June 21, 2017
Time: 4:00 pm
Place: BCS/BCSF Board Room – St. Pat’s
Present: Ken Frazier, Chair
Karen Fagg, Vice Chair
Mary Susan Fishbaugh
Shaun Harrington, BCS President
Jan Haider, Foundation President
Kaitlin Overton, Finance Officer
Shel Hanser, Principal BCCHS
Opening Prayer: Karen
Minutes: Vote: Karen made a motion to approve the June 7, 2017 minutes. Alex seconded the motion. Motion carried unanimously.
Foundation Update: Capital Campaign: The ALSAM Foundation informed Jan that they are tabling the BCS funding request until their August 30, 2017 board meeting. They want to know more about the Diocesan bankruptcy and how much of the $3 million still needed for the school has been raised by the Capital Campaign.
The Capital Campaign Leadership Team will meet July 10, 2017 to plan the donor reception and review additional sources of funding.
The donor reception will be held July 27, 2017 from 4:00 pm until 6:00 pm. and formal invitations will go out the end of the week.
Golf Tournaments: The Ram Scramble will be on August 18th at Lake Hills Golf Course and the Full Moon Open will be held the next day August 19th at the Yegen Golf Course. Registration and sponsorship forms will be mailed the end of the week.
Business Committee Report: May 31, 2017
Statement of Financial Position: Cash on hand is about $1.4 million which is down about $207,000 from last year. Current assets are about $1.7 million which is down about $20,000. The cash and cash equivalents change is due to many of the same factors effecting net income including excess spending for BCCHS boiler and the iPad program. Tuition, parish and bus receivables were reduced in the current month by payments received.
A/R BACET consists of May credit activating and a portion of May’s salaries. Other A/R is mainly due from BCCHS activities fund for credit card activity. Tuition receivable is about $116,000 higher than the previous year. This is mainly due to more families participating in payment plans this year and the use of Smart Tuition to facilitate direct deposits.
Current liabilities are $1.5 million which is up $97,000 from last year. Accounts payable is significantly higher than last month due to one large vendor combining April and May into one bill.
Statement of Activities: Revenue before special projects is about $5.4 million which is under budget by about $3,850. Tuition and registration fee revenue is about $60,000 over budget. Revenue before special projects is under budget mainly due to rental income and preschool revenue being lower.
Expenses before special projects are about $6 million which is over budget about $30,700. Technology expense and plant operations and supplies are over budget by $33k and $23k respectively. Transportation expense is over budget by $19k and extra-curricular activities is over 36k, however both expenses should even out a little in June.
The net income loss is $687,000 which is down about $300,000 from last year and most of that is due to the timing of the scholarships and expenses associated with the high school boiler and the iPad purchases.
Cash Flow: Tuition revenue, registration fees and interest income received for the year is over $4 million. Cash paid for Dorothy Porter, Mayfair special project, and Gergen for the year is nearly $394,000. Our cash flow from iPad repairs and the rental property for the year is negative.
Update: While daycare revenue is under budget, the total revenue is up $50,000 from last year. June is when most of the cash comes in so hopefully the cash flow will be positive in June.
An email will go out Friday or next Monday informing BCS families that their tuition statements are online and how to access the information. How do I log in, how do I pay online, and how do I set up a payment plan online will be the main questions our admin office receives.
Marketing Enrollment Report: None given.
President’s Report: SFI/SFP—Moving of Daycare and Preschool: The Preschool / Daycare is currently set up at the little red house so the summer program can continue while updating is being done at the SFI building so the daycare can be licensed. The new fence went in last week at a cost of just under $5,000.000.
Remodeling and Smoke Detection at SFI: The school is currently waiting for emergency system plan approval with the city and fire department. The plan approval will take about 3 weeks and then smoke detectors can be installed in the daycare rooms. The latest estimate is around $31,000.00
The sink and cabinetry project was sent to other contractors hoping for lower bids. Shaun will keep the Board informed. The original bid is just under $30,000.00.
Joint Executive Board Meeting with Foundation Executive Committee: Jan proposed a meeting date of July 11, 2017 at 12:00 noon. That is the Foundation Executive Committee’s regular meeting time.
BCCHS Lockers: It has been 2 weeks since the locker project started. The lockers have all been removed, sold, or sold for scrap. The new lockers will be installed before school starts in August.
Move from SFP: Shel and several students helped move everything out of SFP which was a huge help. Shaun expressed his appreciation for their help. School District 2 will do a walk through to look for items they can use. There will be a garage sale for items that will not be taken to the new school.
ACE Gathering: Thank you to everyone that attended the ACE Scholarship gathering. ACE was very appreciative of the turnout for the event.
Board Survey: Shaun will resend the WCEA survey the Board was asked to take for the high school accreditation self-study.
Adjournment: The meeting adjourned at 4:35 pm to and executive session.
Respectfully Submitted: Shaun Harrington, Billings Catholic Schools President