Monument Academy School Board, Dec. 1 and 8 – Board launches fundraising campaign; CFO resigns

• Fundraising campaign launches
• CFO resignation
• Introduction of interim COO
• Budget and finance challenges
• Highlights

By Jackie Burhans

At a Dec. 1 special meeting, the Monument Academy (MA) board launched its annual fundraising campaign. At its regular meeting on Dec. 8, the board accepted the resignation of its chief financial officer (CFO), introduced its interim chief operating officer (COO), and reviewed the amended budget and its financial challenges.

Fundraising campaign launches

At a special meeting on Dec. 1 called Give Hope, board President Ryan Graham began by saying MA’s greatest asset since its founding was its community which had shown great generosity, noting that MA was now asking for more. He briefly went over the history of opening the East Campus during the pandemic and enduring two difficult years with significant staff turnover for various reasons.

Graham provided an overview of school funding, which comes from the Public-School Finance Act of 1994. The state calculates the total per-pupil funding by setting a base number and adding money for factors such as cost of living, personnel costs, district size, and at-risk student count and then subtracts a “budget stabilization” factor to address statewide budget balancing challenges. 40% of the district funds come from a local share, made up of property taxes and specific ownership taxes (e.g., car registration fees) and the remaining 60% is backfilled by the state from other revenue sources. The current per-pupil revenue is around $8,500 per student, he said, which is allocated to Lewis-Palmer District 38, MA’s authorizer, and disbursed to MA based on its per-pupil count. MA uses this money to pay all its expenses, including the bond debt service for both campuses.

Before building the East Campus, Graham explained, MA was in a financially stable position. MA had projected it would have a total of 1,418 students for both campuses; the current count is 1,111. The projected extra 300 students would have represented nearly $2.6 million annually in additional funding. MA, he continued, has a $28.4 million balloon payment due in May 2026 and had intended to refinance based on increased enrollment numbers. The board’s short-term objective is to use the annual contributions to give the school another year to flourish and refinance its bonds after August 2024.

The board members spoke about why they chose MA, citing things such as the curriculum, character program, uniform policy, parental involvement, class size, and mission. Others spoke of coming from other schools, districts, or states that had had negative experiences or concerns. Principal David Kennington said that MA aims to provide personalized, individualized education to every student through a classical education. The challenge, he said, is to build on MA’s 26-year history of excellence, which would be a steep climb financially.

Jake Dicus, manager of development and Mission Engagement, presented details of the Lynx Fund annual fundraising campaign. The goal for 2023 is to raise $500,000. While that might seem daunting, he said, with 1,100 kids from 739 households, the math comes to $675 per household. This can be paid on a one-time or monthly basis. If a family could not afford that, they could donate a lower amount, he said. He also noted an opportunity to become a “Lynx Legacy” donor by contributing $1,996 to honor the year in which MA was founded. MA will post a plaque on each campus naming Lynx Legacy donors unless they wished to remain anonymous. Dicus said another way to raise the $675 would be to leverage an employer match program or to challenge family members, friends, or businesses to contribute. Donations are tax-deductible. The funds, he said, would be used for staff compensation, school safety, curriculum, athletics, and operations. The benefits would be financial stability, teacher retention, competitive staff pay, an updated curriculum, and the ability to refinance the bonds in 2024. Dicus noted that the website now has a DONATE button at the top of the main page in the right-hand corner.

Graham challenged the board to donate at the Lynx Legacy level, wrote a check for $1,996, and passed around a basket to collect checks from other board members.

CFO resignation

At the Dec. 8 meeting, the board started by adding “to discuss personnel matters and legal questions regarding the CFO and acting COO” to its executive session citation.

Early in the meeting, CFO Marc Brocklehurst was recognized for going above and beyond every month, including covering for former COO Merlin Holmes, who resigned. The board thanked Brocklehurst for serving the MA community.

