DC Prep board accepts clean audit, hears fiscal update and reelects four directors

The DC Prep PCS board voted to accept the fiscal-year audit after Dan, reporting for the finance and real-estate and audit committees, summarized the committeefindings: "the audit was clean with no adjustments or findings," he said, adding the organization saw a $2,500,000 increase in net assets and that revenue outperformed budget mainly from ASE teacher compensation, enrollment and interest.

Dan told directors that expenses rose year over year because of bonuses and investments in clinical services but that overall expenses remained under budget. Terry noted the organization closed financing July 10 and said the network ended the year holding about $34,000,000 in cash, with funds kept in bank accounts or U.S. Treasuries managed by Brown Advisory.

The finance committee voted to recommend approval of the audit and allocation of cash and investments; the full board approved the audit by roll call.

Governance business followed: the board voted to reelect a four-person slate (Chevy, Lisa, Pam and Dan) to new three-year terms. Multiple board members also paid tribute to longtime board member Michaela, who is leaving after more than three terms; members offered thanks and brief remarks before Michaela responded that she would remain available to the organization.

Before adjourning the public portion, the chair moved the meeting to a closed session; the board voted in favor and asked management to drop off the call.

What the board did not decide in public: no final decisions were reported about school-specific Aspire measures (that topic will return) and the minutes were approved "subject to revision" to correct a named seconder.

Next steps: staff will present narrowed options for school-specific Aspire measures in coming months and return to the board for approval by April.