Welcome Call to Order

Called to order at 5:36pm.

The Meeting was Adjourned

The meeting adjourned at approximately 6:03 pm

Finance Committee Report

PPP Loan Update by Steve Pressas.

Executed thru the full SBA process with United Community Bank.

2-signature process in place as controls to monitor track against Federal metrics (75% payroll, 25% other).

Resolutions must be approved by this board before account creation can be signed and opened.

Ms. Glover stated it is important for the Board members to understand that applying for and receiving the PPP Small Business Association forgivable loan is critical to Centennial Academy’s ability to retain its employees given the pending cuts projected by State of Georgia and the City of Atlanta. Governor Brian Kemp’s budget office, in April 2020, notified all state agencies, including the Georgia Department of Education, that for purposes of preparing their budgets for the fiscal year ending June 30, 2021, each agency should plan on cuts up to 14%, as compared to the year ending June 30, 2020 and there would be no exceptions. The budget office made it clear that because of the COVID-19 shutdown and likely recession, the State of Georgia is projecting severe reductions in the state’s taxes and other revenues. The City of Atlanta is also projecting severe reductions in its tax and other revenues because of the COVID-19 shutdown and likely recession. State of Georgia revenues and local revenues from the City of Atlanta are the principal sources of funding for the Quality Basic Education (QBE) funds used to fund the operations (including payroll and overhead) for Charter and traditional public schools in the Atlanta Public Schools district, including Centennial Academy. But for the receipt of the PPP funds, Centennial Academy would be faced with significant reductions in staff and other overhead costs.