately 36,000 to 46,000.
Difference in 1.2 million of per pupil revenue from last month.
V. Investment Accounts
A.
Investments
No investment discussion this month.
PHACS Board and Bronx Support Corp members should review the 990s and let Courtney know if there are any questions or concerns by the end of the month.