FINANCE COMMITTEE MEETING FRIDAY NOVEMBER 13 2020 – 800

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(11 CCR 25081) 5000 FINANCE AND ACCOUNTING [REV EFF
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Minutes of the Meeting

Finance Committee Meeting

Friday November 13, 2020 – 8:00 A.M.

Via zoom

Liz Dorn-Parker and John Luker, Chief Financial Officer conducted a meeting of the Samueli Academy Finance Committee on Friday, November 13, 2020 at 8:00 A.M.

ATTENDANCE

Present Absent Staff / Contractor

Liz Dorn-Parker Jeff Bloom John Luker

Kevin Tiber Linda Giel

John Fogarty Larry Tamayo

Sandi Jackson Anthony Saba

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Liz Dorn-Parker welcomed those in attendance.

There were no public comments.
The committee reviewed the minutes from October 9, 2020 and approved unanimously. (S Jackson 1st, K Tiber 2nd)
Larry Tamayo gave an update on the September 2020 YTD financials. It was noted that ADA per SB 820 will be capped at 650. This is the amount that was budgeted and approved and we must take the lower of this number or actual of 676. In addition, ADA % is based upon the average for the State at 94.3% vs our budget of 95.%. As a result, ADA will be 7.91 students less than budgeted. This will be offset however by a 0% reduction in LCFF vs the budgeted -7.9%. As a result LCFF income will be higher than budgeted.
Our YTD revenue through September 2020 is $961k higher than budgeted primarily due to fundraising of $239k higher than budgeted. This will be discussed separately as part of our operational fundraising report. In addition, State revenues are higher by $240k due to CARES act funding and CTEIG grant funding higher $202k vs the budgeted $150k. Federal Revenues are $383k higher than budgeted, however this is due to timing in the budget.
Our expenses are under budget by ($94k). Salaries & Benefits were under budget by ($126k) due to several positions eliminated due to COVID or reduced hours for certain staff. Student supplies are over budget by $49k primarily due to some donated e-sports equipment. This expense is offset by higher fundraising revenues for this donation.
The committee reviewed the operational cash flow report showing anticipated cash flow through 6/2021 with deferrals and noted that appears Samueli Academy has adequate cash on hand to be able to withstand any deferrals in the current year.
The September 2020 YTD financials were approved unanimously. (S Jackson 1^st, K Tiber 2^nd)
Anthony Saba presented to the committee an update on the FY 20-21 operational fundraising through September noting that $258k had been raised vs the goal of $70k. Per the last meeting, the report was broken out into giving by Individuals, Corporate/Foundations, Events, Government and In-Kind as requested by the committee. Of the YTD giving, $49k was due to an e-sports gift in kind donation of equipment which is offset by additional expense. $41k was from a new fireworks fundraiser and is offset by $24k in expense. $30k was for scholarships that were not budgeted. Overall, we anticipate being over budget on fundraising for the year. After these items were taking into account, it was noted $258k of the $70k goal had been raised to support budgeted operations.
The committee then reviewed the pending ask list.
The committee discussed the State budget noting no changes from the last meeting. It was noted that management and the committee would continue to monitor federal assistance to the States and how that will affect the current year and next years budget.
John Luker gave the committee an update on the PPP loan forgiveness noting that the bank had submitted all the forgiveness documents for approval to the SBA.
John Luker presented to the committee for approval the annual Christmas bonus for staff. He noted that this was one of the Executive Director items for approval for if additional funds were received this year. It was noted that due to CARES act funding and fundraising exceeding goal, that Samueli Academy is anticipating exceeding income forecasts. Based on this a $600 bonus for staff was requested with an anticipated overall cost of $40,000. Anthony Saba noted the morale boost this would be for staff and that the staff have been working even harder during this time du to COVID. The committee reviewed and recommended for board approval (S Jackson 1^st, J Fogarty 2^nd)
The committee discussed Board package materials noting that any materials should be careful to protect the identity of donors due to this being an open meeting.
John Luker gave an update on construction activities noting that the contractor was working on signage and planning was moving forward for gym construction.
The Executive Director update on school needs has been added as a permanent item on the agenda. Anthony Saba noted no changes to the needs except that the staff Christmas bonus on the agenda for approval.
The committee reviewed the compliance calendar noting all items appeared on track.

There was no new business to discuss.

Meeting Schedule - The next Samueli Academy Finance Committee meeting is scheduled for Friday December 11, 2020 at 8:00 A.M. via zoom.

The meeting was adjourned at 9:00 A.M.

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