Centennial Academy

Finance Committee

Regular Meeting - Wednesday May 15th, 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 present member On Time At Adjournment
Eric Pinckney present Non-voting Administration On Time At Adjournment
Steve Pressas present Non-voting Administration On Time At Adjournment

Finance Comm. Mtg 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 May 15, 2024

Committee members Renee Glover, Chair, Eric Pinckney (via telephone) and Allison Toller (who arrived at 11:40 am) attended the meeting. Committee member, Derrick Gervin, was 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 11:30 AM. She acknowledged that a quorum was not present until Ms. Toller joined the meeting in person.

ADMINISTRATIVE MATTERS

Ms. Glover stated that she had reviewed the Letter of Engagement (Engagement Letter) from Warren Averett for the fiscal year ending June 30, 2025. She stated she had no concerns or comments with the exception of a couple of typos. Ms. Glover recommended that the Engagement Letter be approved by the Committee and moved to the Board of Directors for approval. Upon motion duly made and seconded, the Letter, as corrected, was approved by the Committee for approval by the full Board. Ms. Glover asked Mr. Siah to leave the meeting. The next item of business was the review and discussion of the proposed agreement between CA and KSW, pursuant to which Mr. Pressas provides financial and related services to CA. Ms. Glover discussed some proposed changes to the Agreement to which Mr. Pressas and the other Committee members agreed. Ms. Olowoyo stated she would ask Eversheds Sutherland, CA’s outside legal counsel, to review the proposed agreement. Ms. Glover stated she would like to move the agreement, as amended and subject to final review by outside legal counsel, to the full Board, in executive session, for review and approval at its upcoming meeting. Upon motion duly made and seconded, the Committee agreed to move the proposed agreement between KSW and CA, as amended and subject to final review by CA’s outside legal counsel, to the full Board of Directors for action at its upcoming meeting.

FACILITIES

Extensive discussion was had concerning various facilities matters. Mr. Siah reported on the status of the roof replacement project. Mr. Siah stated that APS has agreed to move forward with the repair of the roof to fix all the areas that were leaking identified at the last site visit. He also reported the contractor that APS hired would begin work in June. He also reported that the work would be warranted to APS, and CA would have to work through APS should any issues arise. Mr. Pinckney and Ms. Olowoyo confirmed Mr. Siah’s understanding. We also discussed whether there was any evidence of mold, and that issue should be remediated and resolved while the APS Contractor is on site doing the work. Ms. Olowoyo stated that the APS Contractor will not be finished before the beginning of the 2024-2025 school year so CA and the APS Contractor will need to plan accordingly. CA is required to invest up to 20% of the cost. The HVAC repairs, and other outstanding Capital Improvements issues will be CA’s responsibility under the terms of the new Lease Agreement with APS, unless CA is able to obtain an allocation of E-SPLOST funding from APS. Ms. Olowoyo stated she will keep the Board apprised of the status of these matters. Extensive discussion was had regarding next steps to advance the master planning process for addressing CA’s facilities needs for our new Middle School campus on a short-term and long-term basis. Mr. Pinckney stated that he has reached out, on behalf of CA, to Perkins Will to inquire about their interest in master planning CA’s new middle school campus and related facilities. He stated that they are very excited about working with CA again to take on this assignment. 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 will discuss the scope and cost for the master planning in executive session at our upcoming Board meeting. 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 she will report the status at the upcoming Board meeting.

FINANCIAL REPORTS

Mr. Pressas stated that he had circulated the unaudited financial reports for the ten months ended April 30, 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 April 30, 2024. Ms. Glover asked that any comments on the April financial reports be given to Mr. Pressas so that the Minutes and the April financial reports could be posted.

PROPOSED BUDGET FOR FY 2025 Ms. Olowoyo provided a high-level overview of the proposed budget, which she will review at the upcoming Board meeting.

The meeting was adjourned at 12:40pm.

The Meeting was Adjourned

The meeting adjourned at approximately 3:00 pm

Motion to adjourn

There was no notable discussion on the motion.