Board Meeting Minutes – 12.21.22

Lake Country Classical Academy Board Meeting – December 21, 2022 – 6PM

Meeting Minutes

I.)Call to Order:

Board President Kristina Vourax called the meeting to order at 6:02 PM. All Board members were present.

II.)Approval of Agenda:

III.)Citizen’s Forum:

IV.)Consent Agenda:

A. Discussion Items:

I.)Leadership Report:

Head Principal Margaret Daigneau presented her report and a copy is attached to the minutes.

II.)Update on Authorizer Report:

Kristina Vourax confirmed the filing of our application to the UW System Office of Educational Opportunity (OEO) on Nov. 28.
Vanessa Moran, Director of the UW System OEO, explained the process of reviewing the application and noted a meeting of her review team which is scheduled for January 6, 2023. She praised the quality of the application submission and the on-going work of LCCA.
She spoke of her strong support for the school’s application, while also noting the challenges that are present.
Waukesha County Executive Paul Farrow was also in attendance at the board meeting and outlined the role that his office may play in this matter, if needed.
Next steps are to await the results of the January 6 OEO team review – appropriate members of the LCCA Board and school leadership team may need to appear at the OEO offices in Madison for an interview the week of Jan. 9.
A Letter of Intent (LOI) to authorize LCCA (by either the UW System OEO or Waukesha County Executive) must be sent the to the DPI no later than Feb. 1, 2023.
Mr. Jacob Peterson provided comment at the conclusion of this agenda topic. He thanked the board for its work in securing a new Charter, and also asked for additional and more frequent communication as to the status of such efforts.

III.)Audit Report and Findings:

Principal Margaret Daigneau presented
The firm of Reilly, Penner, and Benton conducted a comprehensive audit of LCCA’s accounting and financial systems.
The audit covered two operating and fiscal periods: the 2021-22 year, and the 2022-23 year to date.
Both Margaret and Board Treasurer Brian Hastings confirmed a very positive outcome.
Significant area of improvement noted in the Audit Report addressed the school’s handling of credit card transactions and purchases.

IV.)Update on the Status for Expanding of the UEB (Upper Elementary Building):

Principal Daigneau presented, with additional comments from Brian Hastings and John Heller (volunteer member of the Facilities Committee).
Un update was given on the December 20 meeting with Vesta, the company from which we are leasing the current mobile classrooms at the UEB.
Our enrollment projections for the 2023-24 school year indicate the need for at least four (4) additional classrooms.
The availability of additional classrooms is limited, and will necessitate future Board action at a future meeting (most likely January ‘23) enter into a contract for the securing of said units.

B.)Action Items:

I.)Employee Retirement Plan:

Margaret Daigneau presented
The plan is to be overseen and managed by the Francis Investment Counsel LLC of Brookfield, Wisconsin.
She noted the past experience she and Controller Lori Kaari have had with the Francis group. Board member Tom Branigan gave strong endorsement of the excellence and professionalism of Francis.
In addition to its management services, Francis will be providing individual counseling and advice to LCCA employees with respect to their investment goals, decisions, without charge. This Pro Bono work has an estimated value to the school of $25,000 per year.
Tom Branigan moved approval of the plan as submitted.
Dan Fuhrman proposed a friendly amendment stating that in the absence of any fund capital, LCCA should pay the $6,000 per year management fee.
Tom Branigan accepted this as a friendly amendment to his motion.
Motion passed.

II.) Treasurer’s Report:

Brian Hastings presented
Reported a strong position of liquidity, especially with respect to last year.
He noted the $500,000 Letter of Credit with Waukesha State Bank, as well as the fact there has been no need to use any of it do date.
Also noted the negotiation of a $400,000 loan with Waukesha State Bank that, pending the securing of our new charter, will be closed. This loan is to support the installation of the existing mobile classrooms at the UEB.

C,) Committee Reports:

A.) Facilities:

Dan Fuhrman presented
Noted that the update of the expansion of the UEB had already been covered in an earlier section of the Agenda.
Noted that, upon completion of this work the focus of the Facilities Committee will shift to the building program that will be necessary for a one-campus location.
Noted that this will involve a bond underwriting effort, the engagement of a firm to conduct this, and the need to achieve significant fund-raising work.

B.)Finance:

Brian Hastings presented
Spoke of the work being done by the Committee and Controller Kaari on a more customized system of financial reporting.
The group is working on LCCA’s 3-5 year projections for enrollment, budget, facilities, etc.
Also reported that he is in contact with other Hillsdale Charter schools about facilities bonding issues.

C.)Fund Raising and Communications:

Kristina Vourax presented an update on various fund-raising efforts, chief amongst which was a very successful Giving Tuesday event, conducted on Tuesday December 6. The event raised $65,000 for the school.
Indicated the efforts were underway for the 2023 Liberty Gala and noted Marla McCormick’s role of Chair Person of the event.

D.)Policy and Curriculum Committee:

Tom Gehl presented
First meeting of the committee was held just prior to this Board meeting, and the primary discussion item consisted of concerns about the role and charter of the committee. Language for a modified Charter will be presented and discussed at the January meeting of the committee, with a revised statement of same to be presented to the Board for approval.
Also, the committee will agree on a different time for future meetings, as the third Wednesday of each month is not compatible with existing schedule of the Administrative team.

E.)President’s Report:

Kristina Vourax expressed appreciation for efforts of all involved on the various matters outlined in the minutes above.
Wished a happy holiday season to the entire LCCA family.