Later, after returning from a lengthy executive session with multiple topics, the board announced they had received Brocklehurst’s letter of resignation effective Jan. 6, 2023. Graham said Brocklehurst had been stalwart in navigating MA’s financial challenges and expressed the board’s gratitude and wishes for success in the private sector. The board moved and unanimously approved a motion to accept the resignation and to have its hiring subcommittee commence talks with the newly named interim COO to determine the best steps forward.

Introduction of interim COO

At MA’s Dec. 1 special meeting, Graham noted that the board had hired an interim COO, Kim McClelland, as an independent contractor for MA for the remainder of the school year. McClelland is a native of Colorado and got a bachelor’s degree in Social Science at the University of Northern Colorado with an emphasis on elementary education. She got her master’s in education and leadership from Jones International University and has worked as a teacher and principal. She has 25 years of experience, including serving as executive director of Colorado Digital BOCES and as a zone superintendent in D49. Graham said she has created programs for charter schools, home schools, online, and summer schools. She also served on a statewide committee to support charter schools.

McClelland spoke briefly at the Dec. 8 meeting, saying she was excited to partner with MA’s staff and help bring community cohesiveness. She promised to hold multiple “couch talks” and fireside chats so people can get to know her.

Budget and finance challenges

Brocklehurst presented his final CFO report detailing revenues and expenses, explaining any variances. He reported a net loss of $82,000 for November, and a net income of $478,000 for the fiscal year compared to a net income of $934,000 in the previous year.

Board member Joe Buczkowski asked Brocklehurst to review the revised budget included in the packet. Brocklehurst noted that the October count was finalized, so the budget had been revised to plug in the actual student enrollment counts, actual per pupil revenue (PPR), and any other budget adjustments. The original PPR estimate in April was $9,118; the actual PPR for D38 is $9,050 or $68 less per student.

West Campus per pupil operating revenue (PPOR), which is the total PPR times the number of students, will decrease by $42,000. Building use revenue will increase by $60,000 due to rental charges to the preschool to offset the cost of staff. The state capital construction per pupil amount will increase, for a total of $7,000. Expenses will increase by $80,000 due to the increased cost of substitute teachers and adding extra full-time hires with benefits. Professional contracted services will rise by $143,000 for outsourced payroll, human resources, and occupational therapy as well as increased legal fees. Expenses for materials and supplies will increase by $20,000 due to software subscriptions. The overall net income for West Campus is $3,000.

East Campus PPOR will decrease by $338,000. Due to lower enrollment, the 1999 MLO revenue and state capital revenue will decrease. The budget line for gifts and donations will increase by $170,000 to $500,000 per the new fundraising goal. Expenses will decrease by $36,000 due to planned decreases in staff but will increase by $76,000 for contracted professional services, and by $11,000 due to custodial costs. Expenses will decrease by $22,000 due to lower district fees because of lower enrollment. They will also decrease by $35,000 due to decreased supplies and materials. The overall net loss for East Campus is $594,000.

Brocklehurst said the budget shows an ending fund balance of $1.8 million for the West Campus and $740,000 for the East Campus. This is still within the bond covenant’s required number of days cash on hand, he said.

Buczkowski confirmed that the costs to install the modulars at the East Campus and the costs related to HVAC on the West Campus were included in the budget. Later, in his report for the Finance Committee, Buczkowski highlighted that the revised budget shows $500,000 as its donation goal and notes an ending balance for East Campus of $740,000. The budget notes that the bond covenants require 40 days of cash on hand, which is equal to $673,000. There is a comfortable cushion between those two numbers, he said, but it is predicated on achieving the $500,000 in donations. He did not want there to be any surprises in a few months. While the West Campus is in excellent shape financially, funds from that campus cannot be transferred to the East Campus

Buczkowski also noted that the Finance Committee had a conference call with Russ Caldwell, formerly of D.A. Davidson, a charter school financer that issues bonds for schools. Caldwell has been advising MA at no cost on refinancing and Phase 2 construction on the East Campus. Since the MLO did not pass, there is no financing opportunity for Phase 2 construction in the short term. Had it passed, MA might have been able to start on athletic fields or a gymnasium. That could change if there were a successful MLO next fall. The other thing that could change is improved business fundamentals at the school, such as increased enrollment. Because the MLO did not pass, MA will not pursue a financial advisor to obtain financing at this time to avoid wasting time. The current bonds on both campuses can be refinanced in the fall of 2024, and there is an opportunity to borrow money for a substantial Phase 2 at that time. MA should have more information in January. He reminded the board that the existing bonds must be refinanced by the spring of 2026 because of balloon payments due on both bonds.

