MCCPS Board of Trustees
Minutes
Finance Committee Meeting
Date and Time
Wednesday July 22, 2020 at 8:00 AM
Location
Join Zoom Meeting
https://us02web.zoom.us/j/85975913529?pwd=R243Q1BwbzdQNUExNzRvNUJ5UFRQUT09
Meeting ID: 859 7591 3529
Password: 7sqBcq
https://us02web.zoom.us/j/85975913529?pwd=R243Q1BwbzdQNUExNzRvNUJ5UFRQUT09
Meeting ID: 859 7591 3529
Password: 7sqBcq
Committee Members Present
Artie Sullivan (remote), Jeff Barry (remote), Jeremy Bumagin (remote), Julie Santosus (remote), Karl Smith (remote), NDack Toure (remote), Peter Cohen (remote), Richard Doron (remote), Rodolphe Herve (remote)
Committee Members Absent
None
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
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 July 22, 2020
Jeff Barry made a motion to accept utilizing technology to conduct this meeting.
Julie Santosus seconded the motion.
The committee VOTED to approve the motion.
Roll Call | |
---|---|
Jeremy Bumagin |
Aye
|
Artie Sullivan |
Aye
|
Julie Santosus |
Aye
|
Peter Cohen |
Aye
|
NDack Toure |
Aye
|
Karl Smith |
Aye
|
Rodolphe Herve |
Aye
|
Jeff Barry |
Aye
|
Richard Doron |
Aye
|
Rodolphe Herve called a meeting of the Finance Committee of MCCPS Board of Trustees to order on Wednesday Jul 22, 2020 at 8:02 AM.
Julie Santosus made a motion to approve the minutes from Finance Committee Meeting on 05-22-20.
Jeff Barry seconded the motion.
The committee VOTED to approve the motion.
Roll Call | |
---|---|
Rodolphe Herve |
Aye
|
Jeremy Bumagin |
Aye
|
Artie Sullivan |
Aye
|
Richard Doron |
Aye
|
Peter Cohen |
Aye
|
Julie Santosus |
Aye
|
NDack Toure |
Aye
|
Karl Smith |
Aye
|
Jeff Barry |
Aye
|
II. Finance - Financial Statement Review
A.
Committee review of Previous Month's Financial Statements
Jeff Barry led a discussion tracking the Fincom notes document. Highlights include:
- current proceeds from state are based on average enrollment of 206.2 students. We are trying to confirm how the state arrived at that number. It is anticipated that we will know our final revenue/financial results in the coming months. But current numbers are a good indication of where we stand.
- the June 2019-June 2020 annual statements will show a net profit, which was the objective of the Financial Committee and Board and reflects much work done, in a tumultuous year
- 2021 enrollment projections continues to be strong with 220-228 students expected
- we reviewed and commented the various items included in the separate notes document. One item that did not figure in the notes relates to the long-term unemployment negotiation with the state. We have sent multiple inquiries with a view to close this matter but have not received any responses to date. This matter will be discussed with our auditors
- current proceeds from state are based on average enrollment of 206.2 students. We are trying to confirm how the state arrived at that number. It is anticipated that we will know our final revenue/financial results in the coming months. But current numbers are a good indication of where we stand.
- the June 2019-June 2020 annual statements will show a net profit, which was the objective of the Financial Committee and Board and reflects much work done, in a tumultuous year
- 2021 enrollment projections continues to be strong with 220-228 students expected
- we reviewed and commented the various items included in the separate notes document. One item that did not figure in the notes relates to the long-term unemployment negotiation with the state. We have sent multiple inquiries with a view to close this matter but have not received any responses to date. This matter will be discussed with our auditors
III. 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 9:15 AM.
Respectfully Submitted,
Rodolphe Herve
Jeff Barry made a motion to adjourn meeting.
Julie Santosus seconded the motion.
The committee VOTED to approve the motion.
Roll Call | |
---|---|
Rodolphe Herve |
Aye
|
Peter Cohen |
Aye
|
Richard Doron |
Aye
|
Jeff Barry |
Aye
|
NDack Toure |
Aye
|
Artie Sullivan |
Aye
|
Julie Santosus |
Aye
|
Karl Smith |
Aye
|
Jeremy Bumagin |
Aye
|
Documents used during the meeting
- FinCom notes June.docx
- MCCPS-June-2020-Financial Statements v1.xlsx