Welcome and Call to Order

The meeting will be called to the order at 6:35 pm.

Approval of Agenda

So that there is agreement between board members on the agenda, and the amount of time spent on the meeting, the board shall vote to approve an agenda for the meeting. To the best of its ability, it will follow that agenda, and allow for the chair to move the board through the agenda as specified.

Discussion RE: Finance Committee

Resurgence Hall Charter School: Presentation includes monthly financial presentation, balance sheet, budget vs. actuals, cash flow, income statement, YTD credit card register, financial workbook, June, July, and August financials, June, July, and August bank reconciliations

and registers - which includes all banking accounts, credit cards, and checks. Review of FY24 Balance Sheet.

FY23 Audit for RHCS

• Review of Opinion page, analysis revenues and expenses, assets of cash and cash equivalents, loan of 17.7M, Expenditures in detail, balance sheet, breakdown of capital assets, loan details, breakdown of revenue by programs, breakdown of QBE by grades, no federal audit, 2 letters of audit, and summary of auditor's results.

RHCS July & August

• 246K Increase to projected operating income vs. budget
• Property variance is in result of pushing back the date of the project. Dan will discuss with Bam and then follow back up with the board.
• Personnel is higher in RHCS but lower in RHMA 
• Ending fund balance (Incl. depreciation) 
• August cash balance 4.9M
• SCSC Financial Performance Indicators 95 due to debt to income ratio, may also be impacted by enrollment

Resurgence Hall Middle Academy: Presentation includes

monthly financial presentation, balance sheet, budget vs. actuals, cash flow, income statement, YTD credit card register, financial workbook, June, July, and August financials, June, July, and August bank reconciliations and registers - which includes all banking accounts, credit cards, and checks. Review of FY24 Balance Sheet.

FY23 Audit for RHMA

• Single Audit
• Review of Opinion page, analysis revenues and expenses, assets of cash and cash equivalents, Expenditures in detail, balance sheet, breakdown of capital assets, loan details, breakdown of revenue by programs, breakdown of QBE by grades, no federal audit, 2 letters of audit, and summary of auditor's results.
• Audit results as no for low risk due to it being the first audit
• Recommendation of separate bank accounts
• 2 separate charter schools
• 2 separate QBE
• Methodology to allocate
• Metric- student count
• Anytime you change it, the board will have to vote to change the methodology 
• DOE sends funds separately so for logistics and integrity purposes, we want to ensure we have two separate accounts
• RHMA will have its cross-functioning monitoring this year

RHMA July & August

• 311K Decrease in projected operating income vs. budget
• State Sources- Decreased due to lower per-pupil funding rate and enrollment
• Ending August cash balance of 834K
• SCSC Financial Performance Indicators 80 due to debt-to-income ratio and enrollment variance 
• FY23 RHPA assumed all debt, FY24 budget split payment based on enrollment
• Dan will look into debt to income ratio to see how we can get to 5%
• Dan will send over metrics per pupil by grade level

Financial questions

• We need to be able to note primary expenses for middle school and primary school.
• Check register do not currently show coding. Dan will follow up with coding.
• Review of vendors such as HR being prepaid

Contract with Kamren at GCSA is still pending and will hopefully be done by October 31st

• Access control and roof replacement should be happening in the next two weeks
• The sprinkler system needs to be insulated - Kamren continues to serve as the liaison 
• December is best case scenario for being complete
• Goodlife is the LB vendor- low voltage wiring and equipment such as projectors, phone systems, and access control system. They just started requiring service agreements which was a shift. Installation costs are capitalized and maintenance is expensed. The maintenance budget code is 324.
• Attorneys do not have a retainer fee. 
• Sunlife Humana is the benefits package.
• Insurance explained- surety bond, insurance people
• Summer Institute lunch (SI) captured under joy budget
• PD (Professional Development) lunch captured under joy budget
• Carpool swag such as visors and neck fans
• Shipt order is mainly used for refreshments for events

Approval of Minutes

The Meeting was Adjourned

The meeting adjourned at approximately 7:49 pm