Pioneer Valley Performing Arts Charter Public School
Minutes
Finance Committee
Date and Time
Tuesday October 5, 2021 at 8:30 AM
Location
PVPA
Room 304 - Conference Room
15 Mulligan Drive
South Hadley, MA 01075
Room 304 - Conference Room
15 Mulligan Drive
South Hadley, MA 01075
Committee Members Present
Andrea Nathanson (remote), Bob Hann, Stephanie Burbine (remote)
Committee Members Absent
Keith Black, Neil Hede
Guests Present
Ben Adsit (remote), Elmo Wright, Frank Serreti (remote), Marcy Conner
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
Andrea Nathanson called a meeting of the Finance Committee of Pioneer Valley Performing Arts Charter Public School to order on Tuesday Oct 5, 2021 at 8:35 AM.
C.
Approve Minutes
Bob Hann made a motion to approve the minutes from May 4, 2021.
Andrea Nathanson seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Stephanie Burbine |
Aye
|
| Keith Black |
Absent
|
| Andrea Nathanson |
Aye
|
| Bob Hann |
Aye
|
| Neil Hede |
Absent
|
II. Finance
A.
FY21 Audit
Frank Serreti and Ben Adsit from Powers & Sullivan presented the FY21 Financial Statements and Audit Report. Review of procedures and accounts showed:
- High risk area of cash showed good internal controls, regular reconciliation and no issues
- Payroll testing showed all contractual obligations with employees being met
- Expenditures follows the life of an expense from request to payment with no issues
- Revenue trends not out of the ordinary given the COVID-19 disruption
- Changes from FY20 - Note 13 in the audit papers recognizes COVID-19
- Balance Sheet items were all reviewed and balances verified. Noted that no reduction was made from FY20 in the balance Due From FOPVPA.
- Capital assets show approximately $97,000 capitalized for the year
- No new debt
- Debt covenant on the bond was met; 4.31:1
- Change in net position total = $559,703. PVPA's portion was $578,296 with the FOPVPA being -$18,593
The report was presented with an unmodified opinion, showed no weakness in internal controls and no errors required adjustment.
Overall the conservative projection in tuition resulted in a surplus. PVPA experienced the same as other charter schools during the pandemic - revenue came in higher than expected and costs were reduced which led to a profit.
Bob Hann made a motion to To accept the audit for 6/30/21 as presented by Powers & Sullivan and recommend that the Board of Trustees vote to accept.
Stephanie Burbine seconded the motion.
The committee VOTED unanimously to approve the motion.
| Roll Call | |
|---|---|
| Keith Black |
Absent
|
| Stephanie Burbine |
Aye
|
| Bob Hann |
Aye
|
| Neil Hede |
Absent
|
| Andrea Nathanson |
Aye
|
B.
FY21 Budget vs Actual (unaudited)
This items was left over from the September 7, 2021 meeting where we did not have a quorum. Did not review as the audit was presented and reviewed in depth.
C.
FY22 DESE Tuition Projection 7-21-21
The DESE tuition projection from 7-21-21 was reviewed in terms of how tuition funding is expected to change though the course of the fiscal year. We know this projection to be incorrect as it is based on FY21 student demographics. The first reporting period for enrollment was October 1st and the second quarter projection from DESE will come the end of December with updated student demographics. We did report 400 students.
With the second quarter we will also start to see adjustments that sending districts will be making to above foundation funding. The adjustments to the above foundation finding will continue to be reflected in DESE's third quarter projection in March 2022. The third quarter projection is usually lower than our final tuition number due to partial year tuition being received for students that are reported in February to DESE.
With this initial projection (without updated student demographics), we are charting to meet or exceed a couple of benchmarks that we will be watching thoughout the year: budget vs actual tuition and the required increase in the Collectively Bargained Agreement that will trigger pay increases for staff. However, much is left to be reported and we need to exercise caution in our analysis as much can change with the above foundation shifts we are likely to see.
III. Other Business
A.
Finance Committee Annual Timeline of Work
This items was left over from the September 7, 2021 meeting where we did not have a quorum. Timeline was passed on to Board of Trustees President and was presented at the September 14, 2021 Board of trustees meeting.
A brief discussion was had about changing the day/time of the Finance Committee meetings. Andrea Nathanson, Finance Committee Chair, will be sending out a poll to members.
IV. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 9:18 AM.
Respectfully Submitted,
Marcy Conner
Documents used during the meeting
- Finance Cmte Minutes 5-4-21.pdf
- FY21 Budget vs Actual - Unaudited 9-1-21.pdf
- FY22 DESE Tution Projection for 7-21-21.pdf
- PVPA FInance Committee Annual TImeline 9-1-21.pdf