Monument Academy School Board, May 8, 9 and 29 – Board adjusts budget for low enrollment, anticipates tax credit revenue

Budget
Employee Retention Tax Credit approved
Curriculum
Policies
Highlights

By Jackie Burhans

The Monument Academy (MA) School Board met on May 8 to review the 2025-26 budget, advisory committee recommendations, curriculum, and policies. The board held a special meeting on May 9 to approve its adjusted budget and hear about its Employee Retention Tax Credit (ERTC) claim and hold an executive session.

Budget

At the May 8 meeting, Finance Director Laura Polen presented the proposed 2025-26 budget, based on the Colorado Department of Education’s confirmation that the School Finance Act set per pupil revenue (PPR) at $11,080. The budget assumed a projected enrollment of 1,090.12 full-time equivalent (FTE) students.

Polen reported that General Fund revenues increased by $156,000 due to donations and fundraising, while expenses dropped by $1.4 million following completion of dirt lot and modular purchases. The budget allocates $13 million in local, state, and federal funds, balancing expenses across schools, programs, and object codes. By campus, West Campus shows $178,000 in income, the middle school reports a $183,000 loss due to a large student bubble moving through, and the high school shows $4,798 in income.

At the May 29 meeting, Polen presented an adjusted budget, lowering projected enrollment to 1,075 FTE, reflecting two fewer students in homeschool enrichment, two additional middle school students, and 15 fewer high school students. The high school donation budget was increased to offset PPR, instructional fees, and mill levy override share decreases. She said current full-time equivalent FTE stands at 1,052, with additional enrollment needed to meet projections: 20 more students for the High Performance Program, 8.5 (17 students) for homeschool enrichment, and preschool tuition revenue of $25,000 to balance its budget. Elementary and middle school enrollment exceed projections by five students each, while high school is under by four.

Interim Chief Financial Officer Glenn Gustafson said this year’s budget was tight with the decline in enrollment. He said he knew the board would have liked to give bigger compensation increases and that there were other tight spots in the budget, but he was hopeful that the enrollment would come in as projected. With other things in the hopper, he thinks the budget will work out and he noted that this adopted budget can be modified in December or January after the final enrollment counts.

The board unanimously approved three resolutions:

Interfund borrowing to loan funds to the preschool for payroll.
Use of beginning fund balances to disclose deficit spending for preschool.
Appropriation resolution setting maximum expenditures by fund.

Once signed, MA will post the budget on its website and submit it to District 38, its charter authorizer. Gustafson emphasized the need to develop a sustainable financial model for preschool, as it is currently subsidized by the academy.

Employee Retention Tax Credit approved

Gustafson announced that MA’s ERTC claim was approved for the first of five quarters. The IRS approved $450,000 for the first quarter, plus $150,000 in interest due to processing delays, for a total of $600,000 expected by the end of June. The remaining quarters were smaller, but the total payment could range between $1.8 million and $1.9 million.

He noted the appropriation resolution did not include ERTC funds since approval was uncertain. MA spent $100,000 working with a consultant to submit the claim. He suggested the board prepare for a supplemental appropriation in an upcoming meeting, work session, or retreat.

For short-term management, he recommended placing the funds in a segregated account at COLOTRUST, an investment fund for government entities, to earn interest. Long-term, the board will determine potential uses, such as adding gravel to the West Campus dirt parking lot, increasing staff bonuses, or supporting capital construction efforts. He urged prudence, emphasizing the funds are a one-time resource.

Gustafson stressed that next year will be a critical time for MA as it prepares to refinance its bonds by June 2026. He noted the current unfavorable interest rates and uncertainty about future improvements. He plans to work with Polen to draft a supplemental budget amendment for the fall.

Curriculum

Executive Director Collin Vinchattle introduced two new curriculum proposals for Colorado History and High School Leadership.

For history, he directed the board to documents outlining the course structure, its alignment with state academic standards, and a recommendation from the East Campus Curriculum Committee. A high school teacher proposed the two new courses. The Colorado History course will be available at the West Campus library for parental review over the next three weeks before returning to the board for a vote.

Vinchattle noted that the High School Leadership course will follow a similar review process. While it lacks a specific textbook, a teacher developed a collegiate-level syllabus as a foundation for an emerging leadership program. He said information will be shared through the board’s Simbli platform, where stakeholders can submit feedback via an online form.

Policies

The board reviewed and unanimously approved the following policies:

1501HS High School Dress Code: Updated from a previous proposal after feedback from parents and students. It will be renamed later when other dress code policies are updated.
AEP Educational Philosophy: a statement of philosophy as noted in previous discussions.

The board held the first reading of AE-MA Penmanship policy emphasizing MA’s cursive-first approach.

MA’s approved board policies can be found at http://bit.ly/ma-boarddocs

Highlights

Board meeting highlights include:

Spotlight: Board member Craig Carle recognized the process champions team, announcing Monument Academy Middle School as a national showcase school for the Capturing Kids’ Hearts (CKH) program. Team members include Thomas Herndon, Lisa Rich, Jesse Davis, and Angela Duca.
Executive Director: Vinchattle celebrated the CKH recognition, student capstone presentations on truth and beauty, the high school information night, and the fourth-grade visit to the Colorado History Museum.
Finance: Polen reported on March financials noting all three schools had positive income and MA remains on track to meet bond requirements.
SAAC East: Board member Jilinda Dygert shared that the Student Accountability and Advisory Committee (SAAC) for East Campus submitted recommendations after reviewing survey results. Priorities include hiring, training, and mentoring staff, improving communication, encouraging consistent Canvas use, directing funds toward infrastructure, and expanding academic offerings.
Operational Audit: Vinchattle reviewed completed goals and outlined remaining objectives.
Contracts approved: The board finalized its food services agreement with D38 for the 2025-26 school year and approved its Memorandum of Understanding with Monument Police Department for school resource officers.
Handbook updates: Vinchattle proposed adding a workplace-bullying section to the staff handbook and will present revisions after legal review. He also led a first reading of a combined student handbook to streamline policies, with a final vote set for June.
Campus expansion: The board unanimously approved an Owner’s Representation Agreement with Wember Owner’s Representation as MA prepares for phase two additions at East Campus.
Board planning: Members will complete a self-assessment survey ahead of their July retreat, following operational audit recommendations.
Executive session: The board closed its May 29 meeting with a session to receive legal advice on HP25-1312, Protecting Transgender Individual Rights, and potential policy decisions regarding girls’ sports.

**Above:** At its March 17 board meeting, the D38 board honored Laurie Caves of Care. At the May 8 school board meeting, board member Craig Carle recognized the process champion team, highlighting Monument Academy Middle School’s selection as a national showcase school for the Capturing Kids’ Hearts program among 7,000 participating institutions. Executive Director Collin Vinchattle praised the team for fostering strong student relationships. Team members include Thomas Herndon, Lisa Rich, Jesse Davis, and Angela Duca (not pictured). In the front row from left are Davis and board member Jilinda Dygert. Standing, from left, are board members Matt Ross, Vice President Lindsay Clinton, Thomas Herndon, Lisa Rich, board member Karen Hoida, Carle, and board President Ryan Graham. Photo by Jackie Burhans.

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The MA School Board meets at 6:30 p.m. on the second Thursday of each month. The next regular board meeting will be on Thursday, June 12, at 6:30 p.m. at the East Campus. The agenda and packet are available at bit.ly/ma-boarddocs.

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

Budget

Employee Retention Tax Credit approved

Curriculum

Policies

Highlights

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