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Piedmont Community Charter hears budget shortfall and approves switch of 401(k) administrator to NOVA
Summary
The board was told October revenue was $1.42 million against $1.57 million in expenses, producing a deficit before investments; directors approved switching the school's 401(k) third-party administrator to NOVA, citing service and fee improvements and estimated $4,000 annual savings.
During the Nov. 18 meeting, finance committee reports showed month-to-date figures and account balances, and the board approved a change in the 401(k) third-party administrator. Claire presented the budget: total revenue was $1,422,591.72 against total expenses of $1,570,702.55, yielding a net deficit before investment activity of $148,110.83. The school’s investment account earned $43,572 for the…
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