Brazos Valley Chapter TSCPA
Minutes, Board of Directors Meeting
Tuesday, June 23, 2015
Attendees: Attending were Amber Bass, Lauren Chapman, Rodney Horrell, James Larkin,Joshua Shields, JP Venuti, Diana Wagner, and Bill Wantuck. Absent were Tara Blasor, Jennifer Fox, Duane Muehlbrad, and Amy Restivo.
Call to Order: James Larkin, President, called the meeting to order at 12:05 pm.
Minutes: James and Amber provided the start and end times for the May 5th meeting to complete the minutes. A motion was made by Rodney to approve the minutes from the Chapter’s May 5th meeting. The motion was seconded by Josh and was unanimously carried.
Financial Report: The balance sheet was presented as of May 31, 2015. Cash was $31,961.05. There were also payroll liabilities of $178. The May 2015 P&L shows Net Income of $4,981.
Per the P&L Previous Year Comparison, current YTD income is ahead of the prior year. However, $3,200 in TSCPA dues were recorded in May 2015. It was noted that these are dues for the next fiscal year and should be deferred.
Per the Profit & Loss Budget vs. Actual, several variances were discussed. It was noted that the TSCPA Advertising Match should be reclassified from “TSCPA Reimbursements” to “Advertising Match-TSCPA.” It was also noted that TSCPA dues of $13,042.50 appears high. Any deposits made for dues related to the next fiscal year should be reclassified to deferred revenue. The Executive Director’s salary was also missed this month. A payable should be recorded to properly reflect the expenses for the year.
The financials will be approved at the July meeting, once the changes discussed above have been made.
James will prepare the Chapter’s Form 990 once he receives a copy of the final QuickBooks file for the fiscal year.
Committee Reports
The Board extended a welcome to incoming board member, JP Venuti, and introductions were made.
CPE:David Holt has been scheduled to present various CPE topics on June 29th-30th. Diana will confirm that the venue is booked. She also contacted Ty Elliott with the local IIA Chapter to cross-coordinate. Amber sent a reminder to the firms in town to encourage participation. Attendance numbers to date show a decrease from the prior year. Currently registered are 14 attendees for the Accounting & Auditing Update, 17 for the Governmental Accounting Update, and 15 for the Nonprofit Update. It was noted that Mr. Holt’s fees did increase. Net profit from the CPE is projected at $400 based on prior year expenses.
Free CPE opportunities were discussed (a nominal fee will be charged to non-members). These will be scheduled for the end of July/beginning of August. Jim Ward and Steve Goodman (retirement/investment topics) will present. Possible venues were discussed. The Community Room at The Bank & Trust is an option, keeping in mind that it holds approximately 20 people. Wings & More is another option, which would probably include a required minimum purchase of food.
Career Awareness: No updates.
Newsletter: Topics for the next newsletter include:
-Scholarship winners
-“Save The Dates” for the David Holt and free CPE courses
-Member Spotlight (Josh)
-A request for volunteers for upcoming PSAs and the Industry Issues Blog
-After the TSCPA annual meeting, recognition of Linda Johnson as a TSCPA award recipient
Public Relations/Financial Literacy: JPexchanged emails with Chris Rankin to transition all duties. PSAson KBTX have been scheduled for the remainder of the year, the next one in July.
Membership Outreach: No updates.
Business & Industry: Bill has exchanged emails with Rori Shaw, TSCPA, She mentioned that it is our Chapter’s turn to contribute to the Industry Issues Blog (post due July 13th). As we are not familiar with this blog, Bill will research the details. Rori mentioned that she can help find someone to write it, if necessary.
Executive Director Report:No updates.
Other Business:The TSCPA annual meeting will be held June 26-27th. In addition to members from our Board, Linda Johnson will be in attendance to receive an award.
Meeting Dates and Time: The Chapter’s next board meeting will be held on July 28th, at noon, at Thompson, Derrig, & Craig.
There being no further business, the meeting was adjourned at 12:28 pm.
Respectfully submitted,
Lauren Chapman
Secretary