January 23, 2024 at 12:00 PM - Finance Committee Meeting

Description:  This is the required annual audit report for TEA.
 

Description:  The Raul Yzaguirre Schools for Success 2022-2023 General Fund and Child Nutrition Fund activity as of November 2023 and December 2023. The TCCC- Non School Activity as of November 30, 2023, and December 31, 2023, is presented.???? 

Description:  The projected budget for the expansion is as follows:

BRYSS         $14,000,000
Pasadena     $16,000,000

Description:  The purpose of this grant is to work with NeighborWorks America and Fannie Mae to help pilot a new green web search tool, which they have developed to help connect consumers to regional energy efficiency programs across ten states. The tool primarily targets low-to-moderate-income households and will allow people to search using criteria including location, income, household size, etc. The pilot program will run over a 6-month timeframe beginning in December 2023 and includes -

• A minimum of 50 clients with one follow-up
• Three (3) check-ins phone calls
• Three (3) monthly reports
• NWs to lead the exit Interview in April 2024
• Participate in a Convening to discuss any Roadblocks, outcomes, strategies

Description:  The RFP for the food service program is for after-school meals for the remainder of FY 23-24 and annual renewals for the next five years. RFP 24- 06JA is under development.

The RFPs for E-rate are for category 1 and category 2. E-rate will pay for 85% and 15% for local funds. RFP -24-04JA & RFP -24-05JA are being advertised. These RFPs must be advertised and available on the market for 28 days. Form 470 is being advertised.

Description:  The TCCC has had several vacancies in the Business Office, and currently the HCDE Business Office has been providing on going assistance in the areas of business support, accounts payable support, payroll support, procurement support, financial statements support, management support, E-rate support, agenda support, and human resources support. As new positions are filled, the amount of the contract will be adjusted. Moreover, this amount includes for overlap and training of potential new staff.  This includes 8 part time FTEs.

Description:  Building Cost                                  $1,087,896
Install, Skirt, Delivery                        $261,892
Site Work  -Ramp, Sprinkler, Etc.     $ 40,982
                                                         $1,400,770
 

Description:  The BRYSS Project requires an architect to design the expansion and the improvements for the high school at BRYSS. The architect was selected based on qualifications and recommendation from Levelfield Developers.
 

Description:  The resolution is proposed to allow for the reimbursement of expenditures prior to the closing. For the market tax credits at Pasadena, it will be for 24 months and for the BRYSS Project will be six months.

Description:  In order to facilitate participation by the Center and the QALICB in the NMTC Program, the Center, as lessee, will enter into an operating lease with the QALICB, as lessor, whereby the Center will lease the Pasadena Project from the QALICB (the "Operating Lease"), so the Center may operate the Pasadena Project as a charter school as part of the Raul Yzaguirre Schools for Success, in furtherance of the purposes for which the Center is organized (the formation of the QALICB, the Conveyance, and the leasing transactions as described in the foregoing recitals being hereinafter referred to as the "Pasadena Real Estate Transaction"); and

To facilitate participation in the NMTC Program Financing, the Center desires to obtain a loan from Raza Development Fund, Inc. ("Source Loan Lender"), in the maximum principal amount of $11,000,000 (the "Source Loan"); and

In order to facilitate the financing under the NMTC Program, the Center desires to loan the approximate principal amount of $11,425,600, comprising a mix of the Center’s cash on-hand and the proceeds of the Source Loan (the "Leverage Loan"), to a single-purpose investment fund (the "Fund") owned by Chase Community Equity, LLC, a Delaware limited liability company, an affiliate of JPMorgan Chase (the "Tax Credit Investor"). 

In connection with the Leverage Loan, the Center desires to enter into various loan and security documents (collectively with all other documents to be signed by the Center in connection with the Leverage Loan being referred to herein as the "Leverage Loan Documents"), which include but are not limited to a fund loan agreement by and between the Center and the Fund; and

The Fund will use the proceeds of the Leverage Loan, together with other funds to be invested in the Fund by the Tax Credit Investor, in the approximate amount of $5,054,400, to fund a Qualified Equity Investment in the aggregate amount of $16,000,000 (the "QEI") in Partnerships of Hope 44, LLC, a Missouri limited liability company (the "CDE"), an affiliate of Raza Development Fund, Inc., an Arizona nonprofit corporation, in exchange for Tax Credit Investor’s receipt of $6,240,000 in federal tax credits in accordance with the NMTC Program; and

The complete resolution is attached to the agenda item.
 

Description:  A report of the vendor payments for RYSS and Non-School is attached for all vendor payments above $50,000. A monthly report will be provided to the board each month.
 
The ratification of January 2024 disbursement report for cumulative expenditure above $50,000.
 
Cumulative amounts total: $261,025 for RYSS and $217,434 for Non School Payments
 

Description:  The Food Services Department is implementing meals for students after-school. A new contract was approved by TDA to continue this program for 3 months. A new RFP will be prepared to extend the program into FY 24-25. Meals will be reimbursable and included in the food program.
 

Description:  The financial advisor is a key element of the expansion project. Masterson Advisors LLC has worked with other charter schools.