Discussion & Review of Financials

• August check came in same as July at $305,762. Anicipate is will remain steady going forward but Jeff reported he received an email yesterday (9/21) from the state that they were using FY16 numbers to calculate the student population from non-MHD communities.
• Peter reported current enrollment at 226 with 4 offers out. Currently budgeted at 220 which provides some cushion in our current FY projections.
• There have been several informal discussions re: possible future rental income from MCCPS facilities (gym) but the school cannot move forward in the current COVID environment.
• Grant applications going to the State - ESSER 3 for $170,000 is due October 4, 2021. 20% of this grant (about $35,000) must be earmarked for remedial services - expect to cover this amount with expense for the learning specialist.
• Expenses for August 2021 are artificially low because FY21 employees are not yet on the books. This dynamic also impacts numbers for benefits and payroll tax.
• Maintenance expense is higher for several reasons; first the totals reflect annual summer work such as floor refinishing, painting, landscaping, etc.. Secondly, the office suite buildout came in at ~$40,000.

Audit is ongoing and Jeff does not expect any surprises. Last year we ended ~$70,000 in the black which helped prevent any possibility of mortgage covenants with the bank. For this year we currently project > $100,000 in the black which should also help.
The final audit report is due to the State by Nov 1, 2021. The report will be reviewed by the Finance Committee and the full Board before submission.

Other business discussed:
The school may seek an independent real estate appraisal to help the Facilities Task Force analyze possible improvements to the building. The appraisal will also help the Finance Committee investigate possible mortgage refinancing options as the current 3.29% ARM resets in 2024.