In the self-contained P’TACH programs, parents are charged tuition based on the actual costs of the program. Keeping in mind the small student-teacher ratio averaging 4-1, and the full parallel instruction to the mainstream program, the costs run in excess of $30,000 per year per child. The fee for resource room services is between is in excess of 4,000 per year per period (over and above the regular school tuition).
Many parents cannot afford this type of tuition (this burden becomes an additional problem for families having a learning disabled child). Thus every school year, P’TACH has awarded over one million dollars in scholarships. As a result of economic downturn the need for additional scholarships increases. Families are often unable to meet even the minimal tuition commitments they make.
The Fiscal Oversight Committee’s role is to oversee the financial affairs of P’TACH and review and make recommendations to the Board about the financial affairs and policies of P’TACH.
The membership of the Committee consists of three directors, all of whom are to be free of any relationship that, in the opinion of the Board, would interfere with his or her exercise of independent judgment. The Board appoints the members of the Committee. The Board may remove any member from the Committee at any time with or without cause.
The Committee meets at least three times a year. Additional meetings may occur as the Committee or its chair deems advisable. The Committee will cause to be kept adequate minutes of its proceedings, and will report on its actions and activities at the next quarterly meeting of the Board. The Committee will be governed by the same rules regarding meetings (including meetings by conference telephone or similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.
The principal responsibilities and functions of the Fiscal Oversight Committee are as follows:
* To review the annual budget as well as the annual financial statement prepared by management and make recommendation to the Board of Directors
* To evaluate performance of the independent auditor, as well as make recommendations on the hiring and retaining of the independent auditor
* To advise the board regarding issues referred to the committee by management
* To set and review salaries and raises for key employees