Lake Country Classical Academy
Finance Committee Meeting Minutes DRAFT
Wednesday March 8, 2023, at 12 PM
Call to Order
- Finance Committee Chair Brian Hastings called the meeting to order at 12:02PM.
- Finance Committee member Lori Kaari [Controller] and Brian Hastings [Board Treasurer] were in attendance.
- Additional attendees included Margaret Daigneau [LCCA Head Principal].
Approval of Agenda / Consent Agenda:
- Proposed agenda for March 8, 2023 was confirmed.
- Minutes from the Feb 8, 2023 meeting was approved and will be posted to the LCCA website.
Monthly Financial Report – by Lori Kaari
- Lori presented the financial reports.
- Cash on hand ~$1.76MM, which is about what we expected taking into consideration the $400k term note closed earlier than expected in February. The majority of the private notes will be paid off in March. Have not yet drawn on the LOC and don’t expect we will need to.
- Workers comp audit in the works.
- Filed school level annual report. Cesa 5 did the calculations and submitted it.
- CPA firm Reily, Penner and Benton [RPB] working on filing the IRS 990.
- Lori noted she had one volunteer that is helping in the business office and has been a big help!
- GAAP financial reporting template update
- We are pausing Todd Gray’s work constructing a GAAP type formatted financial to be reviewed quarterly. Will be addressed in accounting policy discussion.
- 5YR Projection Discussion
- Will schedule a working session early April to go through in more detail.
- Had a follow up call with bond underwriter. Discussed a few other factors we need to build into our 5 year projection model, including adding one year of payments to a debt service reserve and ensuring accrued interest during construction period is capitalized into the full bond amount.
- Accounting policies update
- No updates. Redline that has been circulated will be discussed in the April finance committee meeting. Expect to have Board discussion in April session.
- Discuss timing of matching grant submission to William S. Knight for the 2nd $250,00 tranche (must be used for restricted use fund)
- $250,000 from 6/2/2023 is earmarked to the grant. The remaining $130,000 revenue budget is for general operational use.
Confirmed the next meeting will be virtual via Microsoft Teams on Wednesday, April 12th. 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 1:21PM.