Welcome and Call to Order

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

Approval of Agenda

APPROVAL OF MINUTES

February 2026 Financials

Ms. Lee presented a financial snapshot for February, covering budget versus actual year-to-date figures from July 1, 2025, to February 28, 2026. The actual income was $6.5 million with total expenses of $6.572 million, resulting in a surplus of $1.904 million for the period. While February showed a deficit of $93,453, the anticipated surplus for the fiscal year remained at $197,759.

Facility Repairs and Financial Updates

Ms. Mingo inquired about a significant increase in annual expenses, which Ms. Lee explained was due to a $560,000 amendment for facility repairs. Ms. Lee agreed to add notes to the financial reports to provide details about significant expenses. She also mentioned that a second new hire and retention bonus in February caused the deficit for that month. Ms. Lee reported the current cash balance, accounts receivable, and noted delays in Title I reimbursements due to a new representative, though submissions for recent months have been made.

Financial Updates and Revenue Review

Ms. Mingo and Ms. Lee discussed financial updates, including total assets of $7.2 million and cash on hand of $4.7 million, which is above the 45-day threshold but lower than the previous year due to increased expenses. They reviewed revenue sources including Title I, Title II, Title IV, and food service, with all Title I funds projected to be expended. The discussion covered expense categories including building, contractors, and equipment, with some variance noted in the contractor line item at $43,000 and potential issues with equipment for facility repairs requiring further review.

Financial Metrics and Vendor Payments

The committee covered financial metrics and vendor payments. Ms. Lee reported that the organization is spending 64% on instruction, slightly above the recommended 15% for administration and facilities, and noted they are outside the recommended 2-8% threshold for unrestricted days cash on hand due to enrollment drops. The discussion also included information about the current audit report which needs attention, and Ms. Lee presented vendor payments over $5K for February totaling $622,983.04.

Financial and Compliance Updates Meeting

The committee covered financial updates and compliance matters. Ms. Mingo inquired about special education compliance, and Ms. Lee explained that Dr. Solomon serves as the contractor for this purpose, with payments processed through Bill.com rather than ADP. The group reviewed vendor payments over $5K year-to-date and approved the February 2026 financials after no objections were raised.

Other Business

Salary Supplement Budget Amendment

The committee discussed a $2,000 governor-authorized salary supplement for eligible employees. Since this amount received from DCSD was insufficient to cover all 86-87 staff members, the board considered a budget amendment of $174,393 to cover full-time and part-time employees, requiring $71,093.63 from the current budget.

Financial Approvals and Salary Adjustments

The committee discussed two financial items: a total of $28,323.09 in HVH Mechanical repair invoices and a salary adjustment of $23,077.80 for Dr. Brian Merritt as interim head of schools for the remainder of the school year through June 30th. The salary adjustment includes $17,812.44 in salary and $5,265.36 in benefits.

Curriculum Audit Approval

The committee discussed and approved a curriculum audit with Curriculum Management Solutions (CMSI) for $31,500. Ms. Mingo inquired about the vendor selection process, and it was explained that while other vendors were contacted, CMSI was previously quoted by Dr. Merritt.

Finance Committee Budget Approvals

The Finance Committee discussed teacher appreciation gifts totaling $5,393 from Positive Promotions, which exceeded the $5,000 approval threshold. Ms. Young raised concerns about the items included in the care kit, particularly the socks, and suggested exploring alternative options. The committee decided to table the approval and allow staff to revisit the items before presenting it at the board meeting.

The committee also discussed the hiring of elementary school counselor Ryckel Bean for the 2025-2026 school year with a total cost of $84,375.76, including salary and benefits.

The Meeting was Adjourned

The meeting adjourned at approximately 7:13 pm