Motion to adjourn
By: Victor Tate (board member) Seconded by: John Cherry
There was no notable discussion on the motion.
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