Ivy Preparatory Academy

Committee of the Whole

Regular Meeting - Thursday November 8th, 2018 @6:00 PM

Meeting Minutes

Attendance Summary

Name Status Arrival Time Departure Time
Jason Allen present member On Time At Adjournment
Elisha Gray not present member
Mary Shepherd present member On Time At Adjournment
Ms. Kanethia Henderson (committee member) present member 15 Minutes Late At Adjournment
Dr. Charcia M. Nichols (NON-voting; Executive Director) present ex-officio 60 Minutes Late At Adjournment
Dr. William Epps (committee member) not present member
Victor Tate (board member) present member On Time At Adjournment
John Cherry present member On Time At Adjournment

Welcome and Call to Order

Meeting was called to order by chair, Jason Allen, at 6:07pm. 

Governance Session

Bond Deal Review and Debt Reduction Plan

  • Mr. Jason Allen provided financial handouts to be viewed at a later date by the board members.  The handouts provided reinvestment information to assist with understanding the importance of the Bond Deal
  • Board established March 7, 2018 will be a Committee of the Whole Finance Work Session


Financial Policy Review

  • March 7, 2018 was determined by the board members that will be a finance work session
  • Mr. Jason Allen distributed financial policies for board to review. Financial policies will be adopted November 15, 2018 board meeting



Administrative Session

  • September 04, 2018 Budget Hearing minutes, September 04, 2018 Board Meeting minutes & October 04, 2018 Board Meeting minutes were viewed and approved with the correction of Mary Shepherd was present for October 04, 2018 Board Meeting
  • Mr. Jason Allen discussed a potential board member candidate Ms. Terra Gay. Ms. Terra Gay has completed all her paperwork to become a member of the Board of Trustees


Financial Goal Setting

  • Board members discussed financial goals (smart goals)
  • Need to identify already established smart goals: Debt Reduction, Academic Curriculum and Fundraising
  • Academic Curriculum: Ms. Laticia Sharp discussed the Academic Curriculum financial goal that was established which was to purchase a literacy curriculum and a math curriculum (Eureka Math)
  • Debt Reduction:  Board members discussed establishing a smart goal for debt reduction. Smart goal established is IPAK will begin to pay a minimum of 1% toward the bond debt (principal) by the close of FY19 (June 2019)
  • Fundraising: Ms. Laticia Sharp discussed the Fundraising financial goal that was established in the amended FY19 budget which is $15,000
  • Fundraising: Board member dues were established $25 per board meeting ($50 for the month). Board member dues total $1000 ($600 financial obligation/$400 in kind). Victor Tate stated Board member dues as of December 31, 2018 is $300 due
  • Fundraising: Board discussed donations provided through Paypal from the school’s website will be acceptable as another option for giving to assist with the bond debt

Finance Session

Financial Manual Review

  • Financial manual was reviewed by board members which consist of several financial policies

Ivy Upcoming Events

  • Thankful for Families Luncheon - November 15, 2018
  • National Giving Day - November 27, 2018

The Meeting was Adjourned

The meeting adjourned at approximately 7:18 pm

Motion to adjourn

By: Victor Tate (board member) Seconded by: John Cherry

There was no notable discussion on the motion.