Nuasin Next Generation Charter School
Minutes
Finance Committee Meeting
Date and Time
Thursday December 8, 2022 at 4:05 PM
Location
Join Zoom Meeting
https://metlcs.zoom.us/j/99333770398?pwd=MGgrcVE1L2RKSjdKT2syazVabjJRUT09
Meeting ID: 993 3377 0398
Passcode: 779998
Rigor:
We use the word “rigor” not in the stringent or inflexible sense, but in the sense of an unyielding need to challenge and push our scholars because we understand and believe in the potential, talent, and ability of our scholars and community. We challenge our scholars to build their confidence and help them realize what they can achieve.
Self-Advocacy:
Our scholars are empowered to advocate for themselves, their families, and their communities. As our scholars come to understand that their voices are valued and needed, they learn to advocate for themselves. Our scholars are seen and valued; they understand that not only do they have the right to express their opinions, views, and perspectives, but it is their obligation to do so.
Community:
Our scholars will embrace community and understand that as a member of a community you have certain
inalienable rights, the right to be seen, the right to be heard, the right to be protected and the right to be loved and
cherished. Our students will also learn of their obligations. As a member of a community you have the obligation to
respect, listen, support and only want and assume the best in all others. Every member of our community must understand that they are active participants in the Nuasin community and the community goes as we go.
Committee Members Present
A. Bothner (remote), K. Brisseau (remote), S. Pressley (remote), T. Bryan (remote)
Committee Members Absent
E. Chen
Guests Present
J. Keeney, M. Alston, Melissa Fox, S. Rasheed
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
C.
Approve Minutes
II. Finance
A.
November Financials
B.
General Updates
S. Pressley reported on general updates. Strategic goal status is as follows:
- Donor Platform is complete
Next focus should be:
- Financial focus to sustain Nuasin
S. Pressley opened it up to the committee for feedback on the focus. The focus will be on investments.
A. Bothner agreed on the direction and wanted to loop Malik into a more in depth conversation on investments.
S. Pressley reported that expansion on both fronts is unknown, timeline-wise. In the past, S. Pressley and M. Russell decided to take the $690k at 4.35% into a 2-year treasury and $500k into a 1-year CD yielding 4.5%.
A. Bothner asked how the decision was decided on the 2-year treasury. S. Pressley stated that it was based on the projection of the rates. A. Bothner asked about access to the $690k and ensuring that we are paying close attention to the inflation rate. The secondary plan may be to fundraise for that amount if in 2 years, we needed the funds.
S. Pressley stated that she requested JP Morgan provide a two-month update on the market. Additionally, as new investments mature, they won't automatically be reinvested, so there will always be access to capital.
A. Bothner, stated that we should reinvest in 3 months to preserve optionality if we know we don't need it. S. Pressley agreed and stated that a 3-month budget analysis was done to come to that decision.
Lastly, S. Pressley reported on an RFP for our auditor. After talking to Aaron and Malik, there is no requirement from the authorizer. S. Pressley proposed to utilize the same auditor for another two years and in 2024 do the RFP for the auditor. In the meantime, we would request a partner change. Additionally, in FPP we would add edits to include the best practice of a 5-year reoccurring item.
S. Rasheed reported on the November financials. All metrics are good and consistent. All metrics are above the benchmark. Enrollment for November billing is projecting more than budgeted. Will be updated when next report is submitted. No changes on the revenue side. Summer Boost revenue has been received and is accounted for under other revenue.
S. Rasheed reported that prepaid expenses are a little higher and is projected to go down next month. No other major updates on the financials.
S. Pressley asked if we need a budget amendment. J. Keeney stated that we should wait until the January financials.
S. Pressley requested a change on the balance sheet for a month comparison detail.