Odyssey Charter Schools

Public Board Finance Committee Meeting

2251 South Jones Blvd.

Las Vegas, NV  89146

Phone:  (702) 257-0578       Fax:  (702) 312-3259       E-mail:  Odyssey@odysseyk12.org

Wednesday, October 20, 2021

Minutes

Open Session – 5:00 PM

Call to Order:

          Time: 5:00 p.m.

     1.  Roll Call                         Michelle Battle – Board Secretary               Absent/Present

Board Finance Committee Members:

Larry Moulton

           Present

Richard Douglas

Alan Diskin

           Absent        

           Present

Staff:

Tim Lorenz                            

Superintendent of Schools

           Present

Shelli Guthrie

Executive Director of School Operations

           Present

Robert Handwerker

Director of Business & Employee Services

           Present        

Michelle Battle

Board Secretary

           Present        

2.  Pledge of Allegiance:                 Larry Moulton

3. Introduce Guests:                       Ethan Kent and Rachel Speldos from Rubin Brown

For Possible Action:

4.  Accept Agenda

Motion:

Larry Moulton

2nd:

Alan Diskin

Board Discussion:

The agenda was reviewed and approved.

Vote:

Unanimous

Information/Discussion:

5.  Public Comments

                   Please limit comments to three minutes.

                   Action may not be taken on the matters discussed during this period until specifically                            

                                                           included on an agenda as an action item.

      None                                                          

Information / Discussion:

6. Rubin Brown

Motion:

2nd:

Board Discussion:

See discussion under Financial Statements.

Vote:

For Possible Action:

7. Approval of July’s Minutes

                                                                                                                Attachment #1   

Motion:

2nd:

Board Discussion:                            

Vote:

Larry Moulton

Alan Diskin

The minutes were reviewed and approved.

Unanimous

Information/Discussion:

8. Financial Statements June 30, 2021  

                                                                                                                Attachment #2

Motion:

2nd:

Board Discussion:        

Rubin Brown, Odyssey's external CPA firm reviewed the audited financial statements for Fiscal Year ended June 30, 2021, highlighting the following items:

• A clean (unqualified) audit opinion was issued
• No disagreements with management were noted
• No deficiencies in internal controls were noted
• There were no financial statement findings, audit adjustments or questioned costs
• The change in net position, after pension adjustments, is $985,125
• The adjusted net position as of 6/30/2021 is $5,767,212
• A single "Does Not Meet Standards" within the Financial Framework was noted--Sustainability Measure 3-Cash Flow

• The auditors noted that the reason for not meeting this standard was the repayment of the Paycheck Protection Loan funded in FY 2020
• This resulted in an overall negative cash flow for FY 2021
• However, it was noted that Odyssey generated $1,296,169 in net cash provided by operations.

It was also discussed by Odyssey that the net increase in net position exceeded the budget by $794,969; this was mostly due to the substantial increase in Average Daily Enrollment experienced during the pandemic.

Vote:

Information/Discussion:             9. Banking and Investment Analysis

                                                                                                                                                                         Attachment #3

Motion:

2nd:

Board Discussion:        Odyssey’s Director of Finance discussed the results of his meeting with Bank of

                                                         America and brief discussions with 3 other financial institutions, noting the following:

• Bank of America’s monthly fees for August 2021 would have been $300 more for the same month with less service offerings. It was also stated by Bank of America that they had no investment vehicles that provide low risk and enough income to be able to offset their monthly service fees and that they felt that Wells Fargo fees were lower than expected.
• The 3 other financial institutions expressed the same conclusions as Bank of America.

It was concluded that Odyssey will continue to investigate banking and investment options.

Vote:

Information/Discussion:            10. Citizenship Participation

        Please limit comments to 3 minutes.

        Action may not be taken on any matters discussed during this period until specifically

                                                       included on an agenda as an action item.

                                                       None

For Possible Action:                    11. Adjournment

Motion:        Larry Moulton

2nd:                                                    Alan Diskin

Board Discussion:

Vote:        Unanimous

Time:        5:30 p.m.