No members of the public were present.

KCorcoran noted no appreciable changes from previous drafts.
There were no listings of "findings"  -- indicating healthy financial processes with integrity.
The audit results validated financial statements between Vida and Charter Choices.
Auditors also report the notional pension liability in their report.
Of the stated 535k 'loss', 398k is due to GASB68 pension commitments which we do not expect to 'come due'.
The actual projected loss for the year was $137k (this is subject to change and likely will decrease in the coming months.)
Contributing factors: remaining cost of modulars and other one-time expenses (curricular, technology, etc.)

IRS form 990 still needs to be filed. KCorcoran will follow up with auditors (should have done so by time of the full board meeting).

KCorcoran sent RFP to 4 firms. Two asked for an extension due to Easter week and tax season. We are expecting four proposals. All are firms who CC has worked with and audit charter schools around the state.

Earliest time work can start is August. Realistic goal is to select new auditor by May.

MDavis presented new enrollment at 245 -- gained two students.
Fall 2017 enrollment projection is still in flux but expected to be significantly higher than this year. Marketing/recruiting efforts have appeared to be successful thus far.

A group of Vida staff (Claudia Lua-Vera, Maribel Gonzalez,Elana Nashelsky, Tania Reyes) attended the meeting to communicate concerns and suggestions to the committee to be shared with the full board.

Chief topics that were being discussed were:
Issues between individuals' job description and being asked to do 'extra' duty (especially among classroom assistants) and a perceived inconsistencies with compensation for these extra duties;
TReyes and MGonzalez noted inconsistencies in starting salaries that is not always linked to experience and qualifications. JBrandauer stated that MDavis had identified this early in the fall and was working hard on rectifying this).
TReyes stated that some teachers take advantage of tuition reimbursements and then resign. We should attempt to recoup funds from these individuals. JBrandauer compared Vida policy to how Gettysburg College handles this.
The group discussed potential budget savings and agreed that the majority of expenditures and income have little opportunity for savings (salaries, insurance, facilities vs. student reimbursements).

KCorcoran stated challenges in the charter school environment
1) money is generally "tight" in education;
2) charter schools don't get all reimbursement.

A successful charter school may
1) fill classrooms;
2) maximize enrollment;
3) explore creative ways to raise additional funds, i.e., fundraising/development.
 

The 2017/18 budget was discussed with a special focus on teacher salaries. Current projections show a slight surplus with an enrollment of 271 students. MDavis stated that such an enrollment was realistic.

This item was discussed in the previous conversation.

This item was postponed to May meeting due to the meeting running long.