Welcome and Call to Order

The meeting will be called to the order.

Approval of Agenda

Approve Minutes

Approve minutes from the last meeting.

Audit update

The committee reviewed audit findings for July 1, 2023 to June 30, 2024. At that time Avolon provided financial support and Candy Yu was the Interim CFO. The report is currently in draft form and has to be approved by the Finance Committee before it can be finalized and sent to the authorizer. There were two (2) audit findings: (1)material weakness and (2)financial controls. Robust discussion regarding findings, recommendations and process improvements. The draft of the audit findings and corrective action plan have to be approved so the auditor can finalize. Action: Develop SOPs and submit to the Finance Committee before December 20, 2025.

Review Financial Statements

Review Finance Reports by Ms. Traquita Lee, Interim CFO. Ms. Lee stated that the financials were emailed a week prior to the meeting.

Year-to-date Budget vs Actuals. Currently DPA is overbudget by $503,240.41. A large portion of that is due to New Hire and Retention bonuses of $350,000. A budget amendment will be submitted at the next meeting.

Based on projections, DPA should have $188,000 surplus by the end of the fiscal year.

Total assets are at $7.5 Million. DPA has begun to receive ESSR III reimbursements.

There is currently 202 days of cash on hand vs last year 196.33 days.

Ms. Lee provided a detailed overview of revenues. There was robust discussion defining what revenues are. Discussion regarding expenses- budget vs actuals, variances and projections and projected variances.

Discussion regarding Title I reimbursements and tracking to ensure that all reimbursements are received.

Action: Ms. Wilhite requested that the budget report include what has been billed in the revenue category, even if the cash has not been received.

Title III funds are not provided to DPA as cash but as supplies.

Ms. Lee shared the SCSC Determination of Compliance and GaDoE Determination of Compliance.

Ms. Arnold raised concerns that since the enrollment is at 545, an adjustment should be made to match the enrollment, instead of the budgeted 560.

Discussion regarding Budget Amendments needed to be submitted for approval.

Discussion regarding DCSD adjustments based on FTE count which occurs in February and March. Issues raised about enrollment drops between February and March.

Ms. Arnold cautioned that the budget amendment should be made to address the drop in enrollment at the beginning of the calendar year. She advised that the school should pull historical data and conduct an analysis then do the budget amendment, as appropriate. She further cautioned that we have to stop spending at a rate higher than we are receiving revenues. Ms. Arnold further stated that DPA should make sure that funds sent from DSCD that are already owed should be kept separate from the current FTE funds. Make sure that DPA is clear on all funds and how they are to be used and make sure that DPA is not co-mingling funds. Ms. Arnold made an official request that there is a look back at monthly wire transfers after decrease in enrollment and make sure numbers are appropriated into DPAs projections and present to the committee. Make sure that student/teacher ratio matches the current enrollment numbers.

Dr. Bostic stated the DCSD no longer sends monthly wire reports.

Action: Janelle Wilhite requested that monthly allocation sheets from the 2023-24 school year.

Action: Look at historical data and provide analysis for reductions with adjustment for 509-520 students.

Action: Review request from added funds from state for August allocation sheet.

Ms. Lee shared the budget vs actual detail sheet. Action: Ms. Lee will make necessary corrections on the budget vs actuals detail sheet and forward to the committee.

Action: Ms. Wilhite requested that Ms. lee review the sample report and make requested changes, make sure to capture total personnel costs, etc., and check formulas for the detail sheet.



Other Business

Complaint from DCSD regarding internet service. Wayne Dennis has board action form to address internet bandwidth. Robust discussion regarding internet access, device distribution, etc. A boarf action is needed to increase monthly spending by $600.

Robust discussion regarding the communication gap at the school. Complaints should go to school leadership, Head of Schools and then the DPA Governing Board prior to going to DCSD. Action: Communication needs to go out to staff immediately explaining the process.

Executive Session

The Meeting was Adjourned at 10:18 p.m.

Finance will not entertain the board action form addressing the contract increase of $600 monthly. The contract is referred to the Governance Committee for review.