Packet ready

Metrolina Regional Scholars Academy

Finance Committee Meeting

Date and Time

Thursday September 24, 2020 at 8:15 AM EDT

Location

In person at school and Zoom info below
 

Agenda

     
I. Opening Items
  A. Record Attendance
  B. Call the Meeting to Order
II. Finance Committee
  A. Part time accountant
   
We need to hire a part time accountant so that Heather can act in more of a consultative function
  B. Budget Amendments
   
Discuss and vote on budget amendments
  • Legal Services - currently budgeted $750, increase to $4-$6k to hire outside legal counsel
  • Marketing - increase marketing plan; potential to move money from development
  • County funding - updated revenue numbers from local counties
  • PRC Codes for COVID Funds
  C. Bank Account Management
   
  • Ensure correct account signers - has Truist sent over the signature cards?
  • Obtaining online login credentials
  • CDs are moving into money market account as they mature, given low interest rate being paid 0.05%, it's not worth locking up the funds in a CD
  • Need to discuss FDIC insurance coverage with Truist - potential sweep options or move some of our cash to another bank
  D. D. Strategic Plan
   
Year 1 action item of the Strategic Plan includes the items listed below. The Finance Committee should develop action items to address these deliverables.
Continued Academic and Operational Excellence
2. Continue to recruit, train and retain high quality educators
    b. Recruit and retain high quality staff through annual analysis of competitive salary, benefits, and retirement offerings (Finance)
4. Maintain operational excellence
    b. Continue to manage fiduciary practices that ensure the stability of the school (Finance)
  E. E. Expansion Update
   
  • We are meeting with several lenders in an attempt to secure financing for the purchase of our new building
  • Purchase contract requires we secure financing and sell current building (securing financing is what we can control)
III. Closing Items
  A. Adjourn Meeting