2016-17 WASFAA Fiscal Planning Committee Meeting

10:45 a.m. – 12:00 p.m.,Saturday,April 8, 2017

Vashon Room, Westin Hotel, Seattle, WA

Members present: Steve Herndon (Chair), Mindy Bergeron, Mike Johnson, Helen Faith, Ashley Coleman, Sun Ow, Ashley Salisbury, Nicole McMillin, Tami Sato

Guest(s) in attendance: Ashley Munro (SDBSI), Kay Soltis (Conference)

Member(s) absent:Barb Bickett, Leonard Walker

Steve called the meeting to order at 10:46am

Welcome, introduction of any guests, approval of the agenda– Steve

Motion to approve agenda

First –Tami Sato; Second –Mindy BergeronApproved

2017 Conference Update – Kay

  • Conference has had issues with budget – many factors could be to blame such as decrease to office budgets, timing (near spring term start), being around Passover/Easter, etc.
  • Goal was 300 attendees but only 238 registered
  • 77 first time conference attendees, but only 34 RSVP’d to attend the Newcomer’s Session with lunch
  • Jeff Baker will be attending
  • Audio-visual expenses for this location were extremely expensive: $27,000 projected bill from Westin
  • Kay suggests to see estimated cost of A/V equipment (and food prices) prior to signing a contract for conference location
  • Monday’s continental breakfast was too expensive so bought Starbucks gift cards for all attendees instead to save over $20 a person
  • Kay suggests, depending on location, perhaps offering a one day attendance option
  • Kay will be doing a cost-analysis per day per person to get more details
  • Mindy suggests also considering how much EC is paying for rooms (when taxes and resort fees included)
  • Ashley M. suggests surveying those who did not attend conference to see why instead of speculating (we already survey attendees)
  • Helen plans to have the Research Chair go over which schools are showing up to the conference and which are missing from year to year

2017 SDB Summer Institute Update – Ashley M.

  • Registration at 59 currently (7 advanced, 30 intermediate, rest beginner) – 1 advanced from Boston
  • Will need to request a budget increase at some point, because only budgeted for 100 right now and anticipate having more attendees
  • Department of Education cannot attend since they can only attend 1 event in each region per year

Review minutes and ‘to dos’ from the February2017 meeting– Ashley C.

  • No to-dos

Motion to approve February 2017 minutes

First –Mike Johnson; Second – Mindy BergeronApproved

Treasurer’s report overview from WASFAA Treasurer –Mindy

  • Conference budgeted to have income $118,000 and spend $115,000 -- $125,500 already billed from Westin, excluding A/V of $27,000, so this conference will need to be subsidized
  • $158,000 in operating account right now and $10,000 in Maximizer account. Mindy watching cash to make sure we have enough to pay costs. Will transfer another $50,000 from Charles Schwab to operating account next week to have enough to pay bills.
  • 2016 taxes are due May 15th and Mindy will have same accountant as last year complete them
  • Mindy will send out document about updated WASFAA insurance policies
  • About 7 people requested refunds for conference based on illness or other circumstances and received full refund minus $50 membership fee
  • Kay given $250 cash to pay for hotel tips for conference

Report of Vice President’s review of financial records – Nicole

  • Reviewed documents through 3/31/2017
  • Reviewed insurance policies with Mindy
  • Recommends the ‘WASFAA gift’ budget item associated with VP position in budget to be split out between which events it is for – conference and SDBSI -- and should it be a line item with VP anyway?

Investment Tracking Tool– Steve

  • Vanguard I and II and Charles Schwab accounts have all increased in value
  • Current asset value 1.1 million

Consideration of any WASFAA FY 2017 Committee/Activity Budget Adjustment Requests – Steve

  • Fund Development wishes to increase their budgeted income by $5,350 to account for additional income that has been generated
  • Vice-President has requested an increase of $213 for budgeted expenses to cover the WASFAA Member Gift line item for conference water bottles
  • These combined actions will result in reducing asset reserves dependence by a net $5,137

Motion to approve budgeted incomeincrease of $5,350for Fund Development and a budgeted expense increase for the WASFAA Member Gift by $213

First – Sun Ow; Second – Tami SatoApproved

If necessary, asset inventory review/update with Historical Archives Chair – Ashley S.

  • No report; will have more information after going through storage after conference but before SDBSI

Fund Development Committee update – Sun

  • 20 vendors, 4 new
  • Vendors may be disappointed with estimate of 300 attendees because fewer are now anticipated
  • 4 premium booths located in the middle of the room; those 4 will have business solutions sessions
  • Approved budget of $400. Holding a drawing to attract people to come to vendor area. Prizes are two tablets and smaller prizes given during President’s Reception and Tuesday breakfast.

NASFAA FAC Update – Tami

  • Meeting will be held on April 19-20

Discuss any unfinishedor new business – All

  • Discussion of solicited suggestions concerning ways to help keep WASFAA’s expenses down, but maintain the essential services and quality of service to the membership – All
  • Many of these suggestions have already been incorporated in the 2017-2020 Strategic Plan
  • Suggestion to come up with set of priorities for EC to consider in the future
  • To-Do: Steve will go through the document and put together list of suggestions and pass them onto Helen
  • Review Fiscal Planning Committee Goals for 2016-17 -- Steve
  • Accomplished all goals

Summarize highlights of the meeting for report at the Executive Council meeting– Steve

  • Steve will present to the EC the vote on budget changes for Fund Development and the WASFAA Member Gift

Wrap-up and adjournment of meeting– Steve

To-Dos:

Steve: Edit the document compiled with suggestions for keeping WASFAA’s expenses down and pass along to Helen

Motion to adjourn meeting at 11:58am

First – Helen Faith; Second –Nicole McMillinApproved

Email vote 4/25/17: Motion to approve April 2017 meeting minutes

First – Mike Johnson; Second – Nicole McMillinApproved