| Name | Status | Arrival Time | Departure Time |
|---|---|---|---|
| Merritt Lane | present Treasurer | On Time | At Adjournment |
| Yvette Jones | present chair | On Time | At Adjournment |
| Melissa Carollo | present member | On Time | At Adjournment |
| Harlan Bush | not present member | ||
| Norman Barnum | not present member | ||
| Carolyn Chandler | present member | On Time | At Adjournment |
Requests for public comment will be made prior to every vote taken by the Committee Members. Members of the public are invited to sign up to speak for up to two minutes and are required to keep their comments limited and relevant to the agenda item the board is voting on.
Our meetings are open to the public and public record. As such, if your comment is about a private matter, please contact the Committee Chair, Merritt Lane at mlane@bricolagenola.org
Approve the Minutes from 09-23-20
By: Yvette Jones Seconded by: Melissa Carollo
Discussion: Merritt Noted the adjustment to the adjourn time from the previous minutes. Troave' Profice will correct the minutes to reflect the right time for adjournment of the 9-23-20 meeting to 12:00PM.
Update the Finance Committee on the Federal Grants awarded and collection status.
Anne Chapman introduced Darius Munchak and EdOPs as a whole and what his services are for Bricolage.
The focus of EdOps has been trifold:
1. State Reporting
2. PEP
3. AFR
4. Audit Support
5. Federal Grants Management
6. Applications
7. Reimbursements
8. Compliance
Darius went through the Financial Packet.
Discussions:
1. Splitting PPP CASH between Fiscal Year 20-21 and Fiscal Year 21-22
2. Bricolage will be submitting for Grant reimbursement on a quarterly basis.
3. The cash reduction because of New Hires (Para's and Virtual teachers) and HVAC expenditures.
Darius left the meeting at Approx 5:00PM
Review current financial package through August 31st.
Anne Chapman spoke to the Finance Committee about timing issues and budget versus actual variances.
Highlights:
1. Rightsizing salaries/benefits in Special Ed, and school wide.
2. Overtime - Melissa Carollo asked who was receiving OT. The answer is one of the front office employees and the Special Education Paraprofessionals.
3. Funding counts have been updated and there is no forward funding on tiered counts.
4. High Cost Services - there is a push for finding new revenues.
Adjourn the Meeting
By: Yvette Jones Seconded by: Melissa Carollo
There was no notable discussion on the motion.
Discussion on the progress of the Annual Audit.
Anne Chapman - CFO - introduced Anthony Rutledge (Laporte CPAs) who spoke on the annual audit. General status update at 85% completion rate. Three big topics to discuss:
1. PPP Loan - Suggested a Journal Entry to remove the Loan from Revenue on the Bricolage and place in the Short Term Liability section of the financials. This will protect Bricolage and give us time to assess which employees have been reimbursed under federal funds already and the risk involved with keeping in Revenue. It is agreed to move the Loan into the Short Term Liability.
2. Receivable Allowance adjustment - Discussion regarding the old receivables surrounding meals, tuition, and afterschool balances. Anne Chapman spoke to the path forward and the restructure of the Aftercare Program and the process for collecting fees. The total allowance would be $86K in bad debt. Comprised of:
3. $43K in Afterschool
4. $4600.00 in Tuition
5. $36K in MySchool Bucks Meal charges - Anne Chapman notes that there were many instances where the FRL paperwork was not filed correctly with MySchoolBucks hence approximately 25% of that balance should not have been recorded as a receivable in the first place.
6. Liability (presumed) owed to John Mac Facility or Orleans Parish School Board. Anthony Rutledge spoke to the fact that the intent was this to be a zero sum game between John Mac and the funds received by OPSB within MFP. Melissa Carollo suggested a group call with OPSB (Stuart Gay), Bricolage, Anthony Rutledge, and John Mac to discuss.
Audit report is on track. Anthony left the meeting at Approx 4:35PM.
The meeting adjourned at approximately 5:12 pm
Motion to adjourn
By: Yvette Jones Seconded by: Melissa Carollo
There was no notable discussion on the motion.