Urban Montessori Charter School
Minutes
Finance Committee Regular Meeting
Date and Time
Thursday September 15, 2022 at 3:00 PM
Location
4551 Steele Street, Oakland, CA 94619. Signage on campus will direct you to the correct room, generally the Sun Room.
The public may comment and participate via Zoom if they prefer. The public may also email comments to greg@urbanmontessori.org to be shared by the during the meeting. Please make that intention clear in your email.
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Meeting ID: 825 9285 5160
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Members: Greg Klein (Chair), Davis Leung
Urban Montessori Charter School welcomes your participation at Board meetings. The purpose of a public meeting of the Board of Directors (“Board”) is to conduct the affairs of the organization in public. Your participation assures us of continuing community interest in our school and assists the Board in making the best decisions for our school. To assist you in the ease of speaking/participating in our meetings, guidelines are provided at the bottom of this agenda. All materials for all board and committee meetings, including audio recordings of Regular Board Meetings, are available on our BoardOnTrack public portal and also through the UMCS School Calendar.
Committee Members Present
D. Leung (remote), G. Klein
Committee Members Absent
None
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance
C.
Vote on Minutes from prior Finance Committee Meeting
No questions or discussion. No public comment on the minutes from August 18, 2022.
| Roll Call | |
|---|---|
| D. Leung |
Aye
|
| G. Klein |
Aye
|
D.
Review of Action/Discussion Items
E.
Presentations from the Floor
No public comment on items not on the agenda.
II. Finance
A.
Discussion Item: Monthly Fiscal Report
Josh shared about the FY22 Unaudited Actuals which have been submitted to ACOE. The unaudited actual operating income of $46,000 for last school year. The hold harmless revenue contributed to this and also fundraising came in higher than forecasted. Benefits came in lower, too, and Josh will follow up with the Ops team to forecast this year as accurately as possible. Ended the fiscal year with a 33.3% ending fund balance, which is a very healthy reserve.
Through end of August 31, 2022, we have a current forecast of $488,000 for this current fiscal year. But we are expecting to reduce this forecast to better align with enrollment and ADA forecasts. The change in the forecast is almost entirely driven by the hold harmless provisions in recent state budget law. Some opportunity to realize some of the revenue over multiple upcoming fiscal years. Comp and Benefits went up in the forecast mostly due to growing the Expanded Learning Program staffing.
Currently forecasting to end this fiscal year with an ending fund balance that represents 35.5% of expenses. Cash flow is forecasted to end the year above three months of expenses.
No other discussion or public comments.
B.
Updates on 2022-2023 Budget
Nothing additional beyond the year to date forecast discussed above through August 31, 2022. No public comments on this item.
C.
Contracts, invoices, and payments above $15,000
No contracts above $15,000 to discuss. No public comments on this item.
D.
Audit process for 2021-2022
Josh shared how the audit process works through the end of December 2022. Auditors issue a draft report in November and final report in December for board approval. Edtec predicts one finding about not submitted ELO-G within five days, and expects most California schools to have this same single finding. It's a state-required compliance finding. Greg shared the letter from the auditors to be shared with Board members.
No other discussion or public comments on this item.
III. Closed Session
A.
Closed Session Items
Tabled. Did not occur.
B.
Report out of Closed Session
Tabled. Did not occur.
IV. Closing Items
A.
New Business
Josh recommends tracking the progress of bill AB/SB 185.
B.
Adjourn Meeting
- UMCS 21-22 Deadline Letter to Management and Board.pdf
No changes needed.