I. CALL TO ORDER INVOCATION:
The St. Peter’s Academy Governing Board meeting was
called to order at 10:00 a.m. Tuesday, September 25, 2018 with prayer by Rev. Taylor.
II. READING OF THE MINUTES:
The minutes of June 2018 were read. After discussion, it was motioned by Mr. Temple and seconded by Mr. Broxton that the minutes be accepted. The motion was carried and the minutes were approved.
III. REVIEW OF FINANCIAL REPORTS:
Mr. Rorick reviewed the Unaudited Quarterly Financial Report ending June 30, 2018. As of June 30, 2018, the Balance Sheet, Total Liabilities and Fund Balance was $455,981.00. Mr. Rorick stated that the 2 Mil monthly allocation should be paid to reduce the mortgage principal. After discussion, Rev. Taylor motioned for approval of the June 30, 2018 Financial Report; Mr. Temple seconded the motion. The motion was carried and the June 2018 Financial Report was approved and the request to pay the 2 mil monthly payment was approved.
Audit Report 2017-18: Mrs. Jefferson presented the 2017-18 Audit Financial Report completed by McCrady, Hess & Ruth, Certified Public Accountants, for the year ending June 30, 2018. She reviewed the Financial highlights and stated that the school’s total net position increased from the prior year. The School’s revenues exceeded expenses by approximately $42,000.00. The School’s governmental funds balance sheet reported a combined ending unassigned fund balance of $312,585.00. As of June 30, 2018, the Total net position was $1,314,920.00. She added that the increase in the total net position is due to the current year operation surplus. She mentioned that the school had no recommendations for improvement and no issues referenced in the management letter. With no other comments, the Board congratulated the staff on the 2017 – 18 Financial Audit as reported.
The Title 1 Calendar and October 2018 calendar of events was presented and accepted.
The meeting was adjourned at 11:00 a.m.