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MASFAA Finance
Committee
April 6, 2006
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Present: Vickie Crupper, Billie Jo Hamilton, Brian
Heinemann, Karen Kopp, Dan Mann, Samantha Ruffini
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1.
Balance
sheet and profit and loss report
Samantha distributed reports on profit and loss, budget vs actual, and balance sheet. Next CD is scheduled for May. Samantha to fix the withdrawal from First American with a deposit of $50,000 and the correct amount to be withdrawn from US Bank money market. The May CD of $50,000 will also come out of the US Bank account. First American is earning around 3.75% and the CDs are earning about 4.75%. All zero funds will be printed excluding those accounts. The Reserve Fund is only earning a 1.3%, so that investment will be moved. The cycle of CDs will be established with the upcoming establishment of investments. We were required to pay estimated taxes in 2005 and they were not paid. We have filed an extension and made the payment before the due date. Estimates were due in July and September, based on the audit.
Dan asked if the $88,774 from the
annual conference, on the budget vs actual, would require a variance on the
budget. Questions were asked regarding
the conference site and the amount of supplies (shirts for local arrangements
committee). Dan will speak with local
arrangements regarding the expense of shirts.
The 2006 Site Committee has not incurred too many expenses. Samantha and Billie Jo are to split meeting
rooms for exec up to lodging and meals.
Samantha and Billie Jo determine the breakdown of expenses for the budgeting
for the year. Brian will set up the same
for Vickie’s budget for next year. Funds
need to be allocating more specifically to where the expenses occur. The bottom line is the issue
after adjustments have been made by the Treasurer and the VP for
Finance. Dan stated that there is a big
push from the lender side on their products and this could eventually affect
the income from the lender. Corporate
sponsorship might be reduced and we may need to maintain our reserves as they
are at this point. Dan has spoke with
site and program regarding costs for the upcoming conference. Discussion ensued regarding conference
contracts with the speakers that are on the agenda. The Des Moines Marriott Hotel meal functions
can serve 800. We will be offering six
interest sessions instead of eight sessions at any one time. Discussion ensued regarding the projection of
attendance at the
Jason VanSickle has Diversity pre-conference as a sponsorship item and that should be taken off of the request form. Billie Jo will discuss this issue with Jason. We are not planning any pre-conference activity.
2.
Fee
Discussion
·
2006
Conference
Discussion ensued regarding the cost of the conference for attendees. Dan suggested to keep the Conference fees at $175. It was decided that the amount stay the same as 2005, based on numerous reasons. Committee voted for above.
·
2007 Dues
It was agreed that the membership dues remain at $50. The Committee voted for this issue.
Dan recommended to have a drawing for a free conference registration fee for those individuals that complete the conference evaluation. Discussion ensued regarding this concept and how this would be tracked. It would probably be handled similarly to the conference state scholarship. The Committee approved the concept upon investigation through ATAC. It may be set up through ATAC for this year and then be operational for future years. Dan will announce these ideas to the Executive Committee during the meeting tomorrow.
The question of alcohol/drink tickets came up during the conference committee meetings. It was decided that the decision would be up to the President. It was the decision of the committee to not have alcohol served if secondary and post secondary students are in attendance. Dan will be notifying members not to ask lenders to take them out to dinner and will also be asking the sponsors to not ask school members to go to dinner. Jason VanSickle will also be notifying the associate member community.
3.
Reimbursement
Issues:
·
Internet
access
Discussion ensued regarding this charge and Dan’s responses from other regional associations. It was the decision of the committee to not cover this expense, which is consistent with other regional associations.
·
Airfare
changes
Billie Jo will rewrite the procedures to get permission from the VP for Finance and the President to get changes/charges on airfare transactions. Discussion ensued regarding the membership’s responsibility when changing the flight. It was the recommendation of the Finance Committee to eliminate Burch Travel and have the membership purchase and request re-imbursement from MASFAA. If the member cannot purchase on their own credit card, then they would need to contact the Vice President. Any change in a purchased ticket needs to be approved by the VP or President if additional charges are incurred. This will be addressed in the revisions of the Policies and Procedures.
4.
Services
requested for RFP
Tax preparation/Audit services
Billie Jo has contacted three corporations and will continue to investigate this issue. We will probably have an audit and taxes for 2004 completed by Merriweather until a decision is finalized. Each piece is billed separately by Merriweather. The official address of MASFAA will be Merriweather for at least this year. Billie Jo will continue with this investigation with a deadline of June 1st for the companies response for the RFP.
5.
AG Retreat
for long range planning
Budget variance may be required since this retreat was not originally budgeted. The current plan is to have a facilitator with increase attendance and a longer period of time. The invitees will be very targeted for this long range planning initiative. A budget of $14,350 was projected. The intent is to re-examine our long range planning. The Committee voted to approve the budget variance for the long range planning retreat with the intent to take the funding from reserves. Dan motion and Vickie seconded.
6.
Budget
preview for 0607
Vickie asked for some guidance
with her projected budget. She based
membership dues at $50 and increased conference attendance to 600, with a drop
in corporate support. Vickie stated that
she may decrease the projected budgeted income of corporate support to $70,000. We haven’t been close to 1400 members for a
few years and may want to project membership to 1200, which would change
membership dues. Interest should be
increased up to $12,000. Vickie will
delay on the projection of Summer Institute once the numbers are more solid. Vickie would like to have a pre-conference
and have one of the meals would be funded by reserves for the $15,000 line
item, which will be at a loss. Vickie
will review the administrative expenses line item more closely, as she has
reduced this item to $18,000. Executive
Council expenses will be changed to $45,000.
NASFAA relations should be changed to $8,000. Vickie asked if Mary Jo is covering any
expenses that may need to be budgeted for membership services. Discussion ensued regarding the “branding” of
MASFAA for publications to be consistent.
State president exchange will need to be reviewed based on recently
incurred expenses, so Vickie will put back to the original amount of
$5,000. Annual conference committee is
large for the 2006 conference, so Vickie stated that the
7.
User’s
agreement for credit card holders
An issue was brought up at the NASFAA Leadership Conference regarding personal expenses on a regional credit card. Billie Jo will check over the P & P to make sure that this issue is addressed.
8.
Projector
Purchase
Discussion regarding whether this is a practical purchase and questions that arose regarding who would have the responsibility of bringing the projector to the various exec meetings. Some meeting moves are not feasible to have an electronic meeting. Billie Jo suggested that we table this agenda item until we see if this is a viable electronic initiative.