MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Friday May 22, 2020 at 8:00 AM
Location
Join Zoom Meeting
https://us02web.zoom.us/j/82276206294?pwd=OGIxZUR5ZE5xcEVJL1hBbE1BekZmQT09
Meeting ID: 822 7620 6294
Password: 2RWnEu
https://us02web.zoom.us/j/82276206294?pwd=OGIxZUR5ZE5xcEVJL1hBbE1BekZmQT09
Meeting ID: 822 7620 6294
Password: 2RWnEu
Location: Zoom meeting https://zoom.us/j/628641773
Meeting ID: 628 641 773
One tap mobile 628641773# US Toll
Meeting ID: 628 641 773
One tap mobile 628641773# US Toll
Committee Members Present
Artie Sullivan (remote), Jeff Barry (remote), Jeremy Bumagin (remote), Julie Santosus (remote), Karl Smith (remote), NDack Toure (remote), Peter Cohen (remote), Rodolphe Herve (remote)
Committee Members Absent
David Hausler, Richard Doron
I. Opening Items
A.
Record Attendance and Guests
In light of the ongoing COVID-19 coronavirus outbreak, Governor Baker issued an emergency Order on March 12, 2020, allowing public bodies greater flexibility in utilizing technology in the conduct of meetings under the Open Meeting Law. This committee makes a motion to accept this Executive Order for this meeting of the Finance Committee, on May 22, 2020.
Julie Santosus made a motion to accept the Executive order and conduct this meeting remotely.
Jeff Barry seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Julie Santosus |
Aye
|
| NDack Toure |
Aye
|
| Artie Sullivan |
Aye
|
| David Hausler |
Absent
|
| Jeremy Bumagin |
Aye
|
| Richard Doron |
Absent
|
| Jeff Barry |
Aye
|
| Rodolphe Herve |
Aye
|
| Karl Smith |
Aye
|
| Peter Cohen |
Aye
|
B.
Call the Meeting to Order
Julie Santosus called a meeting of the Finance Committee of MCCPS Board of Trustees to order on Friday May 22, 2020 at 8:03 AM.
Julie Santosus made a motion to Call the Financial Committee meeting to order.
Jeff Barry seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Rodolphe Herve |
Aye
|
| Artie Sullivan |
Aye
|
| Karl Smith |
Aye
|
| Jeremy Bumagin |
Aye
|
| Peter Cohen |
Aye
|
| Julie Santosus |
Aye
|
| NDack Toure |
Aye
|
| Richard Doron |
Absent
|
| Jeff Barry |
Aye
|
| David Hausler |
Absent
|
C.
Approve Minutes - previous meetings
Julie Santosus made a motion to approve the minutes from Finance Committee Meeting on 04-24-20.
Jeff Barry seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Karl Smith |
Aye
|
| Rodolphe Herve |
Aye
|
| Artie Sullivan |
Aye
|
| NDack Toure |
Aye
|
| David Hausler |
Absent
|
| Julie Santosus |
Aye
|
| Jeremy Bumagin |
Aye
|
| Peter Cohen |
Aye
|
| Jeff Barry |
Aye
|
| Richard Doron |
Absent
|
II. Finance - Financial Statement Review
A.
Committee review of Previous Month's Financial Statements
Jeff Barry led a discussion tracking the financial statement notes that were submitted ahead of the meeting. Main points are:
- Net income loss for the month of April that is in line with expectations given recent adjustments to PPE
- Still no clarity from state over whether we can include 2 new students (G5 and G7) in our PPE tuition payments, as they started after the lockdown
- Graphic details expenses paid in April ($2800) reflect sunk cost for the organization of the 25-year anniversary, which impact the fund raising line item. Another $3550 will be due in June
- Legal expenses reflect 1 personnel and 1 special education matter, which appear to now be concluded
- Food services still see some bills trickling in, but we will have the full loss impact of this line item in the next month.
There was much discussion on the future of Food Services in the fall, what structure could be allowed given the new CDC guidelines, whether outsourcing should be considered etc. More discussions will be required as part of the overall plan for the school reopening - DC trip: EF Smithsonian promised MCCPS that parents would see refunds for the DC trip expenses, excluding a $100 retainer. However, to date, parents have not received their monies back
B.
Review of draft 2021 Budget
After discussing several line items of the 2021 budget, the Financial Committee voted that the 2021 budget be submitted to the Board for discussion and approval
Karl Smith made a motion to approve the 2021 budget and submit it to the Board for approval.
Julie Santosus seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Julie Santosus |
Aye
|
| Jeremy Bumagin |
Aye
|
| David Hausler |
Absent
|
| NDack Toure |
Aye
|
| Karl Smith |
Aye
|
| Artie Sullivan |
Aye
|
| Rodolphe Herve |
Aye
|
| Jeff Barry |
Aye
|
| Richard Doron |
Absent
|
| Peter Cohen |
Aye
|
III. Other Business
A.
Other discussion points
Artie Sullivan asked to schedule Financial Committee meetings more than a week in advance of MCCPS Board meetings, which occur on the last Tuesday of each month. Because financials are typically available the second Thursday of each month, we will target the 3rd week of each month to hold the Fincom meeting going forward.
IV. Closing Items
A.
Adjourn Meeting
Jeff Barry made a motion to adjourn the Financial Committee meeting.
Julie Santosus seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| David Hausler |
Absent
|
| Rodolphe Herve |
Aye
|
| Karl Smith |
Aye
|
| Artie Sullivan |
Aye
|
| Julie Santosus |
Aye
|
| Jeremy Bumagin |
Aye
|
| Jeff Barry |
Aye
|
| Peter Cohen |
Aye
|
| NDack Toure |
Aye
|
| Richard Doron |
Absent
|
Jeff Barry made a motion to adjourn the Financial Committee meeting.
Julie Santosus seconded the motion.
The committee VOTED to approve the motion.
| Roll Call | |
|---|---|
| Richard Doron |
Absent
|
| Artie Sullivan |
Aye
|
| Jeff Barry |
Aye
|
| David Hausler |
Absent
|
| Rodolphe Herve |
Aye
|
| Karl Smith |
Aye
|
| Peter Cohen |
Aye
|
| Jeremy Bumagin |
Aye
|
| NDack Toure |
Aye
|
| Julie Santosus |
Aye
|
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 8:20 AM.
Respectfully Submitted,
Rodolphe Herve
Documents used during the meeting
- MCCPS-Apr-2020-Financial Statements v1.xlsx
- FinCom notes April.docx
- FY21 Proposed Budget.xlsx