The Museum School

Finance Committee

Regular Meeting - Tuesday December 11th, 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 not present member
Josh Horne not present member
Danielle Royden not present member
Tamara Richards present member On Time At Adjournment
Tish Craig present member On Time At Adjournment

Approval of Minutes

The Finance Committee met on Tuesday November 13th, 2018 @7:00 PM for what was scheduled to be a 1 hour long meeting. Present: Katie Cota, Shelina Ali, Judith Wohl, Josh Horne, Danielle Royden, Tamara Richards, Tish Craig Not Present: none The members considered the following items: 1. Construction Update 2. Audit and 990 Update 3. Monthly Financials The meeting adjourned at 7:45PM

Approve the minutes.

By: Katie Cota Seconded by: Tamara Richards

There was no notable discussion on the motion.

Monthly Financials

P&L

July - Sept: QBE was funded at 588 students.

Oct: QBE was funded for 16 less than it should have been (should be 584) due to absent students on the day of the county's count.

Nov: QBE was correct, plus correction for Oct

New QBE funding should be $551,370 each month.


Auction: $159,000 revenue; still have receivables.


School lunch income is going to increase due to offering breakfast this year plus increased free-lunch funding.


Personnel, teachers' retirement, and benefits: will increase due to 2.5% salary increase.


Instruction: Should be increased by $10,000 for additional literacy instructional kits for elementary.


There is a $10,000 variance in instruction due to a one-time music expense that was funded in a prior year, but not spent until this year. We will not be adjusting the budget for this item.


BS

Leasehold improvements: Cooling tower part was replaced and capitalized. Security and lighting was moved from CIP.


Deferred rent: removed due to governmental audit requirements.

Budget Revision Discussion

The finance committee will provide comments over the next few weeks on the adjustments proposed during the monthly financial discussion and suggest additional adjustments if needed. Tish will send the committee further support for proposed changes.

Media Center

Media center construction is underway and some payments have been made. Tish will use Josh's spreadsheet of funds related to construction costs and create a cash-basis of the spreadsheet, including a total related to concrete. She will also look to see if any of the architect fees related to the media center were already included in CIP when paid as part of a prior phase. Once these two tasks are completed, Tish will calculate the total cash payments made to-date for the media center to determine the amount that needs to be moved from the designated Media Center funds (less what's already been moved from those funds). Once that total is calculated, the committee will determine which designated funds the total will be moved from (money market or funds account. Tish will also move the auction funds to the funds account.

Other Updates

Katie will reach out to Jesse about an RFP for the audit. Shelina will get Katie a template for an RFP that she has. Katie has reached out to the tax return team at the CPA firm and is waiting on feedback from them regarding the tax return.

The Meeting was Adjourned

The meeting adjourned at approximately 8:00 pm

Motion to adjourn

By: Katie Cota Seconded by: Tamara Richards

There was no notable discussion on the motion.