The Museum School

Finance Committee

Regular Meeting - Tuesday August 14th, 2018 @7:00 PM

Meeting Minutes

Attendance Summary

Name Status Arrival Time Departure Time
Katie Cota present On Time At Adjournment
Shelina Ali present 30 Minutes Late At Adjournment
Judith Wohl present On Time At Adjournment
Josh Horne present On Time At Adjournment
Danielle Royden present On Time At Adjournment
Tamara Richards present On Time At Adjournment

Audit Update

The audit is progressing. So far, the auditors are only asking for one small adjustment related to the work that hasn’t yet been completed or paid for. They are asking that we remove it from the balance sheet (it’s currently listed as a completed leasehold improvement) and add it to the balance sheet when the work has been completed. The committee agreed with a client adjustment that Tish suggested to the auditors of capitalizing the $50,000 computer upgrade rather than expensing each computer individually. 

Actions:

·   Katie will follow-up with the bank regarding a letter for the auditors to state that our accounts are all collateralized (they are).

·   Tish will ask when we will get a draft of the audit.

Review Final 2017-2018 Financials

Danielle asked a question about negative interest. This was due to over-accrued interest from the previous year. The committee also discussed accruals that hit in June for payroll and benefits.

Actions:

·  Tish will rename Funds Account on the balance sheet and move to investments portion since it’s now a money market account.

·  Tish will record prepaids in July and update depreciation numbers.

·  Tish will compile a summary P&L and BS for presentation to the board as an example of the financials we will be posting to our meeting minutes.

Future Items to Keep in Mind

• Finance committee calendar for recurring items.

• FC to review and finalize revisions to procurement policy; follow-up with governance to review. Shelina mentioned that she reviewed the policy and state requirements seem to be met.

Actions:

• Danielle will look to see if she has a version that is more current than the one Tish sent out.

Audit Items the Finance Committee Can Do

FC will collectively update the MD&A narrative; Shelina will add charts 

The Meeting was Adjourned

The meeting adjourned at approximately 8:00 pm

Motion to adjourn

By: Tamara Richards Seconded by: Katie Cota

There was no notable discussion on the motion.