MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Tuesday October 22, 2019 at 7:45 AM
Committee Members Present
Artie Sullivan, Jeff Barry, Jeremy Bumagin, Julie Santosus, Karl Smith, Peter Cohen, Richard Doron, Rodolphe Herve, William Sullivan
Committee Members Absent
David Hausler
Guests Present
Mrs Ndaw (6th grade student parent)
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
Rodolphe Herve called a meeting of the Finance Committee of MCCPS Board of Trustees to order on Tuesday Oct 22, 2019 at 7:55 AM.
C.
Approve Minutes - previous meetings
Julie Santosus made a motion to approve minutes from the Finance Committee Meeting on 09-17-19 Finance Committee Meeting on 09-17-19.
Artie Sullivan seconded the motion.
The committee VOTED unanimously to approve the motion.
II. Review of Final 2018-2019 Audit report and findings
A.
Auditors presentation
III. Finance - Financial Statement Review
A.
Committee review of Previous Month's Financial Statements
Financials as of Sep 30,2019 (first quarter) reflect the previous school year's enrollment numbers. On Oct 1, 2019 enrollment numbers are sent to the state every month. Therefore, the P&L income is currently overstated and will normalize during the school year.
Jeff Barry mentioned the following items:
- MY Basketball rental will generate $1200 in net proceeds in the next few months
- $1500 in stipends will be provided to a staff member over the next few months for temporary logistical support to a MCCPS family in need
- this period saw a few large items for Development fund, including $1600 search cost and $6400 for the Massachusetts Charter School Association
- $3000 maintenance cost for upgrades of the emergency lights pre inspection (which we passed)
- $1500 fix for fan motor of HVAC unit
- audit fees
Enrollment this month is at 204, from 206 previously.
Jeff Barry mentioned the following items:
- MY Basketball rental will generate $1200 in net proceeds in the next few months
- $1500 in stipends will be provided to a staff member over the next few months for temporary logistical support to a MCCPS family in need
- this period saw a few large items for Development fund, including $1600 search cost and $6400 for the Massachusetts Charter School Association
- $3000 maintenance cost for upgrades of the emergency lights pre inspection (which we passed)
- $1500 fix for fan motor of HVAC unit
- audit fees
Enrollment this month is at 204, from 206 previously.
IV. Other Business
A.
Other discussion points
No further items were brought for discussion.
V. Closing Items
A.
Adjourn Meeting
Julie Santosus made a motion to adjourn the meeting.
Richard Doron seconded the motion.
The committee 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 8:57 AM.
Respectfully Submitted,
Rodolphe Herve
Main points from her presentation include:
- a general statement from Ms. D'Alfonso that "financial statements of MCCPS are reliable and can be trusted". No material discrepancy was found by the auditors for the fiscal year 2019
- 2 minor findings from the 2018 audit were satisfactorily closed
- no new findings for the fiscal year 2019 were found
- in review of financial ratios for the school, only Unrestricted Days of Cash shows in the "High Risk" category. However, this is due to a tuition payment delayed into July, and affected all similar charter schools. DESE is familiar with this situation
- Daniel Dennis & Co audits about 20 other Charter schools and they rated MCCPS in the middle of the pack in terms of financial health, mainly due to its small size and revenue potential
- The audit report will be due to DESE on Nov 1, 2019
Following the auditors' presentation, the Finance Committee viewed the audit report favorably and voted to submit the 2019 Audit report and auditor presentation to the MCCPS Board.