This is a snapshot of the financial picture of PVPA for fiscal year 2022 as of September 30, 2021.  At this point approximately a quarter of of the fiscal year has passed and this is the benchmark for the % of budget column.  Any variance higher than 25% should be explained and in most cases is simply due to timing. 

During the first quarter it is hard to show budget vs actual performance as there is not much data; the bottom line looks very good but is also not a clear enough picture especially in terms of tuition funding.  It has even been hard to look backward to compare to previous years because of the changes that COVID brought to the school operations. 

An overview of the grant funding and process was discussed.  Grants require a well thought out application and approval prior to any spending and spending can only take place after approval is granted.  Grants are generally subject to reimbursement after expenditure, for this reason, the grant revenue and expense lines in the P&L Statement should be net zero at the end of the year.

The Federal entitlement grants are awarded based on formulas and are received annually.  FY22 is the first year that PVPA will be a School Wide Title I Program vs a Targeted Assistance Program based on the number of low income students we serve.  This designation will allow us to serve more students with Title I funding.  The allocations for FY22 are slightly down from FY21.  The FY22 grant budget was level funded based on the FY21 allocation amounts.  The overall effect on the PVPA FY22 budget is approximately -$7,200.  FY22 is the first year for the IDEA 252 grant and yields a $22,618 unbudgeted increase in grants.

PVPA has receive one state grant for the summer school program that was held in July 2021.

There are currently two COVID-19 related grants: ESSE II and ESSER III.  Both of these grants are designed to help schools re-open and help mitigate the loss of learning that students experienced over the last year and a half.  ESSER II has an end date of June 30, 2022 and the ESSER III funds expire on June 30, 2024.  The Administration sought out feedback from all stakeholders in developing the plan for the funds that include additional staffing for student educational and emotional supports, supplies and implementation of practices to continue to mitigate the effects of COVID as we return to in person learning and technology.

The overall grant funds available are approximately $1.3 million.

FY21 marked the last year of the three year audit engagement letter with Powers & Sullivan.  P&S presented a new engagement letter covering FY22 - FY24.  The increase for auditing services is $3,000 and for filing the Friends tax returns is $1,000.  There is no immediate reason to change auditors and there are benefits of staying with the same firm, PVPA does not intend to go out to bid and will accept the engagement letter.  Further discussion should take place around setting a time limit on engagements with the same firm.

Bob Hahn has left the Committee and was thanked for his service to PVPA.  A request will be made to the Board of Trustees for assistance with recruiting new members.

The new meeting time will work for the next couple of months and will be re-evaluated and discussed in December.