Board Meeting August 20, 2014 Mission Statement: To provide a - - PowerPoint PPT Presentation

August 20, 2014

Board Meeting

Mission Statement: To provide a comprehensive bilingual and bi-literate education that nurtures students to be highly proficient in all academic subjects, but with a special emphasis on Mandarin Chinese, English and mathematics. By doing so, HCCS will prepare students to become highly skilled, caring world citizens who will lead innovation and collaboration in the global marketplace.

Agenda

6:30 Welcome 6:35 Approval of Agenda and Minutes for July 9 meetings 6:40 Treasurer Report 6:45 Committee and Task Updates:

• Principal report (15 minutes)
• 501(c)3 Task Force (15 minutes)

7:10 Public Comment (10 minutes) 7:20 Board Discussion and Expected Outcomes:

• Approve filling of Board Secretary Vacancy (5 minutes)
• Approve Wisdom Seeker Handbook - Student Safety Policy (25 minutes)
• Approve Governance Policy (30 minutes)
• Approve Change in Reserve Policy (10 minutes)
• Discuss Fundraising Target Setting Strategy (15 minutes)

8:50 New Business / Upcoming Agendas 9:00 Adjourn Open Session 9:00 - 9:30 Executive Session of the Board, closed meeting. Executive Session ORS 192.660 2(e), To conduct deliberations with persons designated by the governing body to negotiate real property transactions. 9:30 Re-open Open Session, if needed, to made decisions.

Treasury Update - FINAL

Income Statement (Apr 1st, 2014 - June 30, 2014) Actuals Budget Income received during the period: +$ 253,566.76 152,731.00 Expenses paid during the period

• $ 233,441.93

246,876.00 Net Income $ 20,124.83 (94,145.00) Balance Sheet (June 30, 2014) Total Assets : $ 650,482.36 Total Liabilities $ 111,131.03 Total Equity $ 539,351.33

• Updated to include known expenses paid after year end
• Income > budgeted: Good fundraising efforts (John Lien donation and

Intel donation, art gallery, ASEP), higher SSF

• Expenses < budget: Lower Payroll (salary, PERS), supplies &

technology purchases, G&A (Tax refund), and Lunch Expenses

• Assets mainly cash; Liabilities mainly prepaid tuition, supply fees and

PERS accrual

Principal’s Report

• New Staff - 3rd grade English, Preschool Aide
• Teachers returned- Classrooms ready, trainings
• Summer Camp Survey being sent out
• Sing. Math Curriculum-Using Common Core Ed.
• Action Needed: Finishing Bldg. preparations & IT,

storing excess furniture, acquiring freezer, board presence for Parent Orientation, Volunteers first week of school for PBIS.

501(c)3 Taskforce Update

Public Comments

• Board uses Public Comment process similar to those used by BSD and
• ther boards.
• To address the Board:

○ Fill out a comment form and hand to Board Chair at the start of the meeting ■ Board Chair will filter similar requests and prioritize those who have not previously commented. ■ Due to time limits, all requests may not be accommodated. ○ This is a one-way communication. Board will not immediately respond. ○ Commenter has two minutes to address the board. Going over the time limit reduces the opportunity others have to speak. Time will not be extended. ○ Board Secretary will note substance of comments in minutes.

• Board supports open dialogue and will host open Q&A via Town Hall

meetings held every other month.

• For more details, please review Board Public Comment Policy Document

Board Secretary Vacancy

• Shannon Tocchini has volunteered to

serve.

Wisdom Seeker Handbook - Student Safety Policy

• Board discussion and approval

Board Governance Policy

• Topic delayed to October 8 agenda due to

time constraints.

Financial Reserves

• In October ‘13, the Board voted to establish Financial

Reserves (details shown on the following 2 pages).

• Recommend a change:

○ From: Set a 25% operating reserve goal. ○ To: Set a 25% operating reserve goal, limited to non-BSD (public) funded portion of budget.

• This means we will not hold Operating Reserves for the

General Purpose Funds (publicly funded) portion of our budget.

• Next Steps: Finance Committee to develop a formal

Reserve Policy for Board approval.

Reserve Accounts & Targets

• Reserves serve as an “emergency fund” for
• rganizations. Two types:

○ Operating: Unrestricted net assets that boards maintain for use in emergencies to sustain financial

• perations in the unanticipated event of significant

unbudgeted increases in operating expenses and/or losses in operating revenues. ○ Capital: Assets reserved for long-term capital investment projects or large and anticipated expenses that will be incurred in the future.

Operating Reserve Considerations

• The recommended minimum level for charitable
• rganizations is to hold 3 months of expenses (25% of

annual expenses) as an operating reserve.

• We should set a 25% operating reserve goal. Will take

several years to achieve.

• Our cumulative operating surplus is the foundation of

the operating reserve.

• Balancing our budget becomes challenging in 2015/16

due to end of private kindergarten. Need to build reserve funds now to provide future flexibility.

• We should not utilize the operating reserve to fund the

budget gap.

Fundraising Target Strategy

• Last year’s fundraising campaign (to support 2014/15)

raised $317,816. This exceeds our goal ($219,500) by $98,316. The 2014/15 academic year is fully funded!

• Lower than expected operational spending (PERS

expense) and student attrition were major contributors.

• In addition, the revised 2014/15 budget is $115K better

than originally planned.

• Therefore, we have $213K of additional funding ($98K

fundraising + $115K better than expected 14/15 budget).

• We will use some of this funding to make additional

investments, aligned with our Strategic Plan. Julie developing proposal.

Fundraising Target Strategy

• Next Steps:

○ Julie presents prioritized investment recommendations. ○ Finance presents full Reserve Policy. ○ Site revises Project Alice expense projections. ○ Finance & Development presents plan to allocate the $213K (or amount remaining after approved investments) ○ Board approves changes to 2014/15 & 2015/16 budget and finalizes 2015/16 budget fundraising target.

• Detailed budgets, Strategic Plan, and fundraising target will

be shared at 9/24 Board Town Hall.

New Business / Tentative Agendas

September 10 Board Meeting

• Approve HCCS Strategic Plan
• Approve Financial Reserves Policy
• Present Investment Priorities / Requests -- Julie Rickman
• IT Needs Proposal -- Roy Heywood / IT Team
• Charter Renewal Task Force Update -- Molly Heywood

Budget-Focused Special Board Meeting -- WEEK of 10/15, date TBD

• Approve Investment Priorities / Requests
• Approve Finance / Development Committee Recommendations
• Update 2014/15 & 2015/16 Budgets (new Investments & Project Alice)
• Finalize Fundraising Target to support 2015/16

October 8 Board Meeting

• Approve Board Governance Manual
• Approve Development Director Goals
• HCCS Branding Policy Discussion -- Caroline Li
• Middle School Task Force Update -- Patti Book / Julie Rickman
• 501(c) 3 Task Force Update -- Deborah Dang / Debi Lorance

Executive Session

Executive Session of the Board. Closed meeting. Executive Session ORS 192.660 2(e), To conduct deliberations with persons designated by the governing body to negotiate real property transactions.