Meeting Minutes: Wednesday, May 29, 2019 | South Bronx Community Charter High School
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South Bronx Community Charter High School

Board Meeting Minutes

Date

Wednesday, May 29, 2019

6:00-8:15pm

Board Members In Attendance

Alvarez Symonette, Chair

Michael Busch, Vice Chair

Katelyn Del Priore, Treasurer

Rema Davis, Secretary

John Duval

 

Board by phone

Mayling Blanco

 

School Staff in Attendance

John Clemente

Natalie Ferrell

Brandon Corley

 

Guests in Attendance

Ken Cerrini (by phone)

Dru Collins (potential board member)

 

Board Members Not In Attendance

Patrice Fenton

 

To do items:

  • Schedule update with Kiu (JC)
  • Develop better board minutes (RD)
  • Growth measures of staff and labor as a % of revenue (NF/Ken to find industry standard also)
  • Need to continue working on next year’s budget to bring it back to profitability, including a view on where we can tap into extra revenue sources (JC/Ken)
  • Ken will send details for his piece of webinar (trends in non-profit sector and fundraising) June 27 8:30-1pm.
  • Doc/pipeline of open potential locations and update on facilities (JC)
  • Mayling to review contract with Kiu (JC)
  • Annual timeline/task list (
  • Salary questions: finish budget, send more reports for review on salary, apply for 1 year consideration of new salary to consider budget; schedule call to discuss

 

Agenda

  1. Call to Order and Welcome
    • Board Chair called meeting to order; introduced the April 2019 Board Meeting minutes to the Board
    • Mike motioned to approve the minutes; Kate seconded the motion
    • Minutes unanimously approved by Board
    • Dru Collins introduction
  1. Financials (by Ken)
    • Started putting together a 5 year budget but haven’t put together a final version yet
      • In the short term, start with at least a full year budget
    • Resources –
      • Overall finished april with cash at $748.
      • 48 days in cash
      • Should see uptick in cash in May due to cycle timing
    • Labor: (p14-15)
      • About $6200 per student for direct education (up from previous years), nondirect another $2300 (same as previous years).
      • Revenue through april $4.3mln, total expenses $4.1 (probably $5mln by eoy). Labor is 63% and fringes for 18% (81% total)
    • Operations –
      • P&L: profitable through the year. Small profit $173k.
      • As we add new grades (can’t make them as large due to current building)
      • Should finish year approx $200k profitable
      • Liquidity: Current ratio assets:liabilities of 7.56x (very strong)
      • Student count has been consistent (284 students vs. 320 that we budgeted for)
    • Budget
      • 335 total students 12th: 100, 11th: 95, 10th: 80, 9th: 60 students
      • Took prior rate of 15.308?? Regents assume 3.8% increase for student
      • GenEd: $5.2mln, $540k for SpEd. Also state funding, IEVA funding assumed increased. Put in $50k for donations. Showed $300k of inkind rent. Expecting $6.1mln in revenue
      • Expenses: 3% raise for for all staff. Also added another admin/operations person.
        1. Salaries 869k
        2. GenEd sal increase from $2.14mln to $2.78
        3. Total personal $3.649mln overall
        4. Fringe 1.193mln
        5. All other expenses, assumed 3% over the number of students expected… this assumes growth
        6. Need to purchase more computers for students.
      • Need to discuss Health Insurance and better plans/options to consider as this is largest cost
      • Others worth highlighting: $100k for admin costs, $261k for professional fees, $300k rent there for now for comparison
      • Currently showing $11k loss for next year so need to come back to budget review… needs to be at least marginally profitable or possibly even drop to $100k positive.
      • Ideally, need 60 days worth of reserves in cash in the budget ($833k worth of cash)
    • Audit: we have to be Program (85%) vs. Admin (15%).
      • Can we shift this by proving that our teachers are educating better than the public schools?
      • Need to track outcomes for SpEd and GenEd separately. We are higher than most and should be able to promote how well they are doing compared to district
  1. Facilities:
    • Met w/Civic Builders (411 Wales)
      • Ideal footprint and good opportunity for 2021 school year
      • 23 classrooms and admin offices
      • Max capacity is for 350 students
      • Civic wants to vet our project with Kiu
      • Probs:
        1. In district but at the south end… a bit far (6 at 174th)
        2. Only a short term location
        3. We’re not the first school in line for it (another school with a term sheet)… but there may be some issues. Hopefully by mid-august should have a better sense
      • Consider another counsel for real estate specifically
  1. Annual reviews
    • In the beginning, providing a cola increase and bonus (brand new people, weren’t sure about our funding model and annual revenue)
    • Effective actions already
      • All postings are public
      • Mid-year ideas can be paid via stipend and eventually folded into a job
      • 10% increase based on title changes
    • Proposal:
      • Could receive 0-5% increase based on performance per outline
  1. Gala
    • 90 tickets sold
  1. Next Meeting: June 19, 2019

 

Minutes respectfully submitted by Rema Davis, Secretary, on May 29, 2019.