Finance Committee Agenda Tuesday, April 23, 2019 * 9:00 am CareerSource, 20 Airport Rd, Ste E, Palm Coast NEW Call-In: Conference Room

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Finance Committee Agenda Tuesday, April 23, 2019 * 9:00 am CareerSource, 20 Airport Rd, Ste E, Palm Coast NEW Call-In: Conference Room"

Transcription

1 Finance Committee Agenda Tuesday, April 23, 2019 * 9:00 am CareerSource, 20 Airport Rd, Ste E, Palm Coast NEW Call-In: Conference Room #: # Welcome Public Input Regular Business A Agenda B Minutes from Reports/Discussion Topics C Estimated Budget - 19/20 D Financial Status March 2019 E Policy #FA02 Inventory Management F Monitoring Summary Update Next Steps G Next Quarterly Meeting January/April/July/October H Future Topics Member Comments/Announcements & Adjournment K Perry M Barclay H DiRenzo K Perry This committee provides financial oversight for the organization. Tasks include budgeting & financial planning, financial reporting and the creation and monitoring of internal controls and accountability policies. They might also report to the Board and/or Executive Committee the financial condition of the organization. This Committee shall recommend the frequency of selection and selection of an independent auditor, shall review the independent auditor's report and oversee any corrective actions deemed necessary as a result of any audit review. Mission: To enhance children s school readiness by providing opportunities for quality early learning, while strengthening family stability for a healthy community. Combined Finance Committee Mtg Packet.pdf 1

2 HmdMeeting: Date: Location: Present: Excused: ELCFV Staff: Guests: ELCFV Finance Committee Tuesday, January 15, 2019 * 9:00 am ELCFV, 135 Executive Circle, Daytona Beach Kristen Perry, Tom Cox, Donald O Brien Rebecca DeLorenzo, Christine Sikora Heather DiRenzo, Lisa Brantley, Melanie Barclay, DJ Lebo, Laura Gimbert James Halleran, Caity Walker, Robert Snyder Agenda Item Summary/Discussion Action/Follow-Up Welcome The meeting was called to order at 9:00am. Public Input Regular Business Reports / Discussion Topics None Agenda The agenda was reviewed and accepted. Minutes The minutes from 10/2/18 were reviewed and accepted. Annual Audit Report James Halleran & Caity Walker The draft audit report in the packet was replaced with a revised version dated 1/14/19. This is the first year of a 3-year contract with James Moore & Co. The audit ran smoothly with clean processes in place. No audit adjustments TANF & CCDF audited no findings Qualified as low-risk No concerns or findings Financial Status November 2018 School Readiness: SR administrative budget at 4.6 (cap at 5%). Provider Services and Eligibility 5.2% (cap at 14%) Quality 7.2% (must be at least 4%) We are spending 83% budget for Direct Services (minimum is 78%). Children enrolled - 3,293 (estimate) Wait List - 65 VPK: VPK administrative expenses at 3.1% (cap is 4%). Children enrolled 4,282 Budget Amendments Version 5 Employee Health Insurance increased this year. Used funds originally set aside for a new server that is not needed for two more years. Help Me Grow Grant decreased $300. Final contract amount for classroom assessments. Monitoring Summary The Finance Director provided an update of monitoring status and what is expected through the end of the fiscal year. Finance Committee Meeting Minutes January 15, 2019 Page 1 Combined Finance Committee Mtg Packet.pdf 2

3 Agenda Item Summary/Discussion Action/Follow-Up Quarterly Meeting Schedule The next meeting will be held in April A poll will be sent to members to determine the date/time/location. Future Topics Estimated budget for 19/20 Comments Board Member, Bob Snyder attended today s meeting as a potential member & decided he would like to join the Finance Committee. Meeting adjourned at 10:15 am. JANUARY 15, 2019 Finance Committee Minutes Approved: Kristen Perry, Treasurer Early Learning Coalition of Flagler & Volusia Board of Directors Date Finance Committee Meeting Minutes January 15, 2019 Combined Finance Committee Mtg Packet.pdf 3

