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OCN > 2601 > Monument Academy School Board, Dec. 11 – MA retains BB- credit rating

Monument Academy School Board, Dec. 11 – MA retains BB- credit rating

Highlights

  • The Monument Academy board discussed its current credit rating, noting a BB- rating influenced by refinancing timing and enrollment, which affects borrowing costs and investor options.
  • Board members explained MA plans to refinance its 2019 bonds within the next 30 to 60 days and proceed with the Track & Field project, starting with a first tier that includes the track, field, and a compliant press box, followed by a second tier for bleachers and lights funded by a capital campaign.
  • A contract to move the Track & Field design into construction was approved unanimously, with RJ LaForge of Wember Inc. serving as owner's representative and Brian Risley of CRP Architects as the project architect.
  • Capturing Kids Hearts, presented by Mark McKinney, is being used to build leadership and school culture at MA, with claims of improved connection, discipline, and teacher retention based on CKH surveys and the program's EXCEL framework.
  • CKH has been implemented at the elementary and middle school levels and is expanding to the high school, which MA leaders say aligns with the district's vision of security, character, connection, growth, and excellence.
  • The board recognized a high school Turning Point USA Club America group, acknowledging student leaders who planned a 5K to honor Charlie Kirk and presenting each student with certificates.
  • Policy updates were approved in several areas, including staff decision-making, contracts and compensation, overtime, fringe benefits, and the meet-and-confer status, while a related policy on instructional materials was tabled for deeper discussion in January.
  • Updates and highlights from the meeting noted enrollment activity, fundraising plans, and financial actions, including a mid-year budget showing a deficit that is smaller than projected thanks to adjustments and anticipated refinements, with a final budget review planned for January.
  • In conclusion, the board highlighted ongoing growth initiatives, CKH implementation, and financial planning as MA advances its Track & Field project and school improvements into the new year.

By Jackie Burhans

The Monument Academy (MA) board met on Dec. 11 and heard an update on its S&P credit rating, approved a contract for its Track & Field project, heard a presentation on Capturing Kids Hearts (CKH), recognized a high school club, and updated policies.

No change to credit rating

Finance Director Laura Polen reported that she had heard back from Standard & Poor’s (S&P) on the school’s credit rating and took that information back to MA’s bond counsel. She said the BB- rating was due, in part, to the lack of refinancing but that MA had been waiting to refinance until it got its new credit rating, describing it as a chicken-and-egg situation. MA’s enrollment numbers also played a factor in keeping the bond rating at BB-, she said. S&P describes BB- as being below investment grade, in the speculative category, noting that it is less vulnerable in the near term than lower-rated entities but faces major ongoing uncertainties or exposure to adverse conditions (see https://www.spglobal.com/ratings/en/credit-ratings/about/understanding-credit-ratings). Credit ratings can impact borrowing costs and limit the investor base and the strictness of bond covenants.

In the Finance Committee meeting report, board member Craig Carle said that in talking to other charter schools, a BB- rating was becoming common in their growth phase. He said that MA doesn’t want to lose steam of its momentum. Carle said that there are a lot of good, positive things happening, and MA is making strong progress.

Board President Ryan Graham said that MA will be refinancing its 2019 bonds and should pull the trigger in the next 30 to 60 days if not sooner. He also said MA would be breaking ground soon on its new Track & Field.

CRP contract proposal

Graham introduced RJ LaForge of Wember Inc. as the owner’s representative, while Brian Risley of CRP Architects would be the architect for the new Track & Field. Graham reminded the board that it had previously approved a schematic design. LaForge said he was seeking approval of a contract to take the design into the construction phase and was available to answer questions about funding.

Polen said the funds for the contract would come from the refinancing. Graham said that the board had some revisions that were brought back to the committee that would be implemented and that the project would be done in two tiers. The first tier would include the track, field, and a press box that meets CHSAA criteria. The second tier would work on a capital campaign to raise money for bleachers and lights.

The board voted unanimously to approve the contract with CRP for the final design.

Capturing Kids Hearts presentation

Mark McKinney, senior leadership strategist from CKH, gave a presentation about the program and how it aligns with Monument Academy. CKH is a program used at MA and D38 schools that equips teachers, coaches, administrators, and district leaders to improve school culture and academic performance. McKinney said that everything CKH teaches is in the context of leadership, and MA wants to build leaders, not followers.

CKH uses the initialism EXCEL to describe its framework: E for Engage, X for eXplore; C for Communicate, E for Empower, and L for Launch. McKinney said public schools with CKH experienced 17% more connection and 40% growth as well as a 22% reduction in discipline referrals and 18% higher teacher retention rate than the national average. McKinney said that these statistics came from surveys at the beginning and middle of the school year. Surveys go to teachers, staff, students, and families.

McKinney explained that CKH’s discipline model asks: What are you doing? What are you supposed to be doing, and what are you doing about it? MA’s vision statement talks about valuing security, character, connection, growth, and excellence, all of which fall in line with CKH, he said. A lot of programs tell teachers you need to have good relationships with your students—CKH gives specific tools, McKinney noted.

Vinchattle said CKH was brought to MA before he started and is fully implemented at the elementary and middle school levels. MA’s middle school was named CKH national showcase school in 2025. Vinchattle said that implementation was underway at the high school. Graham asked if there was board training, saying he’d like to sit through a staff presentation.Note: For more information, see www.capturingkidshearts.com.

