Empower College Prep
Minutes
Board Meeting
Date and Time
Monday November 20, 2023 at 4:30 PM
Location
2411 W Colter St Phoenix AZ 85015
2411 West Colter Street
Virtual Meeting Brian Holman is inviting you to a scheduled Zoom meeting.
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Meeting ID: 870 7331 1407
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Meeting ID: 870 7331 1407
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Trustees Present
B. Adams Bressler (remote), K. Erickson (remote), P. Welborn (remote), S. Inman (remote)
Trustees Absent
C. Daniels
Ex Officio Members Present
B. Holman (remote)
Non Voting Members Present
B. Holman (remote)
Guests Present
D. Dillman (remote), Jennifer Lane (remote), L. Montano (remote)
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance and Guests
C.
Review and approve meeting minutes
| Roll Call | |
|---|---|
| K. Erickson |
Aye
|
| C. Daniels |
Absent
|
| S. Inman |
Aye
|
| B. Adams Bressler |
Aye
|
| P. Welborn |
Aye
|
D.
Call to the Public
II. Reports - Senior Management Team and Committees
A.
Discussion regarding First Quarter Financial Report for Bondholders
B.
Report regarding Abundant Transportation
The Director of Strategy presented the Transportation Financial Analysis. Abundant Transportation would be new and separate company from Empower College Prep. The Executive Director would be David Dillman and the Board Chair would be Brian Holman. A graph with historic spending on transportation was shared to see the potential progress from 2021 to 2025. The financials gains to Empower would be transportation salaries, benefits and employer taxes removed. The maintenance and deprecation expenses of the buses would be removed as well. We would see a large savings to our auto, property and umbrella insurance premium. McKinney Vento has had a huge increase and has almost tripled in cost. Having a contract with Abundant would be an overall benefit to save in costs.
Patricia Welborne asked clarifying questions about the storage of the buses, the overall saving Empower College Prep would benefit from. She has requested a financial forecast to know what would be the full capacity of Abundant Transportation.
III. Voting Items
A.
Vote to Accept FY23 Single Audit
| Roll Call | |
|---|---|
| S. Inman |
Aye
|
| P. Welborn |
Aye
|
| B. Adams Bressler |
Aye
|
| C. Daniels |
Absent
|
| K. Erickson |
Aye
|
B.
Vote to approve transfer of non-ECP assets from Empower College Prep to Abundant Transportation
| Roll Call | |
|---|---|
| S. Inman |
Aye
|
| B. Adams Bressler |
Aye
|
| P. Welborn |
Aye
|
| K. Erickson |
Aye
|
| C. Daniels |
Absent
|
IV. Strategic / Board Management
A.
Review Board Calendar for FY24
This item was not discussed due to prior engagements for several Boards members and meeting running short.
The Finance Director stated that the 1st quarter financial reports have been submitted to the bond holders. A draft was attached for Board members to review. No deficiencies were found. Our debt service coverage ratio is at 3.68 and the cash on hand is 194 days. Angela Ortega asked if there was any questions and none were asked.