MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Wednesday October 19, 2016 at 7:45 AM
Location
HOS Office - MCCPS, 17 Lime Street, Marblehead, MA
Committee Members Present
Francesco Rietti, Jan Brodie, Jeff Barry, Jen Jewell, Jeremy Bumagin, Karl Smith, Nina Cullen-Hamzeh, Peter Jaffe, Peter Jalbert, William Sullivan
Committee Members Absent
None
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
Nina Cullen-Hamzeh called a meeting of the Finance Committee of MCCPS Board of Trustees to order on Wednesday Oct 19, 2016 at 7:45 AM.
C.
Approve Minutes
Karl Smith made a motion to approve minutes from the Finance Committee Meeting on 10-05-16 Finance Committee Meeting on 10-05-16.
Peter Jalbert seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Finance
A.
Audit
Karl Smith made a motion to Accept the audited financial statements as presented by the current auditors and submit them to the Board of Trustees for approval at the October 25th scheduled meeting.
Jen Jewell seconded the motion.
The committee VOTED unanimously to approve the motion.
B.
Review of Financial Status of the School
Karl Smith led a review of the current financial status.
Jan Brodie provided a development report of fundraising efforts to date.
Jan Brodie provided a development report of fundraising efforts to date.
C.
Review of Finance Committee Policies & Procedures
Discussed history of the Policies & Procedures document. The auditors used the document throughout their procedures performed on the current year-end and verified adherence.
Some minor corrections are needed. Changes will be submitted to Karl Smith and Nina Cullen-Hamzeh who will compile them and distribute to the committee with an initial target review date being the December meeting.
Appendices need to be revised and attached.
Some minor corrections are needed. Changes will be submitted to Karl Smith and Nina Cullen-Hamzeh who will compile them and distribute to the committee with an initial target review date being the December meeting.
Appendices need to be revised and attached.
III. Other Business
A.
Appoint New Member(s) to the Committee
Nina Cullen-Hamzeh made a motion to appoint Jeremy Bumagin as a member of the Finance Committtee.
Karl Smith seconded the motion.
The committee VOTED unanimously to approve the motion.
IV. Closing Items
A.
Adjourn Meeting
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 8:45 AM.
Respectfully Submitted,
Karl Smith
Jeff Barry presented the history of audits and the topics reviewed by the new auditor.
Peter Jaffe will investigate the status of the Foundation.