Motion to approve the agenda with the addition of an Executive Session after the Finance Report
By: Dr. Lenise Bostic Seconded by: Traquita Lee
There was no notable discussion on the motion.
DeKalb Preparatory Academy
Finance Committee
Regular Meeting - Tuesday August 19th, 2025 @6:30 PM
Meeting Minutes
Attendance Summary
| Name | Status | Arrival Time | Departure Time |
|---|---|---|---|
| Mrs. Janelle Wilhite | present chair | On Time | At Adjournment |
| Ms. Suzette Arnold | present member | On Time | At Adjournment |
| Mr. Wayne Dennis | not present member | ||
| Ms. KathyAnn Young | present Non-voting Administration | On Time | At Adjournment |
| Dr. Lenise Bostic | present member | On Time | At Adjournment |
| Dr. Brian Merritt | not present member | ||
| Traquita Lee | present member | On Time | At Adjournment |
Welcome and Call to Order
The meeting was called to order and a quorum ascertained at 6:31 p.m. Board members Diane Mingo and Bridget Robinson joined virtually.
Approval of Agenda
Approve Minutes
Approve minutes from the last meeting.
Motion to approve the minutes from the last meeting.
By: Dr. Lenise Bostic Seconded by: Traquita Lee
There was no notable discussion on the motion.
Executive Session
Motion to move into Executive Session to discuss personnel matters at 6:51 p.m.
By: Dr. Lenise Bostic Seconded by: Ms. KathyAnn Young
There was no notable discussion on the motion.
Motion to return from Executive Session and move back to regular session at 8:06 p.m.
By: Dr. Lenise Bostic Seconded by: Traquita Lee
There was no action taken in the Executive Session.
Close Out of Last Year's Budget FY2425
Ms. Lee was asked to prepare and submit the closeout report from last year's budget 2024-25 for the September meeting, as this document is required for the auditors but was not presented to the board. Ms. Lee stated that the closeout was not presented within the Finance Report but was submitted to the auditor.
Monthly Finance Report - July 2025
The committee reviewed the financial snapshot as of July 31, 2025, showing a budget with projected income of $8,484,542.15 for the fiscal year 2025-2026, with $744,504.94 collected in July. Ms. Lee presented that expenses for July totaled $615,847.25, resulting in a monthly surplus of $128,657.69 and a projected annual surplus of $8,599.88. Questions arose about a note in the spreadsheet regarding QBE revenues and about negative numbers in the surplus column that appear confusing, the committee agreed to address formatting issues later since July is only the first month of the fiscal year. The committee accepted the Finance report with the understanding that the numbers have not been audited.
Financial Policy Update
Dr. Bostic stated that there are no policies being presented. Ms. Arnold requested an updated policy that addresses salary scales. Make sure to address non-instructional salaries and number of workdays.
Any Other Business
Audit Update - The audit update revealed several outstanding items needed by the auditors, including the July bank statement, check register, deposit details, AR and AP agent reports, and the trial balance and general ledger in Excel format. Ms. Lee to upload the requested audit documents to the auditor .
Credit Card Update Dr. Bostic reported that the school has been approved for a $25,000 credit card limit, and proposes issuing cards to executive team members with individual limits of $2,500. The committee discussed concerns about tracking usage across multiple cardholders against the overall limit, given past fraud issues, and decided to move the proposal to the Governance Committee for further review. Dr. Bostic will to prepare the credit card policy proposal that aligns with SOPs for review at the Governance Committee meeting and bring back to the Finance Committee.
Reconciliation of Contingency Account - Dr. Bostic reported $350K reconciled from previous year. Dr. Bostic and Ms. Lee to show evidence to the board as a board action.
Insurance Renewal - March is the beginning of the process for insurance renewal. Ms. Lee confirmed submission in June. Renewal invoice was $84,115 total with coverage through June 2026
Draft Annual Report Update - Dr. Bostic stated that the upcoming annual report due is due on November 1st. The link has not been provided.
Grant Awards - Grant awards included an increased Title I allocation of $227,480 and a security grant of $21,635 to offset school resource officer salaries. Ms. Lee to update the Board Action Form for the FY25 amended security grant to reflect the correct amount of $21,635. Ms. Lee to provide the Board with information on non-federal grants being applied for, including the amounts requested.
Training Budget - Ms. Lee to submit a board report on the training budget from the past year, including the dollar amount and how the funding was spent.
Facilities Budget - The committee discussed a request for $15,957.26 to replace broken classroom furniture through vendor School Outlet. Dr. Bostic explained that the request was delayed because it initially lacked proper inventory documentation and justification, which has since been provided. Ms. Robinson noted that this furniture request should have been presented at the July board meeting to be ready for August, and mentions there were communication issues and process problems with the Procurify system. Mr. Dennis to present the furniture purchase request with complete inventory and quotes at the Governance Committee meeting.
Pay Scale Report - Robust discussion regarding future pay scale reports including previous and current pay information. Ms. Lee to provide a copy of the non-certified pay scale spreadsheet to the Board for clarity. Ms. Arnold requested an updated salary board action form and spreadsheet with contract days and salary step increases.
Adjournment
The meeting was adjourned at 8:36 p.m.
The Meeting was Adjourned
The meeting adjourned at approximately 8:36 pm