Nuasin Next Generation Charter School
Minutes
Finance Committee Meeting
Date and Time
Thursday May 16, 2024 at 12:00 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), E. Chen (remote), K. Brisseau (remote), S. Pressley (remote), T. Bryan (remote)
Committee Members Absent
None
Guests Present
C. Polanco, J. Keeney (remote), M. Alston, M. Russell, S. Rasheed (remote), Sujal Shah (remote)
I. Opening Items
A.
Record Attendance
B.
Call the Meeting to Order
II. Finance
A.
General Updates
B.
Approve Minutes from March Finance Committee Meeting
C.
Financial Policies and Procedures Review
D.
April Financials Update
SR reviewed the April 2024 Financials.
AB inquiring about the EOY balance after drawdown and requested a follow-up on the per pupil calculations for cash on hand.
AB requested that "aggregate" amount under the Enrollment table" be changed to total revenue in order to account for whether the count has shifted or the amount has shifted.
JK cleared up that the only variable would be the number of students, the amount per student does not change.
SR stated the total other assets available as well as total liabilities and equities available.
E.
Full '24-'25 Budget Review
SR discussed the revenue drivers:
Per Pupil increase of 3.8% and out year increase forecasted at 3.5%
Special Education:
Increase of >60% of 73 students
Student Enrollment projected at 782, 521 LS and 261 at CPA
FY25 we are doubling the cohorts for 6th and 9th grade; expected to be 1047 by 2027-2028
Compensation and Staffing: 3.5% increase
Executive Summary
- Enrollment:
- Targeted enrollment FY2024: 683
- Budget for: FY2025: 782
- Change: 99
- %Change: 14.5
We are not budgeting for investment income at the moment until we are to confirm that it is coming in
5 Year Projection
Assume temp. space for two years and permanent space from FY27
Our lease at the 180 W location is much lower than the one at Cromwell
We added a fundraising target of $25,000 per month
We are losing significant rental assistance in the K-8 space due
III. Closing Items
A.
Adjourn Meeting
AB requested that going forward we going to add cash on hand and add the variant summer, especially for the next board meeting.
We will be voting on the FPP for the meeting after next.
There are no substantial changes available that would affect the FPP.