WASFAA Fiscal Planning Committee Meeting

July 22, 2013, 2:00 – 3:00 Pacific Time

Go To Meeting- Conference Call

Present: Wendy Olson, Terri Eckel, Jack Edwards, Frank Green, Leonard Walker, Sun Ow, Ashley Salisbury, Mindy Bergeron, Jeff Scofield

Call to order: The meeting convened at 2:04 PM

Review and approval of Minutes: Motion - Mindy approved Jack seconded. Motion carried.

Terri reviewed To Do list:

The Fiscal Planning (FP)Committee has found a firm/person to assist with WASFAA’s fiscal review. Completed
Mindy will solicit some ideas from our colleagues at NASFAA to see how we want to report the NASFAA investments information in the future. In Progress and needs to be reviewed by EC
At the April meeting, Mindy reported that the Charles Schwab statements indicated that for the month of February we lost $1,400 and for the month of March we gained almost $2,000. Mindy will locate the electronic copy and get it to the Past President, President, President Elect and Vice President. Mindy and Wendy will figure out what reports and statements should go to whom and how often. Completed

Frank commented on how well our investments are doing, particularly Vanguard.

Wendy Reviewed FP Goals - Wendy explained that some of the goals from last year are being carried over into this year. One is grant writing opportunities for WASFAA. Jack said that it seems to be outside our scope. Wendy agreed. Jack went on to say that we don’t have the resources that NASFAA has, particularly administrative support. Wendy said it is part of our Strategic Plan and thought it had to be included. Sun suggested that we see what NASFAA is doing. Jack said that he has experience in grant writing and it should be done for specific purposes.

Jeff questioned goal #12 - Jack said that we have representation at NASFAA due to Mindy’s involvement in NASFAA’s Financial Advisory C committee.

Treasurer’s Report

Jeff questioned balance sheet – why no liabilities? What about contracts we’ve signed for future? Aren’t those liabilities? Leonard said we have outstanding contracts for Silver Legacy in Reno for 2014 and Sand Diego in Rincon in 2015. There are also EC meeting contracts and MLI contracts (San Diego, Nov 2013). Jack asked if we had any liability with those. According to Leonard there are and should be included on the Balance Sheet. TO DO – Mindy will incorporate all outstanding contracts as liabilities on Balance Sheet.

Jack – question on Budget vs. Actual – conference Actual $106,000 – does that total include what we earned with Silent Auction? Mindy said it is included.

Mindy said that per Nicole Doehring, Summer Institute Chair, she’s still waiting for an invoice for approximately $32Kfrom Portland State University.

Frank said that we can’t really account for the silent auction $ in conference to be designated for scholarships – what if we all get hit by a bus? We need to be sure it’s clearly designated for scholarships.Mindy will have it clearly put on the Budget vs. Actual.

Mindy also said she’s not sure where to put things like gifts (example, gifts purchased by EC). Frank agreed that they should go on separate line and not be included as a conference expense. Mindy is struggling on where to put investments and is still working on that.

Wendy asked Mindy if there is anything that looks odd. Mindy said she thinks that things look good.

Should we reduce asset reserve, it’s $25K now and that seems excessive. Wendy didn’t think it is something to concern ourselves with now. 2014 EC needs a budgeted item as well. We’ve changed some of the EC budget to reflect more detail already.

Jack said there will be some additional expenses for Training to look out for.

Leonard asked if there should be deposits added. Mindy said she hasn’t paid anything yet but will include when she actually pays deposits.

Frank asked when do we put budget together for 2014? Wendy said usually at the November EC Meeting. Jack recommended that it be added to agenda for EC conference call on 8/8/13.

The following revisions were made to our 2013 budget:

Income, Fund Development – increased by $5300 to reflect actual income

Expense, Conference 2013 – increased by $2500 to reflect actual expenses

Expense, Conference 2015 – increased by $2500 to reflect required deposit

Expense, EC Feb. 2014 – increased by $1000 to reflect required deposit

Expense, Fund Development – decreased by $700

Net change to total income is zero

Motion to accept revisions to budget made by Jack and then second by Jeff. Motion carried.

Unfinished Business

Fiscal review this summer - Still working with Jordan & Co. (Tracey Corta) for summer review
Additional ways to keep costs down - Wendy said no need to address additional ways to keep costs down since we’re doing a good job.
Record Retention – will be addressed in new business – but looking for cloud options. Wendy thinks we need to keep for 7 years. Frank said that in P & P’s it was changed from 5 to 7 years. TO DO – Mindy to check with Tracey Corta on recommendation re: record retention. TO DO
Job description for registrar of WASFAA events – no one had a recollection of this issue. Wendy suggested that we let that one go for now. Jack said that it may be that we want to have one person responsible for all registrations for all events.

New Business

Cloud Options for Backup Storage

Ashley referenced her “Cloud Back-Up Comparison Sheet” and said that most cloud options have multiple sharing capabilities and all options are presented on this comparison sheet. Ashley explained that we are reviewing options given Frank’s goal of a disaster recovery plan for our documents.

Ashley recommends Cubby due to user friendliness, private and public sharing, desktop,mobile apps, and cost effectiveness. She suggests one administrative user initially. Jack questioned what one user means and suggested that we have 2 users initially so that we have a back-up person. Who would be the other person? Still to be determined. Frank said that he has been using Cubby for his personal NASFAA and WASFAA documents and it’s very user friendly.

Do we need to get EC approval for this? Jack suggested that we add this to agenda for 8/8 or FP could forward to EC for a vote. Where do we put the money? Increase Ashley’s Archive budget to accommodate? Mindy and Wendy will adjust budget to include it and during EC, it’ll be approved with all other budget adjustments. Ashley said to put it under Electronic Services.

Asset Inventory

Ashley – there is still a lot in storage. Jack will bring any leftover vests to Alaska. Ashley got WASFAA’s camera from Peter and it can be used for state events. No one really uses it. Should we sell it on eBay? Maybe Communication Committee could use it.

Frank asked about an incomecomparison report that we had previously that clearly shows what was earned and lost in conference or other events. Not sure who has that information and need to resurrect it for Frank. Wendy forwarded the report which was last updated in February to Frank, Jeff and Mindy and will update it with 2013 numbers at the end of the year.

Frank was asked to put a vote on the 8/8 EC agenda re: the budget changes made per this Fiscal Planning meeting.

Meeting adjourned at 3:08

The following email vote was conducted prior to this meeting:

From: Wendy Z Olson
Sent: Thursday, May 23, 2013 12:54 PM
To: Ashley M Salisbury (); Frank Green; Jack Edwards; Jeff Scofield; Kevin Jensen; Leonard Walker (); Mindy Bergeron (); Ow, Sun; Terri Eckel
Cc: Sandra S Guidry; '' ()
Subject: Response requested within 24 hours from 9 a.m. Thursday, May 23

Hi Everyone,

Thanks to all of you who voted so quickly regarding the change to the WASFAA budget for scholarships. We have a majority of people approving so I will let Sandi (and Nichole) know that she can proceed with her plan.

Mindy, please modify the budget line items - Scholarships – Conference less $350; Scholarships – SDBSI plus $350.

This was pretty informal. For more complicated items, I will ask for nominations and discussion etc.

Thanks again and happy Memorial Day weekend,

Wendy Olson

Whitworth University