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RePublic Schools

RePublic Board of Directors Meeting - June

Date and Time

Thursday June 15, 2023 at 1:00 PM CDT

Agenda

      Purpose Presenter Time
I. Opening Items 1:00 PM
  A. Record Attendance   1 m
  B. Call the Meeting to Order   Erika Berry
  C. Review Minutes Vote Erika Berry 2 m
   

Motion to amend the minutes from the last board meeting to:

  1. Change the word “update” to “add” in the first line of item C
  2. Include “remove Stewart Hood, Laurie Brown, Leroy Harris from all bank accounts with Hope Credit Union, Wells Fargo, and Pinnacle Partners”
  3. Include Kemi Alara and Angela Bass as a signer for the First Commercial Bank account in item C under the Finance Report
  4. Change “Trey” to “Anthony” in item D under the Finance Report
  5. Change “authorized users” to “authorized users and signers” in item D under the Finance Report
  
  D. Approve Minutes Approve Minutes Erika Berry 1 m
    Approve minutes for RePublic Board of Directors Meeting - April on April 27, 2023  
II. CEO Report 1:04 PM
  A. CEO Update FYI Ashley Gallimore 15 m
   

Ashley Davis Gallimore provides an update on first 90 days priorities progress and leadership changes for SY24.

  
III. Finance Report 1:19 PM
 

Wood Caldwell and Stacie Landry will provide a financial update.

  
  A. Budget for SY23-24 Vote Stacie Landry 25 m
   

Stacie Landry and Wood Caldwell will present the Board with the final budget for SY23-24 for approval.

  
  B. Batch Financial Vote Vote Wood Caldwell 1 m
   

Motion to approve the FY24 budget for all schools & both companies based on the budget provided in this presentation

  
  C. Finance Update FYI Stacie Landry 8 m
   

Stacie will walk through the April financial update

  
  D. RFP Approvals Vote Stacie Landry 3 m
   
  • SY24 RFP Approvals
    • Motion to accept the RFP summary as presented, approve the FY24 projected prices for all services outlined for RSI and RSI, and authorize the organization leadership to negotiate and execute contracts with vendors at the price points as listed in the summary.
  
  E. Capital Expenditure Threshold Change Approval Vote Stacie Landry 1 m
   

Republic Schools current threshold limit for capitalized items is $500.  Motion to increase this limit to the following:

  • Republic Schools will capitalize all assets with a cost of at $1,000.00 and all highly walkable items
  
  F. Bank Authorized User Approval Vote Stacie Landry 2 m
   

Motion to update signers on the six (6) Pinnacle Accounts as noted below:

 

Account 5916502

Remove the following signers:  Glenn Turtel, Laurie Brown, Leroy Harris, Stewart Hood

Add the following signers:  Ashley Davis Gallimore, Erika Berry, Angela Bass

 

Account 800104467097

Remove the following signers:  Glenn Turtel, Laurie Brown, Leroy Harris, Stewart Hood

Add the following signers:  Ashley Davis Gallimore, Erika Berry, Angela Bass

 

Account 5471654

Remove the following signers:  Glenn Turtel, Laurie Brown, Leroy Harris, Stewart Hood

Add the following signers:  Ashley Davis Gallimore, Erika Berry, Angela Bass

 

Account 3000065619

Remove the following signers:  Glenn Turtel, Laurie Brown, Leroy Harris, Stewart Hood

Add the following signers:  Ashley Davis Gallimore, Erika Berry, Angela Bass

 

Account 800104852231

Remove the following signers:  Glenn Turtel, Jonathan Rybka, Leroy Harris, Stewart Hood

Add the following signers:  Ashley Davis Gallimore, Erika Berry, Angela Bass

 

Account 800105093777

Remove the following signers:  Glenn Turtel, Jonathan Rybka, Leroy Harris, Stewart Hood

Add the following signers:  Ashley Davis Gallimore, Erika Berry, Angela Bass

  
  G. RSI and RSN Capital Line of Credit Approval Vote Stacie Landry 2 m
   

RePublic Schools, Inc.: Approval is requested to open a Working Capital Line of Credit for up to $750,000 of borrowings. The expected terms are: (1) rate to be between Prime + 0%; (2) Term to be 1 year; (3) Fixed charge coverage ratio covenant of 1.10X; (4) Commitment Fees of 0.25% (plus legal); (5) Bank: Pinnacle Financial Partners; (6) Potentially a guaranty by RePublic Schools Nashville

 

RePublic Schools, Inc.: Approval for Wood Caldwell or Ashley Davis Gallimore to sign all legal documents related to RePublic Schools, Inc.’s Working Capital Line

 

RePublic Schools, Inc.: Approval to guaranty RePublic Schools Nashville’s $800,000 Working Capital Line of credit

 

RePublic Schools Nashville: Approval is requested to renew the company’s Working Capital Line of Credit for up to $800,000 of borrowings. The expected terms are: (1) rate to be between Prime + 0%;  (2) Term to be 1 year; (3) Fixed charge coverage ratio covenant of 1.10X; (4) Commitment Fees of 0.25% (plus legal); (5) Bank: Pinnacle Financial Partners; (6) Guaranty by RePublic Schools, Inc.

 

RePublic Schools Nashville.: Approval for Wood Caldwell or Ashley Davis Gallimore to sign all legal documents related to RePublic Schools Nashville’s Working Capital Line

 

RePublic Schools Nashville: Approval to guaranty RePublic Schools, Inc.’s $750,000 Working Capital Line of credit

  
IV. Organizational Updates 2:01 PM
  A. Spring Academic Update Discuss Kevin Heffel 18 m
   

Kevin Heffel will present on spring NWEA and third grade reading testing

  
  B. SY24 Board Priorities Discuss Erika Berry 40 m
   

E. Berry will present plan for SY24 Board Priorities.

  
V. Other Business 2:59 PM
  A. SY24 Board Meeting Dates Vote Erika Berry 1 m
   

Motion to approve the following board meeting calendar for SY23-24:

  • Thursday, August 17, 2023 from 1-3PM
  • Thursday, October 19, 2023 from 1-3PM
  • Thursday, December 14, 2023 from 1-3PM
  • Thursday, February 15, 2024 from 1-3PM
  • Thursday, April 18, 2024 1-3PM
  • Thursday, June 20, 2024 from 1-3PM
  
VI. Closing Items 3:00 PM
  A. Adjourn Meeting Vote 1 m