MASFAA FINANCE COMMITTEE
Finance Committee 1.20.07
Dan Mann, Vickie Crupper, Billie Jo Hamilton, Brian Heinemann, Jim Brooks, Diane Lambart-Fleming, Karen Lay
1. CDs on 3 month rotation, Balance sheets were handed out, expenses of 2006 Program and Local arrangements were reviewed, Conference costs for last two conferences were examined.
2. Registration was up, sponsorship side was down
Conferences spreadsheet was handed out to compare, new category of “General” was established last year. Discussion to drop the category of “sponsorship”. Some areas are seeking their own sponsorship outside of going through corporate support. Corporate support funds are to support all functions not just the conference. Vendors are currently recognized for their support level. Discussion ensued regarding whether or not vendors can put their logos on specific items or events. Clarification needs to be made of what expenses come from which budget line item. Program and local arrangements committees need to coordinate their efforts in working within the budget.
Conferences have made money, but MASFAA has spent more than it had taken in. This was intended because of the reserves and the desire to provide more services for the members.
Bills are still arriving for the last conference for a variety of reasons.
3. Ecommerce update. Bank had been taking fees out every transaction which has been changed to be done monthly.
4. Investment review. CDs have been made to be on 3 month rotation so that there is a CD rolling over every 3 months. A list of CDs and accounts was provided.
5. Update on audit and tax preparation. Audit is over halfway complete. Tax return will be done next month. There was discussion of changing our fiscal year to a calendar year because we now have income at end of year and the expenses are in the next fiscal year. If this is approved, then beginning January 2009 the fiscal year will begin. The 2008 will have 14 month year.
6. Issues from NASFAA Finance and Audit Committee. Committee name will change to include “Audit” and add the responsibility to formally review the audit report.
7. Approval of Summer Institute fees. DeLores Hawkins reviewed Summer Institute budget - estimate has increased by approximately $1500. DeLores is requesting that the reserves pay for any increased costs. Recommending to the exec committee that 2007 Summer Institute costs be the same as last year.
Meeting adjourned