4 Account Title Early Learning Coalition of Flagler and Volusia Counties, Inc. Agency wide Revenue and Expense Projection Multi-Year Comparison 82.27% 10.29% 7.45% Budget V Projected Budget SR & PFP VPK & OAMI Other Income State of Florida $ 25,484,885 $ 25,484,885 $ 27,467,579 $ 16,941,941 $ 10,462,383 $ 63,255 Other Grants 169,051 $ 169, , , ,476 Childcare Match & Local Grants 497,282 $ 497,282 3, ,500 Contributions 115,000 $ 115, , ,000 Earned Interest - $ - 5, ,760 Miscellaneous Income 6,050 $ 6, Total Income $ 26,272,268 $ 26,272,268 $ 28,370,597 $ 17,439,223 $ 10,462,383 $ 468,991 Expenses Direct Expenses Direct Expenses 22,371,666 22,371,666 24,162,239 13,977,101 10,029, ,650 Total Direct Expenses $ 22,371,666 $ 22,371,666 $ 24,162,239 $ 13,977,101 $ 10,029,488 $ 155,650 Employee Compensation Salaries 1,858,631 1,858,631 1,918,631 1,620, ,332 76,608 Taxes 157, , , ,760 18,814 6, K 75,000 75,000 76,951 66,833 8,168 1,950 Other Benefits 312, , , ,029 35,689 8,613 Total Employee Compensation $ 2,403,613 $ 2,403,613 $ 2,494,999 $ 2,117,313 $ 284,003 $ 93,683 Other Expenses Communications 47,220 47,220 46,000 40,991 5,009 - Depreciation 50,000 50,000 50, ,000 Insurance 29,913 29,913 29,061 25,894 3,167 - Local Activities 4,500 4,500 4, ,500 Occupancy 321, , , ,875 35, Other Expenses 289, , , ,692 23,341 17,070 Postage, Freight, & Delivery 4,005 4,005 4,648 3, Professional Services 124, , , ,754 16,396 5,000 Quality 480, , , ,576 31, ,213 Rentals 37,300 37,300 37,300 33,238 4,062 - Supplies 20,539 20,539 21,802 20,304 1, Tangible Personal Property 67,000 67,000 80,000 60,000 20,000 - Travel 63,750 63,750 69,967 61,760 7, Total Other Expenses $ 1,540,171 $ 1,540,171 $ 1,771,074 $ 1,344,809 $ 148,892 $ 277,373 - Total Expenses $ 26,315,450 $ 26,315,450 $ 28,428,312 $ 17,439,223 $ 10,462,383 $ 526,706 $ - Net Income/(Loss) $ (43,182) $ (43,182) $ (57,715) $ - $ - $ (57,715) Increase (Decrease) in Direct Services 3.3% 3.3% 8.0% Increase (Decrease) in Salaries & Benefits 14.4% 14.4% 3.8% Increase (Decrease) in all other Expenses 5.4% 5.4% 15.0% Combined Finance Committee Mtg Packet.pdf 4 G:\Executive\Board\18-19\Finance Committee\2019_04_23\XC _Budget_Draft 4/19/2019

