Meeting Summary
The Main
Street Academy
Finance
Committee
Regular Meeting Minutes
Tuesday October 23, 2018 @ 6:00
PM in Media Center
2861 Lakeshore Drive
Projected
duration: 1 hour and 00 minutes
Attendees
|
Name |
Status |
Arrival Time |
Departure Time |
|
Erin Rodgers, Board member |
Present |
On time |
At adjournment |
|
Cheryl Parker,
Principal TMSA |
Present |
On time |
At adjournment |
|
Kimnese Abdul-Salaam |
Present |
On time |
At adjournment |
|
Dr. DeAndre S. Pickett,
Ex-Officio President |
Absent |
|
|
|
Jennifer Fine, Board President |
Present |
On time |
At adjournment |
|
Virginia Smith,
Director of Operations TMSA |
Present |
On time |
At adjournment |
|
Laura Calloway, PTO
Treasurer TMSA |
Absent |
|
|
|
Bridgett Bell, Board Treasurer |
Present |
On time |
At adjournment |
|
Cany Yu,
CPA/Owner-Avolon Accounting |
Present |
On time |
At adjournment |
Welcome and Call to Order
Meeting called to
order by V. Smith at 6:05 p.m., 2nd by B. Bell.
Acceptance of Minutes
Tabled Motion:
a) Approve the May, June, July and September 2018 minutes - moved
to next committee meeting for approval.
Discussion:
·
There was no notable
discussion on the motion.
Financial Review
a)
FY18 Independent Audit
was completed and submitted to Fulton County. Virginia. Smith worked closely
with Cany Yu’s office (Avolon Accounting) to finalize FY18 financials in
preparation for audit.
b)
FY18 Independent Audit
was issued with an “unqualified opinion” and no major findings.
c)
FY19 YTD Financials through
September 30, 2018 were presented and discussed by Candy Yu of Avolon
Accounting.
d)
All items were within
budget with the exception of (1) an increase in income due to a $15,000
donation (2) a reduction in budgeted expenses of $113,000 and (3) a surplus of
$127,000 based on a budgeted deficit of $1,000.
e)
The total deficit YTD
is $18,000 with a YTD surplus of $129,000
f)
All budgeted items are
being tracked and compared against the actual amounts in order to review
variations as well as to compare against the previous year.
g)
Alternative banking
relationships are being explored due to lack of service from current bank. Candy
Yu will research with Virginia Smith and present 3-5 options by January 2019
meeting for comparison.
Fundraiser, Sponsorship, & Grant Updates
a)
FY2019 Facility Grant was
Awarded
Facility Improvements
a)
HVAC Updates – Majority
of units have been installed. Installation in progress for remaining units.
b)
Capital Improvement
Projects - Hand dryers and electrical upgrades in restrooms are in progress
with an expected completion date of 10/26/2018.
c)
Began brainstorming
additional improvements for consideration such as new floor coverings for the
gym, state-of-art scoreboard, heat exchangers for the car line, tennis court
renovation/refurbishment, license plate reader, upgraded and more secure main
entry to building, and upgraded/secure entry onto property.
PTO Financials
a)
Bank - $8,471 ($3,977
+ $1,401 Savings) Business Checking ($3,093)
b)
PTO paid the deposit
for the 5th grade 4-H Burton Tybee Island Field Trip
c)
PTO will pay $1,000 to
Boosterthon for the second payment for the Fun Run event. The initial $1,000
was paid in August 2018.
d)
The Fun Run event is
Friday, October 26, 2018. The last day to receive pledges is Friday, November
2, 2018. The proceeds from this fundraiser will be deposited into the PTO
business checking account.
e)
Florida Indian River
Groves Fruit Fundraiser begins Friday, October 26, 2018 and ends Friday,
November 9, 2018.
f)
World’s Finest
Chocolate Fundraiser is ongoing and will continue until all boxes are sold.
g)
The PTO has agreed to
reimburse TMSA for damages that occurred to the gym floor during a recent
event.
Items for Board Approval
a)
Increase the budget
for the faculty/staff holiday party from $1,000 to $2,000. A written estimate
will be presented to the board at the next meeting.
b)
Increase the limits of
the Theft (crime) policy from $100,000 to $500,000. The board will be presented
with the amount of the current deductible and premium for comparison. The
additional limit costs $837 per year.
The Meeting was Adjourned
The meeting adjourned
at 7:10 p.m.
Passed Motion: Motion
to adjourn
By: Virginia Smith Seconded
by: Bridgett Bell
Discussion: There was no notable discussion on the motion.
Next Scheduled Meeting: January 15, 2019