FINANCE COMMITTEE MEETING Merit School of Music 38 S. Peoria, Chicago, IL 60607

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1 FINANCE COMMITTEE MEETING Merit School of Music 38 S. Peoria, Chicago, IL Elluminate Link: Conference Line: , passcode then # WEDNESDAY, APRIL 24, 2013 MINUTES Call to Order: OPEN SESSION 5:30 P.M. Time: 5:35 pm 1. ROLL CALL ABSENT/PRESENT Board Members: Earl Fredrick - President * Kevin Bargon - Treasurer * Sabrina Boyle - Secretary Vice President * La Shone Kelly Michael Lucci * Absent Geremy Cepin Elizabeth Romero-Fuerte * Committee Members Staff: Dr. Craig Butz Head of School Fany Bortolin Finance Manager Farland Jenkins Board Administrator Absent 2. Introduce Guests: Kelly Warnke

2 3. Public Comments on Agenda Items None. 4. Accept Agenda Accept the agenda. Geremy Cepin None 5. CVCS March, 2013 Financial Statements Review Earl Fredrick Accept the financial statements. : The net of K12 Charges including K12 teachers, curriculum, computers, materials, and management fees are forecasted to be approximately $22 thousand less than budget. Rent and depreciation are forecasted to be $12 thousand less than budget. The Statement of Financial Position Report shows cash received from CPS and a payment to K12 request will be made for $701 thousand. The auditors have suggested that $34 thousand received from K12 should be recorded as deferred revenue. A note from K12 that would reflect a positive change in net assets in excess of the budgeted amount has been approved. 6. Board Designated Funds Earl Fredrick Approve the purchase of 40 laptop computers for $21 thousand. Roll call: Earl Fredrick, Aye; Sabrina Boyle, Aye;, Aye; La Shone Kelly, Aye; Geremy Cepin, Aye; Elizabeth Romero-Fuerte, Aye. Motion Passes. Amended Earl Fredrick Review the purchase of 40 laptop computers for $21 thousand as a capital purchase made by K12. No Second Motion dies.

3 : A proposal purchase 40 laptop computers would cost $21 thousand. Laptop computer purchases were not included as an expense in the operating budget. Laptop purchases are not a part of the K12 financial model since computers are shipped to students homes. The motion could be amended to investigate a capital budget being developed for laptop purchases. A proposal could be made to K12 to add a capital budget for equipment purchases. A report of the current year Board fund expenditures should be presented to the Committee.

4 : 7. Bank Account in case of Charter Revocation Earl Fredrick Request CPS rescind the requirement to maintain the Charter Revocation Fund. Sabrina Boyle Roll call: Earl Fredrick, Nay; Sabrina Boyle, Aye;, Nay; La Shone Kelly, Nay; Geremy Cepin, Abstain; Elizabeth Romero-Fuerte, Nay. Motion Dies, the account will be retained. The Illinois Network for Charter Schools (INCS) has announced that new charter schools will not be required to maintain a $75 thousand fund for charter revocation. The current CVCS agreement with CPS could be amended to no longer have the requirement to maintain the fund. 8. Form 990 Due May 15, 2013 Earl Fredrick Approve the submission of the Form 990 report. La Shone Kelly : The governing body and management responses on the form were reviewed. The report indicates that a record retention policy was not in place as of June 30, K Price List Impact A credit of $14,961 was requested to K12. K12 will issue a credit for slightly less. 10. Consent Agenda Earl Fredrick Accept the consent agenda. : Board Administrator Expenses - $90 K12 invoices - $231,290 Credit Card Expenses - $1,557 Legal Fees - $1,120 K12 Payment Request - $701,870

5 11. Compliance Reports ETL Reports for March, 2013 (Due to CPS 4/15/13, submitted 4/12/13) CPS SPED Reimbursement Claim (Due to CPS 4/15113) 12. FY 2014 Budget Earl Fredrick- Approve the preliminary budget as of March as presented. Voice Vote- Unanimous Aye : CPS has voted to approve the Charter Amendment to increase the enrollment cap to 680 students. There may be a slight increase in per pupil funding 13. Public Comments None. Action: 14. Adjournment La Shone Kelly -Adjourn the meeting. Time 6:05pm Respectfully Submitted: 5(::)1-/3 These minutes have been posted on Chicago Virtual Charter School's Web Page -