Brocklehurst noted that the draft 2021-22 audit should be completed within the next week or so, and the board would need to call a meeting and vote if it wanted to make any changes.

Highlights

Board meeting highlights include:

• Graham reported that MA had received two bids for the traffic recirculation work at the West Campus, which it would review with legal counsel in the executive session. Phase 1 of the project could potentially start in mid-May and conclude in September or October. Phase 2 of the project would be done in conjunction with the Highway 105 expansion, for which MA does not have a timeframe. After the executive session, the board unanimously voted to authorize the Highway 105 Committee to engage a construction manager and potential vendors.
• Board member Emily Belisle reported that a math curriculum subcommittee had been formed and began discussing the cost and feasibility of purchasing a new curriculum. The Curriculum Committee will likely model its parental review policy on the D38 policy and adapt it for MA. She also asked parents to provide feedback on the use of tech at school to her email ebelisle-board@monumentacademy.net.
• The board unanimously approved revisions and additions to the Employee Handbook regarding extended and administrative leave.
• Middle School Principal Colin Vinchattle introduced Jeff Henry as the initial coordinator of the Watch D.O.G.S. program for MA’s East Campus. The program, which stands for Dads of Great Students, encourages the involvement of fathers in the school to provide a positive male role model. Henry said that the idea is to get fathers involved every couple of weeks or once a month. He said there will be a kickoff event on Jan. 10, and he is working with two other volunteers to initiate awareness, share experiences, and get input from teachers, parents, and staff.
• The board voted unanimously to update the preschool policy on inclement weather to bring it in line with the K-5 policy.
• Athletic Director Mike Svendsen discussed his goal of building an athletic store to sell athletic wear to build morale and spirit and retain kids while building the high school sports programs. He obtained approval from both marketing and administration and plans to partner with the Parent Teacher Organization to share funds. He said he believed the athletic wear follows the uniform policy at the middle school and the dress code at the high school. Buczkowski said the board would need to approve any proposed changes to the middle school policy at its January meeting, and the matter was tabled.

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The MA School Board meets at 6 p.m. on the second Thursday of each month. The next regular board meeting will be on Thursday, Jan. 12, at 6 p.m. on the East Campus. See more information at see https://bit.ly/ma-boe.

Jackie Burhans can be reached at jackieburhans@ocn.me.

Other Monument Academy articles

• Monument Academy School Board, July 17 – Board prioritizes marketing plan, passes policy on religious opt-outs (8/1/2025)
• Monument Academy School Board, June 12, 27 – Board passes sports fairness policy, joins in suit against CHSAA (7/3/2025)
• Monument Academy School Board, May 8, 9 and 29 – Board adjusts budget for low enrollment, anticipates tax credit revenue (6/7/2025)
• Monument Academy School Board, April 10 and 24 – Proposed high school dress code draws concerns (5/3/2025)
• Monument Academy School Board, Feb. 26 and March 13 – Board returns focus to gender ideology, hears concerns about discipline enforcement (4/5/2025)
• Monument Academy School Board, Feb. 13 – Board expresses interest in Grace Best building (3/1/2025)
• Monument Academy School Board, Jan. 6 and 9 – Board hears bond refinancing, action plan (2/1/2025)
• Monument Academy School Board, Dec. 17 – Board hears academic dashboard report (1/4/2025)
• Monument Academy School Board, Nov. 18 and 21 – Board responds to organization audit (12/5/2024)
• Monument Academy School Board, Oct. 17 and 24 – Board hears financial audit, improvement plan, internal review (11/2/2024)