Welcome and Call to Order

The meeting was called to order and a quorum ascertained at 6:31 p.m.

Approval of Agenda

Approve Minutes

Approve minutes from the last meeting.

Review August Financial Statements

Review Financial reports and other reports:

August Expenses and Reports -

Financial Budget Exceedance Report

The financial report showed that the organization exceeded its budget by $134,101 in July and August, with actual income of $1,548,192 against a projected $1,414,091. The facility budget of $180,000 was nearly depleted due to emergency HVAC system repairs and spot cooler rentals, with Ms. Lee explaining that a comprehensive plan was being developed to address these issues. The August financials showed a surplus of $41,174, though the organization overspent by $48,460, and Ms. Mingo inquired about the specific costs of these expenditures, which Ms. Lee confirmed were being reviewed with Mr. Dennis and the HVAC vendor.

August 2025 Financial Review Meeting

The finance committee reviewed the August 2025 financial statements, which showed a cash balance of $4.7 million, total assets of $6.5 million, liabilities of $6.6 million, and negative equity of $54,000 due to a TRS adjustment. The committee approved the financials as presented by Ms. Lee, who explained the color coding in the expense allocation chart, which represents recommended spending ratios for instruction (green), administration (gold), and facilities (purple). Ms. Lee then began presenting the 2024-2025 financial closeout report, which will provide a comprehensive review of the fiscal year's performance and confirm the fund balance as of June 30, 2025.

Close Out

Fiscal Year 2025 Financial Results

The meeting covered the fiscal year 2025 financial results, with total revenue of $8.34 million, including $7.3 million from state funding, $824,000 from Title I Nutrition and Facility Grants, and $135,000 from donations and student activities. Total expenditures were $9.5 million, leading to a $1.16 million deficit, primarily due to a $899,800 Teacher Retirement System pension adjustment and bonus/retention payouts.

Audit Update

The financial team submitted required audit documents and aims to have the audit reviewed by the Finance Committee at the next meeting, with the goal of board review at the following meeting.

Any Other Business

Cafeteria Tables Replacement Discussion

The Finance Committee discussed the replacement of broken and outdated cafeteria tables at an estimated cost of $15,529.01. Mr. Dennis also presented a board action form regarding the engagement of a public adjuster to assist with an insurance claim. The committee agreed to move into Executive Session for further discussion.

Cafeteria Table Purchase Approval

The committee reviewed and approved the purchase of new cafeteria tables. Mr. Dennis presented three vendor quotes, with the selected vendor offering the tables for $15,529.08. Diane inquired about the estimated delivery timeline, and Mr. Dennis explained that delivery would take approximately 2–3 weeks once the order is placed.

Public Adjuster Hiring Approval Meeting

The Finance Committee discussed engaging a public adjuster, Jennifer Campbell from Strategic Claim Consultant, to help maximize an insurance claim for roof damage. Mr. Dennis explained that two claims were filed, one for weather-related damage denied due to alleged lack of maintenance, and another for tree damage partially covered for $15,000 against a $25,000 deductible. The committee approved the motion to hire the public adjuster, who will work exclusively for DPA without upfront costs, aiming to recover additional funds from the insurance company.

Next steps:

• Ms. Lee to continue providing weekly updates on the audit status to ensure it's ready for review at the next Finance Committee meeting.
• Mr. Dennis to place the order for the approved cafeteria tables as soon as possible.
• Mr. Dennis to proceed with engaging Jennifer Campbell from Strategic Claim Consultant as the public adjuster for DPA's insurance claims.
• Mr. Dennis and the HVAC vendor to develop a comprehensive plan for HVAC system repairs to better understand priorities and budget accordingly.

The Meeting was Adjourned

The meeting adjourned at approximately 7:30 pm