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