Welcome and Call to Order

The meeting was called to the order at 2 PM by Principal Thorn.

Approval of November Minutes

For approval.

https://drive.google.com/file/d/1rY_qvBZKQjnI5S6UQYZfU1Hru2EKnHJN/view?usp=drive_link

Approval of Agenda

So that there is agreement between board members on the agenda, and the amount of time spent on the meeting, the board shall vote to approve an agenda for the meeting. To the best of its ability, it will follow that agenda, and allow for the chair to move the board through the agenda as specified.

Financial Statement

-The November Reports will reflect a 1.5 million transfer from Ameriprise to General Operating in preparation to pay for current construction projects.

-During the Audit, Martin & Smith recommended that we move $100,000 of the ECF Grant from FY 2024 to FY 2023.

-We have 46 days of Cash on Hand, and $67,249 is our daily cash burn. The cash drop (1.5 million) is reflected on the graph.

Balance Sheet:

-Our balance sheet remains normal with about 33% left to spend in most accounts.

-We are still waiting for the January Per Pupil Allocation increase.

-Construction Projects were $1.57 million.

-Dr. Henry Meeuwse asked about line 6650 and what was on the policy regarding Liability. Does it cover our officers and security guards? (Mr. Thorn replied yes.) Does it cover our Board of Directors? The concern is that School Boards across the country are being sued and there is mild concern.

-Line item 6445 reflects the end of ESSER funds. We spent the last of our money on Technology and furniture, so the amounts in that account have fluctuated.

FY24 Audit

Martin.Smith's second audit with JICHS was very successful. Hurricane Helene impacted them. They also had to deal with the late Transportation bill being paid after FY24, and ECF grant funding being moved to FY23.

-Audit Document

-Trial Balance

The fund Balance was healthy at $323,487.00

"As a summary of the audit process and results – our report will be a positive one:

A good system of internal controls is in place – no weaknesses in the system of internal controls was noted and no instances where those controls were not followed.No findings of non-compliance during all of our audit testing, including testing of state and federal funding. No audit adjustments required to correct any errors in accounting during the year. Quality of accounting, recordkeeping, reporting assistance provided by Prestige continues to be high.

The school’s enrollment showed a good increase this year. This enrollment increase plus mandated state increases drove a significant increase in revenues. The School did a good job of controlling its expenses even as growth required significant increases in certain expenditures. Payroll and related expenses did show an increase. As you look at operating results

(Exhibit E), this schedule shows a significant increase in General Fund fund balance of $589,723. The School shows an unassigned fund balance of $10,058,175 (Exhibit C), which represents almost 50% of annual operating expenses. (The SC DOE established the required threshold of 8.3% of operating expenses in 2018. ) The School has established a

strong financial stability and has the available fund balance to support future growth needs.

We will give a good report on the process and the results of the audit. Thank you to the team at Prestige for your outstanding work on the financial side throughout the year and the critical role you play in making an efficient and effective audit possible."

A representative from Martin.Smith will attend our Monday, 12/16 Board meeting to present their Audity of FY24.

Science classroom addition

Informational only. We project that our financial situation will improve in January, we'd like to re-consider the Capital Projects that were postponed. This includes the Science classroom addition.

Mr. Thorn suggested that the Board of Directors create a Captial Projects Subcommittee to decide which additional projects will be funded and the degree of need.

New Playoff Pay Structure

For approval.

https://docs.google.com/spreadsheets/d/1Nt2eJADiNZWbpLJpZ1AAe1iTFR4j21UBWUuqJvDQlIs/edit?usp=sharing

AD Holland wants to implement a Bonus structure for Head Coaches. He presented 3 alternative pay structures. It was requested of AD Holland to compare the pay structures to the current stipend system before any decision was made.

Batting Cage Turf Project Quote

This project was initially Board approved on October 16, 2023. The existing pad was allowed to stay. The project is $54k.

Mr. Thorn mentioned that if we wait until the first few days of January, we will have a better look at the school's financial projection for the rest of the year.

Make sure that the next quotes can be approved in late Junuary.

The Meeting was Adjourned

The meeting adjourned at approximately 2:42 pm