RVCS Finance Committee Meeting
Finance committee reviewed August financials and an audit update (audit substantially complete); noted $100K moved into the Capital Reserve (balance ≈ $380K) and reviewed the Grounds Redesign project spending, assigning Central Source to document spend-to-budget links.
The Finance & Facilities Committee reviewed early final financial results for the 2025–2026 fiscal year (through August 31, 2025). Results are tracking to budget with a slight net income position and no reported changes to tuition. The committee received an update that the 2025 audit by Daniel Dennis Co. is substantially complete; results were more favorable than expected due to lower expenses (notably stipends and payroll). The minutes note that $100,000 was moved into the Capital Reserve account in July 2025, giving that reserve an approximate balance of $380,000.
Committee members reviewed and confirmed the previously adopted Finance Committee Responsibilities document with no changes. The committee reviewed inception-to-date expenditures for the Grounds Redesign project and assigned Central Source to create a document linking what has been spent to the project budget. Central Source was also tasked to review Community Preservation Act documentation to determine whether the Foundation should have related items recorded as of June 30, 2025. No public comments or contested issues are recorded in the minutes. The meeting was adjourned at 12:47 PM.