Gestalt Community Schools
Minutes
GCS Board Meeting
Date and Time
Thursday January 10, 2019 at 8:30 AM
Location
Power Center Academy - Hickory Hill - High School, Memphis, TN 38115
Directors Present
A. Evans Blackwell, D. Selberg, D. Williams, K. Satterthwaite (remote), K. Walker Burt, S. Elswick (remote), Y. Lewis
Directors Absent
H. Coleman, P. Ray, T. Williams
Directors who arrived after the meeting opened
D. Selberg, S. Elswick
Guests Present
A. Butler, B. Turner, Christy Glimour, G. Rucker, L. McGee, M. McFarland, N. Rogers, Toya Leftwich
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
A. Evans Blackwell called a meeting of the board of directors of Gestalt Community Schools to order on Thursday Jan 10, 2019 at 8:34 AM.
C.
Approve Minutes
D. Williams made a motion to approve minutes from the GCS Board Meeting on 10-25-18 GCS Board Meeting on 10-25-18.
K. Walker Burt seconded the motion.
The board VOTED unanimously to approve the motion.
II. Finance Update (GCS Network)
A.
Finance Report
D. Selberg arrived.
M. McFarland arrived.
A. Butler arrived.
B.
Development Report
New since last update
TN Facility Grant - new $100k
Memphis Community Foundation Grant for Parent Village Concept $25k
New Leaders Award for Innovation $25k
Read to Ready Grant (just added in January 2019) $90k
This brings us to 1.5mil in investments
In pipeline, there are 4 additional items between now and June for an additionally $450k - also working on a 3 year grant for $2.5 mil but will not be decided until next year
TN Facility Grant - new $100k
Memphis Community Foundation Grant for Parent Village Concept $25k
New Leaders Award for Innovation $25k
Read to Ready Grant (just added in January 2019) $90k
This brings us to 1.5mil in investments
In pipeline, there are 4 additional items between now and June for an additionally $450k - also working on a 3 year grant for $2.5 mil but will not be decided until next year
C.
Mendenhall Construction
S. Elswick arrived.
We are aggressively moving forward on the Mendenhall project. These are our key milestones:
- RetroCoat should be down in the Elementary School by end of day. We have a very low risk of having any issues with dry cleaner space.
- The completion dates for the 9th grade Campus - May 20th and the Elementary School - July 4th.
- Budget is on track - The original project was around $15mil (which includes the 2.3mil acquisition fee for Mendenhall Square). We have only expended $1.6 mil and at this rate we believe that we will have funds left over to hopefully use to update items at the High School (10th-12th grade campus).
- RetroCoat should be down in the Elementary School by end of day. We have a very low risk of having any issues with dry cleaner space.
- The completion dates for the 9th grade Campus - May 20th and the Elementary School - July 4th.
- Budget is on track - The original project was around $15mil (which includes the 2.3mil acquisition fee for Mendenhall Square). We have only expended $1.6 mil and at this rate we believe that we will have funds left over to hopefully use to update items at the High School (10th-12th grade campus).
III. FY19 Mid-year Update
A.
Academic Priorities, NWEA Map, Interim
The Highlight of the Academic presentation is that we are trending upward but slowly.
NWA Focus
- Southeast & HH is to increase the percentage by mid-year.
- Interim Assessment to increase by 50+%.
- Doing intense instruction to increase by at least 10%.
- The high school is meeting their targets.
The Academic team is working towards getting more time without extending the day. Implementing Radical Wednesdays to give teachers more time to be with students in a small group scale to increase the percentages.
Priority Concerns
- Scholar Discourse through writing tasks - Principals own this (Coaching sessions are giving teachers more confidence in the classrooms)
- Help around assessments (We are developing assessments that Principals can use weekly) to get answers as to where we are
Ashanta made the statement that the meeting will go over by 5 minutes.
IV. Development Strategy
A.
Development Survey and Strategy
Christy Gilmour presented the results of the Board of Directors Fund Development Survey. Her summary was that we have clear direction on where the board should go moving forward; we should fund a development committee from a small team initially composed of board members and build out.
A. Butler left.
Toya Leftwich left at beginning of the presentation.
V. Closing Items
A.
Adjourn Meeting
Y. Lewis made a motion to adjourn the meeting.
D. Williams seconded the motion.
The board VOTED unanimously to approve the motion.
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 10:06 AM.
Respectfully Submitted,
G. Rucker
We are projecting a Positive Cash flow of 1.97mil thru the end of Jan., 2.4mil thru end of this qtr, and a projected 1.4mil at end of the fiscal year which would mean the potential need to draw on a line of credit at end of July. This has been revised based on new items that we were notified of after the projection was provided. With the new items ($400,000 facility grant recently awarded or the additional $110 per pupil allocation we are receiving from Dec to May) are not included in the original Board cash flow. We are now projecting 2.4 mil at end of the fiscal year with no need to draw down credits. Additionally, we have a reserve in our US bank from New Markets that are not included; We also have an opportunity to increase reserves through a CSP grant for an additional 1.3 mil - not included; and the expense of furnishing the elementary school can potentially be rolled into the Construction loan.
Income Statement
Revenue is trending lower at about $20,000 lower than projected. This is based on a BEP variance of about $10,000 from approximately 44 scholars that we have not been paid for; but we are working to resolve and once resolved, the funds will be made available when we have a BEP true-up.
Expenses are around 11.6 million - lower than our projection of 12.2 million
Areas of Concern
- 21st Century Stipend - No reimbursements have been submitted; and we have expended funds for compliance requirements that we did not know we would need.
- Other Consulting Services - the budget was $7,000 and we have spent over $45,000 - due to Teaming Solutions that was not identified originally
- Depreciation for Mendenhall Mall and Technology - were not budgeted
- Environmental Consulting for Mendenhall Mall
- Technology Services
- Insurance
Audit has been completed; it was on time and free of findings and material weaknesses