The Tidioute Community Charter School board of trustees approved a motion at its meeting Monday evening to set aside $2.5 million of its total fund balance towards future improvements at the school.
The improvements have yet to be determined, but students and parents can expect updates to the facilities as well as other expenditures which will address the needs of the students, according to CEO Dr. Doug Allen.
The meeting mainly concerned finances as the preliminary results of a Root Spitnas & Smiley Inc. audit were taken into consideration. The motion, which approved the allocation of fund balances, was carried along with the approval of another motion to place $400,000 into an annuity rather than a bank savings account in an effort to gain a better interest rate for the year. The motions were in compliance with government audit regulations, according to Allen.
Regulations require that charter school boards and other public boards indicate the intended purpose of their fund balance.
Other items discussed by the board were the need for new chairs for assemblies as well as the current locker renovation project. "It is important for our charter school to plan for current and future needs for our 300 students from four area school districts," said Allen. "TCCS is in need of some renovation and educational improvements, and we are wise to save and plan for those needs."
"Employees and members of the communities we serve are proud of the success of the school over the past seven years and I thank the board of trustees for their wise use of funds," said Allen.
TCCS' board of trustees will have to wait for the final results of the audit to be received before the results can be released to the public, Allen said.