Motion to adjourn
By: Katie Cota Seconded by: Josh Horne
There was no notable discussion on the motion.
The Museum School
Finance Committee
Regular Meeting - Tuesday November 13th, 2018 @7:00 PM
Meeting Minutes
Attendance Summary
| Name | Status | Arrival Time | Departure Time |
|---|---|---|---|
| Katie Cota | present chair | On Time | At Adjournment |
| Shelina Ali | present member | On Time | At Adjournment |
| Judith Wohl | present member | On Time | At Adjournment |
| Josh Horne | present member | On Time | At Adjournment |
| Danielle Royden | present member | On Time | At Adjournment |
| Tamara Richards | present member | On Time | At Adjournment |
| Tish Craig | present member | On Time | At Adjournment |
Construction Update
Josh gave an update with two notable items: 1) we have received two pay applications (one has been paid) and everything is under budget so far, and 2) we will not have to pay for the transformer that Georgia Power had to install (we had put a placeholder in the budget for this but do not need it). Josh said he would get an update on the construction timing for the part of the media center that the "fund the need" funds were raised to cover. At that point, we will decide when we will use the "fund the need" funds towards the project.
Monthly Financials
Revenue: QBE was short $25,000 but should be trued-up in November; other revenue was higher than presented because school lunch included two months worth of income (timing difference) and the afterschool program paid the school a large payment. Expenses: Personnel was higher due to a retroactive payment of salary increases; benefits were higher due to the benefits paid for the retroactive salary increases; instruction was higher due to computer purchases made at one time (timing difference). The committee agreed to revise the budget before the next meeting to take the new QBE and personnel amounts into account, and any other amendments Katherine and Tish propose. Balance sheet: cash decreased due to shorted revenue and first payment for construction paid out; accounts payable increased due to audit payment due, TRS increase and benefits increase. We will discuss a QBE contribution toward the media center at our next meeting.
Audit and 990 Update
Final draft of the audit has been circulated to the finance committee and the governance committee. We will start the process to do an RFP for next year (or possibly multiple years). Shelina will review our procurement policy to see how often we need to do an RFP. If there are no specifications, we will discuss adding a provision to do an RFP every three years. The CPA will file an extension for the 990.
The Meeting was Adjourned
The meeting adjourned at approximately 7:46 pm