The meeting will be called to the order.

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.

• Resurgence Hall Charter School: FY27 September Financials
• Resurgence Hall Middle Academy: FY27 September Financials
• Refinance Update

• First-quarter spending remained consistent with the board-approved budgets.
• Both academies’ year-to-date fiscal viability results would earn 64 of 65 points on the SCSC Comprehensive Performance Framework. The deduction related to the debt service to income ratio.
• Vertex introduced a dashboard summarizing budget versus actual results, forecast changes, cash reserves, current ratio, projected fund balance, and liabilities relative to assets.
• Members discussed the treatment of pension obligations and whether the dashboard’s debt-to-assets metric should be labeled liabilities-to-assets. Mr. Juel-Larsen agreed to review the terminology.

Resurgence Hall Primary Academy

• Forecasted FY27 net income increased from $576,628 to $601,008.
• Changes included $36,000 in CSGF donation revenue, partially offset by $11,620 in personnel expenses for an open School Services Associate position.
• September ended with approximately $7.42 million in cash, representing 396 days of cash on hand.

Resurgence Hall Middle Academy

• Forecasted FY27 net income increased from $145,752 to $221,678.
• Changes included $51,926 in personnel savings following the transfer of an associate teacher to Primary Academy without backfilling the Middle Academy position, and $24,000 in CSGF donation revenue.
• September ended with approximately $3.14 million in cash, representing 280 days of cash on hand.
• Projected year-end cash on hand was 286 days.

Additional Financial Updates

• Tori Hines discussed CSGF’s Entrepreneur in Residence initiative and her coaching support for a prospective school founder.
• Prior-year accounts receivable had been collected.
• Current forecasts continued to reflect existing loan terms. Vertex would review October enrollment count data for potential funding adjustments.

Refinancing Update

• Application to the Fulton Development Authority had been submitted that day.
• The anticipated refinancing closing remained late 2026 or early January 2027, subject to the application and approval process.
• Due diligence included survey, environmental assessment, and title documentation. Final refinancing terms had not been established.
• Members requested comparisons showing the effects of different cash contributions on reserves, monthly payments, and financial performance measures.
• Scenarios discussed included:
• Financing the existing debt and transaction costs.
• Paying transaction costs in cash.
• Using additional cash to reduce principal and monthly payments.
• Modeling the cash contribution needed to reduce monthly payments by approximately half.
• Mr. Juel-Larsen agreed to begin modeling alternatives.
• Ms. Hines would confirm that designated board and finance representatives were included in refinancing correspondence.
• Members identified the strategic use of accumulated reserves as a topic for further discussion, potentially during a board retreat.

The meeting adjourned at approximately 7:02 pm