Welcome and Call to Order

The meeting will be called to the order.

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.

Approval of Minutes

Finance Committee

• Resurgence Hall Charter School: FY26 May Financials
• Reviewed the May FY26 financial statements and year-end forecast. The forecast remains stable heading into the close of the fiscal year.
• Reviewed federal grant activity. All FY26 federal grant drawdowns have been submitted, with final reimbursements expected in June.
• Reviewed cash on hand and fiscal viability metrics. RHPA continues to exceed all Comprehensive Performance Framework fiscal standards and is projected to maintain a Fiscal Viability Score of 90.
• Resurgence Hall Middle Academy: FY26 May Financials
• Reviewed the May FY26 financial statements and year-end forecast. The forecast remains stable with minor end-of-year adjustments related to services and curriculum expenditures.
• Reviewed federal grant activity. All FY26 grant drawdowns have been submitted, with final reimbursements expected in June.
• Reviewed cash on hand and fiscal viability metrics. RHMA continues to exceed all Comprehensive Performance Framework fiscal standards and is projected to maintain a Fiscal Viability Score of 90.
• Refinance Presentation - Refinance Committee & South State
• Representatives from SouthState Bank & refinance committee presented a refinancing proposal for Resurgence Hall's existing facility debt and provided an overview of the bank's experience serving charter schools and other nonprofit organizations.
• The Board reviewed the school's current debt structure, including the two existing facility loans, current interest rates, monthly debt service, and June 2027 maturity dates.
• SouthState presented a proposed tax-exempt refinancing structure designed to consolidate the existing debt into a single financing package with an estimated loan amount of approximately $17.2 million, including refinancing costs.
• The proposed financing includes a targeted fixed interest rate of 4.75%, an estimated monthly payment of approximately $89,700, a 30-year amortization, and a mandatory tender (bank put date) after ten years.
• Reviewed anticipated financial benefits of refinancing, including reducing interest expense, maintaining manageable annual debt service, and positioning the school for long-term financial stability. SouthState estimated the proposed financing could save the school more than $125,000 annually in interest expense.
• The Board discussed the proposed financing structure, loan terms, financial covenants, reporting requirements, and next steps in the refinancing process.

• EdTec Agreement

The Meeting was Adjourned

The meeting adjourned at approximately 7:03 pm