Motion to adjourn
By: Tamara Richards Seconded by: Laci Hood
There was no notable discussion on the motion.
The Museum School
Finance Committee
Regular Meeting - Tuesday August 13th, 2019 @7:00 PM
Meeting Minutes
Attendance Summary
| Name | Status | Arrival Time | Departure Time |
|---|---|---|---|
| Katie Cota | present chair | On Time | At Adjournment |
| Shelina Ali | not present member | ||
| Judith Wohl | 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 |
| Laci Hood | present member | On Time | At Adjournment |
| Mike Stewart | not present member |
QBE Funding Update
In March, we had a meeting with Dekalb where they told us what they thought funding would be, but they though it might be even higher. TMS got the funding sheet in July and the formula had changed. It now backs out all charter school funding before calculating funding as well as the process for special education staff funding. Tish, Mike, and Katherine, and several other Dekalb County charter schools, had a meeting with Dekalb County to ask questions about the change. Katie and other TMS representatives had many conversations with Dekalb County, and as a result, Dekalb County has agreed to abide by the original formula presented in March. However, special education funding will still change and be a reimbursement process rather than being paid ahead of payments to special education staff based on an average; this is still an open question with Dekalb County as to why and when this process will begin. The July QBE payment was lower as a result of the QBE discussion, though we expect the additional funds to be paid in August.
2018-2019 Year End Financials
Revenue Differences in actual revenues versus budget revenues can largely be attributed to the $30,000 received for being charter school of the year.
Expenses Differences in actuals versus budgeted amounts were reasonable and some related to timing differences.
Balance Sheet New bank account opened due to fraud. An adjustment will be made to CIP for the 10% retainage for Headley.
Audit Update
Danielle and Tish are gathering the final items requested by the auditors.
Updating Financial Policy
The committee will begin work on it this fall and give an status update at year end.
Phase 6 Construction
There are still a few outstanding bills, so Phase 6 funding calculations are not yet final.
The Meeting was Adjourned
The meeting adjourned at approximately 8:27 pm