5 Early Learning Coalition Of Flagler & Volusia Counties, Inc. Program Financial Summary Proposed Annual Fiscal Budget Year School Readiness FY Projected Proposed Year-End Annual Budget OCA Code Category Expenditures July 19-June 20 BBA Administration $ 772,875 $ 871,961 BBD Provider Services $ 472,635 $ 322,626 BDE Eligibility $ 483,713 $ 505,737 97QOO Quality $ 695,188 $ 558,055 97Q14 Resource & Referral $ 381,014 $ 488,298 97QIN Inclusion $ 112,883 $ 174,392 97INT Infant & Toddler $ 138,246 $ 130,794 GSD Gold Seal $ 784,765 Multi Direct Services $ 13,564,676 $ 13,602,593 Total SR Allocation $ 16,621,230 $ 17,439,222 SR includes 6% match of BG8 Note: Projected Annual % Proposed Budget % Administration not to exceed 5% of Budget 5.0% 5.0% Provider Services and Eligibility not to exceed 14% 4.8% 4.8% Quality must be at least 4% of Base Allocation 7.8% 7.8% Direct Services minimum expenditures 78% 82.5% 82.5% Total SR % 100.0% 100.0% VPK FY Projected Proposed Year-End Annual Budget Category Expenditures July 19-June 20 VPADM Administration $ 116,231 $ 125,369 VPENR Enrollment $ 207,030 $ 177,606 VPMON Monitoring $ 56,463 $ 99,250 VPPRP/VPPRS Child Care Direct Services $ 9,493,107 $ 10,045,160 Total VPK Allocation $ 9,872,831 $ 10,447, Projected % Proposed Budget % Administration (VPADM, VPENR, VPMON) not to exceed 4% of Direct Svc 4.00% 4.00% Administration (VPADM, VPENR, VPMON) % of Total Award 3.85% 3.85% Combined Finance Committee Mtg Packet.pdf 5 4/19/2019 G:\Executive\Board\18-19\Finance Committee\2019_04_23\XC _Budget_Draft Page 1

6 The Early Learning Coalition of Flagler and Volusia Counties, Inc. Statement of Financial Position As of March 31, 2019 and 2018 Draft Assets 3/31/2019 3/31/2018 Current Assets Cash 2,403,858 2,439,615 Total Cash 2,403,858 2,439,615 Accounts Receivable 2,019,721 1,895,228 Other Current Assets Utility Deposits Prepaid Expenses 63,170 58,577 Provider Prepayments 441, ,120 Total Other Current Assets 505, ,247 Total Current Assets 4,928,745 4,848,090 Fixed Assets Company Vehicle 13,880 13,880 Computer Equipment 100, ,620 Office Equipment 106, ,845 Building Improvements 70,202 70,202 Accumulated Depreciation (240,503) (225,926) Net Depreciable Assets 50,629 65,621 Total Assets $ 4,979,374 $ 4,913,711 13,880 4,965,494 Liabilities & Net Assets Current Liabilities Accounts Payable 1,827,322 1,847,613 Other Current Liabilities Payroll, Taxes & Benefits Payable 140,541 84,003 Advances SR 1,120,000 1,231,699 VPPRV Prepayment Deferred Revenue 790, ,416 VPPRP Prepayment Deferred Revenue 492, ,407 Deferred Revenue & Contributions - Match 401,537 31,342 Deferred Revenue & Contributions - Other 43,044 29,667 2,987,670 2,812,534 Total Liabilities 4,814,992 4,660,147 Net Assets Local Funds Beginning of the Year 212, ,481 YTD Activity (48,512) 1,083 Ending Balance 164, ,564 Operating Funds Beginning of the Year - (379) YTD Activity Ending Balance - - Total Combined Net Assets 164, ,564 Total Liabilities and Net Assets $ 4,979,374 $ 4,913,711 Combined Finance Committee Mtg Packet.pdf 6

7 The Early Learning Coalition of Flagler and Volusia Counties, Inc. Children Served - As of March 19 School Readiness 18/19 WAITLIST Enrollment 16/17 17/18 18/19 Priority 3 Priority 4+ Voluntary Prekindergarten Combined Enrollment 16/17 17/18 Month Actual Actual Budget Actual Flagler Volusia Flagler Volusia Total Month Actual Actual Budget Actual July 3,040 3,410 3,400 3, July August 3,200 3,471 3,450 3, August 4,032 4,075 4,548 3,899 September 2,955 3,096 3,150 3, September 4,040 3,981 4,548 4,018 October 3,055 3,149 3,200 3, October 4,089 3,945 4,548 4,159 November 3,135 3,143 3,225 3, November 4,275 3,978 4,548 4,282 December 3,205 3,147 3,325 3, December 4,084 3,962 4,548 4,125 January 3,245 3,293 3,400 3, January 4,067 3,976 4,548 4,070 February 3,285 3,259 3,425 3, February 4,040 3,969 4,548 4,008 March 3,325 3,332 3,450 3, March 3,933 3,863 4,548 4,019 April 3,365 3,270 3, April 3,827 3,836 4,548 - May 3,415 3,370 3, May 4,003 4,043 4,548 - June 3,465 3,293 3, June /19 3,750 School Readiness 5,000 Voluntary Prekindergarten 3,500 4,000 3,250 3, Actual Actual Budget Actual 3,000 2, Actual Actual Budget Actual 2,750 Advertising 1,000 2,500 0 Combined Finance Committee Mtg Packet.pdf 7

