BOD Meeting Minutes – March 11, 2014

BOARD OF DIRECTORS MEETING

ABS 7th Street Building

Winston-Salem, NC

Tuesday, March 11th, 2014.

In attendance: Alex Ewing, Eric Prior, Joan Marie Belnap, Charles Cleveland, Julee Nunley, Gayle Anderson, Renee Semones, Frank Wood, Chad Cleveland, Damion Massey, Mary Benton, Amy Lanning, Leigh Atkins, Doug Punger, Robin Hollis, Paige Raper

  1. Meeting called to order at 5:50.
  2. Chad Cleveland made the motion, Mary Benton second. Motion approved, minutes approved.
  3. Review and Approval of School Calendar

The proposed calendar is very similar to this year’s calendar. This proposed calendar has already been seen by the staff and parents at Parent Council meeting. Leigh moved, Chad seconds, the motion passes.

  1. Update on Community Creates

Heather cannot attend tonight’s meeting but asks the board members to review the mailing list that was sent by e-mail. If you have friends or family that you would like to receive an invitation, please send their information to Robin. Invitations will go out this Friday.

  1. Review of YTD financial statements (Renee)

Renee has been breaking out capital campaign expenses. There are still some expenses that need to be reclassified to capital campaign. There is $197,538 in true surplus right now. We got another $13,000 in state revenue. There may be a few other reclassifications as we go and decide what is a capital expense and which is not. There is a concern about being over budget with regard to internet expenses. Eric asks if that is a monthly service or a start up expense? It’s a higher monthly expense that we originally thought. Chad asked if we looked at anyone other than Time Warner. We did look at AT&T and Time Warner was the better option. Renee is investigating Tech Soup, Chad – could we approach Wake Forest and see if we could use some of their bandwidth? Renee has a contact with WinstonNet and will look into that.

  1. Update on Capital Campaign (Joan Marie/Gayle)

We received a commitment from the Hanes Foundation for $30,000. We have 25% to go and we can do it! We are trying to complete this this spring. As we get to May and June the sense of urgency starts to wane and that makes it more difficult. There are campaign packets available to help you strategize about making your calls. Joan Marie will be glad to go with anyone who wants company or help feeling comfortable. Robin – this week is our Romeo and Juliet performance. The WSJ will be there on Thursday and there should be something in the paper this week. That might be a connection to make. Robin and Paige are always happy to give a tour to someone who would like more information.

  1. Review of Financial Stability Strategy from Strategic Plan (Charles) –

Charles reminds us that at the board retreat, we talked about a good plan having mission/vision/strategies. Board members should know what our strategic areas are. What does it mean to have a financially secure organization? What are the gauges we should be looking at in terms of performance indicators? One would be a budget with surplus. Gayle offers the Chamber as an example of an organization that is financially secure. The budget is usually balanced or with surplus, enough reserves to handle unanticipated expenses. Joan Marie offers the YMCA as having diverse revenue streams including membership, philanthropy, etc. Alex Ewing discusses the need for public support. At individual tables we discuss what financial stability means to us. Gayle’s group discussed the need for funding streams other than the per pupil allotment. Charles’ group discussed the need for public support to continue to be nurtured. Where should we be from a public policy standpoint? How do we influence public policy? Key Performance Indicators (KPIs) will give the board the most important performance information related to a specific strategic focus. Examples of KPIs regarding financial security include:

short term financial performance (budget)

budget forecasting

level of reserve funding

debt to revenue ratio

expense ratios

positive trends related to revenue streams

level of public support

You don’t want to look at all of these. You probably want to pick two or three. Meet in groups to pick the top KPIs for ABS.

Financial Reserves are a common theme. Enrollment is always going to be the driver but diversifying the revenue stream would help. Should we consider a staff member who is focused on development? Is our next phase of capital needs a performance space or more classroom space? Which would generate more income? Charles, Eric, and Robin will generate a narrative of some goals and indicators to bring to the next board meeting.

  1. Other Business

Paige talked about the experience at Ron Clark Academy. Mary asks about the possibility of a business partner.

7. Meeting adjourned at 7:03.