Colleen D'Alfonso and Valqueria Marcal from Daniel Dennis & Company LLP, the MCCPS auditors led a discussion supported by the following documents:
- Combined Financial Statements and Independent Auditors’ Report 

- Finance Committee Presentation

Key points include:

- auditors made statement that "this is the best audit you can receive" in that the auditors stated  

1. an "Unmodified opinion of the Combined Financial Statements", certifying that the financial statements provided by the MCCPS Business Manager to the Finance Committee, MCCPS Board of Trustees and Community at large are accurate  
2. that the review of the MCCPS financial procedures and controls revealed "No significant deficiencies or material weaknesses in internal controls over financial reporting" and "No reportable instances of non-compliance"

- All Financial ratios (which are DESE published benchmarks for Charter Schools) are in low-risk status 

- Auditors also explained a rule for the calculation of the 20% Excess Carryover and discussed the option to set up a Capital Reserve account as a way to stay under the 20% threshold.  No decision was due immediately and the Finance Committee agreed to revisit the issue at a future date. 

Jeff Barry led a discussion supported by the usual Fincom files and notes.

Current enrollment stands at 225. DESE has now received this correct enrollment number and an adjustment to monthly funds sent to MCCPS is therefore expected in November or December.

Board-restricted Account

The audited 2021-2022 net surplus was $613K, from which the Finance Committee agreed to remove the $270k already committed/paid for the partial roof replacement. 

This leaves $343k available for transfer to the Board-restricted account. By rule, a minimum of 40% of that available surplus (or $137k) should move to this account

However Fincom proposed to recommend to the Board the transfer of $250k from the 2021-2022 surplus to the Board-restricted account. This would put that account balance to $355k and start creating a solid safety net and/or monies for further building upgrades.

At Peter’s request, the Finance Committee discussed the possibility of awarding a one-time only payment to MCCPS staff to reflect 2021-2022 surplus and the current high-inflation environment.

A discussion ensued, with the main concerns against this proposal focusing on the rising utility and mortgage costs that MCCPS is expected to face in the future.

Ultimately the Finance Committee voted and approved the use of up to $37.5k (up to $750 per employee), potentially applicable to all staff (Faculty and Admin) with the exclusion of the Head of School.

The Finance Committee also requested the Board of Trustees to 

1. approve such an initiative
2. if relevant then, decide its timing (now for holiday season or later in the 2022-2023 year)
3. review and agree its communication plan and framing to the MCCPS staff