8 YTD Expenditures % YTD Actual as a % of Annual Budget The Early Learning Coalition of Flagler and Volusia Counties, Inc. Administration not to exceed 5% of Budget 4.6% SR & PFP VPK Other Statement of Activities by Fund - YTD Provider Services and Eligibility not to exceed 14% 5.1% % of Year Complete 75.0% 75.0% 75.0% for the Nine Months Ended March 31, 2019 Quality must be at least 4% of Base Allocation 7.8% Support and Revenues 70.0% 77.7% 61.8% DRAFT Direct Services minimum expenditures 78% 82.5% Direct Expenses 72.3% 77.9% 14.1% Total SR % 100.0% Employee Compensation 66.6% 71.3% 146.9% VPK Administration not to exceed 4% 3.7% Other Expenses 51.6% 72.0% 54.0% School Readiness VPK Other Total YTD Actual YTD Budget (V05) % of Budget YTD Actual YTD Budget (V05) % of Budget YTD Actual YTD Budget (V05) % of Budget YTD Actual YTD Budget (V05) % of Budget Support & Revenues State of Florida 11,223,642 11,646,014 96% 7,685,029 7,420, % 9,095 47,230 19% 18,917,766 19,113,662 99% Childcare Match & Local Grants 0 372,962 0% 0 0 N/A 119,905 58, % 119, ,147 28% Other Grants 0 0 N/A 0 0 N/A 0 0 N/A 0 0 N/A Contributions 0 0 N/A 0 0 N/A 74,374 71, % 74,374 71, % Contributions In-Kind 0 0 N/A 0 0 N/A 0 0 N/A 0 0 N/A Earned Interest 0 0 N/A 0 0 N/A 4,081 3, % 4,081 3, % Miscellaneous Income 0 0 N/A 0 0 N/A 10,686 0 N/A 10,686 0 N/A Total Support & Revenues 11,223,642 12,018,976 93% 7,685,029 7,420, % 218, , % 19,126,812 19,619,434 97% Expenses Direct Expenses Direct Expenses 9,269,440 9,613,917 96% 7,398,794 7,119, % 8,461 45,000 19% 16,676,695 16,778,747 99% Total Direct Expenses 9,269,440 9,613,917 96% 7,398,794 7,119, % 8,461 45,000 N/A 16,676,695 16,778,747 99% Employee Compensation Salaries 1,031,892 1,167,787 88% 195, ,451 97% 117,885 18, % 1,345,402 1,388,079 97% Taxes 84, ,976 81% 10,947 13,433 81% 3,398 0 N/A 99, ,409 84% 401K 24,735 51,512 48% 3,236 4,743 68% 0 0 N/A 27,971 56,255 50% Other Benefits 187, ,245 97% 22,337 24,593 91% 0 0 N/A 209, ,838 97% Total Employee Compensation 1,328,658 1,516,520 88% 232, ,220 95% 121,283 18, % 1,682,086 1,779,581 95% Other Expenses Communications 29,714 31,399 95% 4,164 4, % 0 0 N/A 33,878 35,409 96% Depreciation 0 0 N/A 0 0 N/A 21,046 37,500 56% 21,046 37,500 56% Insurance 15,537 20,103 77% 1,855 2,326 80% 0 0 N/A 17,392 22,429 78% Local Activities 0 0 N/A 0 0 N/A 1,516 3,375 45% 1,516 3,375 45% Occupancy 211, ,446 99% 26,764 26,947 99% 0 0 N/A 238, ,393 99% Other Expenses 96, ,877 47% 3,755 4,660 81% 22, % 122, ,762 58% Postage, Freight, & Delivery 597 2,738 22% % 0 0 N/A 666 3,003 22% Professional Services 66,618 81,668 82% 9,324 8, % 74 2,502 3% 76,016 92,317 82% Quality 114, ,156 63% 998 4,506 22% 104, ,926 95% 219, ,588 74% Rentals 23,892 24,803 96% 2,847 3,181 90% 0 0 N/A 26,739 27,984 96% Supplies 4,938 14,666 34% % 0 0 N/A 5,497 15,328 36% Tangible Personal Property 31,124 67,500 46% 2,386 0 N/A (12,599) 0 N/A 20,911 67,500 31% Travel 30,832 45,183 68% 1,369 1,664 82% % 32,931 47,027 70% Total Other Expenses 625, ,539 70% 54,090 56,368 96% 136, ,708 89% 816,543 1,098,615 74% Total Expenses 11,223,642 12,018,976 93% 7,685,029 7,420, % 266, , % 19,175,324 19,656,943 98% Change in Net Assets (48,512) (37,509) (48,512) (37,509) Combined Finance Committee Mtg Packet.pdf 8

