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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 month, which reduced the net deficit to $108,007.25 for October.
Claire also summarized cash and investment balances across accounts, listing Truist operating funds ($2,575,161.37), a student activities account ($177,686.76) and a PNC investment account ($3,290,244.64); she reported expected cash and investments on hand at fiscal year-end of $7,024,030.15 and projected available cash in Truist of roughly $3.73 million after holding amounts in PNC.
Claire presented a proposal from NOVA Associates to replace the current TPA, Maxis, citing past service issues and growth in plan size; an advisor recommended NOVA for plans of this size. Claire said NOVA’s fees are lower and would save approximately $4,000 per year. A motion to approve the NOVA 401(k) proposal was made and the board approved the change by voice vote.
Staff also noted they filed the semi-annual investor call notice for the bond loan on Nov. 3 and plan an investor call in December. The personnel report included hiring Laura Baird as an elementary fourth-grade teacher and a staff request for board approval of that hire; the transcript records the request but does not record a separate motion or vote for the hire in the meeting minutes provided.
