Yu Ming Charter School
Minutes
Finance Committee Meeting
Date and Time
Tuesday December 10, 2024 at 4:30 PM
Location
- In person (CHE Campus): 2501 Chestnut Street, Oakland, CA 94607
- Zoom Meeting (see info below)
- Teleconference Location 1 (MLK Campus): 675 41st Street, Oakland, CA 94609
- Teleconference Location 2 (CAR Campus): 16244 Carolyn Street, San Leandro, CA 94578
The Board Finance Committee and employees of the Yu Ming Charter School shall meet in person at the location listed above. Zoom Meeting information is made available for Committee members teleconferencing and members of the public who wish to access the meeting remotely:
http://tiny.cc/12-10-24-Finance | Meeting ID: 844-2022-0056 | Password: 854541
Dial by your location: (301) 715 8592 (Washington DC), (305) 224 1968, (309) 205 3325, (312) 626 6799 (Chicago), (646) 876 9923 (New York), (646) 931 3860, (507) 473 4847, (564) 217 2000, (669) 444 9171, (669) 900 6833 (San Jose), (689) 278 1000, (719) 359 4580, (253) 205 0468, (253) 215 8782 (Tacoma), (346) 248 7799 (Houston), (360) 209 5623, (386) 347 5053, (408) 638 0968 (San Jose)
Committee Members Present
C. Green, L. Chang, Y. Yeh
Committee Members Absent
D. Chou
Guests Present
B. Badillo (remote), E. Wood (remote), M. Andrejko (remote), S. Wang (remote)
I. Opening Items
A.
Call the Meeting to Order
B.
Record Attendance and Guests
C.
Approval of Agenda
| Roll Call | |
|---|---|
| D. Chou |
Absent
|
| Y. Yeh |
Aye
|
| C. Green |
Aye
|
| L. Chang |
Aye
|
II. Consent Agenda
A.
Approval of Consent Agenda
B.
Approval of Oct 22 Minutes
| Roll Call | |
|---|---|
| L. Chang |
Aye
|
| C. Green |
Aye
|
| D. Chou |
Absent
|
| Y. Yeh |
Aye
|
III. Items of Business
A.
October Financial Report
B. Badillo presented the report.
E. Wood will work with B. Badillo to clarify the graph showing earmarked funds.
B.
First Interim Report
B. Badillo presented the first interim report, the first of three reports to be submitted as a progress report to our authorizer.
C.
LLC Quarterly Financial Reports
The LLC was created to hold the loan with EFF for the Chestnut facility.
The funds go directly from LCFF - so the LLC never holds any funds.
Reports will be shared at the next meeting.
D.
Capital Campaign Funding Update
S. Wang gave a brief overview. The Capital Campaign is $10M. We're at about $5M. We need another $3M to materialize current projects.
E.
Annual Audit Report Update
B. Badillo presented the update. We requested an extension to January 31 in order to include the LLC reports. The report will be shared in January.
F.
Fiscal Policy Revision
E. Wood shared the notable changes made to the fiscal policy, including title shifts, procedural updates to reflect current practices, shift audit approval from finance committee to audit committee, tax exemption filing requirement, language for credit card policy to use a virtual credit card platform for managing employee purchases.
M. Andrejko will share the redlined version for comments with the committee.
G.
Line of Credit Update
Y. Yeh gave an update. We are still working to establish a line of credit with Chase.
H.
Finance Committee Membership
Several prospective committee members were attending the meeting. Y. Yeh asked if they had questions and communicated an opportunity to also serve on the audit committee. There were no questions.
IV. Closing Items
A.
Review of Action items and Future Agenda Items
The Jan 14 meeting will include:
- Capital Campaign fundraising
- Cash reserve break down
Committee member Dennis Chou joined remotely from San Francisco, CA outside of the school's jurisdiction, and therefore doesn't count toward quorum and votes for the purpose of this meeting.