Centennial Academy

Finance Committee

Regular Meeting - Wednesday January 17th, 2024 @11:30 AM

Meeting Minutes

Attendance Summary

Name Status Arrival Time Departure Time

Minutes

MINUTES OF THE MEETING OF THE BUDGET, FINANCE AND FACILITIES COMMITTEE (COMMITTEE) OF THE BOARD OF DIRECTORS OF CENTENNIAL PLACE ACADEMY, INC. (CA) HELD ON JANUARY 17, 2024

Committee Members Renee Glover, Chair, attended the meeting, in person, and Eric Pinckney attended the meeting, via telephone. Jessica Olowoyo, Head of School, Steve Pressas, Chief Financial Officer, and Julien Siah, Head of Operations, were also in attendance to support the Committee. Allison Toller and Derrick Gervin were not able to attend the Meeting. Ms. Glover acknowledged that a quorum was not present and called the meeting to order at 11:35am.

CA’S FINANCIAL REPORTS FOR THE SIX MONTHS ENDED DECEMBER 31, 2023; CURRENT STUDENT COUNT; RENEWAL OF CA’S CHARTER; AND FACILITIES

Extensive discussion was had concerning various facilities matters. Mr. Pinckney, Mr. Pressas and Ms. Olowoyo provided an update regarding various options for facilities for the Middle School campus. They are continuing to explore options. The Committee reviewed the latest draft of the proposed agreement with T. Dallas Smith and Company, which will be reviewed in Executive Session at the next Board of Directors meeting on January 22, 2024.

Mr. Pressas reported that he had circulated the unaudited financial reports for the six months ended December 31, 2023. Mr. Pressas stated that CA’s financial position remains strong, and CA continues to be in compliance with CA’s Charter financial performance standards as of December 31, 2023. He went on to state that CA must closely monitor its student count, which remains at ~ 720. Ms. Olowoyo stated that the student count, enrollment and marketing will continue to be areas of focus for the balance of the 2023-2024 School Year.

Discussion was had concerning the status of the Charter Renewal process, student performance and other matters.

Because of the absence of a quorum, no formal action was taken by the Committee on any of the foregoing matters.

The Meeting was adjourned at 12:45pm.

The Meeting was Adjourned

The meeting adjourned at approximately 12:31 pm

Motion to adjourn

There was no notable discussion on the motion.