Board recognizes high school club

Vice President Lindsay Clinton said that in the aftermath of Charlie Kirk’s assassination, a group of high school students at MA began forming a Turning Point USA Club America chapter. They were the first in D38 to complete the process and sponsored a 5K that had 250 participants to honor Kirk, she said. Club America’s program educates young people about the importance of limited governments, free markets, and freedom, she said, encouraging students to be leaders in their communities. Clinton said this student-led club meets after school and includes students from eighth to 12th grade. She said the board wanted to honor the group of students and thank their teacher supervisor.

Above: At its Dec. 13 meeting, board Vice President Lindsay Clinton recognized the high school students who helped to found MA’s Turning Point US Club America after-school club. The club, which includes eighth through 12th grades, educates young people about the importance of limited governments, free markets, and freedom, and encourages students to become leaders in their communities, she said. From left are Serena Krell, board President Ryan Graham, Grace Dunston, board member Matt Ross, Aneliese Verones, Kainoa Smith, Joshua Deniston, Clinton, and board member Craig Carle. Photo by Jackie Burhans.

Clinton called up the students in attendance and presented them each with certificates and a group photo. The students included Joshua Deniston, Grace Dunston, Serena Krell, Kainoa Smith, and Aneliese Verones.

Policy updates

The board tabled policy IJ-MA Selection of Instruction Materials and Textbook Policy and Procedures at its related exhibit after hearing from Vinchattle that there was confusion during the feedback period. Reviewers wanted a deeper discussion on pacing and the process of adopting a new textbook edition, he said. The board will discuss this policy at its January meeting.

The board unanimously approved the following policy updates as described by Vinchattle:

  • GBB-MA Staff Involvement in Decision-Making describes the system in place for teachers to communicate during the decision-making process stated in plain terms.
  • GCBA-MA Instructional Staff Contracts/Compensation/Salary Schedules speaks to how MA approaches contracts, compensations, and salary schedules. Vinchattle said that MA does not have a true salary schedule.
  • GCBC-MA Professional Staff Supplementary Pay Plans/Overtime describes how MA approaches overtime for hourly and salary staff. MA primarily uses stipends, a different approach than D38 uses for coaches.
  • GCBD-MA Professional Staff Fringe Benefits speaks to the benefits MA provides its staff, which is a little different than D38. Some benefits are mandated by the state, Vinchattle noted.
  • GCBDA-MA Licensed Staff Meet and Confer Process, which states that MA does not meet and confer, because it doesn’t have a union.

Note: Board policies can be found at https://tinyurl.com/ma-policies.

Highlights

Board meeting highlights include:

  • Executive director. Vinchattle noted that Intent to Return forms had been sent to families asking that they fill them out, because it helps with the planning process. Enrollment was underway, he said, with some full elementary grades on a waitlist. He reported on holiday goings-on, including craft fairs, concerts, and spirit week.
  • Finance Director Polen reviewed the October financials, noting that they represented 33% of the school year. She noted that there were large dollar expenditures, which were purposeful deficit spending, which would use its Employee Retention Tax Credit (ERTC) funds, including preconstruction expenses that would be recouped when MA refinances its East Campus bonds, staff bonuses, and revenue losses due to enrollment differences from the budgeted amount. On a year-to-date basis, MA is at a net loss of $591,000 but after adjusting for the ERTC fund usage, it is at $89,400 in net income overall.
  • Student Accountability and Advisory Committee (SAAC) West. Clinton said the school survey is live until Jan. 12, and MA is seeking responses from West Campus families. There will be rewards by grade level for 50% or higher participation, she noted.
  • Resources and Development. Clinton said save-the-date cards for MA’s annual fundraising gala went home, and ticket sales will open in January. She thanked Operations Manager Jake Dicus for his assistance in applying to the Charter School Facility Assistance Program (CSFAP) through the Colorado Department of Education.
  • Pre-School Handbook and tuition. Director Kristy Hayes said the handbook added a visitor’s policy in line with the elementary school and added information about the Universal Pre-Kindergarten (UPK) program. She also proposed a small increase in monthly tuition of $100 per month. She noted that families who qualified for 15 or 30 hours of free UPK tuition would not have to pay unless they exceeded those hours. Families signing up for the Friday enrichment program would see an increase from $50 to $100 per month. The board unanimously approved the increase in tuition.
  • Mid-year budget. Polen provided an initial presentation showing a $40 increase in per-pupil revenue and a decrease of 29 in enrollment projections. The income was also adjusted for instructional fees, donations, the mill levy override (MLO), payments for Walden, and the state CSFAP grant, as well as staff bonuses. She transferred $15,000 to the preschool fund and added interest from UMB bank. The net income will be $144,000 less than the original budget. Expense changes include bonuses, staffing changes, $75,000 for the Inkyma marketing contract for the year, stipends for after-school clubs, class trips, West Campus building repair, back taxes, modulars, etc. The bottom line shows $184,000 in deficit spending, which is less than the $580,000 projected. Polen said she would bring this budget back for approval at the January meeting

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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 Jan. 8, at 6:30 p.m. at the East Campus. The agenda and packet are available at tinyurl.com/ma-boarddocs.

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

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