Finance Committee Minutes – 1.11.23
Lake Country Classical Academy
Finance Committee Meeting Minutes
Wednesday January 11, 2023, at 12 PM
Call to Order
- Finance Committee Chair Brian Hastings called the meeting to order at 12:04PM.
- All finance committee members were in attendance, including Lori Kaari [Controller], Dan Furhman [Board VP], and Brian Hastings [Board Treasurer].
- Additional attendees included Margaret Daigneau [LCCA Head Principal] and Todd Gray [LCCA Advisor].
Approval of Agenda / Consent Agenda:
- Proposed agenda for January 11, 2023 was confirmed.
- Minutes from the December 7, 2022 meeting was approved and will be posted to the LCCA website.
Monthly Financial Report – by Lori Kaari
- Lori presented the financial reports. Financial reports are now showing the final approved budget. Thanks to Cesa 5 for getting that uploaded.
- December ending cash balance net of outstanding checks that hadn’t yet cleared was $887,123. Investigating cash projections variances, in particular A/P and why December was larger than previously projected.
- Expenses appear to be trending lower through first half. Lori will work on providing the board a synopsis of first half compared to budget.
- All journal entries RPB proposed in the 21-22 audit have been made to balance sheet by Cesa 5.
- Audited financials were sent off to Hillsdale.
- 1099’s/W2’s all going out.
- Investigating the possibility of getting volunteer assistance in the business office.
- Skyward Financial Report Customization Capabilities
- Todd is working directly with Cesa 5 to put together a GAAP type format.
- 5YR Projection Discussion
- Todd stated bond financing may have options to back end load payments to lower debt service year 1-3. Will continue to investigate this with investment bankers.
- We will need to get RFP sent out to investment bankers to help navigate bond process. Todd will circulate an example of this. The goal would be to complete the RFP during the summer. We would need ~3-4 months after this completes to get ready to go to market in January 2024. A more thorough timeline between now and then will need to be developed.
- Discussed the possibilities of conventional financing so that can be contrasted with bond financing.
- Accounting policies update
- Redline has been circulated to committee members. A separate meeting will be scheduled to discuss.
- Planning for the business case development to expand facilities [East Phase 2 Modular Classrooms and West buildout of additional classrooms].
- Good detail from Margaret/Lori presented on updated 3YR projection to justify facility expansion.
- Need to get capital/opex cost from facilities committee to complete the financial justification.
- Will schedule a meeting with Waukesha State Bank to discuss once the details are finalized.
Confirmed the next meeting will be virtual via Microsoft Teams on Wednesday, February 8th. All future meetings are expected to occur virtually on the 2nd Wed of the month 12-1PM unless otherwise noticed.
The finance committee meeting adjourned at 1:14PM.