Dugsi Academy Charter School
School Board Meeting Minutes
Thursday March 19, 2015
5:00 P.M
Board Members: Shukri Hassan, Saeed J. Bihi and Jeremy Plaisance, Ahmed Elmi and Kassim Mohamed
Absent: Abdullahi Sheik
Ex-officio: Abdulkadir Osman
1. Call to order
Meeting called to order 5:20 PM by Shukri Hassan
2. Approval of the agenda:
Moved motion on the agenda was moved by Ahmed and seconded by Saeed. The motion carriers
3. Approval of January 15, 2015 Minutes (No board meeting on February 2015)
Moved motion for January 15, 2015 Minutes was moved by Saeed and seconded by Ahmed. The motion carriers
4. School Financial Updates for January 2015 - Osman
Board members discussed the Financial Reports for the Months of January 2015and went through:
Summary income Statement
Detailed Income Statement
Summary Report
Period balance Report
Bank Reconciliation Report
Journal Entry Report
Payment (In Any) Register
· At the end of January expenses exceeded revenues by $9,592.
General Fund - 01
· Fund 01 had a balance of $38,337.
· Dugsi has received 52% of the budgeted revenue and spent 50% of the budgeted expense.
· Dugsi’s lease aid application was approved by MDE in December and lease aid payments should begin by the end of February 15 along with Literacy Incentive Aid.
Food Service Fund – 02
· Fund 02 had a deficit balance of ($47,929).
· Dugsi has received 36% of the budgeted revenue and spent 54% of the budgeted expense.
Balance Sheet
· Dugsi had a cash balance of $3,059,544 inclusive of two checking accounts as well as the amount required by the bank to be reserved for the line of credit.
· Open invoices totaled $63,892
The school finance for January 2015 was adopted and approved by the board, the motion by Ahmed and seconded by Saed. The motion carriers
4. School Financial Updates for February 2015 - Osman
Board members discussed the Financial Reports for the Months of January 2015and went through:
Summary income Statement
Detailed Income Statement
Summary Report
Period balance Report
Bank Reconciliation Report
Journal Entry Report
Payment (In Any) Register
· At the end of January expenses exceeded revenues by $60,167.
General Fund - 01
· Fund 01 had a balance of $11,533.
· Dugsi has received 59% of the budgeted revenue and spent 58% of the budgeted expense.
· Dugsi’s lease aid application was approved by MDE in December and lease aid payments should begin by the end of February 15 along with Literacy Incentive Aid.
Food Service Fund – 02
· Fund 02 had a deficit balance of ($48,634).
· Dugsi has received 46% of the budgeted revenue and spent 64% of the budgeted expense.
Balance Sheet
· Dugsi had a cash balance of $3,014,862 inclusive of two checking accounts as well as the amount required by the bank to be reserved for the line of credit.
· Open invoices totaled $71,468
The school finance for January 2015 was adopted and approved by the board, the motion by Shukri and seconded by Saed. The motion carriers
5. Community Comments:
6. Director’s Report
· New employees to be approved
Ø Abdirashid Sheikh, EA
Moved motion to approve hiring Staff members was moved by Ahmed and seconded by Jeremy. The motion carriers
7. Other Business
Meeting was adjourned at 5:45 P.M.
Motion to adjourn the meeting motion was moved by Saed and seconded Kassim.