MASFAA Finance
Meeting
January 17, 2008
Attendees:
Diane Fleming, Rick Shipman, Vickie Crupper,
Billie Jo Hamilton, Jeff Pethick, Jim Brooks and Candi Frazier
Meeting opened by Rick Shipman. Items to discuss include: exhibitor fees, membership fees, conference
fees, meal per diem rates, Summer Institute budget variance request, Early
Awareness budget and corporate support concerns.
Diane indicated a request was received from
Deonna Decker, Corporate Support Chair, to review the exhibitor fee. Deonna suggested $2000 instead of the current
$3000. Rick stated the current budget
estimated the amount for corporate support at $105,000 (using 35 vendors X
$3000) and a reduction in the exhibitor fee would reduce the income to $70,000
or a reduction of $35,000.
Billie Jo Hamilton moved that the exhibitor
fee be reduced from $3000 to $2000 and any difference would be made up using MASFAA
reserves –seconded by Vickie Crupper.
Motion passed. Billie Jo
requested that Deonna soliciting other vendors (ie: imaging, collection, software companies, etc)
to help make up the loss.
Diane said that Deonna is concerned about the
drayage cost for the
Rick said that Shashanta James, Family and
Educational Concerns co-chair, informally requested a change to the budget due
to lack of giveaways to attendees which in the past were donated from
lenders. Diane said she would prefer to
have Deonna request financial literacy information from guarantor agencies and
then adjust the budget if necessary once we know what
else is needed.
Diane is also going to propose that the corporate
support committee be co-chaired both an associate member and a school
representative.
Billie Jo suggested a reduced fee for first
time vendors and Vickie suggested increasing membership fees. The committee was not comfortable with taking
such actions and therefore any reduction of income would be made up by using MASFAA
reserves.
Diane said that a suggestion has been made to
choose an alternate site for the
Billie Jo asked Jim Brooks about the interest
income from Franklin Templeton Funds.
Jim indicated that it was down over $16,800 as of December. Rick and Jim will contact a representative
from Franklin Templeton Funds to discuss the reduction.
Jim said that the other three CDs mature in
February 08, May 08 and October 08. He
also said that the bank representative, LeAnn, should contact him when the CDs
are close to maturing.
Rick and Jim questioned uncashed checks. Billie Jo said there is a policy and checks
can be voided after 90 days, but can reissued if
requested. Diane asked Jim to bring this
issue up in tomorrow’s board meeting.
Current meal per diem rates were
discussed. Current rates are $6.50
breakfast, $11.50 lunch and $22.00 dinner.
Diane said that NASFAA currently uses a daily max of $55. Billie Jo questioned whether we should
require receipts. Diane is not
comfortable with requiring receipts at this time. Billie Jo moved to increase the meal per
diem rate to$8 breakfast, $14 lunch and $26 dinner - seconded by Vickie. Motion passed.
A request for a budget variance has been
brought forth by DeLores Hawkins, Summer Institute Chair. DeLores has suggested increasing the
registration fee by $50. Last year’s registration
fees were $150 commuter, $250 double occupancy & $350 and single. Billie Jo moved that the registration fee for
Summer Institute be increased by $50 to $200 commuter and $300 double
occupancy. No single rate will be
published, but the rate for single occupancy will be $400. The Summer Institute budget will be increased
to $48,000 - Diane seconded the motion.
Motion passed.
Diane will also inform DeLores that the Institute
will have no more than 80 registrants, only double occupancy rates will be
listed in promotional materials, maximum of 10 single rooms will be available
to assign to Summer Institute registrants by the Summer Institute Chair and the
single rooms will be given on a first come, first serve basis with preference
to attendees with health related issues.
DeLores will also only use one hall at Baldwin Wallace and if possible
use the nicer hall. Diane to discuss
alternative means of providing the material to attendees with DeLores to reduce
copying costs.
Candi Frazier asked if the new computer for
the secretary would need to be added on the insurance policy. Diane indicated that it will be added as an
asset.
Candi questioned what to do with the old
computer. Diane moved that Candi give it
to non-profit organization after the computer has removed all MASFAA related
information from the hard drive and that if possible the non-profit provide a
donation document for tax purposes - seconded by Vickie. Motion passed.
Jim reviewed the financial statements. Jim indicated that the Atlantic Southern CD
no longer exists but is showing up as an asset.
He discussed this with Brian Heinemann (0607 MASFA Treasurer) and Brian
thinks that the CD was rolled into another CD in September of 2006, but he did
not know which one. Jim will check with
Leann at US Bank to find out where the Atlantic Southern money was deposited.
Jim also said he used money (around $40,000)
from the Capital One CD which was rolled into the American Cash Account to pay
some conference expenses from St. Louis Conference.
Jim ran Profit and Loss Statement and MASFAA
ended up with a deficient of $74268.15 for 0607 year. Diane to inform Executive Board that we did
use reserves as indicated to membership.
MASFAA will probably have another deficient
for 0708 due to the change of accounting year from Oct 31 – November 1 to Jan 1
– December 31 – the change results in a 14 month year.
Membership and conference fees will be
discussed at April meeting.
Meeting adjourned at 5:55 pm.