Finance Committee Meeting

Cincinnati Hilton Netherland Hotel

April 11, 2008

Attendees: Diane Fleming, Rick Shipman, James Brooks, Jeff Pethick, Candi Frazier and Dan Mann (attending on behalf of Vickie Crupper)

Meeting called to order by Rick Shipman at 4:30 pm.

James indicated that the Franklin Templeton increased in value from the last month. Rick balanced the checkbook this week and the current Profit and Loss is up to date. Billie Jo questioned the $100 on the balance sheet labeled Opening Bal Equity. James to check on the $100.

Dan asked why we weren't buying cd's every three months and Rick indicated that to cash out the investment account (Franklin Templeton) we would lose any money that we have lost over the last months.

Rick suggested using other investment avenues. Billie Jo said that WASFAA buys t-bills because they get their interest up front.

Rick said the tax preparer has filed an extension for taxes because the preparer was very busy. Preparer did ask for additional documentation which was provided in a timely manner at the beginning of the year. Billie Jo said that was why w switched to this preparer to avoid paying the penalty due to the filing the taxes late and the extension. Billie Jo to stop by and discuss the filing of extension with the preparer, explaining that it is unacceptable and that in future penalties due to late filing by the preparer will be paid by the preparer and not by MASFAA.

Dan asked if Rick would finish filing the taxes since Lois will be transitioning into the VP role. Diane asked Billie Jo for a formal letter of resignation and the effective date and that date would be used to determine when the transition would happen.

Conversation continued concerning switching over the accounts. Billie Jo thinks that the corporate card is under her SSN and she would like for someone to inquire about getting a corporate card in our MASFAA EIN.

James and Rick discussed fees that continue to show up on our account. Billie Jo asked where the RFP is. Dan said it probably is in archives. Rick and Jim to discuss online banking and other issues with U5 Bank account.

Diane asked Rick to involve Lois in the processing of switching everything over.

Billie Jo questioned negative on P & L except for under interest/dividend income-Billie Jo discussed with Jeff that there should never be negatives on the P&L and that they were entered expenses instead of revenues.

Rick brought up the proposal for the conference registration fee from Local Arrangements at $225.00. Billie Jo moved that the conference fee be set at $250. Seconded by James Brooks. Discussed ensued. Motion passed.

Billie Jo suggested doing a two month for November and December and Lois will file a tax return. Rick will propose both a two month and twelve month budget at the October meeting of the 0708 board.

Diane asked if the amended budget figures were updated. Yes, Jim has made changes to the budget per discussion on the conference call on 3/20/08. Jim has made changes.

Dan reminded Diane that budget changes must be approved by the board. Rick will bring that up in his report.

Dan brought up that membership fee needs affirmed or changed. Committee recommends no change in membership fee.