Centennial Academy

Finance Committee

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

Meeting Minutes

Attendance Summary

Name Status Arrival Time Departure Time
Renee Glover present chair On Time At Adjournment
Aquaria Smith not present member
Allison Toller not present member
Eric Pinckney present Non-voting Administration On Time At Adjournment
Steve Pressas present Non-voting Administration On Time At Adjournment

Finance Committee Meeting 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 April 17, 2024

Committee members Renee Glover, Chair, and Eric Pinckney attended the meeting.Committee members, Allison Toller and Derrick Gervin, were not able to attend the meeting. Jessica Olowoyo, head of school, Steven Pressas, chief financial officer, and Julien Siah, head of operations, were in attendance to support the Committee. Ms. Glover called the meeting to order at 11:45 AM. She acknowledged that a quorum wasnot present and therefore, no formal action could be taken by the Committee.

FACILITIES

Extensive discussion was had concerning various facilities matters. Mr. Pressas and Mr. Siah reported on the status of the roof replacement project. Mr. Pinckney stated that a meeting with Larry Hoskins, Executive Director of Facilities at APS, and other APS representatives was scheduled later on Wednesday at CA with Mr. Pinckney, Ms. Olowoyo, Mr. Pressas, and Mr. Siah to walk the School Building to inspect and discuss the Roof Replacement,, HVAC repairs, and other ongoing Capital Improvements issues with a view towards reaching an agreement that could be included the new lease agreement. . Ms. Olowoyo stated she would report back to the Board at our next meeting. Extensive discussion was had regarding security, bus transportation and food service, all of which are working well.

Extensive discussion was had regarding next steps to advance the planning process for addressing CA’s facilities needs for our Middle School on a short-term and long-term basis. Mr. Pinckney stated that Mr. Hoskins, during their discussions, had expressed that APS is interested in helping CA meet its short-term needs for a middle school facility and participating in the long-term planning for its middle school. After discussion, we agreed that the planning process must be holistic, future-focused, leverage technology and innovative and must include CA’s partners including, the Arthur Blank YMCA, Georgia Tech, Coca-Cola, Sheltering Arms, and APS. We also agreed that our next step should be hiring a master planning firm.

Discussion was also had concerning the status of the proposed lease agreement required to be entered in connection with the renewal of CA’s Charter agreement. Ms. Olowoyo stated that the CA leadership team and legal counsel have submitted CA’s comments to the APS team and are awaiting their response.

FINANCIAL REPORTS

Mr. Pressas stated that he had circulated the unaudited financial reports for the nine months ended March 31, 2024. Mr. Pressas also stated that CA’s financial position remains strong, and CA continues to be in compliance with CA’s Charter financial performance standards as of March 31, 2024. Ms. Glover asked that any comments on the March financial reports be given to Mr. Pressas so that the Minutes and the March financial reports could be posted. Ms. Glover also said she would share her comments on the Form 990 with Mr. Pressas. Mr. Pressas and a representative from Warren Averett will provide a high level overview of CA’s FY 2023 Form 990, which must be submitted by May 15, 2024.

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 1pm.

The Meeting was Adjourned

The meeting adjourned at approximately 1:00 pm.

Motion to adjourn

There was no notable discussion on the motion.