Board of Directors Meeting Minutes February 28, 2011
Board of Directors (BOD) Meeting Minutes
February 28, 2011
Board Members in Attendance: Matt Parsons, Bob Young, Jennifer Crossett, Chuck Raisch, Ryan Blake, Bryon Farnsworth, Colleen Hackley, Kim Churches, Heather Day-Richter, Rebecca Hudson
Board Members Absent: Daniel Storch
Staff: Nancy James, RB Fast, Jeb Smith, Greg Jaworowski
a. Parsons called the meeting to order at 6:07 PM
b. Parsons took attendance and established quorum. Approval of the January 24, 2010 board meeting minutes was set in motion by Parsons, all in favor (10), all opposed (0), abstain (0), absent (1) - the January 24, 2010 minutes were approved.
2. Financials and Finance Committee Report
a. Reviewed Balance Sheet, Profit & Loss Budget vs Actual, and other finance documents.
i. Work bond dollars. Listed on the balance sheet as a liability until work bond hours are due.
ii. Profit & Loss year to date is positive for the year, which is a good sign.
c. MAC Line of Credit – likely to reopen line of credit, which can be used in case of an emergency.
3. Executive Director (ED) and Enrollment Report
a. Past month has been focused on the budget.
b. New company has been found to work with MAC on financials. Prior company did not have enough available hours to support MAC.
c. Gala was a big success for MAC.
d. Feb 28 was last day to fill out the work bond hours forms. Tuition reimbursements will be listed on April invoices.
e. Spring Break camp is scheduled for March 28 – April 1.
f. The MAC summer program is being refined and details will be available soon.
g. Enrollment Report:
i. Enrollment numbers are good.
ii. Nido and Toddler are both currently full.
1. Expected to be full through August
iii. Primary is forecast to be full beginning in May
4. Review of 2011 – 2012 Draft Budget
a. MAC’s best assets: Montessori trained leads, strong curriculum, supportive parent body, and the building.
b. MAC’s concerns: financial stability, the building (old – needs some upgrades), administrative infrastructure (obsolete technology and continuous front desk coverage).
c. Proposed budget goals:
i. Tuition and fees to cover operating expenses
ii. Ensure that MAC is viable for 2013 refinance
iii. Retain staff
d. Expense reduction
i. Accounting outsourcing
ii. Implement time and labor function with Paychex to better track and manage payroll.
e. Staffing – proposing a new receptionist role at MAC
i. Provide functioning of office manager role
ii. Ensure child safety with continuous coverage at front desk
iii. Assign clerical fundraising duties
iv. Maintain student files
f. Wage increase proposal
i. 4% increase for salaried staff
ii. 20 cent increase for hourly staff
g. Budget proposal highlights
i. 4% average tuition increase
ii. Before school programs 7% increase
iii. After school programs 15% increase
iv. Up to 4% increase for salaried employees
v. Up to 20 cents per hour increase for hourly employees
vi. MAC will absorb up to 9.5% of increase for employee health insurance
vii. 50% increase for professional development
viii. Part time receptionist to complete administrative structure
ix. 10 additional hours per week added to the Music Program
x. Original cost of $20 per hour will be assessed for Work bond hours (2010-2011 was $15)
h. Parent Volunteer hours Work Bond
i. Mac will continue to utilize the existing volunteer hour requirement for parents in the form of the Work Bond.
ii. 2011-2012 work bond hours will be at the initial rate of $20 per hour.
iii. The monies for un-worked hours will be released in September for the following year. MAC will place funds into a Capital improvement / Emergency fund.
5. Committee Updates and Reports
a. BOD Development – 3 positions to be elected next school year. Current BOD members are asked to let the committee know if they are not going to seek reelection and if any board members need to step down. Board recruiting is starting now. Let the committee know if there is anyone that you know who might be interested in joining the board.
b. Fundraising – Fundraising efforts are ongoing. Starting to create a culture of fundraising. Breaking down the different elements of where donation dollars go. Policy creation is also being worked drafted – privacy, gift acceptance procedure, etc.
c. Strategic Planning – Daniel is going to step down as the committee chair. Please contact Matt if you are interested in taking over the committee.
d. Building Committee – Lots of data being collected. Exploring options for the second story of the MAC building. Presentation to the board will be conducted at a future BOD meeting.
e. PMAC – Finalized mission and vision. Looking for a universal room parent.
f. Gala – Breakdown of gala fundraising. Planning for the next gala is ongoing.
6. BOD Other Updates
a. MAC Policy brainstorming discussion to be held at the next BOD meeting.
a. Parsons adjourned the meeting at 9:07 PM.