Monadnock Regional School District

School Board Finance Committee

Meeting Minutes

January 16, 2007

Middle/High School Conference Room

Final

Committee Members Present:

James Carnie, Chairman

Sue Oerman, Vice Chairman

Jerry Mazza

Gene White

Other School Board Members Present:

none

Budget Committee Members Present:

none

Administrators Present:

Katie Chambers, Business Manager

Ken Dassau, Superintendent (arriving at 6:20 p.m.)

Call to Order: Chairman J. Carnie called the meeting to order at 6:00 p.m.

Approval of Minutes: There were no minutes to approve.

Revenue, Expenditure, Status of Assets and Grant Reports: K. Chambers distributed Revenue, Expenditure, Status of Assets as of this date. Follow-up was provided on the following:

• Why no indirect costs in Years 1 and 2 of MRPSOC grant – K Chambers distributed a handout showing the first three years of indirect cost were expensed all in the third year and none in either the first or second year.

It was requested that an explanation be provided of the low expenses in the first years of the grant. Dixie Gurian will be asked to attend the meeting she is next available to attend as she can best explain.

• Letter from Superintendent about Antioch keeping MC2 grant – K Dassau said there was no letter and that there was no continuation of the grant, it would end October 31, 2007 with no future funding available.

• Interest on student activity accounts – how is it apportioned? K. Chambers reported that for the elementary school accounts, they are single purpose accounts and the interest income stays in the account to be used for the purpose for which the account was created. Elementary schools typically only have one activity account, or maybe two in some cases. For the high school, the interest income is credited to the “general” account where it is used during the year to cover bank fees for bad checks and the like. At the end of the year, it is apportioned to each of the activity funds based on the end-of-year balances, with the exception of the sports accounts as the funds go in and out of those accounts very quickly.

K. Chambers was asked to find out what happens to the money from “old” classes activity accounts at the high school and also to find out what the “CMH Scholarship” activity fund at the high school is.

Next Meeting: Tuesday, February 6, 2007, at 6:00 p.m. at the Monadnock Regional Middle/High School.

Adjournment: The meeting was adjourned at 6:30 p.m. upon approval of a motion by G. White and second by J. Mazza.