9 Policy: Inventory Management Policy Number: FA02 Effective Date: 06/01/2019 Editions: The Coalition will follow Federal and State laws, regulations, rules, and guidance to ensure proper controls relative to the management and disposition of equipment purchased with federal and state funds. Specific requirements and procedures for acquiring, safeguarding, capitalizing, tracking, transferring, disposing of equipment include: - 2 CFR 200, OMB Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards - 45 CFR 75 - USDHHS Regulations - 45 CFR 98 Subpart F Use of Child Care and Development Funds - Section (11), Florida Statutes (F.S.) Complying with Tangible Personal Property Requirements - Chapter 274, F.S. Tangible Personal Property Owned by Local Governments - Rule 69I-73, Florida Administrative Code (F.A.C.) Tangible Personal Property Owned by Local Governments - Florida Department of Education, Green Book, 2015 The Coalition s Capitalization threshold is $5,000 for Financial Statement purposes. Property for inventory reporting purposes will remain items of value of $1,000 or more with a projected useful life of one year or more and small attractive items as outlined in OEL s Program Guidance G:\Executive\Board\18-19\Finance Committee\2019_04_23\E - FA02_Inventory Management_082818_REVISED DRAFT.docx Combined Finance Committee Mtg Packet.pdf 9

10 The Early Learning Coalition of Flagler and Volusia Counties, Inc. Monitoring Reports Listing July 1, current Fiscal Year Annual Single Audit Annual Single Audit Annual Single Audit Annual Single Audit Annual Single Audit, to be scheduled May Programmatic & Accountability Review OEL Programmactic Monitoring: May OEL Accountability Monitoring OEL Fiscal Monitoring OEL Fiscal Monitoring OEL Fiscal Monitoring OEL Fiscal Monitoring OEL Quarterly Desk Review: Sept OEL Quarterly Desk Review: July OEL Quarterly Desk Review: Nov OEL Biannual Desk Review OEL Quarterly Desk Review: Dec OEL Quarterly Desk Review: Nov OEL Quarterly Desk Review: Feb OEL Quarterly Desk Review: July - Sept OEL Biannual Desk Review OEL Quarterly Desk Review: May OEL Quarterly Desk Review: May OEL Quarterly Desk Review: Oct - Dec OEL Quarterly Desk Review: June OEL Quarterly Desk Review: Jan - June OEL Data Accuracy TA OEL Data Accuracy TA OEL Data Accuracy TA OEL Data Accuracy TA Onsite Review- City of Deltona Desk Review - City of Deltona Desk Review - City of Deltona Desk Review - City of Deltona AG Audit: July 13 - Dec Onsite Review-County of Volusia Onsite Review-County of Volusia Combined Finance Committee Mtg Packet.pdf 10