(These are draft minutes of our meeting. We expect that the board will approve them at its next meeting.)

(Note that materials for this meeting supporting all items for consideration, and a report showing financial and operational performance was sent to the board in advance of the meeting, on November 9.)

The NYCSBUS Board of Directors met on December 13 at 5pm at NYC Public Schools's headquarters at 52 Chambers Street in New York City.

In attendance were Kevin Moran (chair), PV Anantharam, Michael McClenathan, Heather Miller and Lori Podvesker. NYC Public Schools staff member Josi Louis was also in attendance. NYCSUBS CEO Matt Berlin and CFO Ajmal Sheikh and Steven Lee from the accounting firm CBIZ also attended.

The chair called the meeting to order at 4pm and noted that a quorum was present.

The board reviewed the minutes from its June 26, 2025 meeting. Those were posted in draft on the NYCSBUS website immediately after the meeting and sent to the board in their pre-meeting materials, with the CEO’s Report. The board unanimously approved the minutes.

The board then considered contracts for NYCSBUS insurance for the coming year. It was noted that these had been deemed appropriate as to level of coverage by the NYC Public Schools'‘s finance and pupil transportation staff and the city’s Office of Management and Budget and that pricing had been obtained through NYCSBUS’s insurance broker. After a review of and discussion about the coverage the board unanimously approved the insurance agreements.

Steven Lee from CBIZ then presented the results of the audit of the company’s financial statement for the year ended June 30, 2025 to the board. It was noted that some members of the board received this same briefing on September 29, while other board members were busy with start of school, so that at least some of the board members could see the financials before they were transmitted to the city Comptroller.

The board then entered executive session to meet with its auditor without staff present.

After returning from executive session the board considered changes to its investment policy, received input from staff and its auditor, but did not vote on any changes to that policy.

Finally, the CEO highlighted upcoming board agenda items from the CEO report that was distributed on November 9, the board had a brief discussion about executive compensation, and they discussed the value of and process for developing a strategic plan for the organization. They informally agreed to continue those discussions at their next meeting in December.

The meeting was adjourned at 6pm.