Urban Montessori Charter School
Minutes
Finance Committee Regular Meeting
Date and Time
Friday October 21, 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
Guests Present
K. Feeney
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance
C.
Vote on Minutes from prior Finance Committee Meeting
No questions or public comments on this item.
| Roll Call | |
|---|---|
| G. Klein |
Aye
|
| D. Leung |
Aye
|
D.
Review of Action/Discussion Items
E.
Presentations from the Floor
No public comments on items not on the agenda.
II. Finance
A.
Discussion Item: Monthly Fiscal Report
Josh shared this month's fiscal report. Project operating income is at $213k, down from $488k, related to aligning our forecast to our most up to date enrollment numbers. Some savings in compensation and benefits based on removing the third lead from the middle school program and some savings until the school hires the final support teacher position.
Enrollment steadied out around 330 and attendance is above 93%.
Currently forecasting an ending fund balance at over 30% of expenses, and cash flow returns above 3 months of expenses by the end of the fiscal year.
Davis asked how much of this year's operating income could be recognized in future years, and Josh responded up to about $500k is possible if the school wanted to.
The committee discussed updating multiyear budgets based on updated enrollment plans. Krishna discussed investing more to recruit additional families.
Greg shared that $125,000 in grant funds are in development and shared about the Light Awards grant opportunity.
No other questions or public comments on this item.
B.
Audit process for 2021-2022
The committee discussed the current audit process. All is on track.
No other questions or public comments on this item.
C.
Contracts, invoices, and payments above $15,000
Tabled, did not occur.
D.
UMCS Land Acknowledgement
Krishna shared about the UMCS Land Acknowledgement, which refers to taking action to donate resources to The Sogorea-Te Land Trust and The Keres Children’s Learning Institute. The percentage of family fundraising is to be determined annually in consultation with the Board of Directors.
Greg offered that at the Close of the Books each Fall, the Administration could engage with faculty and FAC, and bring a recommended amount to Finance Committee, and then depending on the amount, move to obtain the approval of the full Board.
No other questions or 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
No new items at this time.
No changes needed.