Jeremy Jones:  Provided update on finances.  Only significant change in food service.  Removing expenses from food service.  Still forecasting to be cash zero.  Year to date:  Software and assessment there is a negative and is reflective of a overcharge by EBR and is currently being reimbursed.  Business Supplies: Holding all of P card statements.  Some expenses may move to another line item or expense area.  All other line items are on course.

Sarah:  Can you put a ghost line item in so we can have a better idea of the items left.  

Jeremy:  Moving down to the balance sheet.  Receivables are indicative of Title reimbursement.   There has been difficult gathering information and gaining access to title funds.  

Sarah:  That is not uncommon for EBR.  It takes a long time to find out how much it will be.  

Jeremy:  I can assure that this isn't just a struggle with EBR and this is a common problem to run into.

Jeremy:  Other state and local account receivables portion of MFP.  Prepaid expenses primarily insurance payments.  Accounts payable majority is money due for legal fees.  Other short term disabilities four sector start up fees and funding due to foundation.

Jeremy-  Cash flow:  you can see that removing food service has benefited cash flow.  

Melissa J.:  What is the increase in borrowing?

Jeremy:  That's the repayment of debt (legal fees and four sector).  Short term debt is decreasing.

Melissa J- Question about funding that needs to be alloted for at end of year.

Jeremy- At the end of the year 5% of MFP will need to be in the bank that number is $14,000.

 

Leigh:  Food service had been discontinued.  Conversations were had to restart services but does not seem to be a feasible option at this time.  We have explored additional options and the main issues seems to be that we have such a low number of lunches to be delivered.

Leigh:  We did receive a Cox grant and were able to purchase some document projectors.  We have a thanksgiving fest tomorrow that everyone is invited to.

JP:  Were looking at budget and overall were doing pretty well.  We did get a grant from New Schools and it is definitely helping us along.  We are hoping to expand to a building and we will be short on funding next year.  Leigh and Melissa are working on staffing and additional ideas.  The school will likely operate at a deficit each year and that gap will need to be filled by philanthropy.  

Melissa:  The foundation engaged a grant writer who has written for a large amount of grant dollars and we have not had great success.  We hoped there was going to be a lot of opportunity in grants.  We started to expand on other charter schools in the nation and where their funding is coming from.  In that research it has become apparent that the MFP dollars far exceed what we are receiving and other schools are able to meet their needs.  Leigh has reached out and conducted a lot of research into other funding and greater opportunities.  



 

We had a call with LSU and they have gone through and talked to King Alexander and signed off on our plans and proceeding.  January 20th were working on getting a lease and drawings approved so that we can moved forward with the center building a building that the school would lease.  We still need to go to the Emerge Center Board and give an update and keep moving towards that January 20th.

Please let anyone know if you have any candidates that you think would be good for the board.

Sarah:  Any specific skills you are looking for?

JP:  